Common use of Election of Options Clause in Contracts

Election of Options. To the extent that the Renewal Option is available, unless Lessee shall have affirmatively elected in accordance herewith the Purchase Option or the Sale Option, Lessee shall be deemed to have elected the Renewal Option. If the Renewal Option is no longer available, unless 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, 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 Lessee fails to comply with each of the terms and conditions set forth at ARTICLES XX and XXI (including Xxxxxx's obligation to sell the Leased Property in accordance with the terms and conditions set forth at ARTICLES XX AND XXI, on the last day of the Term) and 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 Default, an Event of Default, Significant Casualty or Significant Condemnation. Any election by Xxxxxx 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 Unless (i) Lessee shall have affirmatively elected in accordance herewith the Purchase Option or the Sale Option, Lessee shall be deemed to have elected the Renewal Option. If the Renewal Option is no longer available, unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in SECTION Section 19.1 and (b) satisfied each of the requirements in ARTICLES Articles XX and XXI, or (ii) Lessee shall have elected to purchase the Subject Property pursuant to Section 18.1, 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 (other than a Limited Recourse Default), Lease Event of Default (other than a Limited Recourse Event of Default), Significant Environmental Event, Significant Casualty or Significant Condemnation at any time after the Sale Option is properly elected or Lessee fails to comply with each of the terms and conditions set forth at ARTICLES Articles XX and XXI (including Xxxxxx's obligation to sell the Leased Property and in accordance with the terms and conditions set forth at ARTICLES XX AND XXI, on the last day of the Term) and such event Lessor shall be entitled to exercise all rights and remedies provided in ARTICLE Article XVI. Lessee may not elect the Sale Option if there exists on the date the election is made a Default (other than a Limited Recourse Default), an Event of Default (other than a Limited Recourse Event of Default), Significant Environmental Event, Significant Casualty or Significant Condemnation. Any election by Xxxxxx Lessee of the Purchase Option pursuant to SECTION 19.1 Section 19.1(b) shall be irrevocable at the time made.

Election of Options. To the extent that the Renewal Option is available, unless Unless (i) Lessee shall have affirmatively elected in accordance herewith the Purchase Option or the Sale Option, Lessee shall be deemed to have elected the Renewal Option. If the Renewal Option is no longer available, unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in SECTION Section 19.1 and (b) satisfied each of the requirements in ARTICLES Articles XX and XXIXXI or (ii) Lessee shall have affirmatively elected to purchase the Subject Property pursuant to Section 18.1, 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 (other than a Limited Recourse Default), Lease Event of Default (other than a Limited Recourse Event of Default), Significant Environmental Event, Significant Casualty or Significant Condemnation at any time after the Sale Option is properly elected or Lessee fails to comply with each of the terms and conditions set forth at ARTICLES Articles XX and XXI (including Xxxxxx's obligation to sell the Leased Property and in accordance with the terms and conditions set forth at ARTICLES XX AND XXI, on the last day of the Term) and such event Lessor shall be entitled to exercise all rights and remedies provided in ARTICLE Article XVI. Lessee may not elect the Sale Option if there exists on the date the election is made a Default (other than a Limited Recourse Default), an Event of Default (other than a Limited Recourse Event of Default), Significant Environmental Event, Significant Casualty or Significant Condemnation. Any election by Xxxxxx Lessee of the Purchase Option pursuant to SECTION 19.1 Section 19.1(a) shall be irrevocable at the time made.

Election of Options. To the extent that the Renewal Option is available, unless Unless (i) Lessee shall have affirmatively elected in accordance herewith the Purchase Option or the Sale Option, Lessee shall be deemed to have elected the Renewal Option. If the Renewal Option is no longer available, unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in SECTION Section 19.1 and (b) satisfied each of the requirements in ARTICLES Articles XX and XXI, (ii) Lessee shall have elected to purchase all, but not less than all, of the Leased Property pursuant to Article XVIII or (iii) Lessee shall have elected the Renewal Option and such Renewal Option has been approved by Lessor and all other the Participants and all other conditions to such renewal set forth in Section 4.7 of the Participation Agreement and Section 19.3 hereof have been satisfied, Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option or Renewal Option shall automatically be revoked if there exists a Lease Default, Lease Event of Default, Significant Casualty Environmental Event or Significant Condemnation Event of Loss at any time after the Sale Option is properly elected or Lessee fails to comply with each of the terms and conditions set forth at ARTICLES Articles XX and XXI (including Xxxxxx's obligation to sell the Leased Property and in accordance with the terms and conditions set forth at ARTICLES XX AND XXI, on the last day of the Term) and such event Lessor shall be entitled to exercise all rights and remedies provided in ARTICLE Article XVI. Lessee may not elect the Sale Option or the Renewal Option if there exists on the date the election is made a Default, an Event of Default, Significant Casualty Environmental Event or Significant CondemnationEvent of Loss. Any election by Xxxxxx of the Purchase Option pursuant to SECTION 19.1 Section 19.1(b) shall be irrevocable at the time made.