Common use of Conveyance of the Leased Property Clause in Contracts

Conveyance of the Leased Property. The Lender shall transfer and convey the Leased Property to the City in the manner provided for in Section 11.03 of this Lease; provided, however, that prior to such transfer and conveyance, either: (a) the City shall have paid the then applicable Purchase Option Price, as provided in Exhibit C hereto; or (b) an Event of Default shall not have occurred and be continuing and the City shall have paid all Base Rentals set forth in Exhibit B hereto and all then-current Additional Rentals required to be paid hereunder, in which case the Lender shall transfer and convey the Leased Property to the City. The City is hereby granted the option to terminate this Lease and to purchase the Leased Property upon payment by the City of the then applicable Purchase Option Price. It is the intent of this Section to provide for and allow the release of the Leased Property shown on Exhibit A subject to this Lease if the City has fulfilled all payment obligations with respect hereto and are not then in default hereunder.

Conveyance of the Leased Property. The Lender shall transfer and convey the Leased Property to the City Town in the manner provided for in Section 11.03 of this Financing Lease; provided, however, that prior to such transfer and conveyance, either: (a) the City Town shall have paid the then applicable Purchase Option Price, as provided in Exhibit C hereto; or (b) an no Event of Default shall not have occurred and be continuing continuing, and the City Town shall have paid all Base Rentals set forth in Exhibit B hereto and all then-then current Additional Rentals required to be paid hereunder, in which case the Lender shall transfer and convey the Leased Property to the CityTown. The City Town is hereby granted the option to terminate this Financing Lease and to purchase the interest of the Lender in the Leased Property upon payment by the City Town of the then applicable Purchase Option Price. It is the intent of this Section to provide for and allow the release of the Leased Property shown on Exhibit A subject to this Financing Lease if the City Town has fulfilled all payment obligations with respect hereto and are is not then in default hereunder.