Common use of Period for Exercise Clause in Contracts

Period for Exercise. If the CLT elects to exercise the purchase option set forth in Section 10.6 above, the CLT shall: a. notify the Lessee of its election to purchase within forty-five (45) days of the receipt of the Intent to Sell Notice; and b. exercise the foregoing option to purchase within sixty (60) days of the CLT's notice of election to purchase or its option will expire. The CLT's notice of election shall include the CLT's determination of the Purchase Option Price.