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11 <br />interest shall be applied by the Escrow Agent to the rental payments due on July 25, thereby <br />permitting a reduction of the rental payments due on each July 25 during the term of this Lease, all <br />pursuant to the terms set forth in the Escrow Agreement. <br />2. Section 12 of the Lease is amended to read as follows: <br />Section 12. Option to Purchase. The Authority hereby grants Lessee the right and option <br />to purchase the Project (i) on any date if the Notes are not then currently redeemable or (ii) if the <br />Notes are currently redeemable, on such date as may be required pursuant to the terms of the Notes <br />to currently redeem the Notes and upon written notice to the Authority sufficient to provide for <br />redemption of the Notes. The price at which the Lessee may exercise said option shall equal the <br />amount required to enable the Authority to provide for the redemption of all outstanding Notes on <br />the earliest possible date, all premiums payable on the redemption thereof, if any, and accrued and <br />unpaid interest, and to pay the cost of redeeming the Notes and liquidating the Authority if it is to <br />be liquidated. <br />Upon request of the Lessee, the Authority agrees to furnish an itemized statement <br />setting forth the amounts required to be paid by the Lessee on the next rental payment date in order <br />to purchase the Project in accordance with the preceding paragraph. <br />If the Lessee exercises its option to purchase, the Lessee shall pay to the Trustee that <br />portion of the purchase price which is required to provide for the payment of all the Notes, including <br />all premiums payable on the redemption thereof, accrued and unpaid interest thereon and the costs <br />of redemption thereof. Such payment shall not be made until the Trustee gives to the Lessee a <br />written statement that such amount will be sufficient to retire all Notes including all premiums <br />payable on the redemption thereof and accrued and unpaid interest. <br />::ODMA \PCDOCS \SBDOCSI \38682 \1 -3 - <br />