PERSONAL PROPERTY OPTION; TRANSFER OF FACILITY CONTROL. 35.1 LANDLORD'S OPTION TO PURCHASE TENANT'S PERSONAL PROPERTY. Landlord may purchase Tenant's Personal Property at the expiration or termination of this Lease for an amount equal to the then book value thereof (acquisition cost less accumulated depreciation on the books of Tenant pertaining thereto), subject to, and with appropriate credits for any obligations owing from Tenant to Landlord and for all equipment leases, conditional sale contracts and any other encumbrances to which Tenant's Personal Property is subject. Landlord's option shall be exercised by Notice to Tenant no more than one hundred eighty (180) days, nor less than ninety (90) days, before the expiration of the Initial Term (or, before the expiration of the First Renewal Term or the Second Renewal Term, as the case may be), unless this Lease is terminated prior to its expiration date (a) by reason of an Event of Default, in which event Landlord's option shall be exercised within ninety (90) days following the date of termination, or (b) by reason of the exercise by a Tenant of a right to terminate provided for herein in the event of a Taking, in which event Landlord's option shall be exercised within forty-five (45) days following Tenant's exercise of such right. Landlord's option shall terminate upon Tenant's purchase of the Leased Property. If Landlord exercises its option, Tenant shall, in exchange for Landlord's payment of the purchase price, deliver Tenant's Personal Property to Landlord, together with a ▇▇▇▇ of sale and such other documents as Landlord may reasonably request in order to carry out the purchase of Tenant's Personal Property, and such purchase shall be closed by such delivery and such payment on the date set by Landlord in its Notice of exercise.
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Sources: Lease (Monarch Properties Inc), Lease Agreement (Monarch Properties Inc)
PERSONAL PROPERTY OPTION; TRANSFER OF FACILITY CONTROL. 35.1 LANDLORD'S OPTION TO PURCHASE TENANT'S PERSONAL PROPERTY. Landlord may purchase Tenant's Personal Property at the expiration or termination of this Lease for an amount equal to the then book value thereof (acquisition cost less accumulated depreciation on the books of Tenant pertaining thereto), subject to, and with appropriate credits for any obligations owing from Tenant to Landlord and for all equipment leases, conditional sale contracts and any other encumbrances to which Tenant's Personal Property is subject. Landlord's option shall be exercised by Notice to Tenant no more than one hundred eighty (180) days, nor less than ninety (90) days, before the expiration of the Initial Term (or, before the expiration of the First Renewal Term or the Second Renewal Term, as the case may be), unless this Lease is terminated prior to its expiration date (a) by reason of an Event of Default, in which event Landlord's option shall be exercised within ninety (90) days following the date of termination, or (b) by reason of the exercise by a Tenant of a right to terminate provided for herein in the event of a Taking, in which event Landlord's option shall be exercised within forty-five (45) days following Tenant's exercise of such right. Landlord's option shall terminate upon Tenant's purchase of the applicable Leased Property. If Landlord exercises its option, Tenant shall, in exchange for Landlord's payment of the purchase price, deliver Tenant's Personal Property to Landlord, together with a ▇▇▇▇ of sale and such other documents as Landlord may reasonably request in order to carry out the purchase of Tenant's Personal Property, and such purchase shall be closed by such delivery and such payment on the date set by Landlord in its Notice of exercise.
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