Common use of Option to Remarket Clause in Contracts

Option to Remarket. Subject to the fulfillment of each of the conditions set forth in this Section 22.1, Lessee shall have the option (the "Remarketing Option") to market for Lessor and to require Lessor to complete the sale of all, but not less than all, of Lessor's interest in the Property on the date specified by the Lessee, which date shall be after Lessee’s exercise of the Remarketing Option and on or prior to the Expiration Date. Lessee's effective exercise and consummation of the Remarketing Option shall be subject to the due and timely fulfillment of each of the following provisions as of the dates set forth below: (a) Not later than one hundred eighty (180) days prior to the Expiration Date (or such other date as is specified in Section 15.4 of this Lease), Lessee shall give to Lessor written notice of Lessee's exercise of the Remarketing Option. (Any failure to give such notice shall be deemed an election by Lessee to purchase the Property under Section 20.1.) (b) Unless Lessee is exercising the Remarketing Option pursuant to Section 15.4, Lessee shall deliver to Lessor an Environmental Audit of the Property together with its notice of exercise of the Remarketing Option. Such Environmental Audit shall be prepared by an environmental consultant selected by Lessor in Lessor's reasonable discretion and shall contain conclusions reasonably satisfactory to Lessor as to the environmental status of the Property. If such Environmental Audit indicates any material exceptions reasonably requiring remedy or further investigation, Lessee shall have also delivered a Phase Two environmental assessment by such environmental consultant prior to the Expiration Date showing the completion of the remedying of such exceptions in compliance with Applicable Law.

Option to Remarket. Subject to the fulfillment of each of the conditions set forth in this Section 22.120.1 and Section 20.2 (collectively, the "Return Conditions"), the Lessee shall have the option (the "Remarketing Option") to market for Lessor remarket and to require Lessor to complete the sale of all, but not less than all, of Lessor's interest in the Property on for the date specified by the Lessee, which date shall be after Lessee’s exercise of the Remarketing Option and on or prior to the Expiration DateLessor. The Lessee's effective exercise and consummation of the Remarketing Option shall be subject to the due and timely fulfillment of each of the following provisions and the provisions of Section 20.2 as of the dates set forth below: (a) Not On the date not later than one hundred eighty twelve (18012) days months prior to the Expiration Date (or such other date as is specified in Section 15.4 of this Lease)Date, the Lessee shall give to Lessor the Lessor, the RVI Provider and the Indenture Trustee written notice of the Lessee's exercise of the Remarketing Option. (Any failure Such notice may be rescinded at any time prior to give such notice the Expiration Date, upon which rescission the Lessee shall be deemed an election by Lessee obligated to purchase all but not less than all of the Property under pursuant to Section 20.118.2.) (b) Unless Lessee is exercising Not later than one hundred and twenty (120) days prior to the Remarketing Option pursuant to Section 15.4Expiration Date, the Lessee shall deliver to the Lessor and the RVI Provider an Environmental Audit of for the Property together with its notice of exercise of the Remarketing OptionProperty. Such Each Environmental Audit shall be prepared by an environmental consultant selected by the Lessor in the Lessor's reasonable discretion and shall contain conclusions reasonably satisfactory to the Lessor as to the environmental status of the Property. If any such Environmental Audit indicates any material exceptions reasonably requiring remedy or further investigationcalling for a Phase Two environmental assessment, the Lessee shall have also delivered prior to the Expiration Date a Phase Two environmental assessment by such environmental consultant prior to the Expiration Date showing the completion of the remedying of and a written statement by such environmental consultant indicating that all such exceptions have been remedied in compliance with Applicable Law. (c) On the date of the Lessee's notice to the Lessor of the Lessee's exercise of the Remarketing Option, no Lease Event of Default or Lease Default or violation of any term or condition of the RVI Policy by action or inaction on the part of the Lessee or the Lessee Guarantor shall exist, and, thereafter, through and including the Expiration Date, no Lease Event of Default or Lease Default or violation of any term or condition of the RVI Policy by action or inaction on the part of the Lessee or the Lessee Guarantor shall occur. (d) The Lessee shall have completed all Modifications, restoration and rebuilding of the Property pursuant to Sections 10.1 and 14.2 (as the case may be) and shall have fulfilled all of the conditions and requirements in connection therewith pursuant to such Sections, in each case prior to the date on which the Lessor receives the Lessee's notice of the Lessee's exercise of the Remarketing Option (time being of the essence), regardless of whether the same shall be within the Lessee's control. Lessee shall have also paid the cost of all Modifications commenced prior to the Expiration Date. Lessee shall not have been excused pursuant to Section 12.1 from complying with any Applicable Law that involved the extension of the ultimate imposition of such Applicable Law beyond the Expiration Date. Any Permitted Property Liens (other than Lessor Liens) on the Property that were contested by Lessee shall have been removed and the Lessor and the RVI Provider shall have received evidence satisfactory to it that all Liens (other than Lessor Liens and uncontested Permitted Property Liens of the type described in clauses (i), (vii), (ix) and (x) of the definition thereof) have been removed. (e) The RVI Policy shall have neither terminated nor ceased to be in full force and effect at any time during the Term.

Option to Remarket. Subject to the fulfillment of each of the conditions ------------------ set forth in this Section 22.1, the Lessee shall have the option (the ------------ "Remarketing Option") to market for the Lessor and to require Lessor to complete the sale of all, but ------------------ not less than all, of the Lessor's interest in the Property on the date specified by Expiration Date for the Lessee, which date shall be after Lessee’s exercise of the Remarketing Option and on or prior to the Expiration DateLessor. The Lessee's effective exercise and consummation of the Remarketing Option shall be subject to the due and timely fulfillment of each of the following provisions as of the dates set forth below:. (a) Not later than one hundred eighty (180) days prior to the Expiration Date (or such other date as is specified in Section 15.4 of this Lease)Date, the Lessee shall give to the Lessor written notice of the Lessee's exercise of the Remarketing Option. (Any failure to give such notice , which exercise shall be deemed an election irrevocable (except by Lessee delivery of a Purchase Notice and consummation of the exercise of the Purchase Option prior to purchase the earlier of (i) the Expiration Date or (ii) the date on which the Lessor enters into a binding contract to sell the Property under Section 20.1pursuant to the exercise of the Remarketing Option).) (b) Unless Lessee is exercising the Remarketing Option pursuant to Section 15.4, The Lessee shall deliver to the Lessor an Environmental Audit of the Property together with its notice of exercise of the Remarketing Option. Such Environmental Audit shall be prepared by an environmental consultant selected by the Lessor in the Lessor's reasonable discretion and shall contain conclusions reasonably satisfactory to the Lessor as to the environmental status of the Property. If such Environmental Audit indicates any material exceptions reasonably requiring remedy or further investigation, the Lessee shall have also delivered a Phase Two environmental assessment by such environmental consultant prior to the Expiration Date showing the completion of the remedying remediation of such exceptions exceptions, if any, in compliance with Applicable LawEnvironmental Laws or such further investigation as required.

Option to Remarket. Subject to the fulfillment of each of the conditions set forth in this Section 22.1, the Lessee shall have the option (the "Remarketing Option") to market for the Lessor and to require Lessor to complete the sale of all, but not less than all, of the Lessor's interest in the Property on the date specified by Expiration Date for the Lessee, which date shall be after Lessee’s exercise of the Remarketing Option and on or prior to the Expiration DateLessor. The Lessee's effective exercise and consummation of the Remarketing Option shall be subject to the due and timely fulfillment of each of the following provisions as of the dates set forth below:. (a) Not later than one hundred eighty (180) days prior to the Expiration Date (or such other date as is specified in Section 15.4 of this Lease)Date, the Lessee shall give to the Lessor written notice of the Lessee's exercise of the Remarketing Option. (Any failure to give such notice , which exercise shall be deemed an election irrevocable (except by Lessee delivery of a Purchase Notice and consummation of the exercise of the Purchase Option prior to purchase the earlier of (i) the Expiration Date or (ii) the date on which the Lessor enters into a binding contract to sell the Property under Section 20.1pursuant to the exercise of the Remarketing Option).) (b) Unless Lessee is exercising the Remarketing Option pursuant to Section 15.4, The Lessee shall deliver to the Lessor an Environmental Audit of the Property together with its notice of exercise of the Remarketing Option. Such Environmental Audit shall be prepared by an environmental consultant selected by the Lessor in the Lessor's reasonable discretion and shall contain conclusions reasonably satisfactory to the Lessor as to the environmental status of the Property. If such Environmental Audit indicates any material exceptions reasonably requiring remedy or further investigation, the Lessee shall have also delivered a Phase Two environmental assessment by such environmental consultant prior to the Expiration Date showing the completion of the remedying of such exceptions in compliance with Applicable LawEnvironmental Laws. The reasonable, customary and documented costs and expenses of the Lessee in complying with this Section 22.1(b) shall at the request of the Lessee be paid or reimbursed from the gross proceeds of a sale of the Property.

Option to Remarket. Subject to the fulfillment of each of the ------------------ conditions set forth in this Section 22.1, the Lessee shall have the option (the ------------ "Remarketing Option") to market ------------------ for the Lessor and to require Lessor to complete the sale of all, but not less than all, of the Lessor's interest in the Property on the date specified by Expiration Date for the Lessee, which date shall be after Lessee’s exercise of the Remarketing Option and on or prior to the Expiration DateLessor. The Lessee's effective exercise and consummation of the Remarketing Option shall be subject to the due and timely fulfillment of each of the following provisions as of the dates set forth below:. (a) Not later than one hundred eighty (180) days prior to the Expiration Date (or such other date as is specified in Section 15.4 of this Lease)Date, the Lessee shall give to the Lessor written notice of the Lessee's exercise of the Remarketing Option. (Any failure to give such notice , which exercise shall be deemed an election irrevocable (except by Lessee delivery of a Purchase Notice and consummation of the exercise of the Purchase Option prior to purchase the earlier of (i) the Expiration Date or (ii) the date on which the Lessor enters into a binding contract to sell the Property under Section 20.1pursuant to the exercise of the Remarketing Option).) (b) Unless Lessee is exercising the Remarketing Option pursuant to Section 15.4, The Lessee shall deliver to the Lessor an Environmental Audit of the Property together with its notice of exercise of the Remarketing Option. Such Environmental Audit shall be prepared by an environmental consultant selected by the Lessor following consultation with the Lessee, in the Lessor's reasonable discretion and shall contain conclusions reasonably satisfactory to the Lessor as to the environmental status of the Property. If such Environmental Audit indicates any material exceptions reasonably requiring remedy or further investigation, the Lessee shall have also delivered a Phase Two environmental assessment by such environmental consultant prior to the Expiration Date showing the completion of the remedying remediation of such exceptions exceptions, if any, in compliance with Applicable LawEnvironmental Laws or such further investigation as required.