Common use of End of Term Options Clause in Contracts

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 occurred and be continuing, the Lessee may either (i) purchase the Equipment at the fair market value as of the last day of the Renewal Term as determined in accordance with this paragraph 10, or (ii) return the Equipment to the Lessor in accordance with paragraph 11. Lessee shall notify Lessor of its election to either purchase or return the Equipment not less than sixty (60) days prior to the expiration of the Renewal Term. If Lessee fails to so notify Lessor of its election, this Lease will be deemed extended on a month-to-month basis on the same terms and conditions until Lessee provides Lessor with written notice of its election to terminate the Lease not less than sixty (60) days from the date of such notice.

End of Term Options. (a) Provided that no Event of Default will have occurred and be is continuing, on the expiration of the base lease term under any applicable Scheduleterm, 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 this Schedule. On the last day of the base lease term under any applicable Scheduleterm, 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 (bparagraph 11(b), or (ii) the percent of the Equipment Cost stated in such Schedulethe Supplement hereto. 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 Scheduleterm. 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 (b11(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 (aparagraph 11(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 independent appraiser selected Selected by the Lessor Lessee 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)paragraph 11(a) above, then (i) Lessee shall continue to pay rent for the remainder of the base lease term in the amount set forth in the applicable ScheduleSupplement hereto, and (ii) this Schedule shall automatically be extended for an additional term (the "Renewal Term") as stated in the applicable ScheduleSupplement hereto, 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 occurred and be continuing, the Lessee may either (i) purchase the Equipment at the fair market value as of the last day of the Renewal Term as determined in accordance with this paragraph 1013 herein, or (ii) return the Equipment to the Lessor in accordance with paragraph 11. Lessee shall notify Lessor of its election to either purchase or return the Equipment not less than sixty (60) days prior to the expiration of the Renewal Term. If Lessee fails to so notify Lessor of its election, this Lease will be deemed extended on a month-to-month basis on the same terms and conditions until Lessee provides Lessor with written notice of its election to terminate the Lease not less than sixty (60) days from the date of such notice12 herein.

End of Term Options. (a) Provided that So long as no Event of Default will have occurred exists hereunder and be continuingthe Term has not been earlier terminated, on Lessee may, at the expiration of the base lease term under any applicable Term of the Schedule, upon at its optionleast one hundred eighty (180) days' prior written notice to Lessor, Lessee may purchase all of the Lessor's right, title and interest in and to all, (but not less than all all) of the Equipment described in on such Schedule. On the last day of the base lease term under any applicable ScheduleSchedule on an AS IS BASIS, the Lessee shall pay to the Lessor an amount for cash equal to the greater of (i1) eighteen percent (18%) of the Capitalized Lessor's Cost of the Equipment, or (2) the fair market value then Fair Market Value of the Equipment described (plus all applicable sales taxes ). On the Basic Term Expiration Date, Lessor shall receive in cash the full purchase price (plus all 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 (bsales taxes), together with the payment of the purchase price in immediately available funds. Thereupon, the Lessor shall convey the Equipment to the Lessee any rent or other sums then due hereunder 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 occurred and be continuing, the Lessee may either (i) purchase the Equipment at the fair market value as of the last day of the Renewal Term as determined in accordance with this paragraph 10, or (ii) return the Equipment to the Lessor in accordance with paragraph 11such date. Lessee shall notify Lessor of its election to either purchase or return the Equipment not less than sixty (60) days prior to the expiration of the Renewal Term. If Lessee fails to so notify Lessor of its election, this Lease will be deemed extended on a month-to-month basis on the same terms and conditions until Lessee to have waived this option unless it provides Lessor with written notice of its irrevocable election to terminate exercise the Lease not less than sixty same within fifteen (6015) days from after Fair Market Value is determined (by agreement or appraisal). If Lessee fails timely to exercise the option specified herein, Lessee shall return such Equipment to Lessor in compliance with the terms of Section XI of the Agreement and Annex G attached to the Schedule on or prior to the date of expiration of the Term and shall pay to Lessor on the date of expiration of the Term a fee calculated as five percent (5%) of the Capitalized Lessor's Cost of such noticeEquipment. (b) 'Fair Market Value' shall mean the price which a willing buyer (who is neither a lessee in possession nor a used equipment dealer) would pay for the Equipment in an arm's-length transaction to a willing seller under no compulsion to sell; provided, however, that in such determination: (i) the Equipment shall be assumed to be in the condition in which it is required to be maintained and returned under this Agreement; (ii) in the case of any installed Equipment, that Equipment shall be valued on an installed basis; and (iii) costs of removal from the current location shall not be a deduction from such valuation. If Lessor and Lessee are unable to agree on the Fair Market Value at least one hundred thirty-five (135) days before expiration of the Term, Lessor shall appoint an independent appraiser (reasonably acceptable to Lessee) to determine Fair Market Value, and that determination shall be final, binding and conclusive. Lessee shall bear all costs associated with any such appraisal." This Schedule is not binding or effective with respect to the Agreement or Equipment until executed on behalf of Lessor and Lessee by authorized representatives of Lessor and Lessee, respectively.

End of Term Options. (a) Provided that the Lease has not been terminated and that no Event of Default will have occurred and be continuingor event which, on the expiration with notice or lapse of the base lease term under any applicable Scheduletime or both, 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 would become 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 occurred and be continuing, the Lessee may either (i) purchase the Equipment at the fair market value as of the last day of the Renewal Term as determined in accordance with this paragraph 10, or (ii) return the Equipment to the Lessor in accordance with paragraph 11. Lessee shall notify Lessor of its election to either purchase or return the Equipment not more than 180 days and not less than sixty (60) 120 days prior to the expiration of the Renewal Term. If Lessee fails to so notify Lessor Initial Term of its electioneach Lease Order funded under this Addendum, this Lease will be deemed extended on a month-to-month basis on the same terms and conditions until Lessee provides Lessor with by written notice to Lessor, Lessee shall irrevocably elect either the option under clause (i) or a combination of its election the options under clauses (i), (ii) and (iii) within the parameters set forth therein: (i) Lessee may elect to terminate purchase Equipment (excluding Soft Cost Equipment, as defined in Paragraph 1(d)) having an original total cost (determined with reference to the Equipment Addendum to the applicable Lease Order) equal to at least 70% of the aggregate total cost of the Equipment under such Lease Order for a purchase price equal to the "Fair Market Value" (as defined below) thereof as of the end of the Initial Term of such Schedule, but such amount shall not be less than fifteen percent (15%) of the aggregate total amount originally funded with respect to the Equipment being purchased, nor more than twenty-five percent (25%) of the aggregate total amount originally funded with respect to the Equipment being purchased, under such Lease Order, plus any applicable sales or other transfer tax. (ii) Lessee may elect to return either (i) one hundred percent (100%) of the Equipment (other than Soft Cost Equipment, as defined in Paragraph 1(d)), or (ii) Equipment (other than Soft Cost Equipment, as defined in Paragraph 1(d)) having an original total cost (determined with reference to the Equipment Addendum to the applicable Lease Order) equal to not more than thirty percent (30%) of the aggregate total cost of the Equipment subject to such Lease Order, in each case in the condition required by the Lease. (iii) Lessee may elect to renew the Lease with respect to any Equipment not purchased or returned at the end of Initial Term of the applicable Lease Order, for not less than sixty twelve (6012) days from months or the date remainder of an item of Equipment's remaining useful life if shorter, for a rent equal to the "Fair Rental Value" (as defined below) of such noticeitem for such additional period, which rent shall be paid monthly in advance. At the end of the renewal term, Lessee shall elect one of the options set forth in clauses (i), (ii) or (iii) of this paragraph (c).

End of Term Options. (a) Provided that the Lease has not been terminated and that no Event of Default will have occurred and be continuingor event which, on the expiration with notice or lapse of the base lease term under any applicable Scheduletime or both, 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 would become 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 occurred and be continuing, the Lessee may either (i) purchase the Equipment at the fair market value as of the last day of the Renewal Term as determined in accordance with this paragraph 10, or (ii) return the Equipment to the Lessor in accordance with paragraph 11. Lessee shall notify Lessor of its election to either purchase or return the Equipment not more than 180 days and not less than sixty (60) 120 days prior to the expiration of the Renewal Term. If Lessee fails to so notify Lessor Initial Term of its electioneach Lease Order funded under this Addendum, this Lease will be deemed extended on a month-to-month basis on the same terms and conditions until Lessee provides Lessor with by written notice to Lessor, Lessee shall irrevocably elect either the option under clause (i) or a combination of its election the options under clauses (i), (ii) and (iii) within the parameters set forth therein: (i) Lessee may elect to terminate purchase Equipment having an original total cost (determined with reference to the Equipment Addendum to the applicable Lease Order) equal to at least 70% of the aggregate total cost of the Equipment under such Lease Order for a purchase price equal to the "Fair Market Value" (as defined below) thereof as of the end of the Initial Term of such Schedule, but such amount shall not be less than fifteen percent (15%) of the aggregate total amount originally funded with respect to the Equipment being purchased, nor more than twenty-five percent (25%) of the aggregate total amount originally funded with respect to the Equipment being purchased, under such Lease Order, plus any applicable sales or other transfer tax. (ii) Lessee may elect to return either (i) one hundred percent (100%) of the Equipment subject to such Lease Order, or (ii) Equipment having an original total cost (determined with reference to the Equipment Addendum to the applicable Lease Order) equal to not more than thirty percent (30%) of the aggregate total cost of the Equipment subject to such Lease Order, in each case in the condition required by the Lease. (iii) Lessee may elect to renew the Lease with respect to any Equipment not purchased or returned at the end of Initial Term of the applicable Lease Order, for not less than sixty twelve (6012) days from months or the date remainder of an item of Equipment's remaining useful life if shorter, for a rent equal to the "Fair Rental Value" (as defined below) of such noticeitem for such additional period, which rent shall be paid monthly in advance. At the end of the renewal term, Lessee shall elect one of the options set forth in clauses (i), (ii) or (iii) of this paragraph (c).

End of Term Options. (a) Provided that no Event of Default will have occurred and be is continuing, on the expiration of the base lease term under any applicable Scheduleterm, 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 this Schedule. On the last day of the base lease term under any applicable Scheduleterm, the Lessee shall pay to the Lessor an amount equal to the greater of (iI) the fair market value of the Equipment described in the applicable Schedule determined in accordance with the provisions of subparagraph (bparagraph 11(b), or (ii) the percent of the Equipment Cost stated in such Schedulethe Supplement hereto. 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 Scheduleterm. 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 (b11(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 (aparagraph 11(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 independent appraiser selected by the Lessor Lessee 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)paragraph 11(a) above, then (iI) Lessee shall continue to pay rent for the remainder of the base lease term in the amount set forth in the applicable ScheduleSupplement hereto, and (ii) this Schedule shall automatically be extended for an additional term (the "Renewal Term") as stated in the applicable ScheduleSupplement hereto, 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 occurred and be continuing, the Lessee may either (i) purchase the Equipment at the fair market value as of the last day of the Renewal Term as determined in accordance with this paragraph 1013 herein, or (ii) return the Equipment to the Lessor in accordance with paragraph 11. Lessee shall notify Lessor of its election to either purchase or return the Equipment not less than sixty (60) days prior to the expiration of the Renewal Term. If Lessee fails to so notify Lessor of its election, this Lease will be deemed extended on a month-to-month basis on the same terms and conditions until Lessee provides Lessor with written notice of its election to terminate the Lease not less than sixty (60) days from the date of such notice12 herein.

End of Term Options. (a) Provided that no Event of Default will have occurred and be is continuing, on the expiration of the base lease term under any applicable Scheduleterm, 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 this Schedule. On the last day of the base lease term under any applicable Scheduleterm, 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 (bparagraph 11(b), or (ii) the percent of the Equipment Cost stated in such Schedulethe Supplement hereto. In order to exercise its option, Lessee shall notify Lessor in writing of its intention to exercise such option options at least 180 days prior to the expiration of the base lease term under any applicable Scheduleterm. 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 (b11(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 (aparagraph 11(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 independent appraiser selected by the Lessor Lessee 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 Lease does not purchase the Equipment in accordance with subparagraph (a)paragraph 11(a) above, then (i) Lessee shall continue to pay rent for the remainder of the base lease term in the amount set forth in the applicable ScheduleSupplement hereto, and (ii) this Schedule shall automatically be extended for an additional term (the "Renewal Term") as stated in the applicable ScheduleSupplement hereto, 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 occurred and be continuing, the Lessee may either (i) purchase the Equipment at the fair market value as of the last day of the Renewal Term as determined in accordance with this paragraph 1013 herein, or (ii) return the Equipment to the Lessor in accordance with paragraph 11. Lessee shall notify Lessor of its election to either purchase or return the Equipment not less than sixty (60) days prior to the expiration of the Renewal Term. If Lessee fails to so notify Lessor of its election, this Lease will be deemed extended on a month-to-month basis on the same terms and conditions until Lessee provides Lessor with written notice of its election to terminate the Lease not less than sixty (60) days from the date of such notice12 herein.

End of Term Options. (a) 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) 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) 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 occurred and be continuing, the Lessee may either (i) purchase the Equipment at the fair market value as of the last day of the Renewal Term as determined in accordance with this paragraph 1012, or (ii) return the Equipment to the Lessor in accordance with paragraph 1113. Lessee shall notify Lessor of its election to either purchase or return the Equipment not less than sixty (60) days prior to the expiration of the Renewal Term. If Lessee fails to so notify Lessor of its election, this Lease will be deemed extended on a month-to-month basis on the same terms and conditions until Lessee provides Lessor with written notice of its election to terminate the Lease not less than sixty (60) days from the date of such notice.