Common use of Election Notice Clause in Contracts

Election Notice. (a) No later than 24 months and no earlier than 30 months prior to the end of the Base Term or any Renewal Term, as the case may be, an Independent Appraiser shall be selected in accordance with Schedule 12.1. (b) Within 90 days of appointment, the Independent Appraiser shall deliver to Lessor and Lessee an Appraisal Report, in form and substance satisfactory to Lessor, which shall certify as to (i) Fair Market Value as of the end of the Base Term or current Renewal Term, as applicable; and (ii) except in the case of an Appraisal Report during the last Renewal Term, (A) the date as of which the Fair Market Value (calculated without taking into account inflation or deflation during the period from the Commercial Operation Date) is equal to 20% of the total Construction Costs; and (B) the date as of which the total Lease Term shall equal 80% of the Economic Useful Life (determined as of the end of the Base Term or Renewal Term, as applicable (including any Improvement and proposed Improvement)). (c) Within 60 days of the date of the Appraisal Report, Lessee shall notify Lessor whether Lessee wishes to: (i) renew this Facility Lease at the end of the Base Term, or first or second Renewal Terms, as applicable, in accordance with Section 12.2; (ii) purchase the Leased Facility in accordance with Section 12.3 but subject to Section 12.5; or (iii) terminate this Facility Lease in accordance with Section 12.4. Lessee’s election to renew this Facility Lease early pursuant to Section 8.3 or at the end of the Base Term or any Renewal Term pursuant to Section 12.2 shall be subject to WEPCO’s having elected to renew the ERGS Facility Lease for the corresponding term.

Election Notice. (a) No later than 24 months and no earlier than 30 months prior to the end of the Base Term or any Renewal Term, as the case may be, an Independent Appraiser shall be selected in accordance with Schedule 12.1. (b) Within 90 days of appointment, the Independent Appraiser shall deliver to Lessor and Lessee an Appraisal Report, in form and substance satisfactory to Lessor, which shall certify as to (i) Fair Market Value as of the end of the Base Term or current Renewal Term, as applicable; and (ii) except in the case of an Appraisal Report during the last Renewal Term, (A) the date as of which the Fair Market Value (calculated without taking into account inflation or deflation during the period from the Commercial Operation Date) is equal to 20% of the total Construction Costs; and (B) the date as of which the total Lease Term shall equal 80% of the Economic Useful Life (determined as of the end of the Base Term or Renewal Term, as applicable (including any Improvement and proposed Improvement)). (c) Within 60 days of the date of the Appraisal Report, Lessee shall notify Lessor whether Lessee wishes to: (i) renew this Facility Lease at the end of the Base Term, or first or second Renewal Terms, as applicable, in accordance with Section 12.2; (ii) purchase the Leased Facility in accordance with Section 12.3 but subject to Section 12.5; or (iii) terminate this Facility Lease in accordance with Section 12.4. Lessee’s election to renew this Facility Lease early pursuant to Section 8.3 or at the end of the Base Term or any Renewal Term pursuant to Section 12.2 shall be subject to WEPCO’s having elected to renew the ERGS Facility Lease for the corresponding term.