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�ook : 3�70 Page : 498 <br /> e. all of Seller's rights, if any, under any and all warranty or service <br /> agreements relating to the Purchased Assets. <br /> 2. Other Assets. Since on or about October 15, 2007, the Hotei has <br /> been managed by Horve pursuant to the Management Agreement. Pursuant to <br /> such agreement, Horve is the owner of all licenses, including the liquor license, <br /> as well as any permits required for the operation of the Hotel or any of the <br /> facilities located therein and Horve is further liable and responsible for all <br /> accounts payable and any adjustment of prepaid expenses shall be between <br /> Horve and Buyer. Further, Horve, or a professional employment organization <br /> retained by Horve, employs all persons working at the Hotel and Horve is <br /> responsible for their salaries, payroll and related taxes, insurance and benefits <br /> and any separation pay, costs, claims and expenses of any such employees. <br /> Finally, any service contracts relating to the operation of the Hotel are befinreen <br /> Horve and the particular vendor. For that reason, the Purchased Assets shall not <br /> include Seller's cash or accounts receivable, such cash and accounts receivable <br /> being the property of Horve. Buyer will assist and forward all checks or other <br /> payments received at the Hotel on Seller's accounts receivable to Horve for 120 <br /> days following closing. Ultimate responsibility lies with Horve for collection of its <br /> accounts receivable. Accounts payable, adjustments for advanced payments, <br /> inventory, cash, and accounts receivable are the basis of a separate <br /> understanding befinreen Horve and Buyer. Buyer has inspected all personal <br /> property located on the premises and accepts same in AS IS condition with no <br /> representations or warranties, either written or implied. <br /> 3 <br />