Common use of Tenant's Option Clause in Contracts

Tenant's Option. In the event of the termination of this Lease as provided in Section 11.1, Tenant shall have the right, exercisable by written notice to Landlord given within thirty (30) days after receipt by Tenant of notice of Condemnation, to elect (a) to acquire the Leased Property from Landlord for a purchase price equal to the greater of its Minimum Repurchase Price or the Fair Market Value Purchase Price of the Leased Property immediately prior to such Condemnation, in which event, upon the closing of such acquisition, Tenant shall have the right to receive the entire Award, or (b) to substitute a new property therefor in accordance with the provisions of Article 16, in which event Tenant shall receive the entire Award. Failure of Tenant to give such notice within such 30-day period shall be deemed a waiver of Tenant's rights pursuant to this Section 11.