Common use of Conveyance of Exercise of Option to Purchase Clause in Contracts

Conveyance of Exercise of Option to Purchase. At the closing of the purchase pursuant to the exercise of any option to purchase granted herein, the Issuer shall upon receipt of the purchase price deliver to the User documents conveying to the User the property with respect to which such option was exercised, as such property then exists, subject to the following: (a) all easements or other rights, if any, required to be reserved by the Issuer under the terms and provisions of the option being exercised by the User; (b) those liens and encumbrances, if any, to which title to said property was subject when conveyed to the Issuer; (c) those liens and encumbrances created by the User or to the creation or suffering of which the User consented; and (d) those liens and encumbrances resulting from the failure of the User to perform or observe any of the agreements on its part contained in this Lease Agreement.

Conveyance of Exercise of Option to Purchase. At the closing of the purchase pursuant to the exercise of any option to purchase granted herein, the Issuer shall upon receipt of the purchase price deliver to the User documents a limited warranty deed and limited warranty bills of sale conveying to the User the property with respect to which such option was exercised, as such property then exists, subject to the following: (a) all easements or other rights, if any, required to be reserved by the Issuer under the terms and provisions of the option being exercised by the User; (b) those liens and encumbrances, if any, to which title to said property was subject when conveyed to the Issuer; (c) those liens and encumbrances created by the User or to the creation or suffering of which the User consented; and (d) those liens and encumbrances resulting from the failure of the User to perform or observe any of the agreements on its part contained in this Lease Agreement.