Common use of TERMINATION OF LEASE WITHOUT TRANSFER Clause in Contracts

TERMINATION OF LEASE WITHOUT TRANSFER. In the event this Lease shall terminate, the Lessee or Lessee heirs, unless they shall lease these premises as provided hereinafter, shall have the responsibility to sever or to sell or to otherwise transfer ownership of and title to the buildings/improvements. The Lessee shall notify the Lessor of intent with regard to this responsibility within 30 days following termination, at which time the Lessor shall have the First Option to Purchase as described above. Should the Lessor fail to exercise its purchase option, the Lessor may, nevertheless, place the buildings and improvements up for sale, consistent with the provisions above. If no acceptable buyer is found within 270 days of the termination of this lease, the Lessor shall have the right to assume ownership of and title to all buildings and improvements. In such an event, the Lessor shall sell the buildings and improvements and shall convey to the Lessee the proceeds from such sale, up to the amount of the equity accrued by the Lessee as determined above, minus the costs of the sale, the amount of land taxes owed since termination and any debts owed by the Lessee to the Lessor.