Land Option Sample Clauses
A Land Option clause grants a party the exclusive right, but not the obligation, to purchase or lease a specific parcel of land within a defined period and under agreed terms. Typically, the party pays an option fee for this right, and must exercise the option by providing notice before the deadline; if they do not, the option expires and the landowner retains full rights. This clause is commonly used in real estate development to secure land while the buyer completes due diligence or obtains necessary approvals, thereby reducing risk and providing flexibility before committing to a full purchase or lease.
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Land Option. Tenant shall have the option to expand an additional 88,790 square feet and add 245 parking stalls on land adjacent to the initial building improvements. This option is annual and automatically renews each year for the entire initial lease term unless terminated sooner. Upon six months prior written notice at the end of the initial lease term, Tenant shall have the one time right to capitalize the remaining land into the deal at $1.98 per square foot. The lease constant applied to the additional capitalized land will be equal to a debt constant plus sixty basis points. The debt constant will be calculated using a twenty year loan amortization. At any time Tenant expands, the land area designated for the expansion shall be included in the actual cost of the expansion at a static $1.98 per square foot of land, and such land area shall be removed from the land option area. The land option cost will be reduced accordingly. The annual land option cost shall be paid at the lease commencement date and each anniversary thereafter and equal to the annual carry cost on the land. Such carry costs shall be the actual annual real estate taxes and installments on future special assessments paid by Landlord (which may be paid directly by Tenant), plus actual % annual interest charge on $1.98 per square foot of land option area, plus costs to insure against liability and any costs to maintain the property. With respect to costs to maintain the property, attached hereto as Exhibit D is a proposed budget for first option year. Prior to the commencement of each option year, Landlord shall provide Tenant with a maintenance budget for such coming option year, in substantially the form of Exhibit D. The amount of such maintenance expenses included within such carry costs shall not exceed the proposed budget in any option year unless the excess costs were not reasonably foreseeable at the time of submission of the proposed budget for such option year or unless otherwise agreed in writing by Tenant. On September 1, 1999 the Resolution Trust Corporation ("RTC") financing on the land option area balloons at which time the interest charged on the land option area will be equal to Landlord's cost of borrowing. Any changes or adjustments to the annual carry costs or land option area during the year shall be recalculated and adjusted on each anniversary of the land option. However, at the time of any expansion whereby the land option area becomes too small to construct a minimum of 38,...
Land Option. 54 13.2 NEW FAB VENTURE RIGHT OF FIRST REFUSAL......................................54 13.3
Land Option. By execution of this Agreement, the Members agree and acknowledge that as part of the Initial Capital Contribution of TSMC, and as a convenience and accommodation to the Company, TSMC has arranged for option agreements covering the Real Property to be assigned to the Company, which option agreements cover real property in excess of that amount necessary to construct the Foundry. On the Effective Date, the Company with the approval of the Members granted to TSMC the TSMC Land Option, whereby TSMC has the option to purchase the Land from the Company, for the Purchase Price (as defined in the TSMC Land Option).
Land Option. Pursuant to on-going discussions between LPA and ▇▇▇▇▇▇ commenced in August, 2010, LPA agrees to provide ▇▇▇▇▇▇ with an option to lease (the “Option”) 25 acres designated by Assessor’s Parcel Number ▇▇▇▇-▇▇▇-▇▇▇ that will expire October 1, 2011. No later than 31 July, 2011 ▇▇▇▇▇▇ is to present the LPA with a proposal for the development of all or part of the 25 acres that as well as plans to ▇▇▇▇▇▇ a broader relationship with the LPA that may include additional permitting and sub- contracting, as well as additional land lease and development options, which collectively will be embodied in a secondary agreement (the “Development Agreement”). ▇▇▇▇▇▇ and the LPA will aim to achieve Board approval for the Development Agreement by 27 September, 2011. The deadline for achieving Board approval for the can be changed by mutual consent of both parties, where such consent will not be unreasonably withheld.
Land Option. 2-3 1.4. Options to Expand......................................................3-5 1.5. Option to Renew..........................................................5
Land Option. Landlord agrees to hold and not develop, for a period of twelve months, the approximately one acre vacant parcel to the northeast of PPD’s current building at ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇. This parcel is more specifically described as Lot 3 on Certified Survey Map #8378 lying in the Southeast 1/4 of the Southwest 1/4 and the Northeast 1/4 of the ▇▇▇▇▇▇▇▇▇ ▇/▇, ▇▇▇▇▇▇▇ ▇▇, ▇▇▇, ▇▇▇, ▇▇▇▇ of Middleton, WI.