Common use of Transfer of Leased Property Clause in Contracts

Transfer of Leased Property. Landlord shall not, without the --------------------------- consent of Tenant, transfer the Leased Property, or any interest therein to any Person which: (i) does not have sufficient financial resources and liquidity to fulfill "Owner's" obligations under the Management Agreement; (ii) is in control of or controlled by Persons who have been convicted of felonies involving moral turpitude in any state or federal court; or (iii) is engaged in the business of operating or franchising (as distinguished from owning) a branded hotel chain having fifteen hundred (1,500) or more guest rooms in competition with the Manager. An individual or entity shall not be deemed to be in the business of operating hotels in competition with the Manager solely by virtue of (x) the ownership of such hotels, either directly or indirectly through subsidiaries, affiliates and partnerships, or (y) holding a mortgage or mortgages secured by one or more hotels. Landlord may transfer the Leased Property, or any interest therein, to any other Person without the consent of Tenant.

Transfer of Leased Property. Landlord shall not, without the consent --------------------------- consent of Tenant, transfer the Leased Property, or any interest therein to any Person which: (i) does not have sufficient financial resources and liquidity to fulfill "Owner's" obligations under the Management Agreement; (ii) is in control of or controlled by Persons who have been convicted of felonies involving moral turpitude in any state or federal court; or (iii) is engaged in the business of operating or franchising (as distinguished from owning) a branded hotel chain having fifteen hundred (1,500) or more guest rooms in competition with the Manager. An individual or entity shall not be deemed to be in the business of operating hotels in competition with the Manager solely by virtue of (x) the ownership of such hotels, either directly or indirectly through subsidiaries, affiliates and partnerships, or (y) holding a mortgage or mortgages secured by one or more hotels. Landlord may transfer the Leased Property, or any interest therein, to any other Person without the consent of Tenant.