Rejection of Sale. 32 14.8 Return of Leased Property....................................32 14.9 Renewal......................................................33 ARTICLE XV..............................LESSEE'S EQUIPMENT 34 ARTICLE XVI....................RIGHT TO PERFORM FOR LESSEE 35
Rejection of Sale. Notwithstanding anything contained herein to the contrary, if Lessor or the Agent rejects the purchase offer for the Leased Properties as provided in (and subject to the conditions set forth in) Section 14.6, then (a) the Lessees, jointly and severally, shall pay to the Agent the Recourse Deficiency Amount pursuant to Section 14.6(i), and (b) Lessor shall retain title to the Leased Properties.
Rejection of Sale. (a) Notwithstanding anything contained herein to the contrary, if Lessor rejects the purchase offer for the Leased Property as provided in Section 15.6(xi), then (i) Lessee shall pay to the Lender (or to such other Person as Lessor shall direct) the Recourse Deficiency Amount pursuant to Section 15.6(xi), (ii) Lessor shall retain title to the Leased Property and (iii) in addition to Lessee's other obligations hereunder, Lessee will reimburse Lessor, within ten (10) Business Days after written request, for all reasonable costs and expenses incurred by Lessor during the period ending on the first anniversary of the Lease Termination Date in connection with the marketing, sale, closing or transfer of the Leased Property, which obligation shall survive the Lease Termination Date and the termination or expiration of this Lease.
(b) Following any rejection by Lessor of the purchase offer for the Leased Property pursuant to the provisions of Section 15.6(xi), subject to the condition that Lessee shall have:
(i) timely paid the Recourse Deficiency Amount to Lessor on or before the Lease Termination Date,
(ii) duly and timely fulfilled each of the other provisions of clauses (i) through (xiii) of Section 15.6 on or before the Lease Termination Date, and
(iii) on and after the Lease Termination Date, timely fulfilled each and every obligation of the Lessee under the Lease Agreement, the Participation Agreement and the other Operative Documents on its part to be performed, and no Event of Default shall have occurred, then, upon the subsequent sale of the Leased Property by Lessor to a third party, Lessor shall pay to Lessee an amount equal to the Lessor's gain (if any) on the sale, computed taking into account Lessor's total investment in the Leased Property (including, without limitation, the unpaid balance of the Loan, if any, and the unrecovered balance of the Contribution) plus all of Lessor's unreimbursed costs and expenses (capital or otherwise) relating to the Leased Property, plus an annual return thereon computed at the Overdue Rate, less the net avails of any reletting of the Leased Property or any part thereof. To the extent that Lessor shall receive payment in the form of purchase-money indebtedness in connection with any such sale, Lessor's duty to account to Lessee pursuant to this Section 15.7(b) shall be suspended until such time as Lessor receives payment thereon.
Rejection of Sale. Notwithstanding anything contained herein to the ----------------- contrary, if the Lessor or the Agent rejects the purchase offer for any Leased Property as provided in Section 5.7, then the Agent shall have an appraisal done ----------- of the Leased Property by an independent third party appraiser selected by the Agent, which appraiser shall determine the Fair Market Sales Value of the Leased Property in the condition in which such Leased Property exists at such time (the "Construction Appraised Value"). If (A) if the Construction Appraised Value ---------------------------- shall be equal to or greater than the Construction Offer Price, and the Lessor in its sole discretion so elects, or (B) the Construction Appraised Value shall be less than the Construction Offer Price, the Leased Property shall be sold pursuant to Section 5.7(g), and the proceeds of such sale shall be distributed, -------------- in accordance with Section 5.7. If the Construction Appraised Value shall be ----------- equal to or greater than the Construction Offer Price and the Lessor shall not have elected to sell the Leased Property pursuant to Section 5.7(g), (a) the -------------- Lessor shall refund to the Lessee the amount by which (x) (i) the Land Construction Failure Payment exceeds (ii) the amount by which (A) the Land Acquisition Costs exceeds (B) the Land Portion of the Construction Appraised Value and (y) (i) the Building Construction Failure Payment exceeds (ii) the amount by which (A) the Permitted Lease Balance minus the Land Acquisition Costs exceeds (B) the Building Portion of the Construction Appraised Value, and (b) the Lessor shall retain title to the Leased Property and shall retain all proceeds with respect to the Leased Property, free and clear of all claims of the Lessee and the Construction Agent.
Rejection of Sale. Notwithstanding anything contained herein to the contrary, if Lessor or the Agent rejects the purchase offer for the Leased Properties as provided in Section 14.6, then (a) Lessee shall pay to the Agent the Recourse Deficiency Amount pursuant to Section 14.6(i), (b) Lessor shall retain title to the Leased Properties, and (c) in addition to Lessee's other obligations hereunder, Lessee will reimburse Lessor and the Agent, within ten (10) Business Days after written request, for all reasonable costs and expenses incurred by Lessor or Agent during the period ending on the first anniversary of the Lease Termination Date in connection with the marketing, sale, closing or transfer of the Leased Properties, which obligation shall survive the Lease Termination Date and the termination or expiration of this Lease.
Rejection of Sale. Notwithstanding anything contained herein to the contrary, if the Lessor or the Agent rejects the purchase offer for the Property as provided in subparagraph (f) above, then (A) the Lessee shall pay to the Agent the Residual Guaranty Amount pursuant to clause (ix) of subparagraph (f), (B) the Lessor shall retain title to the Property, and (C) in addition to the Lessee's other obligations hereunder, the Lessee will reimburse the Lessor and the Agent, within ten (10) Business Days after written request, for all reasonable costs and expenses incurred by the Lessor or the Agent during the period ending on the first anniversary of the Expiration Date in connection with the marketing, sale, closing or transfer of the Property, which obligation shall survive the Expiration Date and the termination or expiration of this Lease.
Rejection of Sale. Notwithstanding anything contained herein to the contrary, if Lessor or the Agent rejects the purchase offer for any remarketed Leased Property as provided in (and subject to the conditions set forth in) Section 14.6, or if no bids are obtained for any remarketed Leased Property after Lessees have fully complied with their obligations pursuant to Section 14.6, then (a) the Lessees, jointly and severally, shall pay to the Agent the Recourse Deficiency Amount for such remarketed Leased Property pursuant to Section 14.6(i), and (b) Lessor shall retain title to such Leased Property.
Rejection of Sale. Notwithstanding anything contained ----------------- herein to the contrary, if Lessor or the Agent rejects the purchase offer for the Leased Properties as provided in Section 14.6, then (a) the Lessees, jointly ------------ and severally, shall pay to the Agent the Recourse Deficiency Amount pursuant to Section 14.6(i), (b) Lessor shall retain title to the Leased Properties, and (c) --------------- in addition to each Lessee's other obligations hereunder, the Lessees, jointly and severally, will reimburse Lessor and the Agent, within ten (10) Business Days after written request, for all reasonable costs and expenses incurred by Lessor or Agent during the period ending on the first anniversary of the Lease Termination Date in connection with the marketing, sale, closing or transfer of the Leased Properties, which obligation shall survive the Lease Termination Date and the termination or expiration of this Lease.
Rejection of Sale. Notwithstanding anything contained herein to the contrary, if Lessor or the Agent rejects the purchase offer for the Leased Properties as provided in (and subject to the conditions set forth in) Section 14.6, then (a) Lessee shall pay to the Agent the Recourse Deficiency Amount on the Lease Termination Date pursuant to Section 14.6(i), (b) Lessor shall retain title to the Leased Properties, and (c) in addition to Lessee's other obligations hereunder, Lessee will reimburse Lessor and the Agent, within ten (10) Business Days after written request, for all reasonable costs and expenses incurred by Lessor or Agent during the period ending on the first anniversary of the Lease Termination Date in connection with the marketing, sale, closing or transfer of the Leased Properties, which obligation shall survive the Lease Termination Date and the termination or expiration of this Lease.
Rejection of Sale. Notwithstanding anything contained herein to the contrary, if Lessor or the Agent rejects the purchase offer for the Leased Property as provided in SECTION 14.6, then (a) Lessee shall pay to the Agent the Recourse Deficiency Amount pursuant to SECTION 14.6(I), (b) Lessor shall retain title to the Leased Property, and (c) in addition to Lessee's other obligations hereunder, Lessee will reimburse Lessor and the Agent, within ten (10) Business Days ds after written request, for all reasonable costs and expenses incurred by Lessor or Agent during the period ending on the first anniversary of the Lease Termination Date in connection with the marketing, sale, closing or transfer of the Leased Property, which obligation shall survive the Lease Termination Date and the termination or expiration of this Lease.
