Option Exercised. Upon exercise by Lessee of the Lease Term Option, but without prejudice to all the other terms and conditions of this Agreement (including, without limitation, Lessee's obligation to fulfil the conditions contained in Clause 4.5(a)) which shall remain in full force and effect, the definition of "Expiry Date" contained in Clause 1 of this Agreement shall be deemed to be amended such that the words "Subject to any amendment pursuant to Clause 4.5(b), the day preceding the numerically corresponding day 24 months after the Delivery Date" shall be replaced with the words "the day preceding the numerically corresponding day twenty-two (22) or twenty-six months after the Delivery Date subject in all cases to the term identified in the Option Notice".
Option Exercised. Within thirty (30) days after receiving the Acquiring Participant's notice, the other Participant may notify the Acquiring Participant of its election to accept a proportionate interest in the acquired interest equal to its Participating Interest. Promptly upon such notice, the Acquiring Participant shall convey or cause its Affiliate to convey to the Participants, in proportion to their respective Participating Interests, with title held as described in Section 3.4, all of the Acquiring Participant's (or its Affiliate's) interest in such acquired interest, free and clear of all Encumbrances arising by, through or under the Acquiring Participant (or its Affiliate) other than those to which both Participants have agreed. The acquired interests shall become a part of the Properties for all purposes of this Agreement immediately upon such notice. The other Participant shall promptly pay to the Acquiring Participant its proportionate share of the latter's actual out-of-pocket acquisition costs.
Option Exercised. If, within 30 days after receiving the acquiring Participant's notice, the other Participants notify the acquiring Participant of their election to accept a proportionate interest in the acquired interest equal to their Participating Interests, the acquiring Participant shall convey to the other Participants such a proportionate undivided interest therein. The acquired interest shall become a part of the Property for all purposes of this Agreement immediately upon the notice of such other Participants election to accept the proportionate interest therein. Such other Participants shall promptly pay to the acquiring Participant their proportionate share of the latter's actual out-of-pocket acquisition costs.
Option Exercised. If, within 90 days after receiving the acquiring Partner's notice pursuant to Section 13.3, the other Partner notifies the acquiring Partner of its election to accept the acquisition in the Partnership name, the acquiring Partner or Affiliate shall convey to the Partnership, by deed or by assignment of lease in form acceptable to the other Partner, such acquired interest. The acquired interest shall become a part of the Partnership for all purposes of this Agreement immediately upon notice of such other Partner's election to accept such. Such other Partner shall promptly pay to the acquiring Partner its proportionate share of the latter's actual out-of-pocket acquisition costs and shall assume its proportionate share of any indebtedness incurred in making such acquisition.
Option Exercised. If, within sixty (60) days after receiving the Acquiring Member’s notice, the other Member provides notice to the Acquiring Member that it elects to participate in the Covered Real Property, the Acquiring Member shall, or shall cause its Affiliate to, convey to the Company (or to the other Member or another entity as mutually agreed by the Members), by special warranty deed, its entire interest or right to acquire the Covered Real Property (or if to the other Member, a proportionate undivided interest in the Covered Real Property based on the Interests of the Members), free and clear of all Encumbrances arising by, through or under the Acquiring Member and its Affiliates, other than those to which both Members have agreed. If conveyed to the Company, the Covered Real Property shall become a part of the Properties for all purposes of this Agreement immediately upon the notice of such other Member’s election to participate. Such other Member shall promptly pay to the Acquiring Member its proportionate share based on Interests of the Acquiring Member’s and its Affiliates’ actual out-of-pocket acquisition costs.
Option Exercised. Within sixty (60) days after receiving the Acquiring Member's notice, the other Member may notify the Acquiring Member of its election to accept a proportionate interest in the acquired interest equal to its Ownership Interest. Promptly upon such notice, the Acquiring Member shall convey or cause its Affiliate to convey to the Members in proportion to their respective Ownership Interests or to the Company (as agreed by the Members), by assignment of the Acquiring Member's (or its Affiliate's) interest in such acquired interest, free and clear of all Encumbrances arising by, through or under the Acquiring Member (or its Affiliate) other than those to which both Members have agreed. Immediately upon such notice, the acquired interest either shall be subject to a Supplemental Business Arrangement, or if conveyed to the Company, shall become a part of the Properties for all purposes of this Agreement and the Operating Agreement. The other Member shall promptly pay to the Acquiring Member its proportionate share of the latter's actual out-of-pocket acquisition costs.
Option Exercised. Within thirty (30) days after receiving the Acquiring Member's notice, the other Member may notify the Acquiring Member of its election to have the Company acquire the acquired interest. Promptly upon such notice, the Acquiring Member shall convey or cause its Affiliate to convey to the Company, by special warranty deed, all of the Acquiring Member's (or its Affiliate's) interest in such acquired interest, free and clear of all Encumbrances arising by, through or under the Acquiring Member (or its Affiliate) other than those to which both Members have agreed. Immediately upon such notice, the acquired interest shall become a part of the Properties for all purposes of this Agreement and the LLC Agreement as Amended. The Company shall promptly pay to the Acquiring Member the latter's actual out-of-pocket acquisition costs.
Option Exercised. Within sixty (60) days after receiving the Acquiring Participant's notice, the other Participant may notify the Acquiring Participant of its election to accept a proportionate interest in the acquired interest equal to its Participating Interest. Promptly upon such notice, the Acquiring Participant shall convey or cause its Affiliate to convey to the Participants, in proportion to their respective Participating Interests, by special warranty deed with title held as described in SECTION 3.4, all of the Acquiring Participant's (or its Affiliate's) interest in such acquired interest, free and clear of all Encumbrances arising by, through or under the Acquiring Participant (or its Affiliate) other than those to which both Participants have agreed. The acquired interests shall become a part of the Properties for all purposes of this Agreement immediately upon such notice. The other Participant shall promptly pay to the Acquiring Participant its proportionate share of the latter's actual out-of-pocket acquisition costs.
Option Exercised. If, within 15 days after receiving the acquiring Participant’s notice, the Management committee notifies the acquiring Participant of its election to accept a proportionate interest for all Participants in the Acquired Rights equal to their respective Participating Interests, the acquiring Participant shall convey to the other Participant such a proportionate undivided interest therein. The Acquired Rights shall become a part of the Property for all purposes of this Agreement. The other Participant shall promptly pay to the acquiring Participant a proportionate share of the latter’s actual out-of-pocket staking or acquisition costs.
Option Exercised. If, within 30 days after receiving the Acquiring Member’s notice, the other Member provides notice to the Acquiring Member that it elects to participate in the Covered Real Property, the Acquiring Member will, or will cause its Affiliate to, convey to the Company, or as may otherwise be agreed upon by the Members, its entire interest or right to acquire the Covered Real Property, free and clear of all Encumbrances arising by, through or under the Acquiring Member and its Affiliates, other than those to which both Members have agreed. If conveyed to the Company, the Covered Real Property will become a part of the Properties for all purposes of this Agreement immediately upon the notice of such other Member’s election to participate. Such other Member will, within 15 days of the date of conveyance of the Covered Real Property to the Company, pay to the Acquiring Member its proportionate share, based on the Members’ proportionate Interests, of the Acquiring Member’s and its Affiliates’ actual out-of-pocket acquisition costs.
