Common use of Ownership of the Project Clause in Contracts

Ownership of the Project. Assignee hereby represents and warrants to Manager that, as of the effective date hereof (as described in Paragraph 4 below), Assignee has entered into a lease with New Hotel Owner for the Project and that the execution, delivery and performance of this Assignment and Amendment by Assignee have been duly authorized by all necessary corporate action and the Management Agreement and this Assignment and Amendment are the legal, valid and binding obligations of Assignee, enforceable in accordance with the terms thereof and hereof; and that neither the execution of this Assignment and Amendment nor the performance of the obligations contemplated hereby shall violate any Legal Requirement, result in or constitute a breach or default under any indenture, contract or other commitment or restriction to which it is a party or by which it is bound, or require any consent, vote or approval which has not been obtained, or at the appropriate time shall not have been given or obtained.