Common use of Extension in Connection with a Sale Clause in Contracts

Extension in Connection with a Sale. Notwithstanding the procedures described in Section 1.6 for the completion of a Lease extension, if the Extension Right is being exercised in connection with a Third-Party Sale (as defined in Section 2.6) of the Leasehold Interest that is permitted pursuant to Article 2 below, the extension of the Lease may be completed in connection with such Third-Party Sale, and the Extension Fee may be paid from the purchase price through escrow. In such case, to the extent Lessee has not previously done so in connection with Section 2.6, Lessee shall also promptly advise Lessor as to the title company handling the sale, the scheduled date of closing, and any other information relevant to the transaction. The closing of the Third-Party Sale may occur prior to the completion of the Lease extension, but the third-party purchaser shall not be entitled to the Lease extension and Lessor will not execute the Extension Amendment until the process for determining the Fee Simple Land Value described in Schedule 1.5 has been completed, all requirements under Section 2.6(h) have been met, and the Extension Fee has been finally calculated and paid to Lessor (through escrow or otherwise). The provisions of Section 1.6 shall also apply to any Third-Party Sale. A/75462098.5

Extension in Connection with a Sale. Notwithstanding the procedures described in Section 1.6 for the completion of a Lease extension, if the Extension Right is being exercised in connection with a Third-Party Sale (as defined in Section 2.6) of the Leasehold Interest that is permitted pursuant to Article 2 below, the extension of the Lease may be completed in connection with such Third-Party Sale, and the Extension Fee may be paid from the purchase price through escrow. In such case, to the extent Lessee has not previously done so in connection with Section 2.6, Lessee shall also promptly advise Lessor as to the title company handling the sale, the scheduled date of closing, and any other information relevant to the transaction. The closing of the Third-Party Sale may occur prior to the completion of the Lease extension, but the third-party purchaser shall not be entitled to the Lease extension and Lessor will not execute the Extension Amendment until the process for determining the Fee Simple Land Value described in Schedule 1.5 has been completed, all requirements under Section 2.6(h) have been met, and the Extension Fee has been finally calculated and paid to Lessor (through escrow or otherwise). The provisions of Section 1.6 shall also apply to any Third-Party Sale. A/75462098.5.