Common use of Notice Required So Long As the Purchase Option Continues Under the Purchase Agreement Clause in Contracts

Notice Required So Long As the Purchase Option Continues Under the Purchase Agreement. Prior to the Designated Sale Date, so long as NAI remains in possession of the Property and there has been no termination of the Purchase Option as provided in Paragraph 6(B) of the Purchase Agreement, BNPPLC’s right to complete any foreclosure sale as provided in subparagraph 11(A)(2) will be subject to the condition precedent that BNPPLC has notified NAI, at a time when an Event of Default has occurred and is continuing and no less than thirty days prior to completing such a sale, of BNPPLC’s intent to do so. The condition precedent is intended to provide NAI with an opportunity to exercise the Purchase Option before losing possession of the Property because of a sale authorized by subparagraph 11(A)(2). The condition precedent is not, however, intended to extend any period for curing an Event of Default. Accordingly, if an Event of Default has occurred, and regardless of whether any Event of Default is then continuing, BNPPLC may proceed immediately to complete a sale authorized by subparagraph 11(A)(2) at any time after the earliest of (i) thirty days after BNPPLC has given such a notice to NAI, (ii) any date upon which NAI relinquishes possession of the Property, or (iii) any termination of the Purchase Option.