Option Purchase Price definition

Option Purchase Price has the meaning set forth in Section 9.36(b) hereof.

Option Purchase Price shall be an amount equal to the fair value of the Mortgage Loan, as determined by the Special Servicer in accordance with the Servicing Standard. Prior to the Special Servicer's determination of fair value referred to above, the fair value of the Mortgage Loan shall be deemed to be an amount equal to the Purchase Price, including any Yield Maintenance Charge then payable upon the prepayment of the Mortgage Loan. The Special Servicer shall determine the fair value of the Mortgage Loan as soon as reasonably practical upon the Mortgage Loan becoming 60 days delinquent or delinquent in respect of its Balloon Payment (but in any event, not earlier than 75 days after the receipt by the Special Servicer of the Mortgage File and Servicing File relating to such Mortgage Loan or 15 days after the receipt of an Appraisal or updated Appraisal), and the Special Servicer shall promptly notify the Option Holder (and the Trustee, any applicable Companion Loan Noteholders and each of the other parties set forth above that has become the Option Holder) of the Option Purchase Price. The Special Servicer is required to recalculate the fair value of the Mortgage Loan based upon a material change in circumstances or the receipt of new information that has a material effect on value, provided that the Special Servicer shall be required to recalculate the fair value of the Mortgage Loan if the time between the date of last determination of the fair value of the Mortgage Loan and the date of the exercise of the Option has exceeded 120 days. Upon any recalculation, the Special Servicer shall be required to promptly notify in writing each Option Holder (and the Trustee, any applicable Companion Loan Noteholders and each of the other parties set forth above that has become the Option Holder) of the revised Option Purchase Price. Any such recalculation of the fair value of the Mortgage Loan shall be deemed to renew the Option in its original priority at the recalculated price with respect to any party as to which the Option had previously expired or been waived, unless the Option has previously been exercised by an Option Holder at a higher Option Purchase Price. In determining fair value, the Special Servicer shall take into account, among other factors, the results of any Appraisal or updated Appraisal that it, or the Master Servicer, may have obtained in accordance with this Agreement within the prior twelve months; the period and amount of any delinquency on the Mortgage Loan; whe...

Option Purchase Price shall have the meaning specified in Section 9.36(b).

Examples of Option Purchase Price in a sentence

• The formula for determining the First Option Purchase Price is the cost to construct the buildings and other improvements, given material costs and labor costs in the current local economy, adjusted for deterioration, obsolescence and damage.

• All mortgages must include a copy of this Lease Agreement and the amount of any mortgage or the sum total of multiple mortgages shall not exceed the First Option Purchase Price as determined in this Section 5.

• Insurance proceeds from insurance policies or budgeted amounts from self–insurance as relating to casualty and property damage losses will, to the extent permitted by law, be payable to Lessor to the extent of the sum of the Option Purchase Price of the Equipment at the time of its damage or destruction and all amounts due and owing hereunder.

• If the Owner has not completed the Initial Sale of all Residential Units and the Housing Department exercises the Option against some of the remaining Residential Units (those which have not had an Initial Sale), the Option Purchase Price shall be prorated.

• Based on the above replacement cost estimation, combining with local building relocation compensation standards, house demolition compensation standards of the Ningjiang subproject are established inTable 4-5.

More Definitions of Option Purchase Price

Option Purchase Price has the meaning set forth in Section 2.2(a)(i).

Option Purchase Price. As defined in Section 3.18.

Option Purchase Price means the amount which Lessee must pay Lessor to purchase the Equipment, as determined by Article V.

Option Purchase Price is defined in Section 9.4(b).

Option Purchase Price has the meaning set forth in Section 7.2(a)(ii)(A) of this Agreement.

Option Purchase Price has the meaning set forth in Section 2.3.

Option Purchase Price means, with respect to each Site, the fixed purchase price for such Site in the event Lessee exercises its purchase option with respect to such Site under Section 36 of this Agreement, as specified in Exhibit H.