Common use of Lessor's Inability to Perform Clause in Contracts

Lessor's Inability to Perform. If at the expiration of the extended time the Lessor shall have failed so to remove any such defects in title, then all other obligations of all parties hereto under Section 18.3 shall cease and Section 18.3 shall be void and without recourse to the parties hereto. Notwithstanding the foregoing, the Lessee shall have the election, at either the original or extended Purchase Option Date and Time of Closing, to accept such title as the Lessor can deliver to the Leased Property in its then condition and to pay therefor the Purchase Price without reduction, in which case the Lessor shall convey such title; provided, that, in the event of such conveyance, if any portion of the Leased Property shall have been taken by Condemnation prior to the applicable Purchase Option Date and Time of Closing, the Lessor shall pay over or assign to the Lessee at the Time of Closing, all Awards recovered on account of such Taking, less any amounts reasonably expended by the Lessor in obtaining such Awards, or, to the extent such Awards have not been recovered as of the applicable Purchase Option Date and Time of Closing, the Lessor shall assign to the Lessee all its rights with respect to any claim therefor.

Lessor's Inability to Perform. If at the expiration of the extended time the Lessor shall have failed so to remove any such defects in title, then all other obligations of all parties hereto under Section 18.3 18.4 shall cease and Section 18.3 18.4 shall be void and without recourse to the parties hereto. Notwithstanding the foregoing, the Lessee shall have the election, at either the original or extended Purchase Option Date and Time of Closing, to accept such title as the Lessor can deliver to the Leased Property in its then condition and to pay therefor the Purchase Price without reduction, in which case the Lessor shall convey such title; provided, that, in the event of such conveyance, if any portion of the Leased Property shall have been taken by Condemnation prior to the applicable Purchase Option Date and Time of Closing, the Lessor shall pay over or assign to the Lessee at the Time of Closing, all Awards recovered on account of such Taking, less any amounts reasonably expended by the Lessor in obtaining such Awards, or, to the extent such Awards have not been recovered as of the applicable Purchase Option Date and Time of Closing, the Lessor shall assign to the Lessee all its rights with respect to any claim therefor.