19-21711 - Laserfiche WebLink

Browse Search

c DocuSign Envelope ID:BD284CA3-3AF2-4B29-8B9F-C648EEC1BC5D (c) Operations and Maintenance. During the Initial Term (defined below), as long as no Customer Default (defined below) has occurred and is continuing, we will honor the limited warranty set forth in Section 21 of the General Provisions, and will maintain the System: (i) in good condition; and (ii) in material compliance with all applicable laws and permits and the Utility's requirements. 2. Term and Renewal. (a) End-of-Term Options. This Agreement starts on the date we deliver to you this Lease signed by you and us(the "Transaction Date"). This Agreement will continue for Initial Term: twenty(20)years after the In-Service Date (the "Initial Term"). Prior to the end of the Initial Term, and provided there is no ongoing Customer Default as defined below, we 20 years will send to you notice and the applicable forms for three (3) options which you may exercise at the end of the Initial Term (the "End-of-Term Options"): (i) Renewal. You may renew the Agreement for five (5)years at a price based on our determination of the fair market value of the System at that time (the "FMV", defined below); (ii) Purchase.You may purchase the System at a price equal to the FMV End of Term Options: at that time as determined by PV Value (an independent source, 1. Renew the Agreement available at: http://www.pvvalue.com, with required variables selected for a subsequent term; by us in our reasonable discretion), or if PV Value is no longer in 2. Purchase the System; or existence, as determined by reference to the successor to PV Value 3. Remove the System at determined in our reasonable discretion, plus any outstanding balance no additional cost. and applicable taxes (the "Purchase Option Price"), after which this Agreement will automatically terminate; or (iii) Removal.You may requestthat we remove the System within ninety (90) days at no cost to you, after which this Agreement will automatically terminate. (b) Automatic Renewal. If you do not elect any of these options,this Agreement will automatically renew on a year-to-year basis with lease payments calculated based on the anticipated performance of the System in year twenty (derived from the warrantied performance of the solar panels described in Section 21(c) of the General Provisions), multiplied by a number equivalent to the then-current average rate charged by our Utility, or its successor, at a ten percent (10%) discount from that rate. (c) Early Purchase Option. In addition to your options at the end of the Initial Term, during a ninety(90) day period after the sixth (6th) anniversary of the In-Service Date (the "Early Purchase Period"), you have an option to purchase the system at an amount equal to the greater of the Purchase Option Price and an amount equal to the sum of the remaining Monthly Payments for the remainder of the Initial Term, discounted by five percent (5%) per year, plus any applicable taxes (the "Prepayment Price"). If you purchase the System, we will transfer the System to you "As is, Where Is" (without any warranties) and we will retain all right and title to the System Interests (as that term is defined in Section 3(c)). Copyright C 2018 Vivint Solar Developer, LLC. All Rights Reserved. LEASE(8/2018, v4.0.2FL) 1 Page 3 of 16