Common use of Exercise of Options; Failure to Elect Clause in Contracts

Exercise of Options; Failure to Elect. In order to exercise any of its purchase or sale options under this Lease (other than under Section 6.5), Lessee shall give irrevocable written notice to Lessor not less than twelve (12) months prior to the end of the Basic Term, that Lessee intends to exercise one of the options provided in this Article VI and specifying such option. If Lessee shall fail to deliver such written notice in the time required, Lessee shall be deemed to have elected to exercise the Purchase Option pursuant to Section 6.2. Lessee's election (or deemed election) of the Purchase Option will be irrevocable at the time it is made (or deemed made). If Lessee has elected the option to sell the Sites under Section 6.3, such option shall be automatically revoked and such election shall be deemed of no effect if, on or after the date Lessee elects such option, there exists or occurs a Lease Event of Default or Lease Payment/Bankruptcy Default or Lessee shall fail in any manner fully to comply with this Article VI, in which case Lessee shall be automatically deemed to have elected the Purchase Option pursuant to Section 6.2.

Exercise of Options; Failure to Elect. In order to exercise any of its purchase or sale options under this Lease (other than under Section 6.5), Lessee shall give irrevocable written notice to Lessor not less than twelve (12) months 365 days prior to the end of Base Term Expiration Date or Renewal Term Expiration Date, as the Basic Termcase may be, that Lessee intends to exercise one of its Purchase Option, Remarketing Option or Renewal Option (to the options provided in this Article VI and specifying such optionextent available). If Lessee shall fail to deliver such written notice in the time required, Lessee shall be deemed to have elected to exercise the Purchase Option pursuant to under Section 6.26.1. Lessee's election (or deemed election) of the Purchase Option will be irrevocable at the time it is made (or deemed made). If Lessee has elected the option to sell the Sites Remarketing Option under Section 6.36.2, such option shall be automatically revoked and such election shall be deemed of no effect if, on or after the date Lessee elects such option, there exists or occurs a Lease Event of Default or Lease Payment/Bankruptcy Default or Lessee shall fail in any manner fully to comply with this Article VI, including the conditions set forth in Section 6.2, in which case Lessee shall be automatically deemed to have elected the Purchase Option pursuant to Section 6.26.1.

Exercise of Options; Failure to Elect. In order to exercise any of its purchase or sale options under this Lease (other than under Section 6.5), Lessee shall give irrevocable written notice to Lessor not less than twelve (12) six months prior to the end of Base Term Expiration Date or Renewal Term Expiration Date, as the Basic Termcase may be, that Lessee intends to exercise one of its Purchase Option, Remarketing Option or Renewal Option (to the options provided in this Article VI and specifying such optionextent available). If Lessee shall fail to deliver such written notice in the time required, Lessee shall be deemed to have elected to exercise the Purchase Option pursuant to Section 6.2under SECTION 6.1. Lessee's election (or deemed election) of the Purchase Option will be irrevocable at the time it is made (or deemed made). If Lessee has elected the option to sell the Sites Remarketing Option under Section 6.3SECTION 6.2, such option shall be automatically revoked and such election shall be deemed of no effect if, on or after the date Lessee elects such option, there exists or occurs a Lease Event of Default or Lease Payment/Bankruptcy Default or Lessee shall fail in any manner fully to comply with this Article ARTICLE VI, including the conditions set forth in SECTION 6.2, in which case Lessee shall be automatically deemed to have elected the Purchase Option pursuant to Section 6.2SECTION 6.1.

Exercise of Options; Failure to Elect. In order to exercise ------------------------------------- any of its purchase or sale options under this Lease (other than under Section 6.5)Lease, Lessee shall give irrevocable written notice to Lessor not less than twelve (12) months prior to the end of the Basic then current Lease Term, that Lessee intends to exercise one of the options provided in this Article VI and specifying such option. If Lessee shall fail to deliver such written notice in the time required, Lessee shall be deemed to have elected to exercise the Purchase Option pursuant to Section 6.2. ----------- Lessee's election (or deemed election) of the Purchase Option will be irrevocable at the time it is made (or deemed made). If Lessee has elected the option to sell the Sites Site under Section 6.3, such option shall be automatically ----------- revoked and such election shall be deemed of no effect if, on or after the date Lessee elects such option, there exists or occurs a Lease Event of Default or Lease Payment/Bankruptcy Event of Default or Lessee shall fail in any manner fully to comply with this Article VIArticle, in which case Lessee shall be automatically deemed to have elected the Purchase Option pursuant to Section 6.2.. -----------