Lessee's Options Upon Expiration Sample Clauses

Lessee's Options Upon Expiration. (a) In addition to its rights -------------------------------- under paragraphs l2 and 14 hereof, Lessee shall elect either to (i) by written notice given at least three (3) months prior to the Expiration Date (or later if permitted or required under paragraph 27(d)) deliver an Offer to Purchase the Mill I Property in its entirety and purchase the Mill I Property on the Expiration Date upon payment of an amount equal to the Offer Purchase Price, in which case the transfer of the Mill I Property shall be governed by the terms of paragraphs 14 and 15 (and in which case, this Lease (with the exception of any provision hereof or under the other Operative Documents under which the Lessee indemnifies the Lessor or others from liability in connection with this Lease, or otherwise specifies that such provision survives termination hereof or under the other Operative Documents) shall terminate on the Closing Date); (ii) so long as no Default, Event of Default or Major Environmental Event has occurred and is continuing by written notice given at least twelve (12) months prior to the Expiration Date, and subject to the satisfaction of the conditions set forth in paragraphs 27(b) and 27(c) hereof, terminate this Lease, abandon the Mill I Property as of the Expiration Date and pay to the Agent, on behalf of the Lessor on the Expiration Date, in addition to any Fixed Rent, Additional Rent and any other amounts then due and payable to the Lessor hereunder, an amount equal to the Series A Portion of the Adjusted Capitalized Cost of the Mill I Property (the "Residual Guaranty"); or (iii) by ----------------- written notice given at least three (3) months prior to the Expiration Date, and subject to the conditions set forth in paragraph 27(d), extend this Lease for the Extended Term. (b) Upon the election of the Lessee to terminate this Lease pursuant to paragraph 27(a)(ii) hereof, the Lessee shall provide, or cause to be provided or accomplished, at the sole cost and expense of the Lessee, to or for the benefit of the Lessor and the holders of the Instruments, at least thirty (30) days but not more than sixty (60) days prior to the Expiration Date or date of such other termination of this Lease each of the following (other than the documentation contemplated under clause (b)(ii)(F) which must be delivered five days prior to the Expiration Date) (collectively, the "Return Conditions"): ----------------- (i) an environmental audit of the Mill I Property, performed by environ...