Common use of Conditions Precedent to a Hotel Clause in Contracts

Conditions Precedent to a Hotel. Property Qualifying as an --------------------------------------------------------- Eligible Property. In order for an Initial Property or a Future Property to ----------------- qualify initially and thereafter to continue to qualify as an Eligible Property, the following conditions precedent must be satisfied and remain satisfied for that Property: (a) Title. Such Hotel Property (i) is Unencumbered, (ii) free of all ----- material title defects, and (iii) either (A) owned (together with the land on which it is located) in fee simple by the Borrower or its direct or indirect Wholly-Owned Subsidiary or Joint Venture Subsidiary or (B) owned by the Borrower or its direct or indirect Wholly-Owned Subsidiary or Joint Venture Subsidiary and located on land leased to the Borrower or such Subsidiary pursuant to a Qualified Ground Lease, all as evidenced by a copy of the most recent ALTA Owner's Policy of Title Insurance (or commitment to issue such a policy to the Borrower or its Subsidiary owning or to own such Hotel Property) relating to such Hotel Property showing the identity of the fee titleholder thereto and all matters of record as of its date.

Conditions Precedent to a Hotel. Property Qualifying as an --------------------------------------------------------- Eligible Property. In order for an Initial Property or a Future Property to ----------------- qualify initially and thereafter to continue to qualify as an Eligible Property, the following conditions precedent must be satisfied and remain satisfied for that Property: (a) Title. Such Hotel Property (i) is Unencumbered, (ii) free of all ----- material title defects, and (iii) either (A) owned (together with the land on which it is located) in fee simple by the Borrower or its direct or indirect Wholly-Owned Subsidiary or Joint Venture Non Wholly-Owned Subsidiary or (B) owned by the Borrower or its direct or indirect Wholly-Owned Subsidiary or Joint Venture Non Wholly-Owned Subsidiary and located on land leased to the Borrower or such Subsidiary pursuant to a Qualified Ground Lease, all as evidenced by a copy of the most recent ALTA Owner's Policy of Title Insurance (or commitment to issue such a policy to the Borrower or its Subsidiary owning or to own such Hotel Property) relating to such Hotel Property showing the identity of the fee titleholder thereto and all matters of record as of its date.