Exercise of Lease Option Sample Clauses

Exercise of Lease Option. Grantee may exercise the Lease Option for all or any portion of the Option Premises by delivering to the Owner written notice of exercise of the Lease Option in the form set forth in Exhibit D attached hereto and incorporated herein by reference (the “Notice of Exercise”), which may be delivered at any time during the Option Period. Such Notice of Exercise shall include (a) the proposed commencement date for the Ground Lease Agreement, which shall be no later than thirty (30) days following the date of the Notice of Exercise, (b) a legal description of the Option Premises to be leased by the Grantee, or such other description or depiction of the Option Premises and easement areas reasonably acceptable to Owner, and (c) a proposed site layout of the System. Within thirty (30) business days after receipt of the Notice of Exercise by Owner, the Parties shall finalize, execute, and deliver to each other the Ground Lease Agreement for the Property with the commencement date, Property and Option Premises description, and proposed site layout of the System completed, and Grantee/Lessee shall deliver to the Owner/Lessor the amount of the Ground Lease Payment due for the first lease year under the Ground Lease, namely approximately $ .
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Exercise of Lease Option. Grantee may exercise the Lease Option for all or any portion of the Property by delivering to the Owner written notice of exercise of the Lease Option in the form set forth in Exhibit D attached hereto and incorporated herein by reference (the “Notice of Exercise”), which may be delivered at any time during the Option Period. Such Notice of Exercise shall include (a) the proposed commencement date for the Ground Lease Agreement, which shall be no later than thirty (30) days following the date of the Notice of Exercise, (b) a legal description of the Property to be leased by the Grantee, and (c) a proposed site layout of the System. Within thirty (30) business days after receipt of the Notice of Exercise by Owner, the Parties shall finalize, execute, and deliver to each other the Ground Lease Agreement for the Property with the commencement date, property description, and proposed site layout of the System completed, and Grantee/Lessee shall deliver to the Owner/Lessor the amount of the Ground Lease Payment due for the first lease year under the Ground Lease, namely $ .
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Exercise of Lease Option. In the event of Trump’s exercise of the Lease Option, along with the Exercise Notice, Xxxxx shall deliver to Owner four (4) copies of the Ground Lease all executed by the tenant thereunder. In addition, Xxxxx shall deliver or cause to be delivered to Owner, along with the Exercise Notice, a letter of credit (the “Letter of Credit”) issued by a bank or other lending institution having assets of at least $50,000,000,000.00 or a Standard & Poors rating of “A” or better which has an office where letters of credit may be drawn upon in Philadelphia, Pennsylvania, which Letter of Credit shall be in form and substance reasonably acceptable to Owner and secure the obligation of Xxxxx hereunder and/or the tenant under the Ground Lease to pay to Owner and/or the landlord under the Ground Lease, the first [*****] ($[*****]) Dollars due and payable under this Agreement and/or the Ground Lease (other than that portion of the Option Price payable upon execution of this Agreement and the obligations secured by the Initial Letter of Credit), whether in the form of payments of the Option Price, Termination Fee, Base Rent or Percentage Rent or portions thereof (other than that portion of the Option Price payable upon execution of this Agreement and the obligations secured by the Initial Letter of Credit) (collectively, the “Secured Lease Obligation”). Notwithstanding anything herein or in the Ground Lease to the contrary, the Letter of Credit shall be released and automatically deemed to have been terminated and be of no further force or effect immediately upon the Owner’s and/or landlord’s receipt of the Secured Lease Obligation. Within five (5) days after receipt by Owner of the Exercise Notice, Ground Lease and Letter of Credit referred to in this Section 3 (collectively, the “Lease Exercise Documents”), Owner shall execute all four (4) copies of the Ground Lease and deliver two (2) fully executed copies to Xxxxx. In the event Xxxxx fails to provide Owner prior to the expiration of the Term with the executed Lease Exercise Documents, this Agreement shall automatically terminate upon the expiration of the Term and be of no further force or effect; provided, however, that Xxxxx shall immediately pay to Owner the Termination Fee in immediately available funds. If Xxxxx timely and properly delivers the Lease Exercise Documents, but Owner fails to deliver the two (2) fully executed copies of the Ground Lease as aforesaid, then Xxxxx shall, following five (5) days’ written noti...
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Related to Exercise of Lease Option

  • Exercise of Repurchase Option The Repurchase Option shall be exercised by written notice signed by an officer of the Company or by any assignee or assignees of the Company and delivered or mailed as provided in Section 17(a). Such notice shall identify the number of shares of Stock to be purchased and shall notify Purchaser of the time, place and date for settlement of such purchase, which shall be scheduled by the Company within the term of the Repurchase Option set forth in Section 2(a) above. The Company shall be entitled to pay for any shares of Stock purchased pursuant to its Repurchase Option, at the Company's option, in cash or by offset against any indebtedness owing to the Company by Purchaser, or by a combination of both. Upon delivery of such notice and payment of the purchase price in any of the ways described above, the Company shall become the legal and beneficial owner of the Stock being repurchased and all rights and interest therein or related thereto, and the Company shall have the right to transfer to its own name the Stock being repurchased by the Company, without further action by Purchaser.

  • No Obligation to Exercise Option The grant and acceptance of this option imposes no obligation on the Optionee to exercise it.

  • No Obligation to Exercise Options Notwithstanding any provision in this Agreement to the contrary, nothing in this Agreement shall obligate Stockholder to exercise any stock option of the Company or other right to acquire shares of Common Stock.

  • Exercise of Purchase Option AIR shall have an option (an “Option”) to acquire any real property owned or leased (subject to any consent rights granted to the landlord under any lease under which DevCo or an Affiliate is the tenant, provided, however, that no Option will apply to any Leased Property that is then leased to DevCo or its Affiliates pursuant to a Master Lease) by DevCo or any of its Subsidiaries, which was originally acquired by DevCo or its Subsidiaries after the Effective Date, which had not achieved Stabilization as of such acquisition but which has subsequently achieved Stabilization (each, an “Option Property”). Within fifteen (15) days following the date on which Stabilization for an Option Property has been achieved, DevCo shall send AIR a written notice advising AIR that such Option Property has reached Stabilization (an “Option Notice”), upon receipt of which AIR will have sixty (60) days (the “Option Exercise Period”) to exercise its Option to purchase such Option Property by delivering to DevCo written notice of the same. If AIR timely delivers a written notice to DevCo that it intends to exercise its Option and proceed with the acquisition of the Option Property, AIR will pay to DevCo the Current FMV for the subject Option Property, and the Parties will close on such Option pursuant to a purchase and sale agreement, which shall be in the form attached to the form of Standard Lease (which is attached hereto as Exhibit A). The Parties shall apply the closing mechanics set forth in Section 10(b) above (as if the Option Property were a ROFO Property, for such purposes). In the event DevCo fails to timely deliver an Option Notice to AIR, then, within thirty (30) days following the date on which AIR becomes aware that Stabilization of the subject Option Property has occurred, AIR shall have the right to send an Option Notice to DevCo (notifying DevCo that AIR believes the subject Option Property has reached Stabilization), and the Option Exercise Period will commence as of the date of such Option Notice. In the event that a Party receiving an Option Notice disputes that Stabilization of the subject Option Property has occurred or is continuing as of the date of such Option Notice, such Party will send to the other Party a Dispute Notice (as defined in and pursuant to Section 18(b)) containing an explanation of such dispute within fifteen (15) days following its receipt of the Option Notice. The Parties shall endeavor to resolve the dispute, and, if they are unable to so resolve it, will proceed to arbitration to resolve such dispute, all in accordance with the terms of Section 18.

  • Purchase Option (Check One) ❏ - The Company shall allow the Recipient to void this agreement at any time and release all liability in connection with this agreement by payment to the Company in the amount of US Dollars ($ ). ❏ - The Company does not allow the Recipient to be released of liability from this agreement for any monetary amount or reason whatsoever.

  • Option to Extend Lease Term At the expiration of the original Lease Term, Tenant may extend this Lease as to the entire Premises or a portion of the Premises for two (2) extended terms of five (5) years each (each an “Extended Term”) by giving Landlord written notice (the “Option Notice”) of its intention to do so not later than twelve (12) months prior to the expiration of the original Lease Term, and thereafter twelve (12) months prior to the expiration of the applicable Extended Term; provided, however, that Tenant is not in material default beyond any applicable notice and cure period under the Lease on the date of giving such notice or on the date of commencement of such Extended Term. The Option Notice shall set forth Tenant’s election to extend the Lease for all or a portion of the Premises. If Tenant elects to extend the Lease for only a portion of the Premises, the portion of the Premises for which Tenant elects not to extend the Lease shall be: (i) either located entirely on one floor of the Premises or located on one entire floor and a portion of the other floor; (ii) a minimum of 15,000 RSF; (iii) adjacent to a window line and easily accessible; and (iv) shall be in a readily marketable and leasable location. Landlord shall be responsible for any and all costs to separate the portion of the Premises for which Tenant elects not to extend the Lease from the remainder of the Premises such that the space is a separate easily accessible and readily marketable space promptly following the commencement of the applicable Extended Term. Any termination of the entire Lease shall result in automatic termination of this option. Tenant’s right to extend the Lease Term provided herein is personal to Tenant and may not be assigned or otherwise transferred except in connection with a permitted assignment of this Lease, including to a Tenant’s Affiliate. The Extended Term shall be upon all of the terms and conditions of this Lease, except that the following rights of Tenant during the original Lease Term shall not apply during such Extended Term unless granted as part of the Fair Market Rental: (a) any right to rent-free possession; (b) any right to further extension of the Lease Term beyond the Extended Terms set forth herein above; (c) any right to continue to pay the same Base Rent; (d) any right to additional Tenant Allowance; (e) any right to terminate the Extended Term early; (f) any right to continue to exclude HVAC Capital Expenditures; (g) cost of security for the Building; and (h) the right to the continuation of any cap on Controllable Operating Expenses from the previous year (it being understood that the Operating Expenses for the first twelve (12) months of each new Extended Term shall be the actual Operating Expenses without any cap and thereafter the cap set forth in Section 4.2(e) shall apply). Landlord and Tenant hereby acknowledge and agree that the Base Rent during each Extended Term shall be equal to ninety-five (95%) of the Base Rent component of the “Fair Market Rental” and one hundred percent (100%) of the economic concessions, including without limitation, free rent, improvement allowance, base year and other monetary concessions, component of the Fair Market Rental for the Premises, as determined by as follows:

  • Lease Grant The Premises are hereby leased to Tenant from Landlord, together with the right to use any portions of the Property that are designated by Landlord for the common use of tenants and others (the “Common Areas”).

  • Exercise of Purchase Options Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to exercise their Purchase Options or Warrants underlying such Purchase Options prior to or after the initial filing of any registration statement or the effectiveness thereof.

  • Option to Lease The Receiver hereby grants to the Assuming Institution an exclusive option for the period of ninety (90) days commencing the day after Bank Closing to cause the Receiver to assign to the Assuming Institution any or all leases for leased Bank Premises, if any, which have been continuously occupied by the Assuming Institution from Bank Closing to the date it elects to accept an assignment of the leases with respect thereto to the extent such leases can be assigned; provided, that the exercise of this option with respect to any lease must be as to all premises or other property subject to the lease. If an assignment cannot be made of any such leases, the Receiver may, in its discretion, enter into subleases with the Assuming Institution containing the same terms and conditions provided under such existing leases for such leased Bank Premises or other property. The Assuming Institution shall give notice to the Receiver within the option period of its election to accept or not to accept an assignment of any or all leases (or enter into subleases or new leases in lieu thereof). The Assuming Institution agrees to assume all leases assigned (or enter into subleases or new leases in lieu thereof) pursuant to this Section 4.6. If the Assuming Institution gives notice of its election not to accept an assignment of a lease for one or more of the leased Bank Premises within seven (7) days of Bank Closing, then, not withstanding any other provision of this Agreement to the contrary, the Assuming Institution shall not be liable for any of the costs or fees associated with appraisals for the Fixtures, Furniture and Equipment located on such leased Bank Premises.

  • Lease Agreement On the terms stated in this Lease, Landlord leases the Premises to Tenant, and Tenant leases the Premises from Landlord, for the Term beginning on the Commencement Date and ending on the Termination Date unless extended or sooner terminated pursuant to this Lease.

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