Disposition of Phase III Cogeneration Facility After Term Sample Clauses

Disposition of Phase III Cogeneration Facility After Term. Upon the expiration of the Term and provided that the City has no further obligations to the Phase III Cogeneration Facility Contractor pursuant to the terms of Section 2 of this Article III, the City shall have the right to purchase the Phase III Cogeneration Facility upon payment to the Phase III Cogeneration Facility Contractor of the Fair Market Value thereof subject to the terms and conditions set forth below. The City shall have the right to make such election to purchase the Phase III Cogeneration Facility up to one (1) year preceding the expiration of the Term. If the City does not elect to so purchase the Phase III Cogeneration Facility within one hundred twenty (120) days after the expiration of the Term, the Phase III Cogeneration Facility Contractor, within one hundred eighty (180) days thereafter shall have the right to remove the electrical generating equipment and other equipment constituting personal property installed in the Phase III Cogeneration Facility, and shall have the obligation at its cost and expense at the request of the City to raze and remove the real property included in the Phase III Cogeneration Facility and restore the Phase III Cogeneration Facility Site to its condition as of the Phase III Commencement Date.
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Related to Disposition of Phase III Cogeneration Facility After Term

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