City’s Option. The City shall notify the Executive Administrator within five business days whether it accepts the amended plan. If the City does not accept the amended plan, the Executive Administrator may terminate this Agreement. Upon successful completion of the plan to cure the conditions causing the SWO, the City shall continue work to complete all obligations under this Agreement.
City’s Option. City may terminate the Lease at its option upon the occurrence of any of the following: • the insolvency of WWSC; • a failure to operate; or • the administrative or other dissolution of WWSC. Termination shall be effective not less than ninety (90) days after the date of any such notice. In the event City does not elect to terminate the Lease as permitted herein, the Lease shall remain in full force and effect for the remainder of the Term, unless subsequently terminated for another cause or event as specified herein.
City’s Option. If LESSEE retains possession of the Leased Premises and the Improvements or any part thereof after the termination of the Lease by lapse of time or otherwise, at the option of CITY, which option shall be exercisable by giving written notice to LESSEE within ten (10) days after the date of such termination, the Term of this Lease shall be automatically renewed for one (1) year and this Lease shall remain in full force and effect, except that LESSEE shall pay to CITY as Ground Rent during such an automatic renewal term an amount equal to one hundred fifty percent (150%) of the annual Rent then in effect for the Leased Premises and one hundred percent (100%) of the then-fair market rent for the Improvements as shall be reasonably determined by CITY.
City’s Option. If LESSEE retains possession of the Leased Premises and the Improvements or any part thereof after the termination of the Lease by lapse of time or otherwise, at the option of CITY, which option shall be exerciseable by giving written notice to LESSEE within ten (10) days after the date of such termination, the Term of this Lease shall be automatically renewed for one (1) year and this Lease shall remain in full force and effect, except that LESSEE shall pay to CITY as Ground Rent during such an automatic renewal term an amount equal to one hundred fifty percent (150%) of the annual Rent then in effect for the Leased Premises and one hundred percent (100%) of the then-fair market rent for the Improvements as shall be reasonably determined by CITY. Tenancy at Sufferance. In the event that CITY does not exercise such option, LESSEE shall be deemed to be a tenant at sufferance, and LESSEE shall pay to CITY 1/12th of one hundred fifty percent (150%) of the annual Ground Rent then in effect and 1/12th of one hundred percent (100%) of the then-fair market annual rent for the Improvements as shall be reasonably determined by CITY for each portion of any month during which LESSEE shall retain possession of the Leased Premises and Improvements or any portion thereof after such termination.
City’s Option. In the event the Park District fails to purchase the City's interest in the Property or to require the City to purchase the Park District's interest in the Property pursuant to paragraphs 2 or 3 of this Agreement, the City shall have an option to purchase the Park District’s interest in the Property on the following terms:
