End of Term Options Sample Clauses
The "End of Term Options" clause defines the choices available to the parties when a contract or agreement reaches its scheduled expiration date. Typically, this clause outlines whether the contract will automatically renew, terminate, or require one or both parties to provide notice if they wish to extend or end the relationship. For example, it may specify that the agreement will continue on a month-to-month basis unless either party gives 30 days' notice of termination. The core function of this clause is to provide clarity and predictability regarding what happens at the end of the contract term, helping both parties plan accordingly and avoid unintended extensions or abrupt terminations.
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End of Term Options. You may choose one of the following options, which you may exercise at the end of the term, provided that no event of default under this Agreement has occurred and is continuing. If no box is checked and initialed, Fair Market Value will be your end of term option. Fair Market Value means the value of the Equipment in continued use. X Purchase all of the Equipment for its Fair Market Value, renew this Agreement, or return the Equipment. Purchase all of the Equipment for $1.00. At the end of the term, title to the Equipment will automatically transfer to you, AS IS, WHERE IS, with no warranties of any kind. Customer's Initials Customer's Initials LESSOR SIGNATURE TITLE DATED Lancaster County Youth Services Center CUSTOMER (as referenced above) SIGNATURE TITLE DATED FEDERAL TAX I.D. # PRINT NAME You certify and acknowledge that all of the Equipment listed above: 1) has been received, installed and inspected; and 2) is fully operational and unconditionally accepted. Upon you signing below, your promises in this Agreement will be irrevocable and unconditional in all respects. You understand and agree that we have paid for the purchase of the Equipment from Supplier and you may contact Supplier for any warranty rights, which we transfer to you for the term of this Agreement (or until you default). Lancaster County Youth Services Center CUSTOMER (as referenced above) SIGNATURE TITLE ACCEPTANCE DATE 27542 (2017) Page 1 of 2 Rev. 12/01/2017
End of Term Options a) At any time not earlier than 6 months prior to the expiry of the Agreed Term, you may give us 30 days notice that at the end of the Agreed Term or 30 days after our receipt of the notice (whichever date is the later) you elect to;
(i) return the Goods to us in accordance with Clause 18 or
(ii) Request that we gift the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothing, or fail to give us notice under this Clause, or fail to provide us with the identity and address of your nominated family member or friend, the payment of the final Total Fortnightly Rental installment shall be deemed to be a notice making the election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice of the gift.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
End of Term Options. If Lessee is not in default and gives Lessor at least ninety (90) days prior written notice, Lessee will have the option at the expiration of the Initial Term to (a) purchase all, but not less than all, Equipment and/or Software (as applicable) for an amount equal to thirty-eight percent (38%) of the original acquisition cost, plus an amount which would be obtainable at the end of the Initial Term in an arm's-length transaction between an informed and willing buyer/user and an informed and willing seller under no compulsion to sell as determined by Lessor in its reasonable discretion, exercised in good faith, for any upgrades or additions with respect to such Equipment and/or Software (as applicable), plus taxes or (b) extend the Initial Term for all, but not less than all, Equipment and/or Software (as applicable) for a mutually agreed upon renewal period at a periodic Rent equal to an amount which would be obtainable at the commencement of the extended Initial Term in an arm's-length transaction between an informed and willing lessee/user and an informed and willing lessor/dealer under no compulsion to lease, plus taxes amortized over the renewal period , or (c) return the Equipment and/or Software (as applicable) in accordance with the terms and conditions of the Master Lease. If Lessee fails to provide written notice then the Equipment Schedule will continue in full force and effect until terminated in accordance with its terms.
End of Term Options. 27.1 At any time not earlier than 6 months prior to the expiry of the Agreed Term, you may give us 30 days notice that at the end of the Agreed Term or 30 days after our receipt of the notice (whichever date is the later) you elect to:
27.1.1 Return the Goods to us in accordance with this Agreement or
End of Term Options. If a Purchasing Entity desires to exercise a purchase, renewal, or return of the Equipment, it shall give Contractor at least thirty (30) days written notice prior to the expiration of such lease or rental term. Notwithstanding anything to the contrary, if Purchasing Entity fails to notify Contractor of its intent with respect to the exercise of a purchase, renewal, or return of the Equipment, the Initial Lease or Rental Term shall be terminated on the date as stated in the Order and removal of the Product will be mutually arranged.
End of Term Options. (a) Provided that no Event of Default will have occurred and is continuing, on the expiration of the base lease term, at its option, Lessee may purchase all of the Lessor's right, title and interest in and to all, but not less than all of the Equipment described in this Schedule. On the last day of the base lease term, the Lessee shall pay to the Lessor an amount equal to the greater of (I) the fair market value of the Equipment determined in accordance with the provisions of paragraph 11(b), or (ii) the percent of the Equipment Cost stated in the Supplement hereto. In order to exercise its option, Lessee shall notify Lessor in writing of its intention to exercise such option at least 180 days prior to the expiration of the base lease term. Lessee will deliver to the Lessor, on or before the expiration of the base lease term, an appraisal of the Equipment as described in subparagraph 11(b), together with the payment of the purchase price in immediately available funds. Thereupon, the Lessor shall convey the Equipment to the Lessee on an as-is, where-is basis without representation or warranty whatsoever, except that the Equipment shall be conveyed free and clear of any liens or encumbrances created due to or through the acts or omissions of the Lessor.
(b) As used in paragraph 11(a), "fair market value" of the Equipment shall be the value of the Equipment as of the last day of the base term of the Lease, as determined by an independent appraiser selected by the Lessee and retained at Lessee's expense. The report of the appraiser shall be in writing and delivered to the Lessor on or before the expiration of the base lease term.
(c) In the event that the Lessee does not purchase the Equipment in accordance with paragraph 11(a) above, then (I) Lessee shall continue to pay rent for the remainder of the base lease term in the amount set forth in the Supplement hereto, and (ii) this Schedule shall automatically be extended for an additional term (the "Renewal Term") as stated in the Supplement hereto, without further action on the part of the Lessor or the Lessee. At the expiration of the Renewal Term and conditioned that no Event of Default shall have occurred and be continuing, the Lessee may either (i) purchase the Equipment at the fair market value as of the last day of the Renewal Term as determined in accordance with paragraph 13 herein, or (ii) return the Equipment to the Lessor in accordance with paragraph 12 herein.
End of Term Options. At least one hundred and eighty (180) days prior to the Return Date, but not more than two hundred seventy (270) days, the Lessee shall, by delivery of an irrevocable written notice to the Lessor, exercise one of the following options:
(a) Purchase for cash for the Break Even Price all, but not less than all, of the Leased Property then subject to this Lease on the last day of the Lease Term (the “Purchase Option”) and if the Lessee shall have elected the Purchase Option, upon the payment to the Lessor of the Break Even Price, the Leased Property shall be transferred to the Lessee (or its designee) pursuant to Section 23.11; or
(b) Provided no Default or Event of Default (other than an Event of Default that is declared solely and exclusively on the basis of one or more 97-1 Event of Default with respect to which the Lessor has not yet commenced exercising remedies) shall have occurred and be continuing, return the Leased Property to the Lessor at the end of the scheduled expiration date of the Lease Term (the “Return Option”). The Return Option shall be conditioned upon and subject to the fulfillment by the Lessee of each of the terms and conditions set forth in Article XXII and, thereafter, the Lessee shall have no further obligations to pay Basic Rent or the remaining Lease Balance. Lessee shall not enter into any additional subleases or renew any subleases with respect to the Leased Property following the Lessee’s election of the Return Option. Following the Lessee’s election of the Return Option, the Lessee shall not remove any Alterations.
End of Term Options. Provided that the Lease has not been terminated and that no Event of Default or event which, with notice or lapse of time or both, would become an Event of Default shall have occurred and shall be continuing, Lessee shall at the end of the Initial Lease Term of the first Schedule be entitled to elect and to exercise one of the options, if any, indicated in the applicable Schedule which election shall be binding on Lessee with respect to all Schedules entered into between Lessor and Lessee under this Lease. The foregoing options granted hereunder shall be exercised by written notice delivered to Lessor by Lessee not more than 180 days and not less than ninety (90) days prior to the expiration of the Initial Lease Term of the Equipment, subject to Schedule No. 001.
End of Term Options. 15.1 At the end of any Term, Lessee may select one of the options described below and as detailed in the Schedule by providing Lessor an End of Term Notice. If Lessee fails to give its End of Term Notice at least thirty (30) days but no more than one hundred eighty (180) days prior to Expiry Date, then the Term of the Agreement will automatically continue on a month to month basis. Such Agreement will continue under the same General Conditions and at the last Rent Payment from the immediately preceding Term on a monthly basis greater than zero (but not less than the applicable Average Rent ) until the later of the date that is thirty (30) days after the End of Term Notice has been received by Lessor and the date on which Lessee has satisfied all the conditions of such selected End of Term Options as described herein.
End of Term Options. Provided that this Lease has not been cancelled and ------------------- that no Event of Default or event which, with notice or lapse of time or both, would become an Event of Default shall have occurred and be continuing, Lessee shall elect one of the following options in clauses (a), (b), or (c) below: