Common use of PASSIVE OWNER Clause in Contracts

PASSIVE OWNER. SELLER HAS DELEGATED THE DAY-TO-DAY MANAGEMENT AND OPERATION OF THE PROPERTY TO A THIRD PARTY MANAGER OF THE PROPERTY.

Appears in 4 contracts

Sources: Sale and Purchase Agreement (Ashford Hospitality Prime, Inc.), Purchase Agreement (Behringer Harvard Opportunity REIT II, Inc.), Sale and Purchase Agreement (Chesapeake Lodging Trust)

PASSIVE OWNER. SELLER HAS DELEGATED THE DAY-TO-DAY MANAGEMENT AND OPERATION OF THE PROPERTY TO A THIRD PARTY MANAGER OF THE PROPERTYMANAGER.

Appears in 2 contracts

Sources: Purchase Agreement (Chesapeake Lodging Trust), Purchase and Sale Agreement (DiamondRock Hospitality Co)

PASSIVE OWNER. SELLER HAS DELEGATED THE DAY-TO-DAY MANAGEMENT AND OPERATION OF THE PROPERTY TO A THIRD PARTY MANAGER OF THE PROPERTY. SELLER HAS DELEGATED THE LEASING OF THE PROPERTY TO A THIRD PARTY LEASING AGENT FOR THE PROPERTY.

Appears in 1 contract

Sources: Purchase and Sale Agreement (Informatica Corp)