Common use of Lessee’s Obligation to Purchase Clause in Contracts

Lessee’s Obligation to Purchase. Upon the occurrence of a Put Event with respect to any Facility, Lessor shall be entitled to require Lessee to purchase the Leased Property of such Facility, and any one or more (including all, if so elected by Lessor) other Facilities, regardless of whether such Put Event emanated from a single Facility, on the first Minimum Rent Payment Date occurring not less than thirty (30) days after the date specified in a notice from Lessor requiring such purchase for an amount equal to the greater of (i) the Fair Market Value of such Facility(ies), or (ii) the Minimum Repurchase Price of such Facility(ies), plus, in either event, all Rent then due and payable (excluding the installment of Minimum Rent due on the purchase date) with respect to such Facility(ies). If Lessor exercises such right, Lessor shall convey the Leased Property of such Facility(ies) to Lessee on the date fixed therefor in accordance with the provisions of Article XVIII upon receipt of the purchase price therefor and this Lease shall thereupon terminate with respect to such Facility(ies). Any purchase by Lessee of the Leased Property of a Facility pursuant to this Section shall be in lieu of the damages specified in Section 16.3 with respect to such Facility. Notwithstanding anything herein to the contrary, the provisions of this Section 16.5 are subject to the rights of the Facility Mortgagees.

Lessee’s Obligation to Purchase. Upon If an Event of Default shall have occurred and be continuing, by including such requirement in the occurrence five (5) day notice of a Put termination of this Lease given to Lessee by Lessor pursuant to the provisions of the first (unnumbered) paragraph of Section 16.1 (such notice requirement being set forth immediately following clause (t) of said Section 16.1) or by separate notice given by Lessor to Lessee at any time thereafter prior to the time such Event with respect to any Facilityof Default shall be cured, Lessor shall be entitled to may require Lessee to purchase the Leased Property of such Facility, and any one or more (including all, if so elected by Lessor) other Facilities, regardless of whether such Put Event emanated from a single Facility, on the first Minimum Rent Payment Date payment date occurring not less than thirty (30) days after the date of receipt of, or such later date that is specified in a in, said notice from Lessor requiring such purchase for an amount equal to the greater higher of (i) the then current Fair Market Value of such Facility(ies), or (ii) the Minimum Repurchase Price of such Facility(ies), plus, in either event, the Leased Property plus all Rent then due and payable (excluding the installment of Minimum Rent due on the purchase date) with respect to such Facility(ies)as of the date of purchase. If Lessor exercises such right, Lessor shall convey the Leased Property of such Facility(ies) to Lessee on the date fixed therefor in accordance with the provisions of Article XVIII upon receipt of the purchase price therefor and this Lease shall thereupon terminate with respect to such Facility(ies). terminate, Any purchase by Lessee of the Leased Property of a Facility pursuant to this Section shall be in lieu of the damages specified in Section 16.3 with respect to such Facility. Notwithstanding anything herein to the contrary, the provisions of this Section 16.5 are subject to the rights of the Facility MortgageesSections 16.3.

Lessee’s Obligation to Purchase. Upon the occurrence of a Put Event with respect to any Facility, Lessor shall be entitled to require Lessee to purchase the Leased Property of such Facility, and any one or more (including all, if so elected by Lessor) other Facilities, regardless of whether such Put Event emanated from a single Facility, Facility on the first Minimum Rent Payment Date occurring not less than thirty (30) days after the date specified in a notice from Lessor requiring such purchase for an amount equal to (i) with respect to any Group 1 Facility, the greater of (ia) the Minimum Repurchase Price for such Facility and (b) Lessor's Shared Appreciation Purchase Price for such Facility, (ii) with respect to any Group 2 Facility, the greater of (a) the Minimum Repurchase Price of such Facility and (b) the Fair Market Value of such Facility(ies)Facility and (iii) with respect to any Group 3 Facility, or (ii) the Minimum Repurchase Group 3 Facility Put Event Price of for such Facility(ies)Facility, plus, in either event, all Rent then due and payable (excluding the installment of Minimum Rent due on the purchase date) with respect to such Facility(ies)Facility. If Lessor exercises such right, Lessor shall convey the Leased Property of such Facility(ies) Facility to Lessee on the date fixed therefor in accordance with the provisions of Article XVIII upon receipt of the purchase price therefor and this Lease shall thereupon terminate with respect to such Facility(ies)Facility. Any purchase by Lessee of the Leased Property of a Facility pursuant to this Section shall be in lieu of the damages specified in Section 16.3 with respect to such Facility. Notwithstanding anything herein to the contrary, the provisions of this Section 16.5 are subject to the rights of the Facility Mortgagees.

Lessee’s Obligation to Purchase. Upon the occurrence If an Event of a Put Event with respect to any FacilityDefault shall have occurred, Lessor shall be entitled to may require Lessee Lessees to purchase all of the Leased Property by including such requirement in the Notice of such FacilityTermination (as defined in Section 16.1, above) or by separate Notice given by Lessor to Lessees at any time after the occurrence and any one or more (including all, if so elected continuance of an Event of Default during the Term. Such purchase by Lessor) other Facilities, regardless of whether such Put Event emanated from a single Facility, Lessees shall take place on the first Minimum Rent Payment Date occurring not less than thirty (30) days after the date of receipt of, or such later date that may be specified in a notice from Lessor in, the Notice of Termination or separate Notice requiring such purchase. The purchase price for the Leased Property shall be an amount equal to the greater higher of (i) the then current Fair Market Value of such Facility(ies), thereof or (ii) the Minimum Repurchase Price of such Facility(ies), plus, in either event, the Leased Property plus all Rent then due and payable (excluding the installment of Minimum Rent and Additional Charges due on the purchase date) with respect to such Facility(ies)as of the date of purchase. If Lessor exercises such right, upon payment of the purchase price Lessor shall convey the Leased Property to Lessees or their nominee, subject to the Permitted Encumbrances and any other easements, restrictions, liens or other matters of any kind except such Facility(ies) to Lessee encumbrances, if any, as may have been created by the act or negligence of Lessor, on the date fixed therefor specified in accordance with the provisions of Article XVIII upon receipt of the purchase price therefor this Section 16.4 and this Lease shall thereupon terminate with respect to such Facility(ies)terminate. Any The purchase price paid by Lessee of Lessees for the Leased Property of a Facility pursuant to this Section shall be in lieu credited against, but shall not relieve Lessees of liability for, the damages specified in Section 16.3 with respect to such Facility. Notwithstanding anything herein to 16.3(A), excluding, however, all prepaid Rent or Rent accruing after the contrary, the provisions of this Section 16.5 are subject to the rights date of the Facility Mortgageespurchase of the Leased Property.