Common use of PURCHASE OF LEASED PROPERTY Clause in Contracts

PURCHASE OF LEASED PROPERTY. Lessee may, by written notice to Lessor given not more than thirty nor less than eighteen months prior to the end of the initial term or any renewal term of this Lease elect to have the Leased Property appraised by three qualified appraisers, one of whom shall be promptly selected by Lessor, one of whom shall be promptly selected by Lessee and one of whom shall be promptly selected by said two appraisers selected by Lessor and Lessee, which appraisers shall undertake, at Lessee's sole expense, to appraise the Leased Property at least by the thirtieth day before the beginning of the last year of the then current term of this Lease. Upon receipt of a written appraisal agreed upon in writing by at least two of said appraisers, Lessee may, by written notice to Lessor given prior to the beginning of such last year, elect and, subject to obtaining necessary approvals of regulatory authorities having jurisdiction, become obligated to purchase the Leased Property at any time designated in such notice during such last year and at least sixty days after the date of such notice, for a Purchase Price equal to the then value of the Leased Property as appraised by said appraisers, as aforesaid, which Purchase Price shall be increased by an amount equal to the net amount theretofore expended by Lessor to restore the Leased Property after any damage thereto or destruction or Taking thereof or successful assertion of title paramount thereto which occurred prior to such appraisal, and is reflected in such appraisal, and which Purchase Price shall be decreased by the appraised amount of any loss in value of the Leased Property due to any damage, destruction, successful assertion of title paramount or Taking referred to in sections 21, 23, 24 or 25 which occurred after such appraisal and is not reflected in such appraisal, to the extent that such loss has not been restored by Lessor, such appraised amount to be determined by said appraisers as soon as possible after the occurrence involving such decrease in value in the same manner as the Purchase Price was determined, provided, that such Purchase Price shall in no event be less than $250,000 if such purchase is made during the last year of the initial term of this Lease, nor less than $175,000 if such purchase is made during the last year of the first renewal term of this Lease, nor less than $100,000 if such purchase is made during the last year of the second renewal term of this Lease. If necessary approvals of regulatory authorities have not been obtained within 90 days of Lessee's notice of election, such election shall be voided without liability to Lessee or Lessor, and Lessee may elect, by written notice to Lessor given within 10 days after said 90-day period to extend this Lease for any renewal term or terms provided for in section 34 notwithstanding the fact that said notice would not otherwise be timely under said section 34. If Lessee shall so notify Lessor, Lessor shall, on the date designated in such notice, furnish to Lessee at the place to which service of notices upon Lessee is then to be given under section 50 of this Lease, a quitclaim deed to the Leased Property, conveying to Lessee a good and marketable title in fee simple to the Leased Property, free and clear of all mortgages, liens, charges, encumbrances, easements, conditions and rights of re-entry or forfeiture, subject only to: (a) this Lease; (b) matters, including, without limitation, those set forth in Schedule A hereto, existing at the date of this Lease; (c) all taxes, special assessments and Impositions and liens required to be paid as additional rent or otherwise or discharged by the Lessee under any of the provisions of this Lease; (d) acts done by the Lessee hereunder or by Lessor at the request of or with the consent of Lessee, and claims by persons claiming by, through or under the Lessee; and (e) all Takings, and all other matters, if any, to which this Lease is subject other than matters created by the Lessor hereunder or at the request of or with the consent of Lessor, and by persons, other than the Lessee and those claiming by, through or under the Lessee, claiming by, through or under the Lessor. If Lessor is unable, with the exercise of due diligence, to convey such title to Lessee, in addition to any other remedies conferred by law, Lessee may elect either (a) to take the title as it then is, and deduct from the Purchase Price liens or encumbrances of an ascertainable amount, or (b) to terminate its obligation to purchase the property, in which event the Lessee may (notwithstanding the fact that the Lessee may have elected to extend the term hereof, as provided in section 34) by notice in writing given to the Lessor within 3 months after the date of such failure, terminate this Lease as of the last day of any succeeding month, provided that not more than 6 full calendar months shall elapse between the date of such failure and the date of such termination or (c) to extend this Lease for any renewal term or terms as provided in section 34 upon written notice thereof given to Lessor within 2 months after the date of such failure or the earlier delivery by Lessor of written notice that it will so fail (notwithstanding the fact that such notice would not otherwise be timely under section 34). If such 2-month period extends beyond the end of any term of this Lease such term shall be deemed to be extended to the end of such period or the earlier election by Lessee so to extend this Lease.

PURCHASE OF LEASED PROPERTY. Lessee may, by written notice to Lessor given not more than thirty nor less than eighteen months prior In the event Tenant shall purchase the applicable Leased Property from Landlord pursuant to the end terms of the initial term or any renewal term of this Lease elect to have the Leased Property appraised by three qualified appraisersapplicable Lease, one of whom shall be promptly selected by LessorLandlord shall, one of whom shall be promptly selected by Lessee and one of whom shall be promptly selected by said two appraisers selected by Lessor and Lessee, which appraisers shall undertake, at Lessee's sole expense, to appraise the Leased Property at least by the thirtieth day before the beginning upon receipt from Tenant of the last year applicable purchase price, together with full payment of the then current term of this Lease. Upon receipt of a written appraisal agreed upon in writing by at least two of said appraisers, Lessee may, by written notice any unpaid Rent and other charges due and payable with respect to Lessor given prior to the beginning of such last year, elect and, subject to obtaining necessary approvals of regulatory authorities having jurisdiction, become obligated to purchase the Leased Property at any time designated in such notice during such last year and at least sixty days after period ending on or before the date of the purchase, and so long as no Default shall have occurred and be continuing at such noticetime (or, for a Purchase Price equal to solely in the then value case of the purchase of the Collective Leased Properties pursuant to Section 21.4, so long as no Default involving the nonpayment of Rent shall have occurred and be continuing), deliver to Tenant a title insurance policy, together with an appropriate deed or other instruments, conveying the entire interest of Landlord in and to such Leased Property as appraised by said appraisers, as aforesaid, which Purchase Price shall be increased by an amount equal to the net amount theretofore expended by Lessor to restore the Leased Property after any damage thereto or destruction or Taking thereof or successful assertion of title paramount thereto which occurred prior to such appraisal, and is reflected in such appraisal, and which Purchase Price shall be decreased by the appraised amount of any loss in value of the Leased Property due to any damage, destruction, successful assertion of title paramount or Taking referred to in sections 21, 23, 24 or 25 which occurred after such appraisal and is not reflected in such appraisal, to the extent that such loss has not been restored by Lessor, such appraised amount to be determined by said appraisers as soon as possible after the occurrence involving such decrease in value in the same manner as the Purchase Price was determined, provided, that such Purchase Price shall in no event be less than $250,000 if such purchase is made during the last year of the initial term of this Lease, nor less than $175,000 if such purchase is made during the last year of the first renewal term of this Lease, nor less than $100,000 if such purchase is made during the last year of the second renewal term of this Lease. If necessary approvals of regulatory authorities have not been obtained within 90 days of Lessee's notice of election, such election shall be voided without liability to Lessee or Lessor, and Lessee may elect, by written notice to Lessor given within 10 days after said 90-day period to extend this Lease for any renewal term or terms provided for in section 34 notwithstanding the fact that said notice would not otherwise be timely under said section 34. If Lessee shall so notify Lessor, Lessor shall, on the date designated in such notice, furnish to Lessee at the place to which service of notices upon Lessee is then to be given under section 50 of this Lease, a quitclaim deed to the Leased Property, conveying to Lessee a good and marketable title in fee simple to the Leased PropertyTenant, free and clear of all mortgages, encumbrances created through the act or omission of Landlord other than (i) those liens, chargesif any, encumbranceswhich Tenant has agreed in writing to accept and take title subject to, easementsand (ii) encumbrances imposed on such Leased Property under Section 5.5 hereof. The difference between the applicable purchase price and the total cost of discharging the encumbrances described in clause (i) above shall be paid in cash to Landlord or as Landlord may direct, in federal or other immediately available funds. Other than as specifically provided above, such Leased Property shall be conveyed to Tenant on an "as is" basis, and in its then physical condition. The closing of any such sale shall be subject to all terms and conditions with respect thereto set forth in the applicable Lease and rights in the other Transaction Documents, and shall, unless waived by Tenant, be contingent upon and subject to Tenant's obtaining all required governmental consents and approvals for such transfer. All expenses of re-entry or forfeiture, subject only to: (a) this Lease; (b) matterssuch conveyance, including, without limitation, those set forth in Schedule A hereto, existing at the date of this Lease; (c) all transfer and sales taxes, special assessments documentary fees, the fees and Impositions expenses of counsel to Landlord and liens required to the cost of any title examination or title insurance, shall be paid as additional rent or otherwise or discharged by the Lessee under any of the provisions of this Lease; (d) acts done by the Lessee hereunder or by Lessor at the request of or with the consent of Lessee, and claims by persons claiming by, through or under the Lessee; and (e) all Takings, and all other matters, if any, to which this Lease is subject other than matters created by the Lessor hereunder or at the request of or with the consent of Lessor, and by persons, other than the Lessee and those claiming by, through or under the Lessee, claiming by, through or under the Lessor. If Lessor is unable, with the exercise of due diligence, to convey such title to Lessee, in addition to any other remedies conferred by law, Lessee may elect either (a) to take the title as it then is, and deduct from the Purchase Price liens or encumbrances of an ascertainable amount, or (b) to terminate its obligation to purchase the property, in which event the Lessee may (notwithstanding the fact that the Lessee may have elected to extend the term hereof, as provided in section 34) by notice in writing given to the Lessor within 3 months after the date of such failure, terminate this Lease as of the last day of any succeeding month, provided that not more than 6 full calendar months shall elapse between the date of such failure and the date of such termination or (c) to extend this Lease for any renewal term or terms as provided in section 34 upon written notice thereof given to Lessor within 2 months after the date of such failure or the earlier delivery by Lessor of written notice that it will so fail (notwithstanding the fact that such notice would not otherwise be timely under section 34). If such 2-month period extends beyond the end of any term of this Lease such term shall be deemed to be extended to the end of such period or the earlier election by Lessee so to extend this LeaseTenant.

PURCHASE OF LEASED PROPERTY. Lessee may, by written notice to Lessor given not more than thirty nor less than eighteen months prior to the end of the initial term or any renewal term of this Lease elect to have the Leased Property appraised by three qualified appraisers, one of whom shall be promptly selected by Lessor, one of whom shall be promptly selected by Lessee and one of whom shall be promptly selected by said two appraisers selected by Lessor and Lessee, which appraisers shall undertake, at Lessee's sole expense, to appraise the Leased Property at least by the thirtieth day before the beginning of the last year of the then current term of this Lease. Upon receipt of a written appraisal agreed upon in writing by at least two of said appraisers, Lessee may, by written notice to Lessor given prior to the beginning of such last year, elect and, subject to obtaining necessary approvals of regulatory authorities having jurisdiction, become obligated to purchase the Leased Property at any time designated in such notice during such last test year and at least sixty days after the date of such notice, for a Purchase Price equal to the then value vale of the Leased Property as appraised by said appraisers, as aforesaid, which Purchase Price shall be increased by an amount equal to the net amount theretofore expended by Lessor to restore the Leased Property after any damage thereto or destruction or Taking thereof or successful assertion of title paramount thereto which occurred prior to such appraisal, and is reflected in such appraisal, and which Purchase Price shall be decreased by the appraised amount of any loss in value of the Leased Property due to any damage, destruction, successful assertion of title paramount or Taking referred to in sections 21, 23, 24 or 25 which occurred after such appraisal and is not reflected in such appraisal, to the extent that such loss has not been restored by Lessor, such appraised amount to be determined by said appraisers as soon as possible after the occurrence involving such decrease in value in the same manner as the Purchase Price was determined, provided, that such Purchase Price shall in no event be less than $250,000 if such purchase is made during the last year of the initial term of this Lease, nor less than $175,000 if such purchase is made during the last year of the first renewal term of this Lease, nor less than $100,000 if such purchase is made during the last year of the second renewal term of this Lease. If necessary approvals of regulatory authorities have not been obtained within 90 days of Lessee's notice of election, such election shall be voided without liability to Lessee or Lessor, and Lessee may elect, by written notice to Lessor given within 10 days after said 90-90 day period to extend this Lease for any renewal term or terms provided for in section 34 34, notwithstanding the fact that said notice would not otherwise be timely under said section 34. If Lessee shall so notify Lessor, Lessor shall, on the date designated in such notice, furnish to Lessee at the place to which service of notices upon Lessee is then to be given under section 50 of this Lease, a quitclaim deed to the Leased Property, conveying to Lessee a good and marketable title in fee simple to the Leased Property, free and clear of all mortgages, liens, charges, encumbrances, easements, conditions and rights of re-entry reentry or forfeiture, subject only to: (a) this Lease; (b) matters, including, without limitation, those set forth in Schedule A hereto, existing at the date of this Lease; (c) all taxes, special assessments and Impositions and liens required to be paid as additional rent or otherwise or discharged by the Lessee under any of the provisions of this Lease; (d) acts done by the Lessee hereunder or by Lessor at the request of or with the consent of Lessee, and claims by persons claiming by, through or under the Lessee; and (e) all Takings, and all other matters, if any, to which this Lease is subject other than matters created by the Lessor hereunder or at the request of or with the consent of Lessor, and by persons, other than the Lessee and those claiming by, through or under the Lessee, claiming by, through or under the Lessor. If Lessor is unable, with the exercise of due diligence, to convey such title to Lessee, in addition to any other remedies conferred by law, Lessee may elect either (a) to take the title as it then is, and deduct from the Purchase Price liens or encumbrances of an ascertainable amount, or (b) to terminate its obligation to purchase the property, in which event the Lessee may (notwithstanding the fact that the Lessee may have elected to extend the term hereof, as provided in section 34) by notice in writing given to the Lessor within 3 months after the date of such failure, terminate this Lease as of the last day of any succeeding month, provided that not more than 6 full calendar months shall elapse between the date of such failure and the date of such termination or (c) to extend this Lease for any renewal term or terms as provided in section 34 upon written notice thereof given to Lessor within 2 months after the date of such failure or the earlier delivery by Lessor of written notice that it will so fail (notwithstanding the fact that such notice would not otherwise be timely under section 34). If such 2-month period extends beyond the end of any term of this Lease such term shall be deemed to be extended to the end of such period or the earlier election by Lessee so to extend this Lease.

PURCHASE OF LEASED PROPERTY. Lessee may, by written notice to Lessor given not more than thirty nor less than eighteen months prior In the event Tenant shall purchase the applicable Leased Property from Landlord pursuant to the end terms of the initial term or any renewal term of this Lease elect to have the Leased Property appraised by three qualified appraisersapplicable Lease, one of whom shall be promptly selected by LessorLandlord shall, one of whom shall be promptly selected by Lessee and one of whom shall be promptly selected by said two appraisers selected by Lessor and Lessee, which appraisers shall undertake, at Lessee's sole expense, to appraise the Leased Property at least by the thirtieth day before the beginning upon receipt from Tenant of the last year applicable purchase price, together with full payment of the then current term of this Lease. Upon receipt of a written appraisal agreed upon in writing by at least two of said appraisers, Lessee may, by written notice any unpaid Rent and other charges due and payable with respect to Lessor given prior to the beginning of such last year, elect and, subject to obtaining necessary approvals of regulatory authorities having jurisdiction, become obligated to purchase the Leased Property at any time designated in such notice during such last year and at least sixty days after period ending on or before the date of the purchase, and so long as no Default shall have occurred and be continuing at such noticetime, for a Purchase Price equal to (or, solely in the then value case of the purchase of the Collective Leased Properties pursuant to Section 21.4, so long as no Default involving the nonpayment of Rent shall have occurred and be continuing), deliver to Tenant a title insurance policy, together with an appropriate deed or other instruments, conveying the entire interest of Landlord in and to such Leased Property as appraised by said appraisers, as aforesaid, which Purchase Price shall be increased by an amount equal to the net amount theretofore expended by Lessor to restore the Leased Property after any damage thereto or destruction or Taking thereof or successful assertion of title paramount thereto which occurred prior to such appraisal, and is reflected in such appraisal, and which Purchase Price shall be decreased by the appraised amount of any loss in value of the Leased Property due to any damage, destruction, successful assertion of title paramount or Taking referred to in sections 21, 23, 24 or 25 which occurred after such appraisal and is not reflected in such appraisal, to the extent that such loss has not been restored by Lessor, such appraised amount to be determined by said appraisers as soon as possible after the occurrence involving such decrease in value in the same manner as the Purchase Price was determined, provided, that such Purchase Price shall in no event be less than $250,000 if such purchase is made during the last year of the initial term of this Lease, nor less than $175,000 if such purchase is made during the last year of the first renewal term of this Lease, nor less than $100,000 if such purchase is made during the last year of the second renewal term of this Lease. If necessary approvals of regulatory authorities have not been obtained within 90 days of Lessee's notice of election, such election shall be voided without liability to Lessee or Lessor, and Lessee may elect, by written notice to Lessor given within 10 days after said 90-day period to extend this Lease for any renewal term or terms provided for in section 34 notwithstanding the fact that said notice would not otherwise be timely under said section 34. If Lessee shall so notify Lessor, Lessor shall, on the date designated in such notice, furnish to Lessee at the place to which service of notices upon Lessee is then to be given under section 50 of this Lease, a quitclaim deed to the Leased Property, conveying to Lessee a good and marketable title in fee simple to the Leased PropertyTenant, free and clear of all mortgages, encumbrances created through the act or omission of Landlord other than (i) those liens, chargesif any, encumbranceswhich Tenant has agreed in writing to accept and take title subject to, easementsanx (xx) encumbrances imposed on such Leased Property under Section 5.5 hereof. The difference between the applicable purchase price and the total cost of discharging the encumbrances described in clause (i) above shall be paid in cash to Landlord or as Landlord may direct, in federal or other immediately available funds. Other than as specifically provided above, such Leased Property shall be conveyed to Tenant on an "as is" basis, and in its then physical condition. The closing of any such sale shall be subject to all terms and conditions with respect thereto set forth in the applicable Lease and rights in the other Transaction Documents, and shall, unless waived by Tenant, be contingent upon and subject to Tenant's obtaining all required governmental consents and approvals for such transfer. All expenses of re-entry or forfeiture, subject only to: (a) this Lease; (b) matterssuch conveyance, including, without limitation, those set forth in Schedule A hereto, existing at the date of this Lease; (c) all transfer and sales taxes, special assessments documentary fees, the reasonable fees and Impositions expenses of counsel to Landlord and liens required to the cost of any title examination or title insurance, shall be paid as additional rent or otherwise or discharged by the Lessee under any of the provisions of this Lease; (d) acts done by the Lessee hereunder or by Lessor at the request of or with the consent of Lessee, and claims by persons claiming by, through or under the Lessee; and (e) all Takings, and all other matters, if any, to which this Lease is subject other than matters created by the Lessor hereunder or at the request of or with the consent of Lessor, and by persons, other than the Lessee and those claiming by, through or under the Lessee, claiming by, through or under the Lessor. If Lessor is unable, with the exercise of due diligence, to convey such title to Lessee, in addition to any other remedies conferred by law, Lessee may elect either (a) to take the title as it then is, and deduct from the Purchase Price liens or encumbrances of an ascertainable amount, or (b) to terminate its obligation to purchase the property, in which event the Lessee may (notwithstanding the fact that the Lessee may have elected to extend the term hereof, as provided in section 34) by notice in writing given to the Lessor within 3 months after the date of such failure, terminate this Lease as of the last day of any succeeding month, provided that not more than 6 full calendar months shall elapse between the date of such failure and the date of such termination or (c) to extend this Lease for any renewal term or terms as provided in section 34 upon written notice thereof given to Lessor within 2 months after the date of such failure or the earlier delivery by Lessor of written notice that it will so fail (notwithstanding the fact that such notice would not otherwise be timely under section 34). If such 2-month period extends beyond the end of any term of this Lease such term shall be deemed to be extended to the end of such period or the earlier election by Lessee so to extend this LeaseTenant.

PURCHASE OF LEASED PROPERTY. Lessee may, by written notice to Lessor given not more than thirty nor less than eighteen months prior In the event Tenant shall purchase any of the Collective Leased Properties from Landlord pursuant to the end terms of this Agreement, Landlord shall, upon receipt from Tenant of the initial term applicable purchase price, together with full payment of any unpaid Rent and other charges due and payable with respect to any period ending on or any renewal term of this Lease elect to have the Leased Property appraised by three qualified appraisers, one of whom shall be promptly selected by Lessor, one of whom shall be promptly selected by Lessee and one of whom shall be promptly selected by said two appraisers selected by Lessor and Lessee, which appraisers shall undertake, at Lessee's sole expense, to appraise the Leased Property at least by the thirtieth day before the beginning of the last year of the then current term of this Lease. Upon receipt of a written appraisal agreed upon in writing by at least two of said appraisers, Lessee may, by written notice to Lessor given prior to the beginning of such last year, elect and, subject to obtaining necessary approvals of regulatory authorities having jurisdiction, become obligated to purchase the Leased Property at any time designated in such notice during such last year and at least sixty days after the date of the purchase, deliver to Tenant an appropriate deed or other instruments, conveying the entire interest of Landlord in and to such notice, for a Purchase Price equal to the then value of the Leased Property as appraised by said appraisers, as aforesaid, which Purchase Price shall be increased by an amount equal to the net amount theretofore expended by Lessor to restore the Leased Property after any damage thereto or destruction or Taking thereof or successful assertion of title paramount thereto which occurred prior to such appraisal, and is reflected in such appraisal, and which Purchase Price shall be decreased by the appraised amount of any loss in value of the Leased Property due to any damage, destruction, successful assertion of title paramount or Taking referred to in sections 21, 23, 24 or 25 which occurred after such appraisal and is not reflected in such appraisal, to the extent that such loss has not been restored by Lessor, such appraised amount to be determined by said appraisers as soon as possible after the occurrence involving such decrease in value in the same manner as the Purchase Price was determined, provided, that such Purchase Price shall in no event be less than $250,000 if such purchase is made during the last year of the initial term of this Lease, nor less than $175,000 if such purchase is made during the last year of the first renewal term of this Lease, nor less than $100,000 if such purchase is made during the last year of the second renewal term of this Lease. If necessary approvals of regulatory authorities have not been obtained within 90 days of Lessee's notice of election, such election shall be voided without liability to Lessee or Lessor, and Lessee may elect, by written notice to Lessor given within 10 days after said 90-day period to extend this Lease for any renewal term or terms provided for in section 34 notwithstanding the fact that said notice would not otherwise be timely under said section 34. If Lessee shall so notify Lessor, Lessor shall, on the date designated in such notice, furnish to Lessee at the place to which service of notices upon Lessee is then to be given under section 50 of this Lease, a quitclaim deed to the Leased Property, conveying to Lessee a good and marketable title in fee simple to the Leased PropertyTenant, free and clear of all mortgages, encumbrances created through the act or omission of Landlord other than (i) Permitted Encumbrances and such other liens, chargesif any, encumbranceswhich Tenant has agreed in writing to accept and take title subject to, easementsand (ii) encumbrances imposed on such Leased Property under Section 5.5. The -61- difference between the applicable purchase price and the total cost of discharging the encumbrances described in clause (i) preceding shall be paid to Landlord or as Landlord may direct, by wire transfer of immediately available federal funds. Such Leased Property shall be conveyed to Tenant on an "as is" basis and in its "as-is" physical condition. The closing of any such sale shall be subject to all terms and conditions with respect thereto set forth in this Agreement and rights shall, unless waived by Tenant, be contingent upon and subject to Tenant's obtaining all required governmental consents and approvals for such transfer. All expenses of re-entry or forfeiture, subject only to: (a) this Lease; (b) matterssuch conveyance, including, without limitation, those set forth in Schedule A hereto, existing at the date of this Lease; (c) all transfer and sales taxes, special assessments documentary fees, the fees and Impositions expenses of counsel to Landlord and liens required to the cost of any title examination or title insurance, shall be paid as additional rent or otherwise or discharged by the Lessee under any of the provisions of this Lease; (d) acts done by the Lessee hereunder or by Lessor at the request of or with the consent of Lessee, and claims by persons claiming by, through or under the Lessee; and (e) all Takings, and all other matters, if any, to which this Lease is subject other than matters created by the Lessor hereunder or at the request of or with the consent of Lessor, and by persons, other than the Lessee and those claiming by, through or under the Lessee, claiming by, through or under the Lessor. If Lessor is unable, with the exercise of due diligence, to convey such title to Lessee, in addition to any other remedies conferred by law, Lessee may elect either (a) to take the title as it then is, and deduct from the Purchase Price liens or encumbrances of an ascertainable amount, or (b) to terminate its obligation to purchase the property, in which event the Lessee may (notwithstanding the fact that the Lessee may have elected to extend the term hereof, as provided in section 34) by notice in writing given to the Lessor within 3 months after the date of such failure, terminate this Lease as of the last day of any succeeding month, provided that not more than 6 full calendar months shall elapse between the date of such failure and the date of such termination or (c) to extend this Lease for any renewal term or terms as provided in section 34 upon written notice thereof given to Lessor within 2 months after the date of such failure or the earlier delivery by Lessor of written notice that it will so fail (notwithstanding the fact that such notice would not otherwise be timely under section 34). If such 2-month period extends beyond the end of any term of this Lease such term shall be deemed to be extended to the end of such period or the earlier election by Lessee so to extend this LeaseTenant.

PURCHASE OF LEASED PROPERTY. Lessee may, by written notice to Lessor given not more than thirty nor less than eighteen months prior In the event Tenant shall purchase the applicable Leased Property from Landlord pursuant to the end terms of the initial term or any renewal term of applicable Lease and this Master Lease elect to have the Leased Property appraised by three qualified appraisersDocument, one of whom shall be promptly selected by LessorLandlord shall, one of whom shall be promptly selected by Lessee and one of whom shall be promptly selected by said two appraisers selected by Lessor and Lessee, which appraisers shall undertake, at Lessee's sole expense, to appraise the Leased Property at least by the thirtieth day before the beginning upon receipt from Tenant of the last year applicable purchase price, together with full payment of the then current term of this Lease. Upon receipt of a written appraisal agreed upon in writing by at least two of said appraisers, Lessee may, by written notice any unpaid Rent and other charges due and payable with respect to Lessor given prior to the beginning of such last year, elect and, subject to obtaining necessary approvals of regulatory authorities having jurisdiction, become obligated to purchase the Leased Property at any time designated in such notice during such last year and at least sixty days after period ending on or before the date of the purchase, and so long as no Default shall have occurred and be continuing at such noticetime, for a Purchase Price equal deliver to Tenant an appropriate deed or other instruments, conveying the then value entire interest of the Landlord in and to such Leased Property as appraised by said appraisers, as aforesaid, which Purchase Price shall be increased by an amount equal to the net amount theretofore expended by Lessor to restore the Leased Property after any damage thereto or destruction or Taking thereof or successful assertion of title paramount thereto which occurred prior to such appraisal, and is reflected in such appraisal, and which Purchase Price shall be decreased by the appraised amount of any loss in value of the Leased Property due to any damage, destruction, successful assertion of title paramount or Taking referred to in sections 21, 23, 24 or 25 which occurred after such appraisal and is not reflected in such appraisal, to the extent that such loss has not been restored by Lessor, such appraised amount to be determined by said appraisers as soon as possible after the occurrence involving such decrease in value in the same manner as the Purchase Price was determined, provided, that such Purchase Price shall in no event be less than $250,000 if such purchase is made during the last year of the initial term of this Lease, nor less than $175,000 if such purchase is made during the last year of the first renewal term of this Lease, nor less than $100,000 if such purchase is made during the last year of the second renewal term of this Lease. If necessary approvals of regulatory authorities have not been obtained within 90 days of Lessee's notice of election, such election shall be voided without liability to Lessee or Lessor, and Lessee may elect, by written notice to Lessor given within 10 days after said 90-day period to extend this Lease for any renewal term or terms provided for in section 34 notwithstanding the fact that said notice would not otherwise be timely under said section 34. If Lessee shall so notify Lessor, Lessor shall, on the date designated in such notice, furnish to Lessee at the place to which service of notices upon Lessee is then to be given under section 50 of this Lease, a quitclaim deed to the Leased Property, conveying to Lessee a good and marketable title in fee simple to the Leased PropertyTenant, free and clear of all mortgages, encumbrances created through the act or omission of Landlord other than (i) those liens, chargesif any, encumbranceswhich Tenant has agreed in writing to accept and take title subject to, easementsand (ii) encumbrances imposed on such Leased Property under Section 5.5 hereof. The difference between the applicable -43- purchase price and the total cost of discharging the encumbrances described in clause (i) above shall be paid in cash to Landlord or as Landlord may direct, in federal or other immediately available funds. Other than as specifically provided above, such Leased Property shall be conveyed to Tenant on an "as is" basis, and in its then physical condition. The closing of any such sale shall be subject to all terms and conditions with respect thereto set forth in the applicable Lease and rights in the other Transaction Documents, and shall, unless waived by Tenant, be contingent upon and subject to Tenant's obtaining all required governmental consents and approvals for such transfer. All expenses of re-entry or forfeiture, subject only to: (a) this Lease; (b) matterssuch conveyance, including, without limitation, those set forth in Schedule A hereto, existing at the date of this Lease; (c) all transfer and sales taxes, special assessments documentary fees, the fees and Impositions expenses of counsel to Landlord and liens required to the cost of any title examination or title insurance, shall be paid as additional rent or otherwise or discharged by the Lessee under any of the provisions of this Lease; (d) acts done by the Lessee hereunder or by Lessor at the request of or with the consent of Lessee, and claims by persons claiming by, through or under the Lessee; and (e) all Takings, and all other matters, if any, to which this Lease is subject other than matters created by the Lessor hereunder or at the request of or with the consent of Lessor, and by persons, other than the Lessee and those claiming by, through or under the Lessee, claiming by, through or under the Lessor. If Lessor is unable, with the exercise of due diligence, to convey such title to Lessee, in addition to any other remedies conferred by law, Lessee may elect either (a) to take the title as it then is, and deduct from the Purchase Price liens or encumbrances of an ascertainable amount, or (b) to terminate its obligation to purchase the property, in which event the Lessee may (notwithstanding the fact that the Lessee may have elected to extend the term hereof, as provided in section 34) by notice in writing given to the Lessor within 3 months after the date of such failure, terminate this Lease as of the last day of any succeeding month, provided that not more than 6 full calendar months shall elapse between the date of such failure and the date of such termination or (c) to extend this Lease for any renewal term or terms as provided in section 34 upon written notice thereof given to Lessor within 2 months after the date of such failure or the earlier delivery by Lessor of written notice that it will so fail (notwithstanding the fact that such notice would not otherwise be timely under section 34). If such 2-month period extends beyond the end of any term of this Lease such term shall be deemed to be extended to the end of such period or the earlier election by Lessee so to extend this LeaseTenant.