Common use of Sale Pursuant to Third Party Purchase Option Clause in Contracts

Sale Pursuant to Third Party Purchase Option. (a) If any Person shall exercise its Third Party Purchase Option prior to the Rated Final Payment Date, the applicable Issuer shall, simultaneously with the transfer of the applicable Property pursuant to the Third Party Purchase Option, deposit the Third Party Option Price into the Release Account, and upon receipt of an Officer’s Certificate from the Property Manager or the Issuers to the effect that such deposit has been made (which the Property Manager shall deliver to the Indenture Trustee and the Issuers promptly upon such deposit being made and upon which Officer’s Certificate the Indenture Trustee shall be permitted to fully rely and shall have no liability for so relying without any obligation to confirm or verify), the Indenture Trustee shall release to such Issuer or its designee the related Lease File and execute and deliver such instruments of release, transfer or assignment, in each case without recourse, that shall be provided by such Issuer or the Property Manager and reasonably necessary to release the subject Mortgage and the other liens and security interests in such Property and the related Lease. (b) After such release, the released Property shall not be deemed to be a Property (except for the purposes of obligations under the Transaction Documents that are expressly provided to survive repayment in full of the Notes and satisfaction of the Mortgage).

Sale Pursuant to Third Party Purchase Option. (a) If any Person shall exercise its Third Party Purchase Option prior to the Rated Final Payment Facility Termination Date, the applicable Issuer Borrower shall, simultaneously with the transfer of the applicable Property pursuant to the Third Party Purchase Option, deposit the Third Party Option Price into the Release Account or Collection Account, subject to Section 7.01(e), and upon receipt of an Officer’s Certificate from the Property Manager or the Issuers Borrowers to the effect that such deposit has been made (which the Property Manager shall deliver to the Indenture Trustee Administrative Agent and the Issuers Borrowers promptly upon such deposit being made and upon which Officer’s Certificate the Indenture Trustee Administrative Agent shall be permitted to fully rely and shall have no liability for so relying without any obligation to confirm or verify)) and compliance with the Credit Agreement, the Indenture Trustee Administrative Agent shall release to such Issuer Borrower or its designee the related Lease File and execute and deliver such instruments of release, transfer or assignment, in each case without recourse, that shall be provided by such Issuer Borrower or the Property Manager and reasonably necessary to release the subject Mortgage and the other liens and security interests in such Property and the related LeaseLease in accordance with the Credit Agreement. (b) After such release, the released Property shall not be deemed to be a Financed Property (except for the purposes of obligations under the Transaction Loan Documents that are expressly provided to survive repayment in full of the Notes and satisfaction of the Mortgage).

Sale Pursuant to Third Party Purchase Option. (a) If any Person shall exercise its Third Party Purchase Option prior to the Rated Final Payment Date, the applicable Issuer shall, simultaneously with the transfer of the applicable Property pursuant to the Third Party Purchase Option, deposit the Third Party Option Price into the Release Account, and upon receipt of an Officer’s Certificate from the Property Issuer Manager or the Issuers Issuer to the effect that such deposit has been made (which the Property Issuer Manager shall deliver to the Indenture Trustee and the Issuers Issuer promptly upon such deposit being made and upon which Officer’s Certificate the Indenture Trustee shall be permitted to fully rely and shall have no liability for so relying without any obligation to confirm or verify), the Indenture Trustee shall release to such the Issuer or its designee the related Lease File and execute and deliver such instruments of release, transfer or assignment, in each case without recourse, that shall be provided by such the Issuer or the Property Manager and reasonably necessary to release the subject Mortgage and the other liens and security interests in such Property and the related Lease. (b) After such release, the released Property shall not be deemed to be a Property (except for the purposes of obligations under the Transaction Documents that are expressly provided to survive repayment in full of the Notes and satisfaction of the Mortgage).