Common use of Option to Purchase Portions of Project Site Clause in Contracts

Option to Purchase Portions of Project Site. (a) The User, if not in default hereunder, shall have the option to purchase any Unimproved portion of the Project Site at any time and from time to time with the prior written consent of the Trustee and for a purchase price equal to the pro-rata cost of such portion of the Project Site to be so purchased, provided that the User furnish the Issuer and the Trustee with the following: (1) A notice in writing containing (i) an adequate legal description of that portion of the Project Site with respect to which such option is to be exercised, which portion may include rights granted in party walls, the right to "tie-into" existing utilities, the right to connect and join any building, structure or improvement with existing structures, facilities and improvements on the Project Site, and the right of ingress or egress to and from the public highway which shall not interfere with the use and occupancy of existing structures, improvements and buildings, and (ii) a statement that the User intends to exercise such option to purchase such portion of the Project Site on a date stated. (2) A certificate of an Independent Engineer or of an Independent Architect made and dated not more than 90 days prior to the date of the purchase and stating that, in the opinion of the person signing such certificate, (i) the portion of the Project Site with respect to which the option is exercised is not needed for the operation of the then existing Project and (ii) the severance of such portion of the Project Site and the location or construction thereon of buildings, structures and improvements, if any, will not impair the usefulness of the then existing Project or the means of ingress and egress to and from the remaining portions of the Project or impair or deny highway access, rail access or utility services to such remaining portions of the Project. (3) An amount of money equal to the purchase price computed as provided in this Section, which amount shall be paid to the Trustee and applied to the redemption of the Bonds in accordance with the terms thereof. (b) Upon receipt of the notice and certificate required in this Section to be furnished by the User and the payment by the User to the Trustee of the purchase price, the Issuer will promptly deliver to the User the documents referred to in Section 11.06. (c) If such option relates to portions of the Project Site on which transportation or utility facilities are located, the Issuer shall retain an easement to use such transportation or utility facilities to the extent necessary for the efficient operation of the Project. (d) No purchase effected under the provisions of this Section shall affect the obligation of the User for the payment of Rent and other payments in the amounts and at the times provided in this Lease Agreement or the performance of any other agreement, covenant or provision hereof, and there shall be no abatement or adjustment in Rent by reason of the release of any such portion of the Project Site and the obligations of the User shall continue in all respects as provided in this Lease Agreement, excluding, however, any portion of the Project Site so purchased.

Option to Purchase Portions of Project Site. (a) The User, if not in default hereunder, shall have the option to purchase any Unimproved portion of the Project Site at any time and from time to time with the prior written consent of the Trustee and for a purchase price equal to the pro-rata cost of such portion of the Project Site to be so purchased, provided that the User furnish the Issuer and the Trustee with the following: (1) A notice in writing containing (i) an adequate legal description of that portion of the Project Site with respect to which such option is to be exercised, which portion may include rights granted in party walls, the right to "“tie-into" ” existing utilities, the right to connect and join any building, structure or improvement with existing structures, facilities and improvements on the Project Site, and the right of ingress or egress to and from the public highway which shall not interfere with the use and occupancy of existing structures, improvements and buildings, and (ii) a statement that the User intends to exercise such option to purchase such portion of the Project Site on a date stated. (2) A certificate of an Independent Engineer or of an Independent Architect made and dated not more than 90 days prior to the date of the purchase and stating that, in the opinion of the person signing such certificate, (i) the portion of the Project Site with respect to which the option is exercised is not needed for the operation of the then existing Project and (ii) the severance of such portion of the Project Site and the location or construction thereon of buildings, structures and improvements, if any, will not impair the usefulness of the then existing Project or the means of ingress and egress to and from the remaining portions of the Project or impair or deny highway access, rail access or utility services to such remaining portions of the Project. (3) An amount of money equal to the purchase price computed as provided in this Section, which amount shall be paid to the Trustee and applied to the redemption of the Bonds in accordance with the terms thereof. (b) Upon receipt of the notice and certificate required in this Section to be furnished by the User and the payment by the User to the Trustee of the purchase price, the Issuer will promptly deliver to the User the documents referred to in Section 11.06. (c) If such option relates to portions of the Project Site on which transportation or utility facilities are located, the Issuer shall retain an easement to use such transportation or utility facilities to the extent necessary for the efficient operation of the Project. (d) No purchase effected under the provisions of this Section shall affect the obligation of the User for the payment of Rent Rental Payments and other payments in the amounts and at the times provided in this Lease Agreement or the performance of any other agreement, covenant or provision hereof, and there shall be no abatement or adjustment in Rent Rental Payments by reason of the release of any such portion of the Project Site and the obligations of the User shall continue in all respects as provided in this Lease Agreement, excluding, however, any portion of the Project Site so purchased.

Option to Purchase Portions of Project Site. (a) The User, if not in default hereunder, shall have the option to purchase any Unimproved portion of the Project Site at any time and from time to time with the prior written consent of the Trustee Agent and the Holders and for a purchase price equal to the pro-rata cost of such portion of the Project Site to be so purchased, provided that the User furnish the Issuer and the Trustee Agent and the Holders with the following: (1) A notice in writing containing (i) an adequate legal description of that portion of the Project Site with respect to which such option is to be exercised, which portion may include rights granted in party walls, the right to "tie-into" existing utilities, the right to connect and join any building, structure or improvement with existing structures, facilities and improvements on the Project Site, and the right of ingress or egress to and from the public highway which shall not interfere with the use and occupancy of existing structures, improvements and buildings, and (ii) a statement that the User intends to exercise such option to purchase such portion of the Project Site on a date stated. (2) A certificate of an Independent Engineer or of an Independent Architect made and dated not more than 90 days prior to the date of the purchase and stating that, in the opinion of the person signing such certificate, (i) the portion of the Project Site with respect to which the option is exercised is not needed for the operation of the then existing Project and (ii) the severance of such portion of the Project Site and the location or construction thereon of buildings, structures and improvements, if any, will not impair the usefulness of the then existing Project or the means of ingress and egress to and from the remaining portions of the Project or impair or deny highway access, rail access or utility services to such remaining portions of the Project. (3) An amount of money equal to the purchase price computed as provided in this Section, which amount shall be paid to the Trustee Agent and applied to the redemption or purchase of the principal of the Bonds in accordance with the terms thereof. (b) Upon receipt of the notice and certificate required in this Section to be furnished by the User and the payment by the User to the Trustee Agent of the purchase price, the Issuer will promptly deliver to the User the documents referred to in Section 11.0611.05 hereof and will, if requested by the User, secure from the Agent a release from the lien of the Indenture of the portion of the Project Site with respect to which the User shall have exercised the option granted in this Section. (c) If such option relates to portions of the Project Site on which transportation or utility facilities are located, the Issuer shall retain an easement to use such transportation or utility facilities to the extent necessary for the efficient operation of the Project. (d) No purchase effected under the provisions of this Section shall affect the obligation of the User for the payment of Rent and other payments in the amounts and at the times provided in this Lease Agreement or the performance of any other agreement, covenant or provision hereof, and there shall be no abatement or adjustment in Rent by reason of the release of any such portion of the Project Site and the obligations of the User shall continue in all respects as provided in this Lease Agreement, excluding, however, any portion of the Project Site so purchased.

Option to Purchase Portions of Project Site. (a) The User, if not in default hereunder, shall shall, with the consent of the Credit Obligor Parties, have the option to purchase any Unimproved portion of the Project Site at any time and from time to time with the prior written consent of the Trustee and for a purchase price equal to the pro-rata cost of such portion of the Project Site to be so purchased, provided that the User furnish the Issuer and the Trustee with the following: (1) A notice in writing containing (i) an adequate legal description of that portion of the Project Site with respect to which such option is to be exercised, which portion may include rights granted in party walls, the right to "tie-into" existing utilities, the right to connect and join any building, structure or improvement with existing structures, facilities and improvements on the Project Site, and the right of ingress or egress to and from the public highway which shall not interfere with the use and occupancy of existing structures, improvements and buildings, and (ii) a statement that the User intends to exercise such option to purchase such portion of the Project Site on a date stated. (2) A certificate of an Independent Engineer or of an Independent Architect made and dated not more than 90 days prior to the date of the purchase and stating that, in the opinion of the person signing such certificate, (i) the portion of the Project Site with respect to which the option is exercised is not needed for the operation of the then existing Project and (ii) the severance of such portion of the Project Site and the location or construction thereon of buildings, structures and improvements, if any, will not impair the usefulness of the then existing Project or the means of ingress and egress to and from the remaining portions of the Project or impair or deny highway access, rail access or utility services to such remaining portions of the Project. (3) An amount of money equal to the purchase price computed as provided in this Section, which amount shall be paid to the Trustee and applied to the redemption of the Bonds in accordance with the terms thereof. (b) Upon receipt of the notice and certificate required in this Section to be furnished by the User and the payment by the User to the Trustee of the purchase price, the Issuer will promptly deliver to the User the documents referred to in Section 11.06. (c) If such option relates to portions of the Project Site on which transportation or utility facilities are located, the Issuer shall retain an easement to use such transportation or utility facilities to the extent necessary for the efficient operation of the Project. (d) No purchase effected under the provisions of this Section shall affect the obligation of the User for the payment of Rent Rental Payments and other payments in the amounts and at the times provided in this Lease Agreement or the performance of any other agreement, covenant or provision hereof, and there shall be no abatement or adjustment in Rent Rental Payments by reason of the release of any such portion of the Project Site and the obligations of the User shall continue in all respects as provided in this Lease Agreement, excluding, however, any portion of the Project Site so purchased.

Option to Purchase Portions of Project Site. (a) The User, if not in default hereunder, shall have the option to purchase any Unimproved portion of the Project Site at any time and from time to time with the prior written consent of the Trustee and for a purchase price equal to the pro-rata cost of such portion of the Project Site to be so purchased, provided that the User furnish the Issuer and the Trustee with the following: (1) A notice in writing containing (i) an adequate legal description of that portion of the Project Site with respect to which such option is to be exercised, which portion may include rights granted in party walls, the right to "tie-into" existing utilities, the right to connect and join any building, structure or improvement with existing structures, facilities and improvements on the Project Site, and the right of ingress or egress to and from the public highway which shall not interfere with the use and occupancy of existing structures, improvements and buildings, and (ii) a statement that the User intends to exercise such option to purchase such portion of the Project Site on a date stated. (2) A certificate of an Independent Engineer or of an Independent Architect made and dated not more than 90 days prior to the date of the purchase and stating that, in the opinion of the person signing such certificate, (i) the portion of the Project Site with respect to which the option is exercised is not needed for the operation of the then existing Project and (ii) the severance of such portion of the Project Site and the location or construction thereon of buildings, structures and improvements, if any, will not impair the usefulness of the then existing Project or the means of ingress and egress to and from the remaining portions of the Project or impair or deny highway access, rail access or utility services to such remaining portions of the Project. (3) An amount of money equal to the purchase price computed as provided in this Section, which amount shall be paid to the Trustee and applied to the redemption of the Bonds in accordance with the terms thereof. (b) Upon receipt of the notice and certificate required in this Section to be furnished by the User and the payment by the User to the Trustee of the purchase price, the Issuer will promptly deliver to the User the documents referred to in Section 11.06. (c) If such option relates to portions of the Project Site on which transportation or utility facilities are located, the Issuer shall retain an easement to use such transportation or utility facilities to the extent necessary for the efficient operation of the Project. (d) No purchase effected under the provisions of this Section shall affect the obligation of the User for the payment of Rent Rental Payments and other payments in the amounts and at the times provided in this Lease Agreement or the performance of any other agreement, covenant or provision hereof, and there shall be no abatement or adjustment in Rent Rental Payments by reason of the release of any such portion of the Project Site and the obligations of the User shall continue in all respects as provided in this Lease Agreement, excluding, however, any portion of the Project Site so purchased.

Option to Purchase Portions of Project Site. (a) The User, if not in default hereunder, shall have the option to purchase any Unimproved portion of the Project Site at any time and from time to time with the prior written consent of the Trustee and for a purchase price equal to the pro-rata cost of such portion of the Project Site to be so purchased, provided that the User furnish the Issuer and the Trustee with the following: (1) A notice in writing containing (i) an adequate legal description of that portion of the Project Site with respect to which such option is to be exercised, which portion may include rights granted in party walls, the right to "tie-into" existing utilities, the right to connect and join any building, structure or improvement with existing structures, facilities and improvements on the Project Site, and the right of ingress or egress to and from the public highway which shall not interfere with the use and occupancy of existing structures, improvements and buildings, and (ii) a statement that the User intends to exercise such option to purchase such portion of the Project Site on a date stated. (2) A certificate of an Independent Engineer or of an Independent Architect made and dated not more than 90 days prior to the date of the purchase and stating that, in the opinion of the person signing such certificate, (i) the portion of the Project Site with respect to which the option is exercised is not needed for the operation of the then existing Project and (ii) the severance of such portion of the Project Site and the location or construction thereon of buildings, structures and improvements, if any, will not impair the usefulness of the then existing Project or the means of ingress and egress to and from the remaining portions of the Project or impair or deny highway access, rail access or utility services to such remaining portions of the Project. (3) An amount of money equal to the equalthe purchase price computed as provided in this Section, which amount shall be paid to the Trustee and applied to the redemption of the Bonds in accordance with the terms thereof. (b) Upon receipt of the notice and certificate required in this Section to be furnished by the User and the payment by the User to the Trustee of the purchase price, the Issuer will promptly deliver to the User the documents referred to in Section 11.06. (c) If such option relates to portions of the Project Site on which transportation or utility facilities are located, the Issuer shall retain an easement to use such transportation or utility facilities to the extent necessary for the efficient operation of the Project. (d) No purchase effected under the provisions of this Section shall affect the obligation of the User for the payment of Rent Rental Payments and other payments in the amounts and at the times provided in this Lease Agreement or the performance of any other agreement, covenant or provision hereof, and there shall be no abatement or adjustment in Rent Rental Payments by reason of the release of any such portion of the Project Site and the obligations of the User shall continue in all respects as provided in this Lease Agreement, excluding, however, any portion of the Project Site so purchased.