Common use of Termination Upon Certain Events Clause in Contracts

Termination Upon Certain Events. (a) If an Event of Loss or Specified Significant Environmental Event occurs during the Term with respect to the Leased Property, then Lessor may elect to terminate this Lease by giving written notice (a “Termination Notice”) to the Lessee (within sixty (60) days of Lessor obtaining actual knowledge of the Event of Loss or Specified Significant Environmental Event), with such termination to be effective on the Payment Date specified in Section 15.1(b). If Lessor fails to elect to terminate this Lease as provided in this Section 15.1(a), Lessor shall be deemed to have elected to require Lessee to restore, rebuild or remediate the Leased Property pursuant to Section 14.1(d) or Section 14.3, as applicable, and Lessee shall undertake and diligently pursue such restoration, rebuilding or remediation. (b) Following Lessee’s receipt of the Termination Notice, the Lessee shall be obligated to purchase Lessor’s interest in all, but not less than all, of the Leased Property on the date occurring ninety (90) days from the date Lessee receives the Termination Notice (or the next occurring Business Day) by paying an amount equal to the Purchase Amount to the Administrative Agent.

Termination Upon Certain Events. (a) If an Event of Loss or Specified Significant Environmental Event occurs during the Term with respect to the Leased Property, then Lessor Lessee, upon Lessee making a reasonable judgment that such Event or Loss or Significant Environmental Event has occurred, may elect to terminate this the Lease by giving written notice (a “Termination Notice”"TERMINATION NOTICE") to the Lessee Lessor, but in any event no later than one hundred twenty (within sixty (60120) days following the occurrence of Lessor obtaining actual knowledge of the such Event of Loss or Specified Significant Environmental Event that, as a consequence of such Event of Loss or Significant Environmental Event), with such termination the Lease is to be effective terminated on the Payment Date specified in Section 15.1(b). If Lessor Lessee fails to elect to terminate this the Lease as provided in this Section 15.1(a), Lessor Lessee shall be deemed to have elected to require Lessee to restore, rebuild or remediate the Leased Property pursuant to Section 14.1(d) or Section 14.3, as applicable, applicable and Lessee shall undertake and diligently pursue such restoration, rebuilding or remediationremediation which in all cases shall be completed prior to the Expiration Date. (b) Following Lessee’s receipt 's delivery of the Termination Notice, the Lessee shall be obligated to purchase the Lessor’s 's interest in all, but not less than all, of the Leased Property on or prior to the date next occurring ninety Payment Date (90but in no event any later than thirty (30) days from the date the Lessee receives delivers the applicable Termination Notice (or the next occurring Business DayNotice) by paying the Lessor an amount equal to the Purchase Amount to the Administrative AgentAmount.

Termination Upon Certain Events. (a) If an Event of Loss or Specified Significant Material Environmental Event Violation occurs during the Term with respect to the Leased Property, then Lessor may elect to terminate this the Lease by giving written notice (a “Termination Notice”) to the Lessee (within sixty (60) days of Lessor obtaining actual knowledge of the Event of Loss or Specified Significant Material Environmental EventViolation), with such termination to be effective on the Payment Date specified in Section 15.1(b). If Lessor fails to elect to terminate this the Lease as provided in this Section 15.1(a)15.2, Lessor shall be deemed to have elected to require Lessee to restore, rebuild or remediate the Leased Property pursuant to Section 14.1(d) or Section 14.3, as applicable, applicable and Lessee shall undertake and diligently pursue such restoration, rebuilding or remediationremediation which in all cases shall be completed prior to the Expiration Date unless all, but not less than all, of the Leased Property has been purchased by Lessee in accordance with Article XVIII. (b) Following LesseeLessor’s receipt delivery of the Termination Notice, the Lessee shall be obligated to purchase Lessor’s interest in all, but not less than all, of the Leased Property on or prior to the date next third occurring Payment Date (but in no event any later than ninety (90) days from the date Lessee receives Lessor delivers the applicable Termination Notice (or the next occurring Business DayNotice) by paying the Administrative Agent an amount equal to the Purchase Amount to the Administrative AgentAmount.

Termination Upon Certain Events. (a) If an Event of Loss or Specified Significant Environmental Event occurs during the Term with respect to the Leased Property, then Lessor may elect to terminate this Lease by giving written notice (a “Termination Notice”) to the Lessee (within sixty (60) days of Lessor obtaining actual knowledge of the Event of Loss or Specified Significant Environmental Event), with such termination to be effective on the Payment Date specified in Section 15.1(b). If Lessor fails to elect to terminate this Lease as provided in this Section 15.1(a), Lessor shall be deemed to have elected to require Lessee to restore, rebuild or remediate the Leased Property pursuant to Section 14.1(d) or Section 14.3, as applicable, and Lessee shall undertake and diligently pursue such restoration, rebuilding or remediation. (b) Following LesseeLxxxxx’s receipt of the Termination Notice, the Lessee shall be obligated to purchase Lessor’s interest in all, but not less than all, of the Leased Property on the date occurring ninety (90) days from the date Lessee receives the Termination Notice (or the next occurring Business Day) by paying an amount equal to the Purchase Amount to the Administrative Agent.