Common use of Tenant Repurchase Obligation Clause in Contracts

Tenant Repurchase Obligation. In the event of an Event of Default arising from Tenant's failure to comply with Section 5.3 and during the pendency thereof, or if an Event of Default occurs and is continuing because the license of the Premises is revoked, suspended or materially limited for any of the uses included in the definition of Retirement Care Facilities, then in addition to Landlord's other rights and remedies under this Lease, Landlord shall have the right to put the Premises to Tenant. If Landlord exercises such right, Tenant shall purchase the Premises from Landlord for a cash price equal to the greater of the Adjusted Fair Market Value of the Premises or Landlord's Original Investment on the date of Landlord's notice of exercise. Such Adjusted Fair Market Value shall be as agreed between Landlord and Tenant. However, failing such agreement within ten (10) days of Landlord's notice of exercise under this Section, such Adjusted Fair Market Value shall be determined by the appraisal process set forth in Exhibit "C" attached hereto. Within ninety (90) days of Landlord's exercise of its put under this Section 5.4, such purchase shall be consummated utilizing an escrow at a national title company selected by Landlord. Such escrow shall be documented on such title company's standard sale escrow instructions without representations or warranties and without any due diligence or other contingencies in favor of the buyer. Tenant shall pay all costs of such sale transaction. At the close of such sale, Landlord shall deliver to Tenant title to the Premises subject only to those title exceptions shown on Exhibit "D" attached hereto.

Tenant Repurchase Obligation. In the event of an Event of Default arising from Tenant's failure If Tenant fails to comply with Section 5.3 of this Lease, if any certification of the Premises under Medicare or Medicaid (or any successor program) is ever granted and during the pendency thereofthen later revoked, suspended or materially limited, or if an Event of Default occurs and is continuing because any material license relating to the license operation of the Premises is revoked, suspended or materially limited for any of the uses included in the definition of Retirement Care Facilitieslimited, then in addition to Landlord's other rights and remedies under this Lease, Landlord shall have the right right, thirty (30) days after providing to Tenant written notice an opportunity to cure, to put the Premises to Tenant. If Landlord exercises such right, Tenant shall purchase the Premises from Landlord for a cash price equal to the greater of (a) Landlord's Adjusted Investment, or (b) the Adjusted Fair Market Value fair market value of the Premises or Landlord's Original Investment on the date of Landlord's notice of exercise. Such Adjusted Fair Market Value fair market value shall be as agreed between Landlord and Tenant. However, failing such agreement within ten (10) days of Landlord's notice of exercise under this Section, such Adjusted Fair Market Value fair market value shall be determined by the appraisal process set forth in Exhibit "CB" attached hereto. Within ninety (90) days of Landlord's exercise of its put under this Section 5.4, such purchase shall be consummated utilizing an escrow at a national title company selected by Landlord. Such escrow shall be documented on such title company's standard sale escrow instructions without representations or warranties and without any due diligence or other contingencies in favor of the buyer. Tenant shall pay all costs of such sale transaction. At the close of such sale, Landlord shall deliver to Tenant title to the Premises free and clear of any liens created by Landlord (other than liens, leases, subleases, and related instruments entered into, caused or created in whole or in part by BCC, Developer, Manager, or their respective Affiliates) subject only to those title exceptions shown on Exhibit EXHIBIT "DE" attached heretohereto and incorporated herein for all purposes and any additional title exceptions required or approved by Landlord in its sole discretion.

Tenant Repurchase Obligation. In the event of an Event of Default arising from Tenant's failure to comply with Section 5.3 and during the pendency thereof, or if an Event of Default occurs and is continuing because the license of the Premises any Facility is revoked, suspended or materially limited for any of the uses included in the definition of Retirement Personal Care Facilities, then in addition to Landlord's other rights and remedies under this Lease, Landlord shall have the right to put the Premises applicable Facility to Tenant. If Landlord exercises such right, Tenant shall purchase the Premises applicable Facility from Landlord for a cash price equal to the greater of the Adjusted Fair Market Value of the Premises applicable Facility or the portion of the Landlord's Original Investment applicable to such Facility on the date of Landlord's notice of exercise. Such Adjusted Fair Market Value shall be as agreed between Landlord and Tenant. However, failing such agreement within ten (10) days of Landlord's notice of exercise under this Section, such Adjusted Fair Market Value shall be determined by the appraisal process set forth in Exhibit "C" B attached hereto. Within ninety (90) days of Landlord's exercise of its put under this Section 5.4, such purchase shall be consummated utilizing an escrow at a national title company selected by Landlord. Such escrow shall be documented on such title company's standard sale escrow instructions without representations or warranties and without any due diligence or other contingencies in favor of the buyer. Tenant shall pay all costs of such sale transaction. At the close of such sale, Landlord shall deliver to Tenant title to the Premises applicable Facility subject only to those the applicable title exceptions shown on Exhibit "D" C attached hereto. Upon the consummation of the sale of any Facility pursuant to this Section 5.4, Landlord's Original Investment and Minimum Rent shall be reduced by the respective amount thereof attributable to such Facility. For purposes of this Section 5.4, (a) the "purchase of the applicable Facility" or like terminology with respect to the Parklane West Facility shall mean a sale and assignment by Landlord to Tenant of the leasehold estate under the Ground Lease and the "Facilities" (as defined in the Ground Lease) and other improvements on the "Leased Premises" (also as defined in the Ground Lease) that are then owned by Landlord, and (b) the purchase price to be paid by Tenant to Landlord for the property described in the foregoing clause (a) shall be the portion of the Landlord's Original Investment applicable to the Parklane West Facility on the date of Landlord's notice of exercise.

Tenant Repurchase Obligation. In the event of an Event of Default arising from Tenant's failure If Tenant fails to comply with Section 5.3 of this Lease, if any certification of the Premises under Medicare or Medicaid (or any successor program) is ever granted and during the pendency thereofthen later revoked, suspended or materially limited, or if an Event of Default occurs and is continuing because any material license relating to the license operation of the Premises is revoked, suspended or materially limited for any of the uses included in the definition of Retirement Care Facilitieslimited, then in addition to Landlord's other rights and remedies under this Lease, Landlord shall have the right right, thirty (30) days after providing to Tenant written notice an opportunity to cure, to put the Premises to Tenant. If Landlord exercises such right, Tenant shall purchase the Premises from Landlord for a cash price equal to the greater of (a) Landlord's Adjusted Investment, or (b) the Adjusted Fair Market Value fair market value of the Premises or Landlord's Original Investment on the date of Landlord's notice of exercise. Such Adjusted Fair Market Value fair market value shall be as agreed between Landlord and Tenant. However, failing such agreement within ten (10) days of Landlord's notice of exercise under this Section, such Adjusted Fair Market Value fair market value shall be determined by the appraisal process set forth in Exhibit "CB" attached hereto. Within ninety (90) days of Landlord's exercise of its put under this Section 5.4, such purchase shall be consummated utilizing an escrow at a national title company selected by Landlord. Such escrow shall be documented on such title company's standard sale escrow instructions without representations or warranties and without any due diligence or other contingencies in favor of the buyer. Tenant shall pay all costs of such sale transaction. At the close of such sale, Landlord shall deliver to Tenant title to the Premises free and clear of any liens created by Landlord (other than liens, leases, subleases, and related instruments entered into, caused or created in whole or in part by BCC, Guarantor, Developer, Manager, or their respective Affiliates) subject only to those title exceptions shown on Exhibit "DE" attached heretohereto and any additional title exceptions required or approved by Landlord in its sole discretion.

Tenant Repurchase Obligation. In the event of an Event of Default arising from Tenant's failure to comply with Section 5.3 and during the pendency thereof, or if an Event of Default occurs and is continuing because the license of the Premises any Facility is revoked, suspended or materially limited for any of the uses included in the definition of Retirement Personal Care Facilities, then in addition to Landlord's other rights and remedies under this Lease, Landlord shall have the right to put the Premises applicable Facility to Tenant. If Landlord exercises such right, Tenant shall purchase the Premises applicable Facility from Landlord for a cash price equal to the greater of the Adjusted Fair Market Value of the Premises applicable Facility or the portion of the Landlord's Original Investment applicable to such Facility on the date of Landlord's notice of exercise. Such Adjusted Fair Market Value shall be as agreed between Landlord and Tenant. However, failing such agreement within ten (10) days of Landlord's notice of exercise under this Section, such Adjusted Fair Market Value shall be determined by the appraisal process set forth in Exhibit "C" B attached hereto. Within ninety (90) days of Landlord's exercise of its put under this Section 5.4, such purchase shall be consummated utilizing an escrow at a national title company selected by Landlord. Such escrow shall be documented on such title company's standard sale escrow instructions without representations or warranties and without any due diligence or other contingencies in favor of the buyer. Tenant shall pay all costs of such sale transaction. At the close of such sale, Landlord shall deliver to Tenant title to the Premises applicable Facility subject only to those the applicable title exceptions shown on Exhibit "D" C attached hereto. Upon the consummation of the sale of any Facility pursuant to this Section 5.4, Landlord's Original Investment, Minimum Rent and Additional Rent shall be reduced by the respective amount thereof attributable to such Facility.

Tenant Repurchase Obligation. In the event of an Event of Default arising from Tenant's failure to comply with Section 5.3 and during the pendency thereof, or if an Event of Default occurs and is continuing because the license of the Premises any Facility is revoked, suspended or materially limited for any of the uses included in the definition of Retirement Personal Care Facilities, then in addition to Landlord's other rights and remedies under this Lease, Landlord shall have the right to put the Premises applicable Facility to Tenant. If Landlord exercises such right, Tenant shall purchase the Premises applicable Facility from Landlord for a cash price equal to the greater of the Adjusted Fair Market Value of the Premises applicable Facility or the portion of the Landlord's Original Investment applicable to such Facility on the date of Landlord's notice of exercise. Such Adjusted Fair Market Value shall be as agreed between Landlord and Tenant. However, failing such agreement within ten (10) days of Landlord's notice of exercise under this Section, such Adjusted Fair Market Value shall be determined by the appraisal process set forth in Exhibit "C" B attached hereto. Within ninety (90) days of Landlord's exercise of its put under this Section 5.4, such purchase shall be consummated utilizing an escrow at a national title company selected by Landlord. Such escrow shall be documented on such title company's standard sale escrow instructions without representations or warranties and without any due diligence or other contingencies in favor of the buyer. Tenant shall pay all costs of such sale transaction. At the close of such sale, Landlord shall deliver to Tenant title to the Premises applicable Facility subject only to those the applicable title exceptions shown on Exhibit "D" C attached hereto. Upon the consummation of the sale of any Facility pursuant to this Section 5.4, Landlord's Original Investment and Minimum Rent shall be reduced by the respective amount thereof attributable to such Facility.