Common use of Purchase of PV System Clause in Contracts

Purchase of PV System. If Customer has not elected to renew the term of this Agreement in accordance with Section 10.3.1, Customer may purchase the PV System by providing Provider written notice of its intent to purchase the PV System no later than one- hundred and eighty (180) days prior to the Expiration Date, and paying Provider the Fair Market Value thereof no later than the relevant Expiration Date. The “Fair Market Value” of the PV System shall be the value determined by the mutual agreement of Customer and Provider within ten (10) days after receipt by Provider of Customer’s notice of its election to purchase the PV System. If Customer and Provider cannot mutually agree to a Fair Market Value, then the Parties shall jointly select a nationally recognized independent appraiser with whom the parties have discussed methods and assumptions, with experience and expertise in the solar photovoltaic industry to value such equipment. Such appraiser shall act reasonably and in good faith to determine the Fair Market Value and shall set forth such determination in a written opinion delivered to the Parties. The valuation made by the appraiser shall be binding on the Parties in the absence of fraud or manifest error. The costs of the appraisal shall be borne by the Parties equally. To the extent transferable, the remaining period, if any, on all warranties for the PV System will be transferred from Provider to Customer. If the Parties are unable to agree on the selection of an appraiser, such appraiser shall be jointly selected by the appraiser firm proposed by the Customer and the appraiser firm proposed by the Provider. Upon receipt by Provider of payment of the Fair Market Value, title to the PV System as well as available Environmental Attributes and Environmental Financial Incentives from the PV System shall transfer to Customer as-is, where- is.