Time Period for Authority Notices Sample Clauses

Time Period for Authority Notices. The Authority must deliver a Consent to Transfer, if applicable, not later than sixty (60) days after the date that it receives notification of an Option Event. The Authority must deliver a Notice of Exercise, if applicable, on or before the later to occur of the following dates: (1) sixty (60) days after the date that the Authority receives notification of an Option Event or (2) thirty (30) days after a Consent to Transfer has expired. For purposes of computing commencement of the delivery periods, the Authority shall be deemed to have notification of an Option Event on the date that it actually receives a written Notice of Intent to Transfer, notice of Default, summons and complaint or other pleading, or other writing specifically stating that an Option Event has occurred, or, if an Option Event is triggered by some other Default by Owner hereunder, the Authority shall be deemed to have notification of the Option Event on the date the Authority issues a written notice to Owner that the Default constitutes an Option Event hereunder. The Authority shall have no obligation to deliver a Notice of Exercise or Consent to Transfer, and the applicable time period for exercise of the Option shall not commence to run, unless and until it has received or issued a written notification of an Option Event in the manner specified in this subparagraph. If there is a stay or injunction imposed by court order precluding the Authority from delivering its Consent to Transfer or exercising the Option within the applicable time period, then the running of such period shall be tolled until such time as the stay is lifted or injunction dissolved and the Authority has been given written notice thereof, at which time the period for delivery of a Consent to Transfer or exercise of the Option shall again begin to run.
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