LESSOR’S PURCHASE OPTION. Without limiting Lessor's rights and remedies under the Security Agreement or otherwise under this Lease, and as a material consideration to Lessor's agreement to enter into this Lease, Lessee hereby grants to Lessor the option ("Purchase Option") to purchase Lessee's Personal Property and Consumable Inventory, in whole or in part, which Purchase Option may be exercised by Lessor effective as of the expiration of the Term (or the Extended Term, as the case may be), for a purchase price ("Option Purchase Price") equal to the lower of (a) the book value thereof, as determined in accordance with GAAP and based upon audited financial statements, as of the time of Lessor's exercise of its Purchase Option; and (b) the fair market value thereof, as of the time of Lessor's exercise of its Purchase Option. In the event Lessor desires to exercise its Purchase Option granted under this Paragraph 6.4, Lessor shall give Lessee written Notice ("Notice of Exercise") not less than thirty (30) days prior to the expiration of the Term, which Notice of Exercise shall identify with reasonable specificity all items of Lessee's Personal Property and Consumable Inventory which Lessor desires to purchase (collectively, the "Purchase Option Property") and Lessor's estimation of the Option Purchase Price applicable thereto. Upon the termination of this Lease, Lessee shall transfer and convey to Lessor all Purchase Option Property, by execution and delivery of a xxxx of sale or other instrument acceptable to Lessor, and, subject to the conditions set forth below, Lessor shall pay to Lessee the Option Purchase Price. Lessor shall have the right to inspect the Lessee's Personal Property and Consumable Inventory, and Lessee's books and records concerning the same, for any purpose in connection with preparation of the Notice of Exercise or otherwise in connection with Lessee's Purchase Option granted hereunder, on at least one Business Day's prior notice during usual business hours, and Lessee shall cooperate with Lessor in connection therewith. Lessee shall have five (5) days after receipt of Lessor's Notice of Exercise within which to give Lessor written notice of its objection to any items or information, including without limitation Lessor's estimate of the Option Purchase Price, contained on Lessor's Notice of Exercise. In the event that Lessee notifies Lessor of any objection within such five (5) day period, and the parties fail to resolve any disagreement regarding the Notice of ...
LESSOR’S PURCHASE OPTION. Upon receipt of an Intent to Sell Notice from Lessee, Lessor shall have the option to purchase the Improvements (the “Purchase Option”) at the Purchase Option Price calculated as set forth below. The Purchase Option is designed to further the purpose of preserving the affordability of the Improvements for succeeding Income-qualified Persons while taking fair account of the investment by Lessee. If Lessor elects to purchase the Improvements, Lessor shall exercise the Purchase Option by notifying Lessee, in writing, of such election (the “Notice of Exercise of Option”) within forty-five (45) days of the receipt of the Intent-To-Sell Notice or forty-five (45) days following Lessor’s receipt of an appraisal carried out in accordance with Section 10.9, whichever shall be the later to occur, or the Purchase Option shall expire. Having given such notice, Lessor may either proceed to exercise the Purchase Option directly by purchasing the Improvements, or may assign the Purchase Option to an Income-qualified Person. The purchase (by Lessor or Lessor’s assignee) must be completed within sixty (60) days of Lessor’s Notice of Exercise of Option, or Lessee may sell the Improvements as provided in Section 10.6 below. The time permitted for the completion of the purchase may be extended by mutual agreement of Lessor and Lessee. Lessee may recommend to Lessor a prospective buyer who is an Income-qualified Person and is prepared to submit Letters of Stipulation and Acknowledgment indicating informed acceptance of the terms of this Lease. Lessor may, but shall not be obligated to, accept, such recommendation from Lessee, as Lessor may elect, in its sole discretion.
LESSOR’S PURCHASE OPTION. (a) If at the expiration of the Rental Term specified in the Lease Schedule the Lessee shall not be in default under any provision of this Lease, the Lessee shall have the option to purchase the Equipment (on an "as is, where is" basis) for a purchase price equal to the then FAIR MARKET VALUE of such Equipment; provided that the Lessee has given the Lessor written notice of its intention to exercise this purchase option at least sixty (60) days prior to the expiration of the Rental Term.
