Common use of Election of Options Clause in Contracts

Election of Options. To the extent that the Renewal Option is available, unless Lessees shall have affirmatively elected in accordance herewith the Purchase Option or the Sale Option, Lessees shall be deemed to have elected the Renewal Option. To the extent that the Renewal Option is not available for any reason, unless Lessees shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1 and (b) satisfied each of the requirements in Articles XX and XXI, Lessees shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Lease Default, Lease Event of Default, Significant Casualty or Significant Condemnation at any time after the Sale Option is properly elected or Lessees fail to comply with each of the terms and conditions set forth at Articles XX and XXI and Lessor shall be entitled to exercise all rights and remedies provided in Article XVI. Any election by Lessees pursuant to Section 19.1 shall be irrevocable at the time made.

Election of Options. To the extent that the Renewal Option is available, unless Lessees Lessee shall have affirmatively elected in accordance herewith the Purchase Option or the Sale Option, Lessees Lessee shall be deemed to have elected the Renewal Option. To the extent that the Renewal Option is not available for any reasonreason (including because of the Participants' refusal to consent to an Extension Option Request), unless Lessees Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1 21.1. and (b) satisfied each of the requirements in Articles XX and XXIArticle XXII hereof, Lessees Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Lease Default, Lease Event of Default, Significant Casualty Default or Significant Condemnation Event of Loss at any time after the Sale Option is properly elected or Lessees fail Lessee fails to comply with each of the terms and conditions set forth at Articles XX and XXI such Article XXII and Lessor shall be entitled to exercise all rights and remedies provided in Article XVIXVIII hereof. Any Lessee may not elect the Sale Option if there exists on the date the election by Lessees pursuant to Section 19.1 shall be irrevocable at the time madeis made a Lease Default, a Lease Event of Default, an Event of Loss, or an outstanding Extension Option Request.

Election of Options. To the extent that the Renewal Option is available, unless Lessees Lessee shall have affirmatively elected in accordance herewith the Purchase Option or the Sale Option, Lessees Lessee shall be deemed to have elected the Renewal Option. To the extent that the Renewal Option is not available for any reasonreason (including because of the Participants' refusal to consent to an Extension Option Request), unless Lessees Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1 21.1 and (b) satisfied each of the requirements in Articles XX and XXIArticle XXII, Lessees Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Lease Default, Lease Event of Default, Significant Casualty Default or Significant Condemnation Event of Loss at any time after the Sale Option is properly elected or Lessees fail Lessee fails to comply with each of the terms and conditions set forth at Articles XX and XXI Article XXII and Lessor shall be entitled to exercise all rights and remedies provided in Article XVIXVIII. Any Lessee may not elect the Sale Option if there exists on the date the election by Lessees pursuant to Section 19.1 shall be irrevocable at the time madeis made a Lease Default, a Lease Event of Default, an Event of Loss, or an outstanding Extension Option Request.

Election of Options. To the extent that the Renewal Option is available, unless Lessees Lessee shall have affirmatively elected in accordance herewith the Purchase Option or the Sale Option, Lessees Lessee shall be deemed to have elected the Renewal Option. To the extent that the Renewal Option is not available for any reasonreason (including because of the Participants' refusal to consent to an Extension Option Request), unless Lessees Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1 and (b) satisfied each of the requirements in Articles XX and XXI, Lessees Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Lease Default, Lease Event of Default, Significant Casualty or Significant Condemnation at any time after the Sale Option is properly elected or Lessees fail Lessee fails to comply with each of the terms and conditions set forth at Articles XX and XXI and Agent Lessor shall be entitled to exercise all rights and remedies provided in Article XVI. Lessee may not elect the Sale Option if there exists on the date the election is made a Lease Default, a Lease Event of Default, Significant Casualty or Significant Condemnation, or an outstanding Extension Option Request. Any election by Lessees Lessee pursuant to Section 19.1 shall be irrevocable at the time made.