Common use of OPTION TO PURCHASE THE LEASED PROPERTY Clause in Contracts

OPTION TO PURCHASE THE LEASED PROPERTY. So long as no Event of Default shall have occurred that is continuing, Lessee shall have the option to purchase the Leased Property pursuant to the terms and conditions set forth in this Article 19 at the end of the Initial Term and at the end of each Extended Term upon at least 180 days’ prior written notice to Lessor for a purchase price equal to the greater of the following (such greater amount referred to herein as the “Minimum Repurchase Price”): (i) the Fair Market Value Purchase Price or (ii) the sum of (A) the amount set forth as the “Floor Amount” for the Nittany Valley Lease on Schedule 2 attached hereto plus (B) the cost of any Capital Additions to the Leased Property financed by Lessor pursuant to the terms of Article 9. If not sooner exercised, the option to purchase granted hereby will expire and be of no further force and effect upon the expiration of the Initial Term and each Extended Term or the earlier termination of this Lease. 7.7 Sections 24(a) and 24(b) are hereby deleted in their entirety and the following Sections (a) and (b) are substituted therefor: (a) At any time and from time to time within 20 days following written request by Lxxxxx, Lessee will furnish to Lessor an Officer’s Certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications) and the dates to which the Rent has been paid. Any such Officer’s Certificate famished pursuant to this Article may be relied upon by Lxxxxx and any prospective purchaser of the Leased Property. (b) Unless specifically prohibited at any time by a Legal Requirement, Lessee will furnish, or cause to be furnished, the following information to Lessor within the periods indicated; provided that Lessor shall keep confidential items furnished hereunder which, are not generally available to the public: (i) within 30 days after the end of each Fiscal Year, an Officer’s Certificate stating that to the best of the signer’s knowledge and belief, Lessee is not in default in the performance or observance of any of the terms of this Lease or any loan or credit facility which by its terms would permit an outstanding balance equal to or greater than $50,000,000, or, if Lessee shall be in default, specifying all such defaults, the nature thereof and the steps being taken, to remedy the same; (ii) within 30 days after the end of each calendar quarter, unaudited Facility Financial Statements for such calendar quarter, certified by Lessee to Lessor, (iii) within 90 days after the end of each. Fiscal Year, unaudited Facility Financial Statements for the most recently ended Fiscal Year certified by Lessee to Lessor; (iv) within 150 days after written request by Lxxxxx following the occurrence of an Event of Default, audited financial statements of the Guarantor; it being understood that the public availability of Guarantor’s audited financial statements on a source such as EXXXX shall constitute satisfaction of Lxxxxx’s obligation to cause such statements to be furnished hereunder; and (v) with reasonable promptness, such other information respecting the operation of the Facility and the financial condition, affairs and properties of Lessee (other than audited financial statements) as Lessor may reasonably request from time to time or as may be required by a Facility Mortgagee.

OPTION TO PURCHASE THE LEASED PROPERTY. So long as no Event of Default shall have occurred that is continuing, Lessee shall have the option to purchase the Leased Property pursuant to the terms and conditions set forth in this Article 19 at the end of the Initial Term and at the end of each Extended Term upon at least 180 days’ prior written notice to Lessor for a purchase price equal to the greater of the following (such greater amount referred to herein as the “Minimum Repurchase Price”): (i) the Fair Market Value Purchase Price or (ii) the sum of (A) the amount set forth as the “Floor Amount” for the Nittany Valley York Lease on Schedule 2 attached hereto plus (B) the cost of any Capital Additions to the Leased Property financed by Lessor pursuant to the terms of Article 9. If not sooner exercised, the option to purchase granted hereby will expire and be of no further force and effect upon the expiration of the Initial Term and each Extended Term or the earlier termination of this Lease. 7.7 10.7 Sections 24(a) and 24(b) are hereby deleted in their entirety and the following Sections (a) and (b) are substituted therefor: (a) At any time and from time to time within 20 days following written request by Lxxxxx, Lessee will furnish furnish, to Lessor an Officer’s Certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications) and the dates to which the Rent has been paid. Any such Officer’s Certificate famished furnished pursuant to this Article may be relied upon by Lxxxxx Lessor and any prospective purchaser of the Leased Property. (b) Unless specifically prohibited at any time by a Legal Requirement, Lessee will furnish, or cause to be furnished, the following information to Lessor within the periods indicated; provided that Lessor shall keep confidential items furnished hereunder which, which are not generally available to the public: (i) within 30 days after the end of each Fiscal Year, an Officer’s Certificate stating that to the best of the signer’s knowledge and belief, Lessee is not in default in the performance or observance of any of the terms of this Lease or any loan or credit facility Facility which by its terms would permit an outstanding balance equal to or greater than $50,000,000, or, if Lessee shall be in default, specifying all such defaults, the nature thereof and the steps being taken, taken to remedy the same; (ii) within 30 days after the end of each calendar quarter, unaudited Facility Financial Statements for such calendar quarter, certified by Lessee to Lessor, (iii) within 90 days after the end of each. each Fiscal Year, unaudited Facility Financial Statements for the most recently ended Fiscal Year certified by Lessee to Lessor;, (iv) within 150 days after written request by Lxxxxx following the occurrence of an Event of Default, audited financial statements of the Guarantor; , it being understood that the public availability of Guarantor’s audited financial statements on a source such as EXXXX shall constitute satisfaction of Lxxxxx’s obligation to cause such statements to be furnished hereunder; , and (v) with reasonable promptness, such other information respecting the operation of the Facility and the financial condition, affairs and properties of Lessee (other than audited financial statements) as Lessor may reasonably request from time to time or as may be required by a Facility Mortgagee.

OPTION TO PURCHASE THE LEASED PROPERTY. So As long as no Event of Default shall have occurred that LESSEE is continuingnot in default under this LEASE CONTRACT, Lessee shall have LESSOR hereby grant to LESSEE the exclusive formal and binding option to purchase the Leased Property pursuant to LEASED PROPERTY at any time from the terms and conditions set forth in this Article 19 commencement date of the LEASE CONTRACT until November lst of the tenth year of the LEASE CONTRACT. The purchase price will be the sum of a) the present value of the remaining rent due under the LEASE CONTRACT discounted at a rate of seven percent (7%) plus b) the then present value of $3,050,000.00 (THREE MILLION FIFTY THOUSAND DOLLARS) U. S. Currency, as receivable at the end of year ten (10) of the Initial Term LEASE CONTRACT discounted at a rate of seven percent (7%) ("Option Price"). The LEASED PROPERTY shall be delivered free of all claims, liens, encumbrance and at limitation of ownership, and current in the end payment of each Extended Term upon at least 180 days’ the property taxes. All taxes, rights fees and expenses derived from the execution of the final purchase and sale deed shall be paid by the LESSEE with the exception of the income tax resulting from this transaction which will be paid by the LESSOR. LESSEE shall notify LESSOR in writing of its intention to exercise its option no later than the first business day of November of the year prior written notice to Lessor for a purchase price equal to the greater intended purchase year (for purchasing years 1 through 10). The purchase of the following (such greater amount referred to herein as LEASED PROPERTY must be closed and the “Minimum Repurchase Price”): (i) the Fair Market Value Purchase Price or delivered to LESSOR within the first calendar month of the intended purchase year. Notwithstanding the foregoing, LESSEE may notify LESSOR of its intention to exercise its option, at any time during the tenth year of the Lease (iiuntil November 1st) and the sum purchase must be closed no later than January 1st of (A) the amount eleventh year. In the event the ten year lease term has expired prior to the date of Closing on the LEASED PROPERTY, the LEASE CONTRACT shall be extended until the date of Closing on the same terms and conditions as set forth as in the “Floor Amount” for the Nittany Valley Lease on Schedule 2 attached hereto plus (B) the cost of any Capital Additions to the Leased Property financed by Lessor pursuant to the terms of Article 9. If not sooner exercisedLEASE CONTRACT, the except that there shall be no further option to purchase granted hereby will expire associated therewith. LESSEE shall be responsible for all costs and be of no further force and effect upon expenses associated with the expiration transfer of the Initial Term and each Extended Term or the earlier termination of this Lease. 7.7 Sections 24(a) and 24(b) are hereby deleted in their entirety and LEASED PROPERTY from LESSOR to LESSEE, including but not limited to the following Sections (a) charges: duties, registration and (b) are substituted therefor: (a) At any time notarial fees, transfer taxes, but specifically excluding income taxes, legal fees incurred by LESSOR and from time to time within 20 days following written request real estate broker's commissions incurred by Lxxxxx, Lessee will furnish to Lessor an Officer’s Certificate certifying that this Lease is unmodified LESSOR. LESSOR shall transfer the LEASED PROPERTY free of all liens and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications) and the dates to which the Rent has been paid. Any such Officer’s Certificate famished pursuant to this Article may be relied upon by Lxxxxx and any prospective purchaser of the Leased Propertyencumbrances. (b) Unless specifically prohibited at any time by a Legal Requirement, Lessee will furnish, or cause to be furnished, the following information to Lessor within the periods indicated; provided that Lessor shall keep confidential items furnished hereunder which, are not generally available to the public: (i) within 30 days after the end of each Fiscal Year, an Officer’s Certificate stating that to the best of the signer’s knowledge and belief, Lessee is not in default in the performance or observance of any of the terms of this Lease or any loan or credit facility which by its terms would permit an outstanding balance equal to or greater than $50,000,000, or, if Lessee shall be in default, specifying all such defaults, the nature thereof and the steps being taken, to remedy the same; (ii) within 30 days after the end of each calendar quarter, unaudited Facility Financial Statements for such calendar quarter, certified by Lessee to Lessor, (iii) within 90 days after the end of each. Fiscal Year, unaudited Facility Financial Statements for the most recently ended Fiscal Year certified by Lessee to Lessor; (iv) within 150 days after written request by Lxxxxx following the occurrence of an Event of Default, audited financial statements of the Guarantor; it being understood that the public availability of Guarantor’s audited financial statements on a source such as EXXXX shall constitute satisfaction of Lxxxxx’s obligation to cause such statements to be furnished hereunder; and (v) with reasonable promptness, such other information respecting the operation of the Facility and the financial condition, affairs and properties of Lessee (other than audited financial statements) as Lessor may reasonably request from time to time or as may be required by a Facility Mortgagee.