Common use of Conveyance of the Project Clause in Contracts

Conveyance of the Project. The Authority’s right and interest in and to the Project shall be transferred, conveyed and assigned by the Authority to the Town: (a) Upon payment by the Town of the then applicable Purchase Option Price and upon giving not less than thirty (30) days prior written notice to the Authority; or (b) Upon payment by the Town of all Base Rentals and Additional Rentals required to be paid under this Lease during the Original Term and each of the Renewal Terms; or (c) Upon the discharge of the lien of the Master Resolution under Article X thereof. The Authority agrees to execute such documents and instruments as shall be necessary to effect a release of the security interest granted by said Master Resolution or the Security Documents upon the payment in full of the Bonds.

Conveyance of the Project. The Authority’s right and interest in and to the Project shall be transferred, conveyed and assigned by the Authority to the TownCounty: (a) Upon payment by the Town County of the then applicable Purchase Option Price and upon giving not less than thirty (30) days prior written notice to the Authority; or (b) Upon payment by the Town County of all Base Rentals and Additional Rentals required to be paid under this Lease during the Original Term and each of the Renewal Terms; or (c) Upon the discharge of the lien of the Master Resolution under Article X IX thereof. The Authority agrees to execute such documents and instruments as shall be necessary to effect a release of the security interest granted by said Master Resolution or the Security Documents upon the payment in full of the Bonds.