Options to Extend Agreement. As of the end of the Term, Hospital shall have the option either to:
19.1 Extend the Term of this Agreement for a specified period of time and upon such other terms and conditions as may be agreed upon by GKF and Hospital;
19.2 Terminate this Agreement as of the expiration of the Term. Hospital shall exercise one (1) of the two (2) options referred to above by giving an irrevocable written notice thereof to GKF at least nine (9) months prior to the expiration of the initial Term. Any such notice shall be sufficient if it states in substance that Hospital elects to exercise its option and states which of the three (2) options referred to above Hospital is exercising. If Hospital fails to exercise the option granted herein at least nine (9) months prior to the expiration of the initial Term, the option shall lapse and this Agreement shall expire as of the end of the initial Term. Further, if Hospital exercises the option specified in Section 19.1 above and the parties are unable to mutually agree upon the length of the extension of the Term or any other terms or conditions applicable to such extension prior to the expiration of the Term, this Agreement shall expire as of the end of the initial Term.
Options to Extend Agreement. (a) Medical Center shall have the option at the end of the ten (10) year initial Term to:
(i) Renegotiate this Agreement for a five (5) year renewal term.
Options to Extend Agreement. As of the end of the Term, Hospital shall have the option either to:
19.1 Extend the Term of this Agreement for a specified period of time and upon such other terms and conditions as may be agreed upon in writing by GKF and Hospital; or
19.2 Terminate this Agreement as of the expiration of the Term. GKF shall be responsible to contract with Elekta for removal of the Equipment as soon as practicable. Hospital shall exercise one (1) of the two (2) options referred to above by giving an irrevocable written notice thereof to GKF at least nine (9) months prior to the expiration of the initial Term. Any such notice shall be sufficient if it states in substance that Hospital elects to exercise its option and states which of the two (2) options referred to above Hospital is exercising. If Hospital fails to exercise the option granted herein at least nine (9) months prior to the expiration of the initial Term, the option shall lapse and this Agreement shall expire as of the end of the initial Term. Further, if Hospital exercises the option to extend the Term and the parties are unable to mutually agree upon the length of the extension of the Term or any other terms or conditions applicable to such extension prior to the expiration of the Term, this Agreement shall expire as of the end of the initial Term.
Options to Extend Agreement. As of the end of the Term, Medical Center shall have the option either to:
19.1 Extend the Term of this Agreement for a specified period of time and upon such other terms and conditions as may be agreed upon by GKF and Medical Center;
19.2 Terminate this Agreement as of the expiration of the Term. Upon the expiration of the Term and within a reasonable time thereafter, GKF, at its cost and expense, may enter upon the Site under Medical Center supervision and remove the Equipment.
19.3 Medical Center may elect to purchase the Equipment from GKF for the fair market value amount (as mutually agreed upon by the parties) as of the expiration date of Term, payable in cash (or other immediately available federal funds), at the end of the Term. Medical Center shall exercise one (1) of the three (3) options referred to above by giving an irrevocable written notice thereof to GKF at least one (1) year prior to the expiration of the initial Term. Any such notice shall be sufficient if it states in substance that Medical Center elects to exercise its option and states which of the three (3) options referred to above Medical Center is exercising. If Medical Center fails to exercise the option granted herein at least one (1) year prior to the expiration of the initial Term, the option shall lapse and this Agreement shall expire as of the end of the initial Term. Further, if Medical Center exercises the option specified in Section 19.1 above and the parties are unable to mutually agree upon the length of the extension of the Term or any other terms or conditions applicable to such extension prior to the expiration of the Term, this Agreement shall expire as of the end of the initial Term.
Options to Extend Agreement. As of the end of the Term, Medical Center shall have the option to:
18.1 Extend the Term of this Agreement for a specified period of time and upon such other terms and conditions as may be agreed upon by JGKE and Medical Center;
18.2 Purchase the Equipment from JGKE or to assume JGKE’s rights under any lease of the Equipment upon expiration of the Term, provided, however, the price, terms and conditions of the purchase or assumption shall be negotiated as an arms-length transaction; or
18.3 Terminate this Agreement as of the expiration of the Term. Upon the expiration of the Term and within a reasonable time thereafter, JGKE, at its cost and expense, may enter upon the Site under Medical Center supervision and remove the Equipment.
18.4 Medical Center shall exercise one (1) of the three (3) options referred to above by giving an irrevocable written notice thereof to JGKE at least one hundred eighty (180) days prior to the expiration of the initial Term. Any such notice shall be sufficient if it states in substance that Medical Center elects to exercise its option and states which of the three (3) options referred to above Medical Center is exercising. If Medical Center fails to exercise the option granted herein at least one hundred eighty (180) days prior to the expiration of the initial Term, the option shall lapse and this Agreement shall expire as of the end of the initial Term. Further, if Medical Center exercises either option specified in Sections 18.1 or 18.2 above and the parties are unable to mutually agree upon the price, terms or conditions applicable to such option prior to the expiration of the Term, this Agreement shall expire as of the end of the initial Term.
Options to Extend Agreement. As of the end of the Term, Hospital shall have the option either to:
19.1 Extend the Term of this Agreement for a specified period of time and upon such other terms and conditions in writing as may be agreed upon by GKF and Hospital taking into account the use (e.g., number of Gamma Knife procedures, etc.) of the Equipment at the Site during the initial Term and other factors deemed relevant by the parties;
19.2 Terminate this Agreement as of the expiration of the Term. Hospital shall exercise one (1) of the two (2) options referred to above by giving an irrevocable written notice thereof to GKF at least nine (9) months prior to the expiration of the initial Term. Any such notice shall be sufficient if it states in substance that Hospital elects to exercise its option and states which of the two (2) options referred to above Hospital is exercising. If Hospital fails to exercise the option granted herein at least nine (9) months prior to the expiration of the initial Term, the option shall lapse and this Agreement shall expire as of the end of the initial Term. Further, if Hospital exercises the option specified in Section 19.1 above and the parties are unable to mutually agree upon the length of the extension of the Term or any other terms or conditions applicable to such extension prior to the expiration of the Term, this Agreement shall expire as of the end of the initial Term.
Options to Extend Agreement. (a) Medical Center shall have the option at the end of the ten (10) year initial Term to:
(i) Renegotiate this Agreement for a five (5) year term.
(ii) Terminate this Agreement. If Medical Center terminates this Agreement at the end of the initial term, GKF shall remove the Gamma Knife within an agreed upon period of time after the expiration of the ten (10) year initial Term. Medical Center shall exercise one (1) of the two (2) options referred to above, by mailing an irrevocable written notice thereof to GKF at Four Xxxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxx Xxxxxxxxx, Xxxxxxxxxx, 00000, xx registered mail, postmarked on or before the end of the ninth (9th) year of the ten (10) year initial Term of this Agreement. Any such notice shall be sufficient if it states in substance that Medical Center elects to exercise its option and states which of the two (2) options referred to above Medical Center is exercising.
Options to Extend Agreement. (a) JFK shall have the option at the end of the initial Term to:
(i) Renegotiate this Agreement for a specified renewal term taking into account the use (e.g., number of procedures, etc.) of the Equipment at the Site during the initial Term.
(ii) Purchase the Equipment from GKF for cash (or other immediately available funds) at its then fair market value (based upon the “in use” value of the Equipment), but excluding any value attributable to the Site, as determined by a qualified independent appraiser or appraisal company agreed upon by GKF and JFK. The qualified independent appraiser or appraisal company (or its principals or employees) shall be a member of a nationally recognized appraisal society or association of business appraisers and have at least five (5) years experience in the appraisal of Gamma Knife equipment and other similar high technology medical equipment. If GKF and JFK are unable to agree upon the selection of an independent appraiser, each shall name two (2) qualified independent appraisers (i.e., a total four (4) named appraisers), the name of each designated independent appraiser shall be written in black ink on a blank sheet of white paper (i.e., one name on each sheet of paper), each sheet of paper shall be placed in an identical blank white envelope and sealed (i.e., four (4) separate envelopes) and the then serving Chief Executive Officer of JFK shall randomly pick one of the envelopes in the presence of a representative of GKF. The name of the independent appraiser in the envelope picked by the Chief Executive Officer shall serve for purposes hereof.
(iii) Terminate this Agreement. If JFK terminates this Agreement at the end of the initial term, GKF shall remove the Equipment from the Site not more than ninety (90) days after the expiration of the initial Term. JFK shall exercise one (1) of the three (3) options referred to above, by mailing an irrevocable written notice thereof to GKF at the address provided pursuant to Paragraph 23 below by registered mail, postmarked at least nine (9) months prior to the expiration of the initial Term. Any such notice shall be sufficient if it states in substance that JFK elects to exercise its option and states which of the three (3) options referred to above JFK is exercising.
Options to Extend Agreement. (a) University shall have the option at the end of the seven (7) year initial Term to:
(i) [*]
(iii) [*] University shall exercise one (1) of the three (3) options referred to above, by mailing an irrevocable written notice thereof to ASHS at Four Embaxxxxxxx Xxxxxx, Xxxxx 0000, Xxx Xxxxxxxxx, Xxxxxxxxxx 00000 xx registered mail, postmarked on or before the end of the sixth (6th) year of the seven (7) year initial Term of this Agreement. Any such notice shall be sufficient if it states in substance that the University elects to exercise its option and states which of the three (3) options referred to above University is exercising. [*]. In the event University chooses to exercise either option (i) or (ii) of the options listed above, the following terms shall apply to the transaction: The "Closing Date" shall be the first (1st) business day eighty-four (84) months after the Commencement Date. The Closing Date may be extended by mutual agreement of the parties. On or before the Closing Date, University shall deliver to ASHS cash funds in the amount of the purchase price. On or before the Closing Date, ASHS shall deliver to University four (4) duplicate original copies of a bill xx sale duly executed and acknowledged by University and the legal owner of the Equipment, which bills of sale shall warrant and defend University from and against any and all liens, encumbrances, security interests for claims of third parties, and shall be in a form reasonably satisfactory to counsel for University. At the time University receives free and clear title to the Gamma Knife, ASHS agrees that the Gamma Knife equipment shall include the Hewlett-Packard hardware and Gamma Plan software that is currently a part of the Equipment and is part of a Beta Test Site agreement with Elektra. It is understood by ASHS and University that ASHS is not responsible for any additional hardware, Cobalt reloading, or software changes and/or other modifications to the Gamma Knife Unit except as agreed upon by the University and ASHS. This Agreement may be modified to reflect any changes and/or modifications.
Options to Extend Agreement. (a) Yale shall have the option at the end of the ten (10) year initial Term to:
(1) Extend the term of the lease under this Agreement for an additional term of five (5) years under the same terms and conditions as are set forth herein.
(2) Terminate this Agreement. If Yale terminates this Agreement at the end of the initial Tem1, GKF shall remove the Gamma Knife within an agreed upon period of time after the expiration of the (10) year initial Term. Yale shall exercise one (1) of the two (2) options referred to above, by mailing an irrevocable written notice thereof to GKF at Fxxx Xxxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxx Xxxxxxxxx, Xxxxxxxxxx 00000, by certified mail, postmarked on or before the end of the ninth (9th) year of the initial Term of this Agreement. Any such notice shall be sufficient if it states in substance that Yale elects to exercise its option and states which of the two (2) options referred to above Yale is exercising.