Common use of Vacating Premises Clause in Contracts

Vacating Premises. If the Assuming Bank elects not to purchase any Excluded Subsidiary, the notice of such election in accordance with Section 4.16(a) shall specify the date upon which the Assuming Bank’s occupancy of Bank Premises owned by such Excluded Subsidiary shall terminate, which date shall not be later than ninety (90) days after the date of the Assuming Bank’s notice not to exercise such option. The Assuming Bank promptly shall relinquish and release to the Receiver or such Excluded Subsidiary such premises and the Furniture and Equipment and Fixtures located thereon in the same condition as at Bank Closing, normal wear and tear excepted.

Vacating Premises. If the Assuming Bank elects not to purchase any Excluded Subsidiary, the notice of such election in accordance with Section 4.16(a) shall specify the date upon which the Assuming Bank’s occupancy of Bank Premises owned by such Excluded Subsidiary shall terminate, which date shall not be later than ninety (90) days after the date of the Assuming Bank’s notice not to exercise such option. The Assuming Bank promptly shall relinquish and release to the Receiver or such Excluded Subsidiary such premises and the Furniture and Equipment and Fixtures located thereon in the same condition as at Bank Closing, normal wear and tear excepted.. CENTURY BANK, A FEDERAL SAVINGS BANK SARASOTA, FLORIDA