Common use of Effect of Failure to Complete Purchase Clause in Contracts

Effect of Failure to Complete Purchase. If, for any reason whatsoever, the purchase of the Project by Corporation pursuant to valid notice of election to purchase given as aforesaid is not effected on the Closing Date, this Lease shall be and remain in full force and effect according to its terms the same as though no notice of election to purchase had been given, except that: (a) If such purchase is not effected on the Closing Date because of the failure or refusal of Corporation to fully perform and observe all of the covenants and conditions herein contained on Corporation's part to be performed or observed to the Closing Date, Corporation shall be deemed to be in default under this Lease and Issuer shall have such rights and Corporation shall have such duties and obligations as are stated in Article XX hereof with like effect as though written notice of default had been given and any grace period for the correction of such default had expired and said default remains unsatisfied. (b) If such purchase is not effected on the Closing Date because on said date Issuer does not have or is unable to convey to Corporation such title to the Project as Corporation is required to accept, the Issuer shall use its best efforts to cure any such defect in its title to the Project. In the event the Issuer is unable to cure such defect in its title to the Project, or if Issuer's failure to close would be a breach of its obligations hereunder, Corporation shall have the right to cancel this Lease forthwith if, but only if, the principal of and interest on the Bonds and all costs incident to the redemption and payment of the Bonds have been paid in full.

Effect of Failure to Complete Purchase. If, for any reason whatsoever, the purchase of the Project by Corporation Tenant pursuant to valid notice of election to purchase given as aforesaid is not effected on the Closing Date, this Lease shall be and remain in full force and effect according to its terms the same as though no notice of election to purchase had been given, except that: (a) If such purchase is not effected on the Closing Date because of the failure or refusal of Corporation Tenant to fully perform and observe all of the covenants and conditions herein contained on CorporationTenant's part to be performed or observed to the Closing Date, Corporation Tenant shall be deemed to be in default under this Lease and Issuer shall have such rights and Corporation Tenant shall have such duties and obligations as are stated in Article XX hereof with like effect as though written notice of default had been given and any grace period for the correction of such default had expired and said default remains unsatisfied. (b) If such purchase is not effected on the Closing Date because on said date Issuer does not have or and is unable to convey to Corporation Tenant such title to the Project as Corporation Tenant is required to accept, the Issuer shall use its best efforts to cure any such defect in its title to the Project. In the event the Issuer is unable to cure such defect in its title to the Project, or if Issuer's failure to close would be a breach of its obligations hereunder, Corporation Tenant shall have the right to cancel this Lease forthwith if, but only if, the principal of and interest on the Bonds and all costs incident to the redemption and payment of the Bonds have been paid in full.

Effect of Failure to Complete Purchase. If, for any reason whatsoever, the purchase of the Project by Corporation Tenant pursuant to valid notice of election to purchase given as aforesaid is not effected on the Closing Date, this the Lease shall be and remain in full force and effect according to its terms the same as though no notice of election to purchase had been given, except that: (a) If such purchase is not effected on the Closing Date because of the failure or refusal of Corporation Tenant to fully perform and observe all of the covenants and conditions herein contained on CorporationTenant's part to be performed or observed to the Closing Date, Corporation Tenant shall be deemed to be in default under this the Lease and Issuer shall have such rights and Corporation Tenant shall have such duties and obligations as are stated in Article XX hereof with like effect as though written notice of default had been given and any grace period for the correction of such default had expired and said default remains unsatisfied. (b) If such purchase is not effected on the Closing Date because on said date Issuer does not have or and is unable to convey to Corporation Tenant such title to the Project as Corporation Tenant is required to accept, the Issuer shall use its best efforts to cure any such defect in its title to the Project. In the event the Issuer is unable to cure such defect in its title to the Project, or if Issuer's failure to close would be a breach of its obligations hereunder, Corporation Tenant shall have the right to cancel this the Lease forthwith if, but only if, the principal of and interest on the Bonds and all costs incident to the redemption and payment of the Bonds have been paid in full.

Effect of Failure to Complete Purchase. If, for any reason whatsoever, the purchase of the Project by Corporation the Tenant pursuant to valid notice of election to purchase given as aforesaid is not effected on the Project Closing Date, this Lease shall be and remain in full force and effect according to its terms the same as though no notice of election to purchase had been given, except that: (a) If such purchase is not effected on the Project Closing Date because of the failure or refusal of Corporation the Tenant to fully perform and observe all of the covenants and conditions herein contained on Corporationthe Tenant's part to be performed or observed to the Project Closing Date, Corporation the Tenant shall be deemed to be in default under this Lease and the Issuer shall have such rights and Corporation the Tenant shall have such duties and obligations as are stated in Article XX ARTICLE XVII hereof with like effect as though written notice of default had been given and any grace period for the correction of such default had expired and said default remains unsatisfied. (b) If such purchase is not effected on the Project Closing Date because on said date the Issuer does not have or is unable to convey to Corporation the Tenant such title to the Project as Corporation the Tenant is required to accept, the Issuer shall use its best efforts to cure any such defect in its title to the Project. In the event the Issuer is unable to cure such defect in its title to the Project, or if the Issuer's failure to close would be a breach of its obligations hereunder, Corporation the Tenant shall have the right to cancel this Lease forthwith if, but only if, the principal of and interest on the Bonds and all costs incident to the redemption and payment of the Bonds have been paid in full.