Exercise of Option to Purchase. At any time on or prior to the Termination Date, the Receiver shall have the option, exercisable by notice to the Assuming Institution, to purchase a Shared-Loss Asset or an Asset on which a Failed Bank Charge-Off has been effected which meets any of the following criteria:
(i) if the Shared-Loss Asset has been fully or partially charged-off or written down and the Receiver determines that the Assuming Institution is not diligently pursuing collection efforts with respect to such Shared-Loss Asset;
(ii) if the Shared-Loss Asset is the subject of a request pursuant to Section 2.7(e), notwithstanding any prior consent by the Receiver with respect to any requested expenditures;
(iii) if it is an Asset on which a Failed Bank Charge-Off has been effected; and
(iv) if the Shared-Loss Asset is a Related Loan required to be included in a schedule pursuant to Section 5.4.
Exercise of Option to Purchase. The Purchaser may exercise the Option at any time until 5:00 pm on the Option Expiry Date by delivering to the Vendor a written notice of the exercise of the Option. If the Option is exercised as set forth in this Section 2.4, this Agreement shall become a binding agreement for the purchase and sale of the Property which shall be completed on the Closing Date upon the terms and conditions contained in this Agreement.
Exercise of Option to Purchase. At any time during the Option Term, but in no event later than 11:59 PM. on the last day of the Option Term, Optionee shall have the right, in its sole and absolute discretion, to exercise the Option by giving Optionor written notice of such exercise in accordance with the notice provisions set forth in Article 6 of this Agreement (“Optionee’s Notice”). Concurrently, with Optionee’s Notice, Optionee shall execute and deliver to Optionor an original of the Purchase Agreement in the form attached hereto as Exhibit B. Immediately upon receipt, Optionor shall execute the Purchase Agreement, and promptly cause an escrow to be opened with the Escrow Holder specified in the Purchase Agreement to whom the fully executed Purchase Agreement shall be sent.
Exercise of Option to Purchase. At any time on or prior to the Termination Date, the Receiver shall have the option, exercisable by notice to the Assuming Institution, to purchase a Shared-Loss Asset or an Asset on which a Failed Bank Charge-Off has been effected which meets any of the following criteria:
Exercise of Option to Purchase. During the term of the Option to Purchase, Optionee may exercise its Option to Purchase by giving notice of its exercise of said Option to Purchase (“Option Exercise Notice”) as provided herein. The Option Exercise Notice shall be made utilizing the form of Option Exercise Notice attached hereto as Exhibit “G” and shall be given on or before September 1 of any year during the term of this Option and shall be deemed exercised as of November 1 of such year (the “Option Exercise Date”). Without Optionor’s written consent, no Option Exercise Notice may be given prior to September 1, 2008. The effective date for the purchase of the Assets shall be 7:00 a.m., Central Standard Time, on January 1 following such Option Exercise Date (“Exercise Effective Time”). Optionee’s right to utilize the Asset shall be effective as of the Exercise Effective Time.
Exercise of Option to Purchase. Landlord provides Resident with two ways to exercise the Option to Purchase the Residence – Purchase of Residence by Resident and Sale of Residence by Resident.
Exercise of Option to Purchase. Tenant may exercise the Option to Purchase at any time during the term of this Lease, so long as (a) Tenant is not in default of any of the terms of this Lease, the Storage Services Agreement or the Omnibus Agreement (with regard to the Premises), and (b) as a condition to such exercise, Tenant agrees that for so long as Landlord is operating the Refinery and requires the operation of the Marine Crude Storage Facility in connection therewith, Tenant and its successors and assigns will continue to operate the Marine Crude Storage Facility on the Premises in compliance with applicable agreements between Landlord and Tenant that exist at the time. Tenant may exercise the Option to Purchase by providing written notice to Landlord in the manner provided in Section 20.03 below stating that Tenant is exercising the Option to Purchase, and (2) depositing the purchase price in the amount of One Dollar ($1.00) with First American Title Insurance Company (the “Closing Agent”) or such other title insurance company as is satisfactory to the parties. The date on which Tenant exercises the Option to Purchase is the “Exercise Date.”
Exercise of Option to Purchase. Optionee may exercise the Chaudhuri Option, at any time during the Option Period by either (a) paying the Purchase Price by wire transfer or other immediately available funds to Optionor or (b) delivering to Optionor appropriate, fully-executed documentation providing an offset of the Purchase Price against either the Note or against the Ten Million Dollar Loan.
Exercise of Option to Purchase. Tenant may exercise its Option at any time by delivering to Landlord written notice of its intent to exercise its Option; provided however, that Tenant may not exercise its Option within six months of the end of a term unless Tenant has first exercised its option to extend pursuant to paragraph 8 hereof. Landlord will convey good and marketable title to the Premises insurable by a reputable title insurance company at standard rates, free and clear of all defects and encumbrances other than defects created by Tenant, easements and restrictions of record, ordinances and zoning regulations which do not materially interfere with Tenant's use of the Premises, and real estate taxes and assessments due and payable after delivery of title to the Premises to Tenant. Closing of the purchase of the Premises ("Closing") shall take place within sixty (60) days of the date of receipt by Landlord of notice of Tenant's election to exercise Its Option. During the period between exercise of Option and Closing, all terms and provisions of this Lease shall continue in full force and effect. At Closing, title shall be conveyed to Tenant by a warranty deed.
Exercise of Option to Purchase. Following the occurrence of one or more of the events described in Section 14.2(a)(i) through (v) above, Legacy may exercise its Option to Purchase the Membership Interests held by the CV by delivering written notice to CV of its election to exercise its Option to Purchase pursuant to this Section 14.3.
