APPLICABLE) SHALL BE ADJUSTED TO
BE THE FIRST FULL FISCAL YEAR OF OPERATION OF SUCH EXPANSION HOTEL OR THE
PARSIPPANY HOTEL (AS APPLICABLE) AFTER THE RESOLUTION OF ANY SUCH CASUALTY,
CONDEMNATION OR FORCE MAJEURE EVENT AND THE RETURN OF SUCH HOTEL TO ITS
SUBSTANTIALLY NORMAL STATUS.
1.14
"BRAND"
SHALL MEAN, COLLECTIVELY, THE STAYBRIDGE SUITES HOTEL
SERVICE MARKS, THE BRAND STANDARDS, AND ALL OF THE ATTRIBUTES AND FEATURES
CUSTOMARILY ASSOCIATED WITH THE STAYBRIDGE SUITES HOTEL CHAIN IN NORTH AMERICA
FROM TIME TO TIME.
1.15
"BRAND STANDARDS"
SHALL MEAN THE STANDARDS OF OPERATION, AS
AMENDED FROM TIME TO TIME, IN EFFECT AT SUBSTANTIALLY ALL HOTELS WHICH ARE
OPERATED UNDER THE STAYBRIDGE SUITES NAME AS MAY BE SPECIFIED IN MANUALS AND
OTHER GUIDELINES PROVIDED BY THE OWNER OF THE SYSTEM MARKS OR ITS AFFILIATES.
1.16
"BUCKHEAD CONTRACT"
SHALL MEAN THAT CERTAIN AGREEMENT OF PURCHASE
AND SALE DATED AS OF MARCH 23, 2004 BETWEEN PHARR LODGE, LLC AND HPTSHC WITH
RESPECT TO THE BUCKHEAD HOTEL.
4
1.17
"BUCKHEAD HOTEL"
SHALL MEAN THE HOTEL LOCATED AT THE BUCKHEAD
SITE INCLUDING ALL OF THE OWNER'S INTEREST IN THE BUCKHEAD SITE, THE BUILDING
THERE, THE FURNITURE, FIXTURES AND EQUIPMENT THERE, THE OPERATING EQUIPMENT
THERE AND THE OPERATING SUPPLIES THERE.
FOR THE AVOIDANCE OF DOUBT, THE
BUCKHEAD HOTEL WAS CONSIDERED AN EXPANSION HOTEL PRIOR TO THE BUCKHEAD
TERMINATION DATE.
1.18
"BUCKHEAD SITE"
SHALL MEAN THE PARCEL OF REAL ESTATE MORE
PARTICULARLY DESCRIBED ON EXHIBIT G.
1.19
"BUCKHEAD TERMINATION DATE"
SHALL MEAN APRIL 15, 2004.
1.20
"BUILDINGS"
SHALL MEAN, COLLECTIVELY, ALL BUILDINGS,
STRUCTURES AND IMPROVEMENTS NOW OR HEREAFTER LOCATED ON THE SITES, AND ALL
FIXTURES AND EQUIPMENT ATTACHED TO, FORMING A PART OF AND NECESSARY FOR THE
OPERATION OF SUCH BUILDINGS, STRUCTURES AND IMPROVEMENTS AS A HOTEL (INCLUDING,
WITHOUT LIMITATION, HEATING, LIGHTING, SANITARY, AIR-CONDITIONING, LAUNDRY,
REFRIGERATION, KITCHEN, ELEVATOR AND SIMILAR ITEMS) HAVING GUEST SLEEPING ROOMS,
EACH WITH BATH, AND SUCH (I) RESTAURANTS, BARS, BANQUET, MEETING AND OTHER
PUBLIC AREAS; (II) COMMERCIAL SPACE, INCLUDING CONCESSIONS AND SHOPS; (III)
PARKING FACILITIES AND AREAS; (IV) STORAGE AND SERVICE AREAS; (V) RECREATIONAL
FACILITIES AND AREAS; (VI) PERMANENTLY AFFIXED SIGNAGE; (VII) PUBLIC GROUNDS AND
GARDENS; AND (VIII) OTHER FACILITIES AND APPURTENANCES, AS MAY HEREAFTER BE
ATTACHED TO AND FORM A PART OF SUCH BUILDING, STRUCTURES AN IMPROVEMENTS IN
ACCORDANCE WITH THIS AGREEMENT.
1.21
"BUSINESS DAY"
SHALL MEAN ANY DAY OTHER THAN SATURDAY, SUNDAY,
OR ANY OTHER DAY ON WHICH BANKING INSTITUTIONS IN THE COMMONWEALTH OF
MASSACHUSETTS ARE AUTHORIZED BY LAW OR EXECUTIVE ACTION TO CLOSE.
1.22
"CAPITAL REPLACEMENTS"
SHALL MEAN, COLLECTIVELY, REPLACEMENTS
AND RENEWALS TO THE FF&E AND REPAIRS WHICH ARE NORMALLY CAPITALIZED UNDER THE
ACCOUNTING PRINCIPLES.
1.23
"CAPITAL REPLACEMENTS BUDGET"
SHALL MEAN THE ANNUAL BUDGET FOR
CAPITAL REPLACEMENTS AT THE HOTELS, COVERING A FISCAL YEAR, AS PREPARED BY
MANAGER AND APPROVED BY OWNER AS PART OF A YEARLY BUDGET.
REFERENCES TO YEARLY
BUDGET SHALL BE DEEMED TO INCORPORATE THE CAPITAL REPLACEMENTS BUDGET UNLESS
SPECIFICALLY EXCLUDED.
5
1.24
"CLOSING"
SHALL MEAN THE CLOSING UNDER THE INITIAL HOTELS
PURCHASE AGREEMENT.
1.25
"CODE"
SHALL