Initial Property Purchase Clause Samples

Initial Property Purchase. Arlington has the option to buy one Hotel of its choice and another Hotel which Lessor chooses, with both purchases (the "INITIAL PURCHASE OPTION") to be closed by June 5, 2001. Lessor has identified the first property it selects to be the AmeriHost Inn, Hudsonville, Michigan (the "FIRST SELECTION"). (a) If Arlington completes the Initial Purchase Option by the deadline described above, the rent increase set forth in Section 3.2 effective June 30, 2001 will not go into effect and be null and void.