Option Lapse Date definition

Option Lapse Date means the first day after the expiration of the period, specified in a Grant, from and including the Commencement Date;
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Option Lapse Date means, as applicable, (A) with respect to Tenant’s obligation to deliver the Beneficial Transfer Documents and Landlord’s ability to exercise its remedy in the case of a Limited Remedy Default under Paragraph 22(c): (i) the last day that Tenant could have timely delivered the Option Notice to Landlord under the terms of Paragraph 34(a), if Tenant fails to so timely deliver said Option Notice pursuant to Paragraph 34(a) hereof; time being of the essence with respect to such date or (ii) the Purchase Date, if Tenant does timely deliver the Option Notice Pursuant to Paragraph 34(a) hereof, but thereafter Tenant defaults in its obligation to close on the Purchase Option on the Purchase Date pursuant to Paragraph 20 hereof; time being of the essence with respect to such date, and (B) with respect to the application of the term “Option Lapse Date” under all other provisions of this Lease, including, without limitation, Paragraphs 9, 15, 16(b), 18, 22(a), 23, 31(b), 33, and 34, the earlier to occur of (i) the date that Tenant actually delivers the Beneficial Transfer Documents to Landlord or (ii) the date that Landlord forecloses upon Tenant’s beneficial interest in the Leased Premises.
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Examples of Option Lapse Date in a sentence

  • The insurance referred to in Paragraphs 16(a)(i), 16(a)(iv) and 16(a)(vi) shall name Landlord and Lender as loss payee (but shall name Landlord as an additional insured after the Option Lapse Date) and Tenant as its interest may appear.

  • Nothing contained in this Paragraph 9 is intended to limit the contest rights of Tenant under Paragraph 14 hereof, and, from the date hereof through the Option Lapse Date, so long as no Event of Default has occurred and is then continuing under this Lease only Tenant shall have the right to protest any real estate tax, PILOT or assessment or to commence any certiorari proceeding in connection therewith.

  • If the Option Lapse Date (as defined in the Lease) shall occur, the Beneficial Transfer Documents (as defined in the Lease) have been delivered, and the Note shall not have been fully paid, on the Option Lapse Date, provided the holder of the Note shall be an Affiliate (as defined in the Lease) of the Lender, the Lender will promptly grant Borrower a subordination non-disturbance and attornment agreement (an “Subordination”) substantially in the form of Exhibit B, annexed hereto.

  • Notwithstanding Section 1.3.3, if Buyer does not deliver the Election Notice (as defined in Section 6.1 below), or terminate the Option pursuant to Section 1.3.2 above, on or before the date that is 15 days before the Option Lapse Date, Buyer shall be deemed to have elected to exercise the Option and the parties shall proceed to close the purchase and sale of the Property on or before the date that is 30 days thereafter (the “Outside Closing Date”).