Common use of Option to Purchase Facilities Clause in Contracts

Option to Purchase Facilities. The Company shall have, and is hereby granted, an option to purchase the Facilities for Ten Dollars ($10.00) at the expiration of the Term (other than as a result of an Event of Default) or, so long as an Event of Default is not continuing, at any prior time that full payment of the Bonds or provision for payment thereof has been made in accordance with the provisions of the Indenture and all amounts payable to the Issuer and Trustee shall have been paid. The Company’s option rights under this Section 10.3 may be exercised at any time after expiration or termination of the Term. On the exercise of any option to purchase granted herein, the Issuer shall upon payment of the purchase price deliver or cause to be delivered to the Company documents conveying to the Company all of the right, title and interest of the Issuer in and to the Facilities, as such Facilities then exists, subject to the following: (i) those liens and encumbrances created by the Company or to the creation or suffering of which the Company consented; (ii) those liens and encumbrances to which the Issuer or the Trustee did not expressly consent; (iii) those liens and encumbrances resulting from the failure of the Company to perform or observe any of the agreements on its part contained in this Agreement; (iv) those liens and encumbrances to which the Facilities was subject upon conveyance of the Facilities to the Issuer; and (v) the rights and title of any condemning authority.