Common use of WHEN LEASE ENDS, OWNERSHIP Clause in Contracts

WHEN LEASE ENDS, OWNERSHIP. REVERTS TO ACLT, WHICH SHALL REIMBURSE HOMEOWNER: Upon the expiration or termination of this Lease, ownership of the Home shall revert to ACLT. Upon thus assuming title to the Home, ACLT shall promptly pay Homeowner and Permitted Mortgagee(s), as follows: FIRST, ACLT shall pay any Permitted Mortgagee(s) the full amount owed to such mortgagee(s) by Homeowner in so far as that amount does not exceed the Purchase Option Price. In no event shall the total amount that ACLT is required to pay Permitted Mortgagees be greater than the Purchase Option Price SECOND, ACLT shall pay the Homeowner the balance of the Purchase Option Price calculated in accordance with Article 10 below, if any, as of the time of reversion of ownership, less the total amount of any unpaid Lease Fee and any other amounts owed to ACLT under the terms of this Lease. The Homeowner shall be responsible for any costs necessary to clear any additional liens or other charges related to the Home which may be assessed against the Home. If the Homeowner fails to clear such liens or charges, the balance due the Homeowner shall also be reduced by the amount necessary to release such liens or charges, including reasonable attorneys’ fees incurred by ACLT.

WHEN LEASE ENDS, OWNERSHIP. REVERTS TO ACLTDSCLT, WHICH SHALL REIMBURSE HOMEOWNER: Upon the expiration or termination of this LeaseLease after the first or second 99 year lease term, ownership of the Home shall revert to ACLTDSCLT. Upon thus assuming title to the Home, ACLT DSCLT shall promptly pay Homeowner and Permitted Mortgagee(s), as follows: FIRST, ACLT DSCLT shall pay any Permitted Mortgagee(s) the full amount owed to such mortgagee(s) by Homeowner in so far as that amount does not exceed the Purchase Option Price. In no event shall the total amount that ACLT is required to pay Permitted Mortgagees be greater than the Purchase Option Price Homeowner; SECOND, ACLT DSCLT shall pay the Homeowner the balance of the Purchase Option Price calculated in accordance with Article 10 below, if any, as of the time of reversion of ownership, less the total amount of any unpaid Lease Fee and any other amounts owed to ACLT the DSCLT under the terms of this Lease. The Homeowner shall be responsible for any costs necessary to clear any additional liens or other charges related to the Home which may be assessed against the Home. If the Homeowner fails to clear such liens or charges, the balance due the Homeowner shall also be reduced by the amount necessary to release such liens or charges, including reasonable attorneys’ fees incurred by ACLTthe DSCLT.