Common use of District’s Purchase Option Clause in Contracts

District’s Purchase Option. 5.1 If the District is not then in uncured Default hereunder, the District shall have the option to purchase not less than all of the Project in its “as-is, where-is” condition and terminate this Facilities Lease and Site Lease by paying the balance of the “Loan Amount” identified in Attachment 3, which is exclusive of interest that would have otherwise been owed, as of the date the option is exercised (“Option Price”). Said payment shall be made on or before the date on which the District’s lease payment would otherwise be due for that month (“Option Date”).