Common use of PURCHASE OPTION OR SALE OPTION Clause in Contracts

PURCHASE OPTION OR SALE OPTION. GENERAL PROVISIONS. Not less than one hundred twenty (120) days and no more than one hundred eighty (180) days prior to either the third, fourth, fifth or sixth annual anniversary of the date of this Lease, the Expiration Date or, respecting the Purchase Option only, any Payment Date (such third, fourth, fifth or sixth annual anniversary date, such Expiration Date or, respecting the Purchase Option only, any such Payment Date being hereinafter referred to as the "Election Date"), Lessee may give Lessor irrevocable written notice (the "Election Notice") that Lessee is electing to exercise either (a) the option to purchase all, but not less than all, the Properties on the applicable Election Date (the "Purchase Option") or (b) with respect to an Election Notice given in connection with the third or fourth annual anniversary of the date of this Lease or the Expiration Date only, the option to remarket all, but not less than all, the Properties to a Person other than Lessee or any Affiliate of Lessee and cause a sale of such Properties to occur on the applicable Election Date pursuant to the terms of Section 22.1 (the "Sale Option"). If Lessee does not give an Election Notice indicating the Purchase Option or the Sale Option at least one hundred twenty (120) days and not more than one hundred eighty (180) days prior to the Expiration Date, then Lessee shall be deemed to have elected for the Purchase Option to apply on the Expiration Date. If Lessee shall either (i) elect (or be deemed to have elected) to exercise the Purchase Option or (ii) elect the Sale Option and fail to cause all, but not less than all, the Properties to be sold in accordance with the terms of Section 22.1 on the applicable Election Date, then in either case Lessee shall pay to Lessor on the date on which such purchase or sale is scheduled to occur an amount equal to the Termination Value for all, but not less than all, the Properties (which the parties do not intend to be a "bargain" purchase), and in connection therewith, Lessee shall comply with the terms and provisions of Section 22.1(c) to the same extent as if Lessor had exercised its option to retain one (1) or more Properties pursuant to Section 22.1(a) and, upon receipt of such amounts and satisfaction of such obligations, Lessor shall transfer to Lessee all of Lessor's right, title and interest in and to all, but not less than all, the Properties in accordance with Section 20.2.

PURCHASE OPTION OR SALE OPTION. GENERAL PROVISIONS. Not less than one hundred twenty (120) days and no more than one hundred eighty (180) days prior to either the third, fourth, fifth any Payment Date or sixth annual anniversary of the date of this Lease, the Expiration Date or, respecting the Purchase Option only, any (such Payment Date (such third, fourth, fifth or sixth annual anniversary date, such Expiration Date or, respecting the Purchase Option only, any such Payment Date being hereinafter referred to as the "Election Date"), Lessee may give Lessor irrevocable written notice (the "Election Notice") that Lessee is electing to exercise either (a) (i) in the case of any Payment Date prior to the Expiration Date, the option to purchase one or more Properties (subject to the Early Termination Conditions) and (ii) in the case of the Expiration Date, the option to purchase all, but not less than all, the Properties on the applicable Election Date (each such option may be referred to as the "Purchase Option") or (b) with respect (i) in the case of any Payment Date prior to an Election Notice given in connection with the third or fourth annual anniversary of the date of this Lease or the Expiration Date onlyDate, the option to remarket all, but not less sell to a Person other than allLessee or any Affiliate of the Lessee one or more Properties (subject to the Early Termination Conditions) and (ii) in the case of the Expiration Date, the Properties option to sell to a Person other than Lessee or any Affiliate of Lessee and cause a sale of all, but not less than all, the Properties (each such Properties option may be referred to occur on the applicable Election Date pursuant to the terms of Section 22.1 (the as that "Sale Option"). Purchases pursuant to the Purchase Option and sales pursuant to the Sale Option shall be accomplished in a manner consistent with the provisions of the Operative Agreement including without limitation Articles XIX, XX and XXII of this Lease. Prior to the Expiration Date, there may be multiple purchases pursuant to the Purchase Option and sales pursuant to the Sale Option and all shall be subject to the Early Termination Conditions. If Lessee does not give an Election Notice indicating the Purchase Option or the Sale Option at least one hundred twenty (120) days and not more than one hundred eighty (180) days prior to the Expiration Date, then Lessee shall be deemed to have elected for the Purchase Option to apply on the Expiration Date. If With respect to the Expiration Date, if Lessee shall either (i) elect (or be deemed to have elected) to exercise the Purchase Option or (ii) elect the Sale Option and fail to cause all, but not less than all, the Properties to be sold in accordance with the terms of Section 22.1 on the applicable Election Date, then in either case Lessee shall pay to Lessor on the date on which such purchase or sale is scheduled to occur an amount equal to the Termination Value for all, but not less than all, the Properties (which the parties do not intend to be a "bargain" purchase), and in connection therewith, Lessee shall comply with the terms and provisions of Section 22.1(c) to the same extent as if Lessor had exercised its option to retain one (1) or more Properties pursuant to Section 22.1(a) and, upon receipt of such amounts and satisfaction of such obligations, Lessor shall transfer to Lessee all of Lessor's right, title and interest in and to all, but not less than all, the Properties in accordance with Section 20.2.is

PURCHASE OPTION OR SALE OPTION. GENERAL PROVISIONS. Not less than one hundred twenty (120) days and no more than one hundred eighty (180) days prior to either the third, fourth, fifth or sixth annual anniversary of the date of this Lease, the Expiration Date or, or (respecting the Purchase Option only, ) any Payment Date (such third, fourth, fifth or sixth annual anniversary date, such Expiration Date or, respecting the Purchase Option only, any such Payment Date being hereinafter referred to as the "Election Date"), Lessee may give Lessor irrevocable written notice (the "Election Notice") that Lessee is electing to exercise either (a) the option to purchase all, but not less than all, the Properties on the applicable Expiration Date or on the Payment Date specified in the Election Date Notice (the "Purchase Option") or (b) with respect to an Election Notice given in connection with the third or fourth annual anniversary of the date of this Lease or the Expiration Date only, the option to remarket all, but not less than all, the Properties to a Person other than Lessee or any Affiliate of Lessee and cause a sale of such Properties to occur on the applicable Election Expiration Date pursuant to the terms of Section 22.1 (the "Sale Option"). If Lessee does not give an Election Notice indicating the Purchase Option or the Sale Option at least one hundred twenty (120) days and not more than one hundred eighty (180) days prior to the Expiration Date, then, unless such Expiration Date is the final Expiration Date to which the Term may be extended, the term of this Lease shall be extended in accordance with Section 2.2 hereof; if such Expiration Date is the final Expiration Date, then Lessee shall be deemed to have elected for the Purchase Option to apply on the Expiration DateOption. If Lessee shall either (i) elect (or be deemed to have elected) to exercise the Purchase Option or (ii) elect the Sale Option and fail to cause all, but not less than all, the Properties to be sold in accordance with the terms of Section 22.1 on the applicable Election Expiration Date, then in either case Lessee (or its designee) shall pay to Lessor on the date on which such purchase or sale is scheduled to occur an amount equal to the Termination Value for all, but not less than all, the Properties (which the parties do not intend to be a "bargain" purchase), and in connection therewith, Lessee shall comply with the terms and provisions of Section 22.1(c) to the same extent as if Lessor had exercised its option to retain one (1) or more Properties pursuant to Section 22.1(apurchase price) and, upon receipt of such amounts and satisfaction of such obligations, Lessor shall transfer to Lessee (or its designee) all of Lessor's right, title and interest in and to all, but not less than all, the Properties in accordance with Section 20.2.

PURCHASE OPTION OR SALE OPTION. GENERAL PROVISIONS. Not less than one hundred twenty (120) days and no more than one hundred eighty (180) days prior to either the third, fourth, fifth third or sixth fourth annual anniversary of the date of this Lease, the Expiration Date or, respecting the Purchase Option only, any Payment Date after the second annual anniversary of the date of this Lease (such third, fourth, fifth third or sixth fourth annual anniversary date, such Expiration Date or, respecting the Purchase Option only, any such Payment Date being hereinafter referred to as the "Election Date"), Lessee may give Lessor irrevocable written notice (the "Election Notice") that Lessee is electing to exercise either (a) the option to purchase all, but not less than all, the Properties on the applicable Election Date (the "Purchase Option") or (b) with respect to an Election Notice given in connection with the third or fourth annual anniversary of the date of this Lease or the Expiration Date only, the option to remarket all, but not less than all, the Properties to a Person other than Lessee or any Affiliate of Lessee and cause a sale of such Properties to occur on the applicable Election Date pursuant to the terms of Section 22.1 (the "Sale Option"). If Lessee does not give an Election Notice indicating the Purchase Option or the Sale Option at least one hundred twenty (120) days and not more than one hundred eighty (180) days prior to the Expiration Date, then Lessee shall be deemed to have elected for the Purchase Option to apply on the Expiration Date. If Lessee shall either (i) elect (or be deemed to have elected) to exercise the Purchase Option or (ii) elect the Sale Option and fail to cause all, but not less than all, the Properties to be sold in accordance with the terms of Section 22.1 on the applicable Election Date, then in either case Lessee shall pay to Lessor on the date on which such purchase or sale is scheduled to occur an amount equal to the Termination Value for all, but not less than all, the Properties (which the parties do not intend to be a "bargain" purchase), and in connection therewith, Lessee shall comply with the terms and provisions of Section 22.1(c) to the same extent as if Lessor had exercised its option to retain one (1) or more Properties pursuant to Section 22.1(apurchase price) and, upon receipt of such amounts and satisfaction of such obligations, Lessor shall transfer to Lessee all of Lessor's right, title and interest in and to all, but not less than all, the Properties in accordance with Section 20.2.