Common use of Partial Termination upon Certain Events Clause in Contracts

Partial Termination upon Certain Events. If any of the following occurs during the Basic Lease Term with respect to the Land or related Improvements: (i) a Significant Casualty occurs; (ii) a Significant Condemnation occurs; or (iii) an Environmental Violation occurs or is discovered the cost of remediation of which would exceed $5,000,000 (x) and such violation has not been remediated within 180 days after the occurrence or discovery or (y) the Lessee has notified the Lessor prior to the expiration of such 180 day period that the violation will not be remediated within such period; and the Lessor shall have given written notice (a "Termination Notice") to the Lessee that, as a consequence of such event (x) the Lease Supplement is to be terminated and (y) this Master Lease is to be terminated, then the Lessee shall be obligated to purchase the Lessor's interest in the Land and related Improvements within 30 days after Lessee's receipt of the Termination Notice, by paying to the Lessor an amount equal to the Lease Balance.

Partial Termination upon Certain Events. If any of the following occurs during the Basic Lease Term with respect to the Land or related Improvements: (i) a Significant Casualty occurs; (ii) a Significant Condemnation occurs; or (iii) an Environmental Violation occurs or is discovered the cost of remediation of which would exceed $5,000,000 (x) and such violation has not been remediated within 180 days after the occurrence or discovery or (y) the Lessee has notified the Lessor prior to the expiration of such 180 day period that the violation will not be remediated within such period; and the Lessor shall have given written notice (a "“Termination Notice"”) to the Lessee that, as a consequence of such event (x) the Amended and Restated Lease Supplement is to be terminated and (y) this Amended and Restated Master Lease is to be terminated, then the Lessee shall be obligated to purchase the Lessor's ’s interest in the Land and related Improvements within 30 days after Lessee's ’s receipt of the Termination Notice, by paying to the Lessor an amount equal to the Lease Balance.