Common use of Conveyance on Exercise of Option to Purchase Clause in Contracts

Conveyance on Exercise of Option to Purchase. At the closing of any purchase of the Agency’s interest in the Facility pursuant to Section 8.1 hereof, the Agency will, upon payment of the purchase price, deliver or cause to be delivered to the Lessee (i) a bargain and sale deed without covenants against grantor’s acts and all other necessary documents releases, discharges, satisfactions or similar documents necessary to convey to the Lessee all of the Agency’s right, title and interest in and to the Facility and terminating this Agreement and terminate all liens or rights of the Agency in the Facility; and (ii) all necessary documents releasing and conveying to the Lessee all of the Agency’s rights and interests in and to any rights of action (other than as against the Lessee or any insurer of the insurance policies under Section 4.5(a)(iii) hereof), or any insurance proceeds (other than liability insurance proceeds for the benefit of the Agency) or condemnation awards, with respect to the Facility or any portion thereof. Upon conveyance of the Agency’s interest in the Facility pursuant to this Section 8.2, this Agreement and all obligations of the Lessee hereunder shall be terminated except the obligations of the Lessee under Sections 4.3 (until such time as the Lessee shall again pay taxes as the record owner of the Facility Realty), 6.2, 8.5, 9.13 and 9.15 hereof shall survive such termination.

Conveyance on Exercise of Option to Purchase. At the closing of any purchase of the Agency’s interest in the Facility pursuant to Section 8.1 hereof, the Agency will, upon payment of the purchase price, deliver or cause to be delivered to the Lessee (i) a bargain and sale deed without covenants against grantor’s acts acts, an assignment of leases and rents and all other necessary documents releases, discharges, satisfactions or similar documents necessary to convey to the Lessee all of the Agency’s right, title and interest in and to the Facility and terminating this Agreement and terminate all liens or rights of the Agency in the Facility; and (ii) all necessary documents releasing and conveying to the Lessee all of the Agency’s rights and interests in and to any rights of action (other than as against the Lessee or any insurer of the insurance policies under Section 4.5(a)(iii) hereof), or any insurance proceeds (other than liability insurance proceeds for the benefit of the Agency) or condemnation awards, with respect to the Facility or any portion thereof. Upon conveyance of the Agency’s interest in the Facility pursuant to this Section 8.2, this Agreement and all obligations of the Lessee hereunder shall be terminated except the obligations of the Lessee under Sections 4.3 (until such time as the Lessee shall again pay taxes as the record owner of the Facility Realty), 6.2, 8.5, 9.13 and 9.15 hereof shall survive such termination.

Conveyance on Exercise of Option to Purchase. At the closing of any purchase of the Agency’s interest in the Facility pursuant to Section 8.1 hereof, the Agency will, upon payment of the purchase price, deliver or cause to be delivered to the Lessee (i) a bargain and sale deed without covenants against grantor’s acts and all other necessary documents documents, releases, discharges, satisfactions or similar documents necessary to convey to the Lessee all of the Agency’s right, title and interest in and to the Facility and terminating this Agreement and terminate all liens or rights of the Agency in the Facility; (including, without limitation, a termination of the memorandum of this Agreement); and (ii) all necessary documents releasing and conveying to the Lessee all of the Agency’s rights and interests in and to any rights of action (other than as against the Lessee or any insurer of the insurance policies under Section 4.5(a)(iii) hereof), or any insurance proceeds (other than liability insurance proceeds for the benefit of the Agency) or condemnation awards, with respect to the Facility or any portion thereof. Upon conveyance of the Agency’s interest in the Facility pursuant to this Section 8.2, this Agreement and all obligations of the Lessee hereunder shall be terminated except the obligations of the Lessee under Sections 4.3 (until such time as the Lessee shall again pay taxes as the record owner of the Facility Realty), 6.2, 8.5, 9.13 and 9.15 hereof shall survive such termination.

Conveyance on Exercise of Option to Purchase. At the closing of any purchase termination of the Agency’s leasehold interest in the Facility pursuant to Section 8.1 hereof, the Agency will, upon payment of the purchase termination price, deliver or cause to be delivered to the Lessee (i) a bargain and sale deed without covenants against grantor’s acts and all other necessary documents releases, discharges, satisfactions or similar documents necessary to convey to the Lessee all of the Agency’s right, title and interest in and to the Facility and terminating this Agreement and terminate all liens or rights of the Agency in the Facility; and (ii) all necessary documents releasing and conveying to the Lessee all of the Agency’s rights and interests in and to any rights of action (other than as against the Lessee or any insurer of the insurance policies under Section 4.5(a)(iii) hereof), or any insurance proceeds (other than liability insurance proceeds for the benefit of the Agency) or condemnation awards, with respect to the Facility or any portion thereof. Upon conveyance termination of the Agency’s interest in the Facility pursuant to this Section 8.2, this Agreement and all obligations of the Lessee hereunder shall be terminated except the obligations of the Lessee under Sections 4.3 (until such time as the Lessee shall again pay full taxes as the record owner of with respect to the Facility Realty), 6.2, 8.5, 9.13 and 9.15 hereof shall survive such termination.

Conveyance on Exercise of Option to Purchase. At the closing of any purchase of the Agency’s interest in the Facility pursuant to Section 8.1 hereof, the Agency will, upon payment of the purchase price, deliver or cause to be delivered to the Lessee (i) a bargain and sale deed without covenants against grantor’s acts and all other necessary documents releases, discharges, satisfactions or similar documents (including lease terminations and termination of memorandum of lease) necessary to convey to the Lessee all of the Agency’s right, title and interest in and to the Facility and terminating this Agreement and terminate all liens or rights of the Agency in the Facility; and (ii) all necessary documents releasing and conveying to the Lessee all of the Agency’s rights and interests in and to any rights of action (other than as against the Lessee or any insurer of the insurance policies under Section 4.5(a)(iii) hereof), or any insurance proceeds (other than liability insurance proceeds for the benefit of the Agency) or condemnation awards, with respect to the Facility or any portion thereof. Upon conveyance of the Agency’s interest in the Facility pursuant to this Section 8.2, this Agreement and all obligations of the Lessee hereunder shall be terminated except the obligations of the Lessee under Sections 4.3 (until such time as the Lessee shall again pay taxes as the record owner of the Facility Realty), 6.2, 8.5, 9.13 and 9.15 hereof shall survive such termination.