Common use of Exercise or Waiver of First Option Right by Lessor Clause in Contracts

Exercise or Waiver of First Option Right by Lessor. Lessor shall have 45 days from the receipt of the Option Notice to exercise its First Option Right to either exercise its option to purchase the Residential Unit or to identify an Employee of Lessor(as defined in Section 5.1(A)) to purchase the Residential Unit. The term “exercise” for purposes of the preceding sentence shall mean that the Lessor has provided notice to CLT (the “Exercise Notice”) on or before the expiration of the 45-day period, that Lessor is going to purchase the Property or that Lessor has identified an Employee of Lessor (as defined in Section 5.1(A)) to purchase of the Residential Unit. If the Lessor does not exercise the First Option Right within such foregoing applicable period, or otherwise fails to respond within such period, then Lessor shall automatically be deemed to have waived its First Option Right only with respect to such sale and the owner of the Residential Unit and CLT shall have the right to sell the Property to a Qualified Buyer in accordance with the sale procedures set forth herein in (b) below and in the Guidelines. The Lessor’s waiver of its First Option Right with respect to this sale does not waive the terms and conditions of the First Option Right with respect to any subsequent sale of the Residential Unit. The purchase of the Residential Unit by Lessor or the identified Employee of Lessor (as defined in Section 5.1(A)) shall be completed within 60 days of the delivery of the Exercise Notice, or within such other period as the Lessor, the owner of the Residential Unit, the Employee of Lessor (as defined in Section 5.1(A)) and CLT shall agree. The sale of the Residential Unit to Lessor or the identified Employee of Lessor shall be undertaken by the owner and CLT in accordance with the procedures for the sale of a Residential Unit set forth in this Lease and the Guidelines, including without limitation which procedures may include, without limitation: the payment of the Transfer Fee by such Owner to CLT for such facilitation, the amount of which shall be designated in the Guidelines not to exceed 1% of the Maximum Resale Price; and standard terms for the sales contract.

Exercise or Waiver of First Option Right by Lessor. Lessor shall have 45 30 days from the receipt of the Option Notice to exercise its First Option Right to either exercise its option to purchase the Residential Unit or to identify an Employee of Lessor(as defined in Section 5.1(A)) a purchaser to purchase the Residential Unit. The term “exercise” for purposes of the preceding sentence shall mean that the Lessor has provided notice to CLT (the “Exercise Notice”) on or before the expiration of the 4530-day period, that Lessor is going to purchase the Property or that Lessor has identified an Employee of Lessor (as defined in Section 5.1(A)) a purchaser to purchase of the Residential Unit. If the Lessor does not exercise the First Option Right within such foregoing applicable period, or otherwise fails to respond within such period, then Lessor shall automatically be deemed to have waived its First Option Right only with respect to such sale and the owner of the Residential Unit and CLT shall have the right to sell the Property to a Qualified Buyer in accordance with the sale procedures set forth herein in (b) below and in the Guidelines. The Lessor’s waiver of its First Option Right with respect to this sale does not waive the terms and conditions of the First Option Right with respect to any subsequent sale of the Residential Unit. The purchase of the Residential Unit by Lessor or the identified Employee of Lessor (as defined in Section 5.1(A)) shall be completed within 60 days of the delivery of the Exercise Notice, or within such other period as the Lessor, the owner of the Residential Unit, the Employee of Lessor (as defined in Section 5.1(A)) and CLT shall agree. The sale of the Residential Unit to Lessor or the identified Employee of Lessor shall be undertaken by the owner and CLT in accordance with the procedures for the sale of a Residential Unit set forth in this Lease and the Guidelines, including without limitation which procedures may include, without limitation: the payment of the Transfer Fee by such Owner to CLT for such facilitation, the amount of which shall be designated in the Guidelines not to exceed 1% of the Maximum Resale Price; and standard terms for the sales contract.

Exercise or Waiver of First Option Right by Lessor. Lessor shall have 45 3045 days from the receipt of the Option Notice to exercise its First Option Right to either exercise its option to purchase the Residential Unit or to identify an Employee of Lessor(as defined in Section 5.1(A)) a purchaser to purchase the Residential Unit. The term “exercise” for purposes of the preceding sentence shall mean that the Lessor has provided notice to CLT (the “Exercise Notice”) on or before the expiration of the 453045-day period, that Lessor is going to purchase the Property or that Lessor has identified an Employee of Lessor (as defined in Section 5.1(A)) a purchaser to purchase of the Residential Unit. If the Lessor does not exercise the First Option Right within such foregoing applicable period, or otherwise fails to respond within such period, then Lessor shall automatically be deemed to have waived its First Option Right only with respect to such sale and the owner of the Residential Unit and CLT shall have the right to sell the Property to a Qualified Buyer in accordance with the sale procedures set forth herein in (b) below and in the Guidelines. The Lessor’s waiver of its First Option Right with respect to this sale does not waive the terms and conditions of the First Option Right with respect to any subsequent sale of the Residential Unit. The purchase of the Residential Unit by Lessor or the identified Employee of Lessor (as defined in Section 5.1(A)) shall be completed within 60 days of the delivery of the Exercise Notice, or within such other period as the Lessor, the owner of the Residential Unit, the Employee of Lessor (as defined in Section 5.1(A)) and CLT shall agree. The sale of the Residential Unit to Lessor or the identified Employee of Lessor shall be undertaken by the owner and CLT in accordance with the procedures for the sale of a Residential Unit set forth in this Lease and the Guidelines, including without limitation which procedures may include, without limitation: the payment of the Transfer Fee by such Owner to CLT for such facilitation, the amount of which shall be designated in the Guidelines not to exceed 1% of the Maximum Resale Price; and standard terms for the sales contract.