Common use of Rejection of Sale Clause in Contracts

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 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) the Construction Appraised Value shall be less than the Construction Offer Price or (B) 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 (iiamount paid pursuant to clause(i) the amount by which (A) the Land Acquisition Costs exceeds (B) the Land Portion of the Construction Appraised Value and (yfirst sentence of Section 5.7(g) (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 the Lessor or the Agent rejects the purchase offer for any the Leased Property Properties as provided in (and subject to the conditions set forth in) Section 5.714.6, then the Agent shall have an appraisal done ----------- of the Leased Property ------------ Properties by an independent third party appraiser selected by the Agent, which appraiser shall determine the Fair Market Sales Value of the Leased Property in Properties (such Fair Market Sales Value, less the condition in which cost of such Leased Property exists at such time (appraisal, the "Construction Appraised --------- Value"). If (Aa) if the Construction Appraised Value ---------------------------- shall be equal to or greater than the Construction Offer Price, ----- Price and the Lessor in its sole discretion so elects, still elects to proceed with such sale or (Bb) the Construction Appraised Value shall be less than the Construction Offer Price, the Leased Property Properties shall be sold pursuant to Section 5.7(g)sold, and the proceeds of such sale shall be distributed, -------------- in accordance with Section 5.714.6. 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)Properties, (a) the -------------- Lessor shall refund to the Lessee Lessees the amount by which (x) (i) the Land Construction Failure Payment exceeds (iiRecourse Deficiency Amount paid by the Lessees pursuant to Section ------- 14.6(g) 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 Properties and shall retain all future proceeds with respect to the of such Leased Property, Properties free and clear of all claims of the Lessee and the Construction Agentany Lessee.

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) the Construction Appraised Value shall be less than the Construction Offer Price or (B) 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 Construction Agent the amount by which (x) (i) the Land Construction Failure Payment exceeds (iiamount paid pursuant to clause(i) the amount by which (A) the Land Acquisition Costs exceeds (B) the Land Portion of the Construction Appraised Value and (yfirst sentence of Section 5.7(g) (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.