Common use of Purchase or Substitution Clause in Contracts

Purchase or Substitution. In the event Lessor accepts any offer by ------------------------ Lessee to purchase the Leased Property or to substitute a property or properties for the Leased Property, this Lease shall terminate upon payment of the purchase price and execution and delivery of all appropriate documentation, in accordance with Article 17, or execution and delivery of all documents required in connection with a Substitute Property under Article 20.

Appears in 2 contracts

Sources: Lease Agreement (Emeritus Corp\wa\), Lease Agreement (Emeritus Corp\wa\)

Purchase or Substitution. In the event Lessor accepts any offer by ------------------------ Lessee to purchase the Leased Property or to substitute a property or properties for the Leased Property, this Lease shall terminate upon payment of the purchase price and execution and delivery of all appropriate documentation, documentation in accordance with Article 17, or execution and delivery of all documents required in connection with a Substitute Property under Article 20. Lessor shall remit to Lessee, or in the case of a purchase allow Lessee a credit toward the purchase price, in an amount equal to all insurance proceeds being held in trust by Lessor.

Appears in 2 contracts

Sources: Lease Agreement (Emeritus Corp\wa\), Lease Agreement (Emeritus Corp\wa\)

Purchase or Substitution. In the event Lessor accepts any offer ------------------------ by ------------------------ Lessee to purchase the Leased Property or to substitute a property or properties for the Leased Property, this Lease shall terminate upon payment of the purchase price and execution and delivery of all appropriate documentation, in accordance with Article 17, or execution and delivery of all documents required in connection with a Substitute Property under Article 20.

Appears in 1 contract

Sources: Lease Agreement (Emeritus Corp\wa\)

Purchase or Substitution. In the event Lessor accepts any offer by ------------------------ Lessee to purchase the Leased Property or to substitute a property or properties for the Leased Property, this Lease shall terminate upon payment of the purchase price and execution and delivery of all appropriate documentation, documentation in accordance with Article 17, or execution and delivery of all documents required in connection with a Substitute Property under Article 20.. ARTICLE 15

Appears in 1 contract

Sources: Lease Agreement (Emeritus Corp\wa\)

Purchase or Substitution. In the event Lessor accepts any offer by ------------------------ -------------------------- Lessee to purchase the Leased Property an affected Facility or to substitute a property or properties for the Leased Propertyan affected Facility, this Lease shall terminate upon payment of the purchase price and execution and delivery of all appropriate documentation, in accordance with Article 17, or execution and delivery of all documents required in connection with a Substitute Property under Article 20.

Appears in 1 contract

Sources: Lease Agreement (Emeritus Corp\wa\)