Common use of Maturity Date Purchase Option Clause in Contracts

Maturity Date Purchase Option. Not less than twelve (12) months prior to the Maturity Date, Lessee may give Lessor irrevocable written notice (the "Maturity Date Election Notice") that Lessee does not intend to exercise its Maturity Date Purchase Option. If Lessee does not give a Maturity Date Election Notice on or before the date twelve (12) months prior to the Maturity Date, then Lessee shall be deemed to have irrevocably exercised the Maturity Date Purchase Option. If Lessee does timely give a Maturity Date Election Notice, Lessee shall be obligated to remarket the Property pursuant to Section 21. If Lessee is deemed to have exercised the Maturity Date Purchase Option, then on the Maturity Date (or such earlier date as is specified by Lessee in a written notice delivered at least ten (10) days prior to such earlier date) Lessee shall pay to Lessor an amount equal to the Termination Value for the Property or the Beneficiary Interest, as Lessee may elect in its sole discretion (which the parties do not intend to be a "bargain" purchase price for purposes of (SFAS) No. 13) and, upon receipt of such amount plus all Rent and other amounts then due and payable under this Lease and any other Operative Agreement, Lessor shall transfer to Lessee or Lessee's designee all of Lessor's right, title and interest in and to the Property in accordance with Section 19.1(a) or all of the Investors' right, title and interest in and to the Certificates and the Beneficiary Interest in accordance with Section 19.1(b), as applicable. Failure by Lessee to elect the Maturity Date Purchase Option with respect to the Property or the Beneficiary Interest shall be deemed Lessee's election to acquire Lessor's right, title and interest in and to the Property in accordance with Section 19.1(a).

Maturity Date Purchase Option. Not less than twelve (12) months 180 days prior to the Maturity Date, Lessee may give Lessor and Agent irrevocable written notice (the "Maturity Date Election NoticeMATURITY DATE ELECTION NOTICE") that Lessee does not intend is electing to exercise its the Maturity Date Purchase OptionOption or its option to have the Properties remarketed pursuant to SECTION 21.1. If Lessee does not give a Maturity Date Election Notice on or before the date twelve (12) months 180 days prior to the Maturity Date, then Lessee shall be deemed to have irrevocably exercised the its Maturity Date Purchase Option. If Lessee does timely give a Maturity Date Election Noticehas elected, Lessee shall be obligated to remarket the Property pursuant to Section 21. If Lessee or is deemed to have exercised elected, to exercise the Maturity Date Purchase Option, then on the Maturity Date (or such earlier date as is specified by Lessee in a written notice delivered at least ten (10) days prior to such earlier date) Lessee shall pay to Lessor an amount equal to the Termination Value for Purchase Option Price plus any Supplemental Rent due and owing on such date of purchase (offsetting, at the Property or option of Lessor, against such amount the Beneficiary Interest, as Lessee may elect in its sole discretion aggregate amount of the Pledged Collateral) (which the parties do not intend to be a "bargain" purchase price for purposes of (SFAS) No. 13price) and, upon receipt of such amount plus all Rent and other amounts then due and payable under this Lease and any other Operative Agreement, Lessor shall transfer to Lessee or Lessee's designee all of Lessor's right, title and interest in and to the Property in accordance with Section 19.1(a) or all of the InvestorsLessors' right, title and interest in and to the Certificates and the Beneficiary Interest Properties in accordance with Section 19.1(b), as applicable. Failure by Lessee to elect the Maturity Date Purchase Option with respect to the Property or the Beneficiary Interest shall be deemed Lessee's election to acquire Lessor's right, title and interest in and to the Property in accordance with Section 19.1(a)SECTION 19.1.

Maturity Date Purchase Option. Not less than twelve (12) months prior to the Maturity Date, Lessee may give Agent Lessor and Agent irrevocable written notice (the "Maturity Date Election NoticeMATURITY DATE ELECTION NOTICE") that Lessee does not intend is electing to exercise its the Maturity Date Purchase OptionOption or its option to remarket the Property pursuant to Section 21.1. If Lessee does not give a Maturity Date Election Notice on or before the date twelve (12) months prior to the Maturity Date, then Lessee shall be deemed to have irrevocably exercised the its Maturity Date Purchase Option. If Lessee does timely give a Maturity Date Election NoticeXxxxxx has elected, Lessee shall be obligated to remarket the Property pursuant to Section 21. If Lessee or is deemed to have exercised elected, to exercise the Maturity Date Purchase Option, then on the Maturity Date (or such earlier date as is specified by Lessee in a written notice delivered at least ten (10) days prior to such earlier date) Lessee shall pay to Agent Lessor an amount equal to the Termination Value for the Property or plus all accrued and unpaid Capitalized Interest and Basic Rent plus any Supplemental Rent due and owing on such date of purchase (offsetting, at the Beneficiary Interestoption of Lessee, as Lessee may elect in its sole discretion against such amount the aggregate amount of the Defeasance Deposit Collateral) (which the parties do not intend to be a "bargain" purchase price for purposes of (SFAS) No. 13price) and, upon receipt of such amount plus all Rent and other amounts then due and payable under this Lease and any other Operative Agreement, Agent Lessor shall transfer to Lessee or Lessee's designee all of Agent Lessor's and the Lessors' right, title and interest in and to the Property in accordance with Section 19.1(a) or all of the Investors' right, title and interest in and to the Certificates and the Beneficiary Interest in accordance with Section 19.1(b), as applicable. Failure by Lessee to elect the Maturity Date Purchase Option with respect to the Property or the Beneficiary Interest shall be deemed Lessee's election to acquire Lessor's right, title and interest in and to the Property in accordance with Section 19.1(a)19.1.

Maturity Date Purchase Option. Not less than twelve (12) months ----------------------------- prior to the Maturity Date, Lessee may give Lessor irrevocable written notice (the "Maturity Date Election Notice") that Lessee does not intend to exercise ----------------------------- its Maturity Date Purchase Option. If Lessee does not give a Maturity Date Election Notice on or before the date twelve (12) months prior to the Maturity Date, then Lessee shall be deemed to have irrevocably exercised the Maturity Date Purchase Option. If Lessee does timely give a Maturity Date Election Notice, Lessee shall be obligated to remarket the Property pursuant to Section 21. If Lessee is deemed to have exercised the Maturity Date Purchase Option, then on the Maturity Date (or such earlier date as is specified by Lessee in a written notice delivered at least ten sixty (1060) days prior to such earlier date) Lessee shall pay to Lessor an amount equal to the Termination Value for the Property or the Beneficiary Interest, as Lessee may elect in its sole discretion (which the parties do not intend to be a "bargain" purchase price for purposes of (SFAS) No. 13price) and, upon receipt of such amount plus all Rent and other amounts then due and payable under this Lease and any other Operative Agreement, Lessor shall transfer to Lessee or Lessee's designee all of Lessor's right, title and interest in and to the Property in accordance with Section 19.1(a) or all of the Investors' right, title and interest in and to the Certificates and the Beneficiary Interest in accordance with Section 19.1(b), as applicable. Failure by Lessee to elect the Maturity Date Purchase Option with respect to the Property or the Beneficiary Interest shall be deemed Lessee's election to acquire Lessor's right, title and interest in and to the Property in accordance with Section 19.1(a).