Hotel Term definition
Examples of Hotel Term in a sentence
Provided that Marriott accepts the System as provided in Article 3, and subject to the terms and conditions of this Agreement, Marriott agrees that OCC will be the sole and exclusive provider of In-Room Electronic Services at each Hotel during the Hotel Term for such Hotel.
The term of this Agreement shall be from the Effective Date, to the expiration of the Hotel Term (as defined in subsection B below) for the last Hotel to which this Agreement applies.
Except as provided in Section 20.2 (OCC Default), a Hotel shall have the right to terminate its Hotel Term prior to the expiration thereof only after year five of the applicable Hotel Term, by providing OCC with ninety days prior written notice and paying to OCC the Termination Charge described in Section 20.3 and Exhibit G.
For each Hotel, the "Hotel Term" shall consist of an "Initial Term" and the "Renewal Term(s)." The "Initial Term" of all Hotels except those located in Maryland shall begin on the Effective Date and, unless sooner terminated as herein provided, shall continue to December 31, 2007.
If Management Company elects to exercise such option to terminate this Agreement, as to one or more of the Hotels, on the expiration of the then current Hotel Term with respect to such Hotel or Hotels, Management Company shall give Owner written notice to that effect prior to the expiration of the then current Hotel Term with respect to such Hotel or Hotels.
Owner hereby appoints and employs Manager as Owner's exclusive agent to supervise, direct and control the management and operation of the Hotels for the Hotel Term applicable to each such Hotel.
Except as provided below for the Hotels located in California, Maryland, New York, and Pennsylvania, and unless Tenant elects not to renew as provided below, the Hotel Term shall thereafter be renewed automatically without notice for each Hotel, on the same terms and conditions contained herein, for each of five (5) successive periods of ten (10) Fiscal Years, provided that Tenant is not then in default hereunder.
In addition, if less than 24 months have elapsed in such Converted Marriott Hotel’s original term under the Existing OCC Agreement, then the Hotel Term Commencement Date for such Converted Marriott Hotel shall be as provided in Article II.
The term of this Agreement shall be from the Effective Date to the expiration of the Hotel Term (as defined in subsection B below) for the last Hotel to which this Agreement applies.
All real estate and personal property taxes, levies, assessments and similar charges on or relating to each Hotel ("Impositions") during each Hotel Term shall be paid by Management Company on behalf of Owner from Gross Revenues before any fine, penalty, or interest is added thereto or lien placed upon the Hotel or this Agreement, unless payment thereof is in good faith being contested and enforcement thereof is stayed.