Alcoholic Beverage License. Seller’s license to serve alcoholic beverages at the Restaurant to the extent assignable or transferrable.
Alcoholic Beverage License. (a) Purchaser and Seller recognize that the Existing Liquor License and all alcoholic beverages on hand at the Hotel or the Property as of the Effective Date, whether issued to the food and beverage department or held in reserve storage (the “Liquor Inventory” and, together with the Existing Liquor License, the “Liquor Assets”) are currently owned by 8440 LLC, a California limited liability company (the “Liquor Seller”). On or prior to Closing, Wolverines Lessee LLC, a Delaware limited liability company (“Wolverines LLC”), and Liquor Seller (collectively, the “Liquor Designee”) shall execute a separate escrow agreement relating to the transfer of the Liquor Assets to Liquor Designee, as co-licensees, (the “Liquor Assets Escrow Agreement”), in the form of Exhibit I attached hereto, and any other documents required by the California Department of Alcoholic Beverage Control (the “ABC”) and reasonably required by the Liquor Assets Escrow Agent (as defined below) to effectuate such transfer, and the parties shall, at or prior to Closing, deliver a fully executed Liquor Assets Escrow Agreement to Bay Commercial Bank, 0000 Xxxx Xxxxxx Xxxxxx Boulevard—Suite A, Castro Valley, CA 94552, Attention Chloe Flowers (the “Liquor Assets Escrow Agent”) along with the Liquor Assets Purchase Price.
Alcoholic Beverage License. Each of Purchaser and Seller acknowledge that the liquor license and the liquor inventory for the Hotel (collectively, the “Liquor License Assets”) are not held by Seller but are currently held by Manager (as hereinafter defined).
Alcoholic Beverage License. (a) Purchaser acknowledges that Seller and 43rd Restaurant LLC are the current licensees under the existing alcoholic beverage licenses for the Hotel (the “Existing Liquor Licenses”). Seller shall cooperate with Purchaser in arranging for Purchaser to obtain all licenses and approvals required under any Legal Requirements for the continued sale of alcoholic beverages at the Hotel from and after the Closing Date (including temporary permits) consistent with the customary practices and procedures of the Hotel in effect as of the Effective Date (collectively, “Liquor Licenses”), provided that such cooperation shall (i) not create any potential liability for Seller or 43rd Restaurant LLC greater than is in existence on the Effective Date (to the extent same is not covered by the present insurance policy at the Property) and (ii) be at no cost or expense to Seller or 43rd Restaurant LLC. In no event shall Seller or 43rd Restaurant LLC be required to transfer to Purchaser any alcoholic beverage inventory which is located at or held for use in the Hotel unless and until Purchaser has obtained a valid and effective license entitling Purchaser to sell alcoholic beverages at the Hotel and only to the extent that Seller or 43rd Restaurant LLC is permitted to transfer such inventories pursuant to applicable law.
Alcoholic Beverage License. Prior to closing, Buyer shall apply for and obtain a license (or licenses) for the service of alcoholic beverages at the Condominium (the “Beverage Licenses”), such that upon delivery of proof of ownership of the Unit by Buyer to the Florida Division of Alcoholic Beverages and Tobacco as soon as is reasonably practicable after closing, Buyer will obtain the Beverage Licenses (or a temporary license until such permanent Beverage Licenses is/are issued) to permit the service of alcoholic beverages at the Condominium. At or prior to closing, Buyer agrees to enter into a long term management agreement (the “Beverage Agreement”) with the Unit Owners of Units CU-1 and CU-4 (and to the extent necessary, the Association) to enable the restaurant on the 9th floor of the Condominium as well as the lobby café space to utilize the Beverage License to serve alcoholic beverages to hotel guests in their rooms as well as to serve patrons of the spa, also located on the 9th floor of the Condominium. Notwithstanding the foregoing, all liquor purchased for such service shall be undertaken solely by the restaurant operator pursuant to its own liquor license. The Beverage Agreement shall require all such users of the Beverage License to carry insurance in such coverage and amounts as are consistent with industry custom for the sale and service of alcoholic beverages. The terms of the Beverage Agreement shall be subject to the applicable provisions of Chapter 718, Florida Statutes.
Alcoholic Beverage License. (a) Purchaser acknowledges that PCH is the current licensee under the existing alcoholic beverage license for the Hotel (the “Existing Liquor License”). Seller shall cooperate with Purchaser in arranging for the transfer of the Existing Liquor License to Purchaser (including, if requested by Purchaser, Seller depositing its license in safekeeping with the New York State Liquor Authority during the pendency of Purchaser’s temporary retail permit), provided that such transfer and cooperation shall (i) not create any potential liability for Seller and (ii) be at no cost or expense to Seller. In no event shall Seller be required to transfer to Purchaser any alcoholic beverage inventory which is located at or held for use in the Hotel unless and until Purchaser has obtained a valid and effective license entitling Purchaser to sell alcoholic beverages at the Hotel and only to the extent that Seller is permitted to transfer such inventories pursuant to applicable law.
Alcoholic Beverage License. (a) Purchaser acknowledges that Oxford SF Beverage Company, LLC, a Delaware limited liability company (“BevCo”), Seller’s affiliate, is the owner of the current alcoholic beverage license(s) for the Hotel (collectively, the “Existing Liquor License”). The Existing Liquor License and the alcoholic beverages on hand at the Hotel, whether issued to the food and beverage departments or held in reserve storage (“Alcoholic Beverages”) shall be transferred pursuant to a separate escrow (“Liquor Escrow”) between Seller, BevCo and Purchaser and the parties shall execute customary escrow instructions in connection therewith and consistent with the terms of this Agreement.
Alcoholic Beverage License. At the time of any foreclosure sale under the Instrument, or any deed in lieu of foreclosure, the Borrower shall, at Borrower's expense and without additional consideration to Borrower, immediately take all actions required under applicable laws, regulations, rules, and policies to transfer the Liquor Licenses to the person or entity which acquires title to the Property pursuant to such foreclosure or deed in lieu of foreclosure. Such actions shall include, without limitation, filing with the local division of the State of Michigan Liquor Control Commission such affidavits, applications, declarations, documents and other materials to be executed or provided by Borrower as may be necessary or appropriate to effect such transfer, and Borrower shall thereafter diligently pursue such transfer in order to consummate the same as soon as reasonably possible. Borrower’s obligations under this Section 10.05 shall survive any foreclosure of the Instrument or any deed in lieu of foreclosure.
Alcoholic Beverage License. (a) Purchaser acknowledges that Operating Company is the holder of the current alcoholic beverage license(s) for the Hotel (collectively, the "Existing Liquor License"). Operating Company shall cooperate with Purchaser in arranging for the transfer of the Existing Liquor License to Purchaser, provided that such transfer and cooperation shall (i) not create any potential liability for Seller and (ii) be at no cost or expense to Seller; provided that in no event shall Seller be required to transfer to Purchaser any alcoholic beverage inventory which is located at or held for use in the Hotel unless and until Purchaser has obtained a valid and effective license entitling Purchaser to sell alcoholic beverages at the Hotel.
Alcoholic Beverage License. 28 SECTION 13. SEVERABILITY...................................................................................28 SECTION 14. NOTICES........................................................................................28
