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Common use of Provisions Relating Clause in Contracts

Provisions Relating. to Lessee's Termination of this Lease or Exercise of Purchase Option. In connection with any termination of this Lease with respect to any Property pursuant to the terms of Section 16.2, or in connection with Lessee's exercise of its Purchase Option or Maturity Date Purchase Option, upon the date on which this Lease is to terminate with respect to the applicable Property or upon the Expiration Date with respect to the applicable Property, and upon tender by Lessee of the amounts set forth in Section 16.2(b), 20.1 or 20.2, as applicable: (a) Lessor shall execute and deliver to Lessee (or to Lessee's designee) at Lessee's cost and expense an assignment of Lessor's entire interest in the applicable Properties, in each case in recordable form and otherwise in conformity with local custom and free and clear of the Lien of the applicable Mortgage and any Lessor Liens; and (b) The applicable Property shall be conveyed to Lessee "AS IS" and in then present physical condition.

Appears in 2 contracts

Samples: Lease Agreement (Living Centers of America Inc), Lease (Paragon Health Network Inc)

Provisions Relating. to Lessee's Termination of this Lease or Exercise of Purchase Option. In connection with any termination of this Lease with respect to any Property Equipment pursuant to the terms of Section 16.2, or in connection with Lessee's exercise of its Purchase Option or Maturity Date Purchase Option, upon the date on which this Lease is to terminate with respect to the applicable Property piece of Equipment or upon the Expiration Date with respect to the applicable Propertypiece of Equipment, and upon tender by Lessee of the amounts set forth in Section 16.2(b), 20.1 or 20.2, as applicable: (a) Lessor shall execute and deliver to Lessee (or to Lessee's designee) at Lessee's cost and expense an assignment of Lessor's entire interest in the applicable PropertiesEquipment, in each case in recordable form and otherwise in conformity with local custom and free and clear of the Lien of the applicable Mortgage Security Agreement and any Lessor Liens; and (b) The applicable Property Equipment shall be conveyed to Lessee "AS IS" and in then present physical condition.

Appears in 2 contracts

Samples: Lease (Hanover Compressor Co), Lease (Hanover Compression Inc)