Common use of Lessee’s Option to Purchase the Leased Property Clause in Contracts

Lessee’s Option to Purchase the Leased Property. Provided (a) no Event of Default, or event which, with notice or lapse of time or both, would constitute an Event of Default, has occurred and is continuing hereunder, and (b) Lessee shall be entitled to and shall have extended the Term of this Lease for the first (1st) Extended Term pursuant to Article XIX hereof, then Lessee shall have the option to purchase the Leased Property of all (but not less than all) of the Facilities then subject to the terms of this Lease and any Facility(ies) subject to a New Lease hereafter with or in favor of Lessor or any Affiliate of Lessor upon the expiration of the first (1st) Extended Term for the Purchase Option Price. Lessee may exercise such option to purchase the Leased Property of all (but not less than all) of the Facilities then subject to the terms of this Lease and any Facility(ies) subject to a New Lease hereafter with or in favor of Lessor or any Affiliate of Lessor by (i) opening an escrow (the “Escrow”) by depositing either (1) cash or (2) a letter of credit from a financial institution and in form in each case acceptable to Lessor, the sum (the “Opening Deposit”) of Two and One-Half Percent (2½%) of the Minimum Purchase Price (determined on the date of the Opening Deposit) and a copy of this Lease and each New Lease with a national title company reasonably acceptable to Lessor (“Escrow Holder”), (ii) and giving written notice (the “Option Exercise Notice”) to Lessor of such deposit with Escrow Holder no earlier than eighteen (18) months and not less than fifteen (15) months prior to the expiration of the first (1st) Extended Term, and (iii) if applicable, delivering to Lessor concurrent with the Option Exercise Notice a reaffirmation of each Guaranty executed by the applicable Guarantor stating, in substance, that such Guarantors’ obligations under such Guaranty shall extend to the purchase contract formed by Lessor and Lessee upon proper and timely exercise of such option. If Lessee shall not be entitled to exercise such option (e.g., by reason of an Event of Default) or shall be entitled to exercise the same but shall fail to do so within the time and in the manner herein provided, such option shall lapse and thereafter not be exercisable by Xxxxxx. Such option shall also lapse if Xxxxxx either is not entitled to or is entitled to and fails to timely exercise Lessee option to renew the Term of this Lease for the first (1st) Extended Term pursuant to Article XIX hereof. No failure by Lessor to notify Lessee of any defect in any attempted exercise of the foregoing option shall be deemed a waiver by Lessor of the right to insist upon Xxxxxx’s exercise of such option in strict accordance with the provisions hereof. In the event that Lessee shall properly and timely exercise such option, then such transaction shall be consummated on or within ten (10) days after the expiration of the first (1st) Extended Term (the “Outside Closing Date”).

Lessee’s Option to Purchase the Leased Property. Provided (a) no Event of Default, or event which, with notice or lapse of time or both, would constitute an Event of Default, has occurred and is continuing hereunder, and (b) Lessee shall be entitled to and shall have extended the Term of this Lease for the first (1st) Extended Term pursuant to Article XIX hereof, then Lessee shall have the option to purchase the Leased Property of all (but not less than all) of the Facilities then subject to the terms of this Lease and any Facility(ies) subject to a New Lease hereafter with or in favor of Lessor or any Affiliate of Lessor Grand Court Facility upon the expiration of the first Fixed Term or the Extended Terms, if any, as the case may be, at the greater of (1sti) Extended Term for the Purchase Option PriceMinimum Repurchase Price or (ii) the Fair Market Value. Lessee may exercise such option to purchase the Leased Property of all (but not less than all) of the Facilities then subject to the terms of this Lease and any Facility(ies) subject to a New Lease hereafter with or in favor of Lessor or any Affiliate of Lessor Grand Court Facility by (i) opening an escrow (the “"Escrow”") with and by depositing either (1) cash or (2) a letter 5% of credit from a financial institution and in form in each case acceptable to Lessor, the sum applicable purchase price (the “Opening Deposit”) of Two and One-Half Percent (2½%) of the Minimum Purchase Price (determined on the date of the "Opening Deposit) and a copy of this Lease and each New Lease with a national title company reasonably acceptable to Lessor (“"Escrow Holder”), (ii") and giving written notice (the “Option Exercise Notice”) to Lessor of such deposit with Escrow Holder no earlier than eighteen (18) months and not less than fifteen twelve (1512) months prior to the expiration of the first (1st) Fixed Term or the Extended Term, as applicable, and (iiiii) if applicable, delivering to Lessor concurrent with the Option Exercise Notice such notice a reaffirmation of each the Guaranty executed by the applicable Guarantor stating, in substance, that such Guarantors’ Guarantor's obligations under such the Guaranty shall extend to the purchase contract formed by Lessor and Lessee upon proper and timely exercise of such option. If Lessee shall not be entitled to exercise such option (e.g., by reason of an Event of Default) or shall be entitled to exercise the same but shall fail to do so within the time and in the manner herein provided, such option shall lapse and thereafter not be exercisable by Xxxxxx. Such option shall also lapse if Xxxxxx either is not entitled to or is entitled to and fails to timely exercise Lessee option to renew the Term of this Lease for the first (1st) Extended Term pursuant to Article XIX hereofLessee. No failure by Lessor to notify Lessee of any defect in any attempted exercise of the foregoing option shall be deemed a waiver by Lessor of the right to insist upon Xxxxxx’s Lessee's exercise of such option in strict accordance with the provisions hereof. In the event that Lessee shall properly and timely exercise such option, then such transaction shall be consummated on or within ten (10) days after the expiration of the first (1st) Fixed Term or Extended Term Term, as applicable (the “"Outside Closing Date”").

Lessee’s Option to Purchase the Leased Property. Provided (a) no Event of Default, or event which, with notice or lapse of time or both, would constitute an Event of Default, has occurred and is continuing hereunder, and (b) Lessee shall be entitled to and shall have extended the Term of this Lease for the first (1st) Extended Term pursuant to Article XIX hereof, then Lessee shall have the option to purchase the Leased Property of all (but not less than all) of the Facilities then subject to the terms of this Lease and any Facility(ies) subject to a New Lease hereafter with or in favor of Lessor or any Affiliate of Lessor upon the expiration of the first (1st) Fixed Term and each Extended Term for at the Shared Appreciation Purchase Option Price, calculated as of the Outside Closing Date, provided that Lessee or one of its Affiliates exercises its option to purchase each of the Properties in accordance with the respective terms of the option relating to each such property. Lessee may exercise such option to purchase the Leased Property of all (but not less than all) of the Facilities then subject to the terms of this Lease and any Facility(ies) subject to a New Lease hereafter with or in favor of Lessor or any Affiliate of Lessor by (i) opening an escrow (the “"Escrow”") with and by depositing either (1) cash or (2) a letter of credit from a financial institution and in form in each case acceptable to Lessor, the sum (the “Opening Deposit”) of Two and One-Half Percent (2½%) of the Minimum Purchase Price (determined on the date of the Opening Deposit) and a copy of this Lease and each New Lease with a national title company reasonably acceptable to Lessor (“"Escrow Holder”), (ii") and giving written notice (the “Option Exercise Notice”) to Lessor of such deposit with Escrow Holder no earlier than eighteen fifteen (1815) months and not less than fifteen twelve (1512) months prior to the expiration of the first (1st) Fixed Term or the Extended Term, and (iii) if as applicable, delivering to Lessor concurrent with the Option Exercise Notice a reaffirmation of each Guaranty executed by the applicable Guarantor stating, in substance, that such Guarantors’ obligations under such Guaranty shall extend to the purchase contract formed by Lessor and Lessee upon proper and timely exercise of such option. If Lessee shall not be entitled to exercise such option (e.g., by reason of an Event of Default) or shall be entitled to exercise the same but shall fail to do so within the time and in the manner herein provided, such option shall lapse and thereafter not be exercisable by Xxxxxx. Such option shall also lapse if Xxxxxx either is not entitled to or is entitled to and fails to timely exercise Lessee option to renew the Term of this Lease for the first (1st) Extended Term pursuant to Article XIX hereofLessee. No failure by Lessor to notify Lessee of any defect in any attempted exercise of the foregoing option shall be deemed a waiver by Lessor of the right to insist upon Xxxxxx’s Lessee's exercise of such option in strict accordance with the provisions hereof. Not less than six (6) months prior to the expiration of the Fixed Term or the Extended Term, as applicable, Lessee shall deposit one and one- half percent of the Minimum Repurchase Price of the Properties in the aggregate (the "Opening Deposit") with Escrow Holder. In the event that Lessee shall properly and timely exercise such optionoption and make the Opening Deposit, then such transaction shall be consummated on or within ten (10) days after the expiration of the first (1st) Fixed Term or Extended Term Term, as applicable (the “"Outside Closing Date”").

Lessee’s Option to Purchase the Leased Property. Provided (a) no Event of Default, or event which, with notice or lapse of time or both, would constitute an Event of Default, has occurred and is continuing hereunder, and (b) Lessee shall be entitled to and shall have extended the Term of this Lease for the first (1st) Extended Term pursuant to Article XIX hereof, hereunder then Lessee shall have the option to purchase the Leased Property of all (but not less than all) of the Purchase Option Facilities then subject to the terms of this Lease and any Purchase Option Facility(ies) subject to a New Lease hereafter with or in favor of Lessor or any Affiliate of Lessor upon the expiration of the first tenth (1st10th) Extended Lease Year of the Fixed Term for and at any point thereafter prior to the Fixed Term Expiration date (the “Option Period”), at the Purchase Option Price. Lessee may exercise such option to purchase the Leased Property of all (but not less than all) of the Purchase Option Facilities then subject to the terms of this Lease and any Purchase Option Facility(ies) subject to a New Lease hereafter with or in favor of Lessor or any Affiliate of Lessor by (i) opening an escrow (the “Escrow”) by depositing either (1) cash or (2) a letter of credit from a financial institution and in form in each case acceptable to Lessor, the sum (the “Opening Deposit”) of Two and One-Half Percent (2½%) of the Minimum Purchase Option Price (determined on the date of the Opening Deposit) and a copy of this Lease and each New Lease covering any Purchase Option Facility(ies) with a national title company reasonably acceptable to Lessor (“Escrow Holder”), (ii) and giving written notice to Lessor of such deposit with Escrow Holder (the “Option Exercise Notice”) to Lessor and specifying the date on which Lessee shall acquire the Leased Property of such deposit with Escrow Holder no earlier than eighteen all (18) months and but not less than fifteen all) of the Purchase Option Facilities then subject to the terms of this Lease and any Purchase Option Facility(ies) subject to a New Lease hereafter with or in favor of Lessor or any Affiliate of Lessor (15the “Purchase Option Closing Date”), which Purchase Option Closing Date shall not be (A) earlier than twelve (12) months prior to following the expiration date of Lessee's notice or (B) later than the first (1st) Extended TermFixed Term Expiration Date, and (iii) if applicable, delivering to Lessor concurrent with the Option Exercise Notice a reaffirmation of each Guaranty executed by the applicable Guarantor stating, in substance, that such Guarantors’ obligations under such Guaranty shall extend to the purchase contract formed by Lessor and Lessee upon proper and timely exercise of such option. For the avoidance of doubt, Lxxxxx and Lessee agree that, if Lessee desires to exercise its purchase option as herein provided and acquire the Leased Property on the Fixed Term Expiration Date, Lessee shall deliver notice of such exercise to Lessor and satisfy the other conditions set forth herein, no later than twelve (12) months prior to the Fixed Term Expiration Date. If Lessee shall not be entitled to exercise such option (e.g., by reason of an Event of Default) or shall be entitled to exercise the same but shall fail to do so within the time and in the manner herein provided, such option shall lapse and thereafter not be exercisable by Xxxxxx. Such option shall also lapse if Xxxxxx either is not entitled to or is entitled to and fails to timely exercise Lessee option to renew the Term of this Lease for the first (1st) Extended Term pursuant to Article XIX hereofLxxxxx. No failure by Lessor to notify Lessee of any defect in any attempted exercise of the foregoing option shall be deemed a waiver by Lessor of the right to insist upon XxxxxxLxxxxx’s exercise of such option in strict accordance with the provisions hereof. In the event that Lessee shall properly and timely exercise such option, then such transaction shall be consummated on or within ten (10) days after the expiration of the first (1st) Extended Term applicable Purchase Option Closing Date (the “Outside Closing Date”).