Common use of Employees and Contracts Clause in Contracts

Employees and Contracts. Except as set forth in Section 2.2(n) of the Disclosure Schedule, (i) there are no contracts with employees of the Company as of the date hereof, nor (ii) service or maintenance contracts affecting the Property, in each case which are not cancelable upon thirty (30) days notice or less or which are for a contract amount greater than $100,000 per annum. True and correct copies of all service, equipment, franchise, operating, management, parking, supply, utility and maintenance agreements relating to the Property (the "Service Contracts") have been made available to the Acquirer and the same are in full force and effect and have not been modified or amended except in the ordinary course of the Company's business. To the Owners' knowledge, no event of default exists (which remains uncured) under any of the Service Contracts which would have a Material Adverse Effect with respect to the Company. To the Owners' knowledge, there are no union contracts or similar agreements between the Company and its employees. Except as set forth in Section 2.2(n) of the Disclosure Schedule, no employee is entitled to receive annual compensation (including bonus) from the Company in excess of $100,000.