End of Term Options. (a) If no Event of Default (or event or condition which, with the passage of time or giving of notice, or both, would become such an Event of Default) has occurred and is continuing, on each Expiration Date, Lessee shall have the option to: (i) purchase the Aircraft pursuant to paragraph (b) below (the "Purchase Option"), (ii) sell the Aircraft pursuant to paragraph (c) below (the "Sale Option") or (iii) on any Expiration other than the Final Expiration Date, to renew the Term of the Lease for an additional one year period on the same terms and conditions as are set forth herein except that the amount of Basic Rent payable during such Renewal Term shall be as set forth for such Renewal Term on Schedule 2-A to Lease Supplement No. 1 (the "Renewal Option"). Subject to the foregoing limitations on exercise of the Renewal Option, Lessee shall give Lessor 180 days irrevocable written notice (the "Option Notice") prior to each Expiration Date if Lessee intends to exercise the Purchase Option, the Sale Option or the Renewal Option. If Lessee does not provide a timely Option Notice, then the Lessee shall be irrevocably deemed to have exercised (x) the Renewal Option as of the then current Expiration Date provided that the then current Expiration Date is not the Final Expiration Date, or (y) the Purchase Option as of the then current Expiration Date if the then current Expiration Date is Final Expiration Date.
(b) Upon exercise of the Purchase Option, Lessee shall pay to Lessor on the applicable Expiration Date an amount equal to: (i) all Rent then due and owing under the Lease; plus (ii) all taxes, assessments and other charges due or payable in connection with the sale of the Aircraft to Lessee; plus (iii) the Purchase Option Price as of such Expiration Date. Upon receipt of the amounts set forth in the preceding sentence, Lessor shall convey all of Lessor's right, title and interest in and to the Aircraft to Lessee on an "AS-IS," "WHERE-IS" BASIS WITHOUT REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, and without recourse to Lessor, except that the Aircraft shall be free and clear of all liens created by Lessor.
(c) Upon exercise of the Sale Option, Lessee shall place the Aircraft in the condition required by Section 8 of the Lease and shall obtain bids for the Aircraft and market such Aircraft in a commercially reasonable manner to the highest qualified bidder on or before the Expiration Date, at Lessee's sole cost and expense; provided, however, that no sale s...
End of Term Options. You may choose one of the following options, which you may exercise at the end of the term, provided that no event of default under this Agreement has occurred and is continuing. If no box is checked and initialed, Fair Market Value will be your end of term option. Fair Market Value means the value of the Equipment in continued use. X Purchase all of the Equipment for its Fair Market Value, renew this Agreement, or return the Equipment. Purchase all of the Equipment for $1.00. At the end of the term, title to the Equipment will automatically transfer to you, AS IS, WHERE IS, with no warranties of any kind. Customer's Initials Customer's Initials LESSOR SIGNATURE TITLE DATED LANCASTER COUNTY CUSTOMER (as referenced above) SIGNATURE TITLE DATED FEDERAL TAX I.D. # PRINT NAME You certify and acknowledge that all of the Equipment listed above: 1) has been received, installed and inspected; and 2) is fully operational and unconditionally accepted. Upon you signing below, your promises in this Agreement will be irrevocable and unconditional in all respects. You understand and agree that we have paid for the purchase of the Equipment from Supplier and you may contact Supplier for any warranty rights, which we transfer to you for the term of this Agreement (or until you default). Lancaster County Sheriff Office CUSTOMER (as referenced above) SIGNATURE TITLE ACCEPTANCE DATE 27542 (2017) Page 1 of 2 Rev. 12/01/2017
End of Term Options. If a Purchasing Entity desires to exercise a purchase, renewal, or return of the Equipment, it shall give Contractor at least thirty (30) days written notice prior to the expiration of such lease or rental term. Notwithstanding anything to the contrary, if Purchasing Entity fails to notify Contractor of its intent with respect to the exercise of a purchase, renewal, or return of the Equipment, the Initial Lease or Rental Term shall be terminated on the date as stated in the Order and removal of the Product will be mutually arranged.
End of Term Options. At least one hundred and eighty (180) days prior to the Return Date, but not more than two hundred seventy (270) days, the Lessee shall, by delivery of an irrevocable written notice to the Lessor, exercise one of the following options:
(a) Purchase for cash for the Break Even Price all, but not less than all, of the Leased Property then subject to this Lease on the last day of the Lease Term (the “Purchase Option”) and if the Lessee shall have elected the Purchase Option, upon the payment to the Lessor of the Break Even Price, the Leased Property shall be transferred to the Lessee (or its designee) pursuant to Section 23.11; or
(b) Provided no Default or Event of Default (other than an Event of Default that is declared solely and exclusively on the basis of one or more 97-1 Event of Default with respect to which the Lessor has not yet commenced exercising remedies) shall have occurred and be continuing, return the Leased Property to the Lessor at the end of the scheduled expiration date of the Lease Term (the “Return Option”). The Return Option shall be conditioned upon and subject to the fulfillment by the Lessee of each of the terms and conditions set forth in Article XXII and, thereafter, the Lessee shall have no further obligations to pay Basic Rent or the remaining Lease Balance. Lessee shall not enter into any additional subleases or renew any subleases with respect to the Leased Property following the Lessee’s election of the Return Option. Following the Lessee’s election of the Return Option, the Lessee shall not remove any Alterations.
End of Term Options. (a) Provided that no Event of Default will have occurred and be continuing, on the expiration of the base lease term under any applicable Schedule, at its option, Lessee may purchase all of the Lessor's right, title and interest in and to all, but not less than all of the Equipment described in such Schedule. On the last day of the base lease term under any applicable Schedule, the Lessee shall pay to the Lessor an amount equal to the greater of (i) the fair market value of the Equipment described in the applicable Schedule determined in accordance with the provisions of subparagraph (b), or (ii) the percent of the Equipment Cost stated in such Schedule. In order to exercise its option, Lessee shall notify Lessor in writing of its intention to exercise such option at least 180 days prior to the expiration of the base lease term under any applicable Schedule. Lessee will deliver to the Lessor, on or before the expiration of the base lease term, an appraisal of the Equipment as described in subparagraph (b), together with the payment of the purchase price in immediately available funds. Thereupon, the Lessor shall convey the Equipment to the Lessee on an as-is, where-is basis without representation or warranty whatsoever, except that the Equipment shall be conveyed free and clear of any liens or encumbrances created due to or through the acts or omissions of the Lessor.
(b) As used in subparagraph (a), "fair market value" of the Equipment described in the applicable Schedule shall be the value of the Equipment as of the last day of the base term of the Lease, as determined by an appraiser selected by the Lessor and retained at Lessee's expense. For purposes of determining the fair market value, the appraiser shall be instructed to assume that the Equipment is in the condition required by the terms of the Lease. The report of the appraiser shall be in writing and delivered to the Lessor on or before the expiration of the base lease term.
(c) In the event that the Lessee does not purchase the Equipment in accordance with subparagraph (a), then (i) Lessee shall continue to pay rent for the remainder of the base lease term in the amount set forth in the applicable Schedule, and (ii) this Schedule shall automatically be extended for an additional term (the "Renewal Term") as stated in the applicable Schedule, without further action on the part of the Lessor or the Lessee. At the expiration of the Renewal Term and conditioned that no Event of Default shall have oc...
End of Term Options. At least 270 days before the scheduled expiration date of the Lease Term, Lessee shall, by delivery of written notice to Lessor and the Agent, exercise one of the following options:
(a) Renew this Lease (together with each Lease Supplement) with respect to all, but not less than all, of the Premises for five (5) additional one-year Lease Renewal Terms (the "Renewal Option") on the terms and conditions set forth herein and in the other Operative Documents; provided, however, such Renewal Option shall be available at the end of the Base Term only if the conditions to the Extension Option set forth in Section 2.14 of the Participation Agreement are satisfied; and provided further, that the Renewal Option shall not be available during the fifth Renewal Term; or
(b) Purchase for cash for the Purchase Amount all, but not less than all, of the Premises then subject to this Lease on the last day of the Lease Term (the "Purchase Option"); and if Lessee shall have elected the Purchase Option, Lessor shall, upon the payment to Lessor of the Purchase Amount, transfer all of Lessor's right, title and interest in and to the Premises pursuant to Section 23.16; or
(c) Sell on behalf of Lessor for cash to a single purchaser not in any way affiliated with Lessee or any of its Affiliates all, but not less than all, of the Premises then subject to this Lease on the last day of the Lease Term (the "Sale Option"). Lessee's right to sell the Premises pursuant to the Sale Option shall be conditioned upon and subject to (i) the fulfillment by Lessee of each of the terms and conditions set forth in Article XXII and (ii) there not being at the time of such election any existing Third Party Subleases. Lessee shall not enter into any additional subleases or renew any subleases with respect to the Premises following Lessee's election of the Sale Option. Following Lessee's election of the Sale Option, Lessee shall not remove any Alterations.
End of Term Options. Provided that the Lease has not been terminated and that no Event of Default or event which, with notice or lapse of time or both, would become an Event of Default shall have occurred and shall be continuing, Lessee shall at the end of the Initial Lease Term of the first Schedule be entitled to elect and to exercise one of the options, if any, indicated in the applicable Schedule which election shall be binding on Lessee with respect to all Schedules entered into between Lessor and Lessee under this Lease. The foregoing options granted hereunder shall be exercised by written notice delivered to Lessor by Lessee not more than 180 days and not less than ninety (90) days prior to the expiration of the Initial Lease Term of the Equipment, subject to Schedule No. 001.
End of Term Options. 15.1 At the end of any Term, Lessee may select one of the options described below and as detailed in the Schedule by providing Lessor an End of Term Notice. If Lessee fails to give its End of Term Notice at least thirty (30) days but no more than one hundred eighty (180) days prior to Expiry Date, then the Term of the Agreement will automatically continue on a month to month basis. Such Agreement will continue under the same General Conditions and at the last Rent Payment from the immediately preceding Term on a monthly basis greater than zero (but not less than the applicable Average Rent ) until the later of the date that is thirty (30) days after the End of Term Notice has been received by Lessor and the date on which Lessee has satisfied all the conditions of such selected End of Term Options as described herein.
End of Term Options. At least two hundred seventy (270) days before the scheduled expiration date of the Term, Lessee shall, by delivery of written notice to Lessor and each Agent, exercise one of the following options:
(a) Renew this Lease with respect to the Leased Property for an additional one-year term (each, a "LEASE RENEWAL TERM") on the terms and conditions set forth herein and in the other Operative Documents (the "RENEWAL OPTION"); PROVIDED, HOWEVER, that the Renewal Option shall not be available during the second Lease Renewal Term; or
(b) Purchase for cash for the Purchase Amount all of the Leased Property on the last day of the Term (the "PURCHASE OPTION"); and if Lessee shall have elected to purchase the Leased Property, Lessor shall, upon the payment to Lessor of the Purchase Amount then due and payable by Lessee under the Operative Documents, transfer all of Lessor's right, title and interest in and to the Leased Property pursuant to SECTION 21.1; or
(c) Sell all of the Leased Property on behalf of Lessor for cash to a single purchaser not in any way affiliated with Lessee, any of its Affiliates on the last day of the Term (the "SALE OPTION"). Xxxxxx's right to sell the Leased Property pursuant to the Sale Option shall be conditioned upon and subject to the fulfillment by Lessee of each of the terms and conditions set forth in ARTICLE XX.
End of Term Options. 27.1 At any time not earlier than 6 months prior to the expiry of the Agreed Term, you may give us 30 days notice that at the end of the Agreed Term or 30 days after our receipt of the notice (whichever date is the later) you elect to:
27.1.1 Return the Goods to us in accordance with this Agreement or
