Common use of Option to Purchase Project Clause in Contracts

Option to Purchase Project. The Lessee shall have, and is hereby granted, the option to purchase the Project prior to the expiration of the Lease Term and prior to the Payment in Full of the Bonds. To exercise such option, the Lessee shall give written notice to the Issuer specifying the date of closing such purchase, which date shall be not less than fifteen (15) nor more than one hundred twenty (120) days from the date such notice is given, and shall make arrangements for the giving of the required notice of prepayment of the Bonds in accordance with the provisions of the Financing Agreement. The amount which shall be paid to the Issuer by the Lessee in the event of its exercise of the option granted in this Section shall be the sum of the following: (1) an amount of money which, when added to the funds in the Bond Fund, will be sufficient to retire and prepay all of the then outstanding Bonds at par on the date specified by the Lessee for such prepayment including, without limitation, principal plus accrued interest thereon to said prepayment date, or the Bondholder has stated that it has been paid in full, plus (2) an amount of money equal to the Bondholder’s and the paying agent’s, fees and expenses under the Financing Agreement accrued and to accrue until such final payment and prepayment of the Bonds or satisfactory arrangements are made for the payment of such fees; plus (3) the sum of ten dollars ($10) which shall be paid by the Lessee to the Issuer, which sum the parties hereto acknowledge and agree constitutes good and adequate consideration for the purchase of the Project.

Option to Purchase Project. The Lessee shall have, and is hereby granted, the option to purchase the Project prior to the expiration of the Lease Term and prior to the Payment in Full of the Bonds. To exercise such option, the Lessee shall give written notice to the Issuer specifying the date of closing such purchase, which date shall be not less than fifteen thirty (15) nor more than one hundred twenty (12030) days from the date such notice is given, and shall make arrangements for the giving of the required notice of prepayment or surrender for cancellation of the Bonds in accordance with the provisions of the Financing AgreementIndenture. The In the event of a notice of prepayment, the amount which shall be paid to the Issuer Trustee (or directly to owners of any Bonds which are subject to the terms of any home office payment agreement as provided in Section 208 of the Indenture) by the Lessee in the event of its exercise of the option granted in this Section 11.2 shall be the sum of the following: (1) an amount of money which, when added to the funds in the Bond Fund, will be sufficient to retire and prepay all provide for the Payment in Full of the then outstanding Outstanding Bonds at par on the date specified by the Lessee for such prepayment including, without limitation, principal plus accrued interest thereon to said prepayment date, or the Bondholder has stated that it has been paid in full, plus (2) an amount In the event of money equal to the Bondholder’s and the paying agent’s, fees and expenses under the Financing Agreement accrued and to accrue until such final payment and prepayment a notice of surrender of the Bonds or satisfactory arrangements are made Bond for cancellation, the payment of such fees; plus (3) amount which shall be paid shall be the sum of ten dollars one dollar ($10$ .00) which shall be paid by the Lessee to the Issuer, which sum the parties hereto acknowledge and agree constitutes good and adequate consideration for the purchase of the Project.