Common use of OPTION AND OBLIGATION TO PURCHASE THE PROJECT Clause in Contracts

OPTION AND OBLIGATION TO PURCHASE THE PROJECT. (a) The Developer shall have, and is hereby granted, the option to purchase all or any portion of the City’s interest in the Project at any time, upon payment in full or redemption of the Outstanding Bonds to be redeemed or provision for their payment or redemption having been made pursuant to Article XIII of the Indenture. (b) The Developer hereby agrees to purchase, and the City hereby agrees to sell, the City’s interest in the Project upon the occurrence of (1) the expiration of the Lease Term following full payment of the Bonds or provision for payment thereof having been made in accordance with the provisions of the Indenture, and (2) the final payment due under the Performance Agreement. The amount of the purchase price shall be an amount sufficient to redeem all the then Outstanding Bonds, plus accrued interest and the reasonable fees and expenses of the City and the Trustee.

OPTION AND OBLIGATION TO PURCHASE THE PROJECT. (a) The Developer CompanyDeveloper shall have, and is hereby granted, the option to purchase all or any portion of the City’s interest in the Project at any time, upon payment in full or redemption of the Outstanding Bonds to be redeemed or provision for their payment or redemption having been made pursuant to Article XIII of the Indenture. (b) The Developer CompanyDeveloper hereby agrees to purchase, and the City hereby agrees to sell, the City’s interest in the Project upon the occurrence of (1) the expiration of the Lease Term following full payment of the Bonds or provision for payment thereof having been made in accordance with the provisions of the Indenture, and (2) the final payment due under the Performance Agreement. The amount of the purchase price shall be an amount sufficient to redeem all the then Outstanding Bonds, plus accrued interest and the reasonable fees and expenses of the City and the Trustee.