Fair Market Value Purchase Option. Lessor hereby grants to Lessee the option to purchase all, but not less than all, Equipment set forth on any Equipment Schedule at the expiration of the applicable Initial Term or Extended Term. Any such purchase shall be for cash in an amount equal to the then fair market value of such Equipment, as determined in good faith by Lessor. This purchase option may be exercised by Lessee, provided that no Event of Default, as defined in Section 16 below, has occurred and is continuing. Lessee shall notify Lessor in writing of its intention to exercise its purchase option at least thirty (30) days prior to the expiration of the Initial Term or any Extended Term. Upon payment of the fair market value by Lessee to Lessor, Lessor shall transfer title to the Equipment to Lessee "AS IS", "WITH ALL FAULTS", and WITH NO WARRANTIES WHATSOEVER, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR USE OR FOR ANY PARTICULAR PURPOSE.
Fair Market Value Purchase Option. Lessor hereby grants to Lessee the option to purchase all, but not less than all, Equipment set forth on any Lease Schedule at the expiration of the applicable Initial Term or Extended Term. Lessee shall notify Lessor in writing at least ninety (90) days prior to the expiration of the Initial Term or any Extended Term of its intent to exercise its option to purchase the Equipment on the date of such expiration, which notice shall be final and irrevocable. Any such purchase shall be for cash in an amount equal to the then fair market value of such Equipment, as determined in good faith by Lessor (the "Fair Market Value"). This purchase option may be exercised by Lessee, provided that no Event of Default, as defined in Section 16 below, has occurred and is continuing. Upon payment of the Fair Market Value by Lessee to Lessor, Lessor shall transfer title to the Equipment to Lessee "AS IS, WHERE IS", "WITH ALL FAULTS", and WITH NO WARRANTIES WHATSOEVER, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR USE OR FOR ANY PARTICULAR PURPOSE.
Fair Market Value Purchase Option. Provided that no Event of Default exists under the Lease, the Lessee shall have the option to purchase any or all of the Equipment at the expiration of the Initial Term or any Extended Term (Extended Term is defined as either an automatic extension as provided in Section 3 hereto, or a fixed extension term as negotiated between Lessee and Lessor) for a purchase price equal to the Fair Market Value of the Equipment at such point in time. Such option may be exercised by Lessee notifying Lessor not less than ninety (90) days prior to the expiration of the Initial Term or any Extended Term then in effect. On the expiration date of the Initial Term or any Extended Term, if Lessee has elected to purchase the Equipment, Lessee shall purchase from Lessor, and Lessor shall sell to Lessee the Equipment on an AS IS, WHERE IS, BASIS, except that Lessor shall warrant title and that the Equipment is free and clear of all liens and encumbrances arising by or through the Lessor, except for taxes or other impositions for which Lessee is obligated to pay under the Lease. Lessor shall provide Lessee with a Xxxx of Sale following payment. For the purposes of this Purchase Option, "Fair Market Value" shall be defined as the purchase price that would be obtained in an arm's length transaction between a willing seller and a willing purchaser, neither under the compulsion to buy or sell. In the event Lessor and Lessee cannot agree upon the Fair Market Value, then such value shall be determined by an independent appraiser selected by Lessor but satisfactory to Lessee. The cost of such appraisal shall be borne equally by Lessor and Lessee.
Fair Market Value Purchase Option. So long as no Event of Default exists, Lessee is hereby granted the following rights and options to purchase the Leased Property for a purchase price equal to the Leased Property's Fair Market Value, as defined below (the "FMV").
Fair Market Value Purchase Option. Provided the Lessee is not in default under this Lease Agreement or any Lease Order executed hereunder, and further provided the Lessee has given Ninety (90) days prior written notice to Lessor of this election, Lessee may elect to purchase all but not less than all of the Equipment subject to an applicable Lease Order. The purchase price for such Equipment shall be its Fair Market Value. Fair Market Value is defined as the estimated amount, as of a certain date, which could be obtained for such Equipment in an arms length transaction between an informed and willing buyer and seller each under no compulsion to buy or sell with the assumption that the Equipment is being sold "in place and in use".
Fair Market Value Purchase Option. Lessor hereby grants to Lessee the option to purchase all, but not less than all, Equipment set forth on any Equipment Schedule at the expiration of the applicable Initial Term or Extended Term. Any such purchase shall be for cash in an amount equal to the then fair market value of such Equipment, as determined in good faith by Lessor. This purchase option may be exercised by Lessee, provided that no Event of Default, as defined in Section 16 below, has occurred and is continuing. Lessee shall notify Lessor in writing of its intention to exercise its purchase option at least thirty (30) days prior to the expiration of the Initial Term or any Extended Term. Upon payment of the fair market value by Lessee to Lessor, Lessor shall transfer title to the Equipment to Lessee "AS IS", "WITH ALL FAULTS", and WITH NO WARRANTIES WHATSOEVER, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR USE OR FOR ANY PARTICULAR PURPOSE. 14. Financial Statements. Lessee shall annually, within ninety (90) days after the close of the fiscal year for Lessee, furnish to Lessor financial statements of Lessee, including a balance sheet as of the close of such year and statements of income and retained earnings for such year, prepared in accordance with generally accepted accounting principles, consistently applied from year to year, and certified by independent public accountants for Lessee. If requested by Lessor, Lessee shall also provide quarterly financial statements of Lessee, similarly prepared for each of the first three quarters of each fiscal year, certified (subject to normal year-end audit adjustments) by the chief financial officer of Lessee and furnished to Lessor within sixty (60) days following the end of the quarter, and such other financial information as may be reasonably requested by Lessor. 15.
Fair Market Value Purchase Option. Provided that no default has occurred and is continuing, Lessee shall have the option (the "Purchase Option") upon not less than sixty (60) days prior written notice delivered to Lessor and to the then Lessor's Assignee, if any, with respect to the Supplement, to purchase all of the Product described in the Supplement, with the exception of the Product identified in Invoice # 195109, upon the expiration of the Initial Term. The exercise price of the Purchase Option shall be the Fair Market Value of the Equipment on the expiration of the Initial Term. "Fair Market Value" shall mean and refer to the value, as reasonably determined by Lessor, which would be obtained in an arms length transaction between an informed and willing buyer-user under no compulsion to buy and an informed and willing seller under no compulsion to sell.
Fair Market Value Purchase Option. Lessee may purchase all or any complete system of Equipment for an amount equal to the Fair Market Value plus applicable taxes on the date of the expiration of the Base Term (the “Purchase Date”). Title to the purchased Equipment will pass to Lessee on the Purchase Date provided Lessee has paid all amounts then due under the Schedule and the full purchase price and taxes.
Fair Market Value Purchase Option. At the end of the section add the following: "If Lessor and Lessee are unable to agree on a fair market value by the sixtieth (60th) day following a notice of Termination, they shall, at their equally-shared expense, retain an independent appraisal company that is mutually acceptable to Lessor and Lessee, to appraise the Equipment and to determine and report to Lessor and Lessee the fair market value rental rate therefor and the fair market value purchase price thereof. Such determination shall be final and binding on Lessor and Lessee."
Fair Market Value Purchase Option. Upon the expiration of the Base Term and payment by Lessee of all amounts due and owing under the Lease and this Schedule, Lessee shall purchase all of Lessor's right, title and interest in and to all, but not less than all, of the Equipment for a purchase price equal to the greater of twenty percent (20%) of Lessor's Total Equipment Cost or the Fair Market Value of the Equipment (the "Purchase Price"). The sale of the Equipment to Lessee shall be on an "AS-IS, WHERE-IS" basis, with no representations or warranties (expressed or implied) as to any matter whatsoever, except that Lessor shall represent to Lessee that no security interest, lien or encumbrance against such Equipment has been created by or through Lessor. Lessee shall pay Lessor on the Base Term Expiration Date in immediately available funds the sum of: (i) the Purchase Price; (2) all rent for such Equipment due and unpaid as of, together with rent accrued through, the date of such sale; (3) an amount equal to accrued taxes and other amounts payable hereunder and under the Lease by Lessee with respect to such Equipment; (4) all costs, expenses, losses and damages incurred or sustained by Lessor in connection with such sale including all amounts Lessee shall be required to pay Lessor pursuant to any indemnity provision contained in the Lease; and (5) interest on each of the foregoing and on all sums not paid when due under any provision of this Lease at a per annum rate equal to the lesser of (i) two percent (2%) plus the Prime Rate and (ii) the highest rate, if any, permitted by applicable law. For purposes of this Section 13, rent shall be prorated daily by interpolation on a straight line basis to the date of payment.
