Common use of Lessor’s Option to Terminate Lease Clause in Contracts

Lessor’s Option to Terminate Lease. In the event Lessor enters into a bonafide contract to sell the Leased Property to a non-affiliated party, Lessor may terminate the Lease by giving not less than thirty (30) days prior Notice to Lessee of Lessor's election to terminate the Lease effective upon the closing of such contract. Effective upon such closing, this Lease shall terminate and be of no further force and effect except as to any obligations of the parties existing as of such date that survive termination of this Lease. As compensation for the early termination of its leasehold estate under this Article XXXVII, Lessor shall within ninety (90) days of such closing pay to Lessee the fair market value of Lessee's leasehold estate hereunder as of the closing of the sale of the Leased Property. In the event Lessor and Lessee are unable to agree upon the fair market value of an original or replacement leasehold estate, it shall be determined by appraisal using the appraisal procedures set forth in Article XXX. For the purposes of this Section, fair market value of the leasehold estate means an amount equal to the present value of the net revenues to be derived from this Lease during the remaining term of this Lease based on current projections made by Lessee and Lessee with respect to future occupancy of, and future revenues to be generated by, the Leased Property.

Lessor’s Option to Terminate Lease. In the event Lessor enters into a bonafide contract to sell the Leased Property to a non-affiliated party, Lessor may terminate the Lease by giving not less than thirty (30) days prior Notice to Lessee of Lessor's election to terminate the Lease effective upon the closing of such contract. Effective upon such closing, this Lease shall terminate and be of no further force and effect except as to any obligations of the parties existing as of such date that survive termination of this Lease. As compensation for the early termination of its leasehold estate under this Article XXXVII, Lessor shall within ninety (90) days of such closing pay to Lessee the fair market value of Lessee's leasehold estate hereunder as of the closing of the sale of the Leased Property. In the event Lessor and Lessee are unable to agree upon the fair market value of an original or replacement leasehold estate, it shall be determined by appraisal using the appraisal procedures set forth in Article XXX. For the purposes of this Section, fair market value of the leasehold estate means an amount equal to the present value of the net revenues to be derived from this Lease during the remaining term of this Lease based on current projections made by Lessee and Lessee Manager with respect to future occupancy of, and future revenues to be generated by, the Leased Property.