Lessee's Purchase Option Sample Clauses

Lessee's Purchase Option. If, at the time the below described purchase option is exercised and at the commencement of any applicable Renewal Term, (i) no Event of Default shall have occurred and be continuing under any of the Leases, and (ii) the Lease of those Items of Equipment whose purchase is sought shall not have been earlier terminated, Lessee shall be entitled, at its option, upon written notice to Lessor as hereinafter provided, to purchase all, but not less than all, Items of Equipment then subject to such Leases, at the expiration of the initial Term of each such Lease, or, as the case may be, at the expiration of the then Renewal Term of each such Lease, for an amount, with respect to each of the Items of Equipment, payable in immediately available funds, equal to the fair market sales value thereof determined in accordance with Section 1(c) hereof, plus any applicable sales, excise or other taxes imposed as a result of such sale (other than gross or net income taxes attributable to such sale). Lessor's sale of each of the Items of Equipment shall be on an as-is, where-is basis, without any representation or warranty of any kind, express or implied, by, or recourse to, Lessor. If Lessee intends to exercise said purchase option, Lessee shall give written notice to Lessor to such effect at least 120 days prior to the expiration of the initial Term of the Lease of Items of Equipment to be purchased whose initial Term first expires hereunder, or, if Lessee has renewed such Leases pursuant to Section 1(a) hereof, then at least 90 days prior to the expiration of the then current Renewal Term of the Lease whose Renewal Term first expires hereunder. If Lessee fails to give such written notice to Lessor as aforesaid, it shall be conclusively presumed that Lessee has elected not to exercise said purchase option and Lessee shall be deemed to have no further rights hereunder or under any of the Leases to purchase any of the Items of Equipment. [Notwithstanding the provisions contained Section 1(c) hereof, the fair market value is hereby established at NOT TO EXCEED 25%of lessor's cost.] 13
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Lessee's Purchase Option. Lessor grants to Lessee, during the Lease term or any extensions or renewals thereof, an option to buy the leased premises for an amount equal to the unpaid outstanding long-term indebtedness of Lessor as of the date the option is exercised. Lessee shall exercise its option hereunder by giving Lessor written notice of its irrevocable intent to exercise the option. The Closing shall take place within ninety (90) days from the date the Lessee exercises its option, or as soon thereafter as Lessee is reasonably able to obtain all necessary permits and approvals. Closing costs shall be apportioned as standard in the local area. This option, during the Lease term or any extensions or renewals thereof, shall be binding on any party subsequently obtaining title to the leased premises subject to the rights of Lessor's mortgagees and other obligees.
Sample 1
Lessee's Purchase Option. Lessee may elect, by giving not less than thirty (30) days prior written notice to Lessor, to purchase at the end of the Lease Term, or any renewal or extension thereof, all but not less than all of the Equipment from Lessor by paying to Lessor on the last day of the Lease, or any renewal or extension thereof, an amount equal to One Dollar ($1.00). All obligations of Lessee under any provision of the Lease with respect to the return of the Equipment shall terminate upon its sale to Lessee pursuant to the foregoing provision. In the event Lessee fails to exercise its purchase option as set forth above, then upon the expiration of the Lease Term or any renewal thereof, Lessee shall return the Equipment to Lessor as provided in Paragraph 26 of the Lease. Approved and agreed to this 17th day of May, 2000, as a Schedule to a Master Lease Agreement dated May 17th, 2000, by and between Lessor and Lessee. LESSOR: OLD NATIONAL BANK LESSEE: DW LEASING COMPANY, LLC By: By: ----------------------------------- ---------------------------- Printed: Printed: ------------------------------ ----------------------- Title: Title: -------------------------------- ------------------------- SCHEDULE "A" Collateral Description - including make, kind of unit, model and serial numbers of Quantity and any other pertinent information ------------------------- ---------------------------------------------- ------------------------- ----------------------------------------------
Sample 1
Lessee's Purchase Option. Notwithstanding anything herein or in the Operative Documents to the contrary, Lessee shall have the right to cure a Lease Event of Default (other than a Lease Event of Default as described under Section 12(f) or (g) by purchasing the Leased Property for the Default Payment Amount on or before the earliest of (i) twenty (20) days after the occurrence of the Event of Default, (ii) the sale of the Leased Property pursuant to a foreclosure of such Leased Property by Lessor under the Memorandum of Lease or the Administrative Agent under the Mortgage or (iii) delivery to Lessor or the Administrative Agent of a deed in lieu of foreclosure. Until this Lease has been terminated and Lessee has been dispossessed of the Leased Property, payment of the Default Payment Amount shall not affect Lessee's obligations in respect of Additional Rent, which shall survive. Any purchase under this Section 13.2 shall be in the manner set forth in Section 14.4 related to a sale of the Leased Property to Lessee except that Lessee shall notify Lessor and the Administrative Agent of its intent to so purchase in accordance with the foregoing, which notice and intent are irrevocable, and other than with respect to the timing of purchase and purchase price therefor. Time is of the essence with respect to Lessee's obligations hereunder.
Sample 1
Lessee's Purchase Option. Notwithstanding anything herein or in the Operative Documents to the contrary Lessee shall have the right to cure a Lease Event of Default by purchasing the Leased Property by paying the Purchase Amount due on the date of purchase on or before the earliest of (i) ten (10) Business Days after the declaration of the Lease Event of Default, (ii) the sale of the Leased Property pursuant to a foreclosure of the Leased Property by Lessor under the Memorandum of Lease, and (iii) delivery to Lessor of a deed in lieu of foreclosure. Payment of the Purchase Amount shall not affect Lessee’s obligations in respect of Supplemental Rent, which shall survive.
Sample 1
Lessee's Purchase Option. Notwithstanding anything herein or in the Operative Documents to the contrary Lessee shall have the right to cure a Lease Event of Default by purchasing the Leased Property by paying the Purchase Amount due on the date of purchase on or before the earliest of (i) ten (10) Business Days after the declaration of the Lease Event of Default, (ii) the sale of the Leased Property pursuant to a foreclosure of the Leased Property by Lessor under the Memorandum of Lease or Administrative Agent under the Mortgage, and (iii) delivery to Lessor or Administrative Agent of a deed in lieu of foreclosure. Payment of the Purchase Amount shall not affect Lessee’s obligations in respect of Supplemental Rent, which shall survive.
Sample 1
Lessee's Purchase Option 
Sample 1
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Related to Lessee's Purchase Option

  • Purchase Option (Check One) ❏ - The Company shall allow the Recipient to void this agreement at any time and release all liability in connection with this agreement by payment to the Company in the amount of US Dollars ($ ). ❏ - The Company does not allow the Recipient to be released of liability from this agreement for any monetary amount or reason whatsoever.

  • Exercise of Purchase Option AIR shall have an option (an “Option”) to acquire any real property owned or leased (subject to any consent rights granted to the landlord under any lease under which DevCo or an Affiliate is the tenant, provided, however, that no Option will apply to any Leased Property that is then leased to DevCo or its Affiliates pursuant to a Master Lease) by DevCo or any of its Subsidiaries, which was originally acquired by DevCo or its Subsidiaries after the Effective Date, which had not achieved Stabilization as of such acquisition but which has subsequently achieved Stabilization (each, an “Option Property”). Within fifteen (15) days following the date on which Stabilization for an Option Property has been achieved, DevCo shall send AIR a written notice advising AIR that such Option Property has reached Stabilization (an “Option Notice”), upon receipt of which AIR will have sixty (60) days (the “Option Exercise Period”) to exercise its Option to purchase such Option Property by delivering to DevCo written notice of the same. If AIR timely delivers a written notice to DevCo that it intends to exercise its Option and proceed with the acquisition of the Option Property, AIR will pay to DevCo the Current FMV for the subject Option Property, and the Parties will close on such Option pursuant to a purchase and sale agreement, which shall be in the form attached to the form of Standard Lease (which is attached hereto as Exhibit A). The Parties shall apply the closing mechanics set forth in Section 10(b) above (as if the Option Property were a ROFO Property, for such purposes). In the event DevCo fails to timely deliver an Option Notice to AIR, then, within thirty (30) days following the date on which AIR becomes aware that Stabilization of the subject Option Property has occurred, AIR shall have the right to send an Option Notice to DevCo (notifying DevCo that AIR believes the subject Option Property has reached Stabilization), and the Option Exercise Period will commence as of the date of such Option Notice. In the event that a Party receiving an Option Notice disputes that Stabilization of the subject Option Property has occurred or is continuing as of the date of such Option Notice, such Party will send to the other Party a Dispute Notice (as defined in and pursuant to Section 18(b)) containing an explanation of such dispute within fifteen (15) days following its receipt of the Option Notice. The Parties shall endeavor to resolve the dispute, and, if they are unable to so resolve it, will proceed to arbitration to resolve such dispute, all in accordance with the terms of Section 18.

  • Purchase Options Neither the Property nor any part thereof is subject to any purchase options or other similar rights in favor of third parties.

  • Exercise of Purchase Options Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to exercise their Purchase Options or Warrants underlying such Purchase Options prior to or after the initial filing of any registration statement or the effectiveness thereof.

  • Exercise of Purchase Option and Closing (a) The Company may exercise the Purchase Option by delivering or mailing to the Participant (or his estate), within 90 days after the termination of the employment of the Participant with the Company, a written notice of exercise of the Purchase Option. Such notice shall specify the number of Shares to be purchased. If and to the extent the Purchase Option is not so exercised by the giving of such a notice within such 90-day period, the Purchase Option shall automatically expire and terminate effective upon the expiration of such 90-day period.

  • Repurchase Option (a) If Purchaser's status as a Service Provider is terminated for any reason, including for cause, death, and disability, the Company shall have the right and option to purchase from Purchaser, or Purchaser's personal representative, as the case may be, all of the Purchaser's Unvested Shares as of the date of such termination at the price paid by the Purchaser for such Shares (the "Repurchase Option").

  • Exercise of Repurchase Option The Repurchase Option shall be exercised by written notice signed by an officer of the Company or by any assignee or assignees of the Company and delivered or mailed as provided in Section 17(a). Such notice shall identify the number of shares of Stock to be purchased and shall notify Purchaser of the time, place and date for settlement of such purchase, which shall be scheduled by the Company within the term of the Repurchase Option set forth in Section 2(a) above. The Company shall be entitled to pay for any shares of Stock purchased pursuant to its Repurchase Option, at the Company's option, in cash or by offset against any indebtedness owing to the Company by Purchaser, or by a combination of both. Upon delivery of such notice and payment of the purchase price in any of the ways described above, the Company shall become the legal and beneficial owner of the Stock being repurchased and all rights and interest therein or related thereto, and the Company shall have the right to transfer to its own name the Stock being repurchased by the Company, without further action by Purchaser.

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