Common use of Option to Purchase the Project Clause in Contracts

Option to Purchase the Project. The Developer shall have, and is hereby granted, the option to purchase all or any portion of the City’s interest in the Project at any time, upon payment in full or redemption of the Outstanding Bonds to be redeemed or provision for their payment or redemption having been made pursuant to Article XIII of the Indenture. To exercise such option, the Developer shall give written notice to the City and to the Trustee, and shall specify therein the date of closing of such purchase, which date shall be not less than 15 nor more than 90 days from the date such notice is mailed, and, in case of a redemption of the Bonds in accordance with the provisions of the Indenture, the Developer shall make arrangements satisfactory to the Trustee for the giving of the required notice of redemption. Notwithstanding the foregoing, if the City or the Trustee provides notice of its intent to exercise its remedies hereunder upon an Event of Default (a “Remedies Notice”), the Developer shall be deemed to have exercised its repurchase option under this Section on the 29th day following the issuance of the Remedies Notice without any further action by the Developer; provided said Remedies Notice has not been rescinded by such date (such option to take place on the 29th day following the issuance of the Remedies Notice). The Developer may rescind such exercise by providing written notice to the City and the Trustee on or before the 29th day and by taking such action as may be required to cure the default that led to the giving of the Remedies Notice. The purchase price payable by the Developer in the event of its exercise of the option granted in this Section shall be the sum of the following:

Option to Purchase the Project. The Developer It is acknowledged that WCIC, pursuant to the Lease, has an option to purchase the Project at any time. By execution of this Sublease, WCIC hereby assigns such right (and the City consents to such assignment by its execution hereof) to Valent. Valent shall have, and is hereby granted, the option to purchase all or any portion of the City’s interest in the Project at any time, upon payment in full or redemption of the Outstanding outstanding Bonds to be redeemed or provision for their payment or redemption having been made pursuant to Article XIII X of the Indenture. To exercise such option, the Developer Valent shall give written notice to the City City, the Trustee and to the TrusteeWCIC, and shall specify therein the date of closing of such purchase, which date shall be not less than 15 nor more than 90 days from the date such notice is mailed, and, in case of a redemption of the Bonds in accordance with the provisions of the Indenture, the Developer Valent shall make arrangements satisfactory to the Trustee for the giving of the required notice of redemption. Notwithstanding the foregoing, if the City or the Trustee WCIC provides notice of its intent to exercise its remedies hereunder upon an Event of Default (a “Remedies Notice”), the Developer Valent shall be deemed to have exercised its repurchase option under this Section on the 29th day following the issuance of the Remedies Notice without any further action by the DeveloperValent; provided said Remedies Notice has not been rescinded by such date (such option to take place on the 29th day following the issuance of the Remedies Notice). The Developer Valent may rescind such exercise by providing written notice to the City and the Trustee WCIC on or before the 29th day and by taking such action as may be required to cure the default that led to the giving of the Remedies Notice. The purchase price payable by the Developer Valent in the event of its exercise of the option granted in this Section shall be the sum of the following:

Option to Purchase the Project. The Developer Company shall have, and is hereby granted, the option to purchase all or any portion of the City’s interest in the Project at any time, upon payment in full or redemption of the Outstanding Bonds to be redeemed or provision for their payment or redemption having been made pursuant to Article XIII of the Indenture. To exercise such option, the Developer Company shall give written notice to the City and to the Trustee, and shall specify therein the date of closing of such purchase, which date shall be not less than 15 nor more than 90 days from the date such notice is mailed, and, in case of a redemption of the Bonds in accordance with the provisions of the Indenture, the Developer Company shall make arrangements satisfactory to the Trustee for the giving of the required notice of redemption. Notwithstanding the foregoing, if the City or the Trustee provides notice of its intent to exercise its remedies hereunder upon an Event of Default (a “Remedies Notice”), the Developer Company shall be deemed to have exercised its repurchase option under this Section on the 29th day following the issuance of the Remedies Notice without any further action by the DeveloperCompany; provided said Remedies Notice has not been rescinded by such date (such option to take place on the 29th day following the issuance of the Remedies Notice). The Developer Company may rescind such exercise by providing written notice to the City and the Trustee on or before the 29th day and by taking such action as may be required to cure the default that led to the giving of the Remedies Notice. The purchase price payable by the Developer Company in the event of its exercise of the option granted in this Section shall be the sum of the following:

Option to Purchase the Project. The Developer Company shall have, and is hereby granted, the option to purchase all or any portion of the City’s interest in the Project at any time, upon payment in full or redemption of the Outstanding all Bonds to be redeemed then outstanding or provision for their payment or redemption having been made pursuant to Article XIII of the Indenture. To exercise such option, option the Developer Company shall give written notice to the City and to the Trustee, and shall specify therein the date of closing of such purchase, which date shall be not less than 15 nor more than 90 days from the date such notice is mailed, and, and in case of a redemption of the Bonds in accordance with the provisions of the Indenture, the Developer Company shall make arrangements satisfactory to the Trustee for the giving of the required notice of redemption. Notwithstanding the foregoingforgoing, if the City or the Trustee provides notice of its intent to exercise its remedies hereunder upon an Event of Default (a “Remedies Notice”), the Developer Company shall be deemed to have exercised its repurchase option under this Section on the 29th day following the issuance of the Remedies Notice without any further action by the DeveloperCompany; provided said Remedies Notice notice has not been rescinded by such date (such option to take place on the 29th day following the issuance of the Remedies Notice). The Developer Company may rescind such exercise by providing written notice to the City and the Trustee on or before prior to the 29th day and by taking such action as may be required to cure the default that led to the giving of the Remedies Notice. The purchase price payable by the Developer Company in the event of its exercise of the option granted in this Section shall be the sum of the following:

Option to Purchase the Project. The Developer Lessee shall have, and is hereby granted, the option to purchase all or any portion of the City’s interest in the Project at any time, prior to the expiration of the Lease Term upon payment in full of all Bonds then Outstanding and any payments due pursuant to the Lease or redemption the Indenture and satisfaction of the Outstanding Bonds terms and conditions of this Article XI. The Lessee shall not be permitted to exercise, however, the option to purchase the Project if the Lessee is in default hereunder until all defaults hereunder are cured, and the Lessee shall not be redeemed or provision for their payment or redemption having been made pursuant permitted to Article XIII exercise the option to purchase the Project after an Event of Default has occurred unless the IndentureA Bondowner, the City and the Trustee consent to such exercise. To exercise such option, option the Developer Lessee shall give written notice to the City and to the Trustee, if any of the Bonds shall then be unpaid or provision for their payment shall not have been made in accordance with the provisions of the Indenture, and shall specify therein the date of closing of such purchasepurchase (the “Closing Date”), which date shall be not less than 15 forty-five (45) nor more than 90 ninety (90) days from the date such notice is mailed, and, and in case of a redemption of the Bonds in accordance with the provisions of the Indenture, the Developer Lessee shall make arrangements satisfactory to the Trustee for the giving of the required notice of redemption. Notwithstanding The Lessee shall further provide the foregoing, if Trustee and the City with such indemnification, assurances, insurances and documents as the Trustee or the Trustee provides notice of its intent to exercise its remedies hereunder upon an Event of Default (a “Remedies Notice”), the Developer shall be deemed to have exercised its repurchase option under this Section on the 29th day following the issuance of the Remedies Notice without any further action by the Developer; provided said Remedies Notice has not been rescinded by such date (such option to take place on the 29th day following the issuance of the Remedies Notice). The Developer City may rescind such exercise by providing written notice to the City and the Trustee on or before the 29th day and by taking such action as may be required to cure the default that led to the giving of the Remedies Noticerequire. The purchase price payable by the Developer Lessee in the event of its exercise of the option granted in this Section shall be the sum of the following: