Common use of End of Term Purchase Option Clause in Contracts

End of Term Purchase Option. Host shall also have the right to purchase the Project from Provider following the last day of the month in which the twentieth (20th) anniversary of the Commercial Operation Date occurs (“End of Term Purchase Date”) at the then Fair Market Value of the Project. Fifteen to nine months prior to the End of Term Purchase Date, Host shall notify Provider of its intent to exercise the option. Within ninety-one (91) days of its receipt of such notice, Provider shall give Host its appraisal of the Fair Market Value of the Project at the end of the Term. Host may, but is not obligated to, accept such appraisal and purchase the Project at this amount. If Host does not accept the Fair Market Value of such appraisal within ten (10) days of receiving the appraisal from Provider, the Host and Provider shall meet to discuss the appraisal. If they are unable to reach agreement about the Fair Market Value within twenty (20) days of the Host’s receipt of the appraisal from Provider, the Host and Provider may engage and share the costs equally to procure the services of a nationally recognized independent appraiser with experience and expertise in the solar photovoltaic industry acting reasonably and in good faith to determine the Fair Market Value of the Project consistent with the terms of the transaction. Notwithstanding the foregoing, in the event that Provider enters into a sale/leaseback transaction in connection with funding the installation of the Project, the process of determining the Fair Market Value of the Project shall be undertaken consistently with the terms of such transaction so that the process for determining Fair Market Value under this Agreement shall be the same as provided in the agreements for such sale/leaseback transaction. The Host may purchase the Project at the amount determined by the independent appraiser.

End of Term Purchase Option. Host shall also have the right to purchase the Project from Provider following at the last day expiration of the month in which the twentieth (20th) anniversary of the Commercial Operation Date occurs (“End of Term Purchase Date”) Operations Period at the then Fair Market Value of the Project. Fifteen to nine No earlier than twelve months prior to the End expiration of Term Purchase Datesuch Operations Period and no later than nine (9) months prior to the expiration of the Operations Period, Host shall notify Provider of its intent to exercise the option. Within ninety-one (91) days of its receipt of such notice, Provider shall give Host its appraisal of the Fair Market Value of the Project at the end of the Term. Host may, but is not obligated to, accept such appraisal and purchase the Project at this amountappraisal. If Host does not accept the Fair Market Value of such appraisal within ten (10) days of receiving the appraisal from Provider, the Host and Provider Parties shall meet to discuss the appraisal. If they are unable to reach agreement about the Fair Market Value within twenty (20) days of the Host’s receipt of the appraisal from Provider, the Host and Provider may Parties will engage and share the costs equally to procure the services of a nationally recognized independent appraiser with experience and expertise in the solar photovoltaic industry acting reasonably and in good faith to determine the Fair Market Value of the Project consistent with the terms of the transaction. Notwithstanding the foregoing, in the event that Provider enters into a sale/leaseback transaction in connection with funding the installation of the Project, the process of determining the Fair Market Value of the Project in this Agreement shall be undertaken by a nationally recognized independent appraiser with experience and expertise in the solar photovoltaic industry acting reasonably and in good faith to determine the Fair Market Value of the Project and shall be undertaken consistently with the terms of such transaction so that the process for determining Fair Market Value under this Agreement shall be the same as provided in the agreements for such sale/leaseback transaction. The Host may purchase the Project at the amount determined by the independent appraiser.