Occupancy Costs. (i) The Assuming Institution shall pay to the Receiver, or to appropriate third parties at the direction of the Receiver, for the period from the Bank Closing Date until the Bank Premises Surrender Date, the following amounts: (A) for owned Bank Premises, the market rental value, as determined by the appraiser selected in accordance with the definition of Fair Market Value, and all operating costs (provided, however, that, for owned Bank Premises the Assuming Institution elects to purchase under Section 4.6(a)(i), (1) the time period shall be from the Bank Closing Date until the date the Receiver receives the purchase price for such Bank Premises from the Assuming Institution, and (2) the amount shall be limited to market rental value and operating costs for the space not occupied by other tenants), and (B) for leased Bank Premises, all operating costs with respect thereto. The Assuming Institution shall comply with the terms of applicable leases on leased Bank Premises, including without limitation the timely payment of all rent. Operating costs include, without limitation, all taxes, fees, charges, maintenance, utilities, insurance and assessments, to the extent not included in the rental value or rent.
Appears in 7 contracts
Samples: Purchase and Assumption Agreement, Purchase and Assumption Agreement, Purchase and Assumption Agreement
