Common use of End of Term Options Clause in Contracts

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. 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 - Special Land Value 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. ​ 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 LessorAdministrative Agent, exercise one of the following options:: ​ (a) Purchase for cash for the Break Even Price Purchase Amount 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 PricePurchase Amount, the Leased Property shall be transferred to the Lessee (or its designeedesignee or assignee provided that the Lessee shall remain primarily liable for all payments due in respect of the Purchase Option election) pursuant to Section 23.1123.11 whereupon this Lease shall terminate except for such provisions which expressly survive such a termination; oror ​ (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. The 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. 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 LessorAdministrative Agent, exercise one of the following options: (a) Purchase for cash for the Break Even Price Purchase Amount 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 PricePurchase Amount, the Leased Property shall be transferred to the Lessee (or its designeedesignee or assignee provided that the Lessee shall remain primarily liable for all payments due in respect of the Purchase Option election) pursuant to Section 23.1123.11 whereupon this Lease shall terminate except for such provisions which expressly survive such a termination; 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. The 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.