SEC Contract Filing

Filing Date: 2022-02-24

Document Content:
<DOCUMENT>
<TYPE>EX-10.34
<SEQUENCE>10
<FILENAME>ye21-ex1034xfirstamendment.htm
<DESCRIPTION>FIRST AMENDMENT TO HOTEL MANAGEMENT AGREEMENT - DREAMS PALM BEACH
<TEXT>
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<title>Document</title></head><body><div id="i39499ce18ea4412c922e36d1d109a2e1_58"></div><div style="min-height:79.2pt;width:100%"><div style="padding-left:36pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:133%">Exhibit 10.34</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">FIRST AMENDMENT TO HOTEL MANAGEMENT AGREEMENT</font></div><div style="margin-top:0.1pt"><font><br></font></div><div style="padding-left:7.4pt;padding-right:5.6pt"><font><br></font></div><div style="padding-left:7.4pt;padding-right:5.6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">THIS FIRST AMENDMENT TO HOTEL MANAGEMENT AGREEMENT (&#8220;Amendment&#8221;) is entered into this 10 day of May, 2010, by and between Playa Cana B.V., a company organized and existing under the laws of The Netherlands (hereinafter referred to as the &#8220;Owner&#8221;), and ______________________, a limited liability company organized and existing under the laws of Nevis (hereinafter referred to as the &#8220;Operator&#8221;), each of whom agree to be bound hereunder in accordance with the terms and conditions set forth in the following Clauses&#58;</font></div><div style="margin-top:0.45pt"><font><br></font></div><div style="padding-left:5.17pt;padding-right:5.17pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">WHEREAS</font></div><div style="margin-top:0.1pt"><font><br></font></div><div style="padding-left:7.4pt;padding-right:5.6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Playa Cana B.V. and ______________________ entered into a Hotel Management Agreement effective as of October 31, 2007 (hereinafter the &#8220;Agreement&#8221;).</font></div><div style="margin-top:0.3pt"><font><br></font></div><div style="padding-left:7.4pt;padding-right:5.6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Owner and Operator have now agreed to extend the Agreement through and including December 20, 2022, by substituting Section 2.2 of the Agreement pursuant the terms provided in this Amendment.</font></div><div style="margin-top:0.3pt"><font><br></font></div><div style="padding-left:5.05pt;padding-right:5.05pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">CLAUSES</font></div><div style="margin-top:0.1pt"><font><br></font></div><div style="padding-left:7.4pt;padding-right:5.6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">FIRST&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">The parties agree to amend and substitute Section 2.2 of the Agreement to be read as follows&#58;</font></div><div><font><br></font></div><div style="padding-left:33.95pt;padding-right:34.7pt;text-align:justify;text-indent:35.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">&#8220;2.2. Term. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">The initial term hereof shall start on the Effective Date and continue up to and including December 20, 2022 (hereinafter referred to as the </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">&#8220;Initial Term&#8221;) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">and shall automatically renew for two successive five year terms, provided that any such renewal shall only be effective if the Operator has sent the Owner&#8217;s Representative written notice of such impending renewal at least one hundred and eighty (180) days, but no more than one year, in advance of the expiration of the Initial Term or then-current renewal term, and the Owner's Representative has not thereafter provided the Operator with at least ninety (90) days prior written notice of its election to terminate this Agreement at the end of the then current term instead of permitting it to renew. Said Initial Term, with any subsequent renewals or extensions in accordance with the provisions hereof, shall be referred to hereinafter as the </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">&#34;Effective Term.&#8221;</font></div><div><font><br></font></div><div style="margin-top:0.05pt"><font><br></font></div><div style="padding-left:5.9pt;padding-right:7.15pt;text-align:justify;text-indent:0.05pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:123%">SECOND&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:123%">The parties agree to amend and substitute CLAUSE XII of the Agreement to be read as follows&#58;</font></div><div style="padding-left:176.5pt;padding-right:176.5pt;text-align:center;text-indent:-13.5pt"><font style="colo