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Form #987Agreement to Continue As Manager for New Owner
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Agreement to Continue As Manager for New Owner Or Corporation - free form to use
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Terms Of Use
Submissions to this site, including any legal or business forms, posts, responses
to questions or other communications by contributors are not intended as and should
not be construed as legal advice. You are strongly encouraged to consult competent
legal council before engaging in any action based upon content contained on this
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or any other commercial use is prohibited. This includes reposting forms from this
site to another site offering free legal or other document forms for download.
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Your use of this site constitutes your acceptance of our terms of use and your
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site harmless for any damage you might incur from your use of any submissions contained
on this site. If you do not agree to the above terms, please do not proceed.
These forms are provided to assist business owners and others in understanding important
points to consider in different transactions. They are offered with the understanding
that no legal advice, accounting, or other professional service is being offered
by these documents or on this website. Laws vary in the different states. Agreements
acceptable in one state may not be enforced the same way under the laws of another
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Agreement to continue as
manager for new owner or corporation.
This agreement is made this _________, 19__, between
_________, of _________, owner, and _________, of _________, manager.
Recitals:
Owner has entered into a contract for the purchase of
the _________ hotel at _________, and proposes to operate the same, either as
an individual or by a corporation organized for that purpose, to be controlled
by owner.
Manager has managed and operated the _________ hotel
for the past _________ years; and
Owner desires to employ manager to continue as manager
of _________ hotel for owner, individually or the corporation if and when
organized by owner, to operate the hotel;
Therefore, in consideration of the premises and the
acceptance of this agreement by manager, it is mutually agreed as follows:
(a) In case owner elects not to organize a corporation
to own or operate the hotel, the provisions of this agreement shall extend and
apply to owner if operating the same as an individual, or to any trustee or
other entity which may operate the same, directly or indirectly, for owner or
in owner's behalf;
(b) Manager shall devote time and best energies to the
management of the hotel and shall be subject in all things to the supervision
of owner, or to any corporation organized and controlled by owner for the
purpose of operating the hotel, or to any trustee or other entity which may
operate the same, directly or indirectly, for owner or in owner's behalf as the
case may be;
(c) This contract of employment of manager shall be
for a period of _________ years commencing upon the date that owner or any
corporation formed by owner takes possession and control of the _________
hotel;
(d) If during the term of this contract owner sells or
otherwise disposes of the hotel, other than to a corporation organized and
controlled by owner for the purpose of owning or operating the hotel, or to a
trustee or other entity to own or operate the same for owner or in owner's
behalf, owner may terminate this agreement on payment to manager of one year's
compensation from the date of termination;
(e) Owner agrees that this contract shall be ratified,
approved and accepted by any corporation formed by owner for the purpose of
operating the hotel, or by any trustee or other entity or business unit which
may operate the same, directly or indirectly, for or in behalf of owner.
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Submissions to this site, including any legal or business forms, posts, responses
to questions or other communications by contributors are not intended as and should
not be construed as legal advice. You are strongly encouraged to consult competent
legal council before engaging in any action based upon content contained on this
site.
These downloadable forms are only for personal use. Retransmission, redistribution,
or any other commercial use is prohibited. This includes reposting forms from this
site to another site offering free legal or other document forms for download.
Please note that the donator may have included different usage terms regarding this
form, and you agree to abide by these terms. It is highly recommended that you have
a licensed attorney review any legal documents for which you are searching in order
to make sure that your needs are being properly and completely satisfied.
Your use of this site constitutes your acceptance of our terms of use and your agreement
to hold this site, its officers, employees and any contributors to this site harmless
for any damage you might incur from your use of any submissions contained on this
site. If you do not agree to the above terms, please do not proceed.
These forms are provided to assist business owners and others in understanding important
points to consider in different transactions. They are offered with the understanding
that no legal advice, accounting, or other professional service is being offered
by these documents or on this website. Laws vary in the different states. Agreements
acceptable in one state may not be enforced the same way under the laws of another
state. Also, agreements should relate specifically to the particular facts of each
situation. Therefore, it is important to consult legal counsel whenever utilizing
these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com
is not engaged in recommending or referring members on the site or making claims
about the competence, character or qualifications of its participating members.
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Keywords: legal forms, manager, new owner, hotel, corporation
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