Common use of Lessee's Option to Purchase Clause in Contracts

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, Lessee shall have the option (the "Purchase Option"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased Properties. Such option must be exercised by written notice to Lessor not later than twelve months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to Lessee, without recourse or warranty (other than as to the absence of Lessor Liens) and Lessee shall purchase from Lessor, Lessor's interest in the Leased Properties.

Appears in 2 contracts

Samples: Master Agreement (Ruby Tuesday Inc), Master Agreement (Ruby Tuesday Inc)

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Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, the Lessee shall have the option (the "Purchase ----------- -------- Option"), to be exercised as set forth below, to purchase from the ------ Lessor, the Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperty. Such option must be exercised by written notice to the Lessor not later than twelve six (6) months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the ----------- applicable purchase date or the Lease Termination Date, as the case may be, the Lessor shall convey to the Lessee, without recourse or warranty (other than as to the absence of Lessor Liens) ), and the Lessee shall purchase from the Lessor, the Lessor's interest in the Leased PropertiesProperty leased by the Lessee.

Appears in 1 contract

Samples: Master Lease Agreement (Jones Financial Companies Lp LLP)

Lessee's Option to Purchase. (a) Subject to the terms, terms and conditions and provisions set forth in this Article XIVArticle, Lessee shall have the option (the "Purchase Option"), exercisable at any time during the Lease Term on or prior to be exercised as set forth belowthe 120th day next preceding the Lease Termination Date, to purchase from Lessor, Lessor's entire interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperty at the purchase price equal to the Purchase Option Price. Such option must be exercised by written notice to the Lessor not later than twelve months prior to and the Lease Termination Date Lender, which notice exercise shall be irrevocable; , and such notice shall specify the closing date that such for Lessee's purchase shall take placeof all of the Leased Property, which date shall be a Rent Payment Date occurring (i) not less than thirty sixty (3060) days after or more than ninety (90) calendar days following the Lessor's receipt of such notice or and (ii) in any event not later the Lease Termination Date (whichever is earlier)Date. If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIVArticle, on the applicable purchase date or the Lease Termination Date, as the case may besuch closing date, Lessor shall convey to Lessee, without recourse or warranty (other than as to the absence of Lessor Liens) and Lessee shall purchase from Lessor, Lessor's interest in all, but not less than all, of the Leased PropertiesProperty. If Lessee fails to exercise the Purchase Option in a timely manner, then the Purchase Option shall thereupon automatically terminate without any further action of Lessor, and the Purchase Option shall thereafter be of no force or effect. The Purchase Option granted to Lessee pursuant to this Section is exclusive of the purchase option provided to Lessee pursuant to Section 14.1(e).

Appears in 1 contract

Samples: Master Lease and Development Agreement (Atria Communities Inc)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article ARTICLE XIV, each Lessee shall have the option (the "Purchase OptionPURCHASE OPTION"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased Properties; provided PROVIDED that, except as set forth in paragraph PARAGRAPH (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperties under all of the Lease Supplements. Such option must be exercised by written notice to Lessor not later than twelve months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article ARTICLE XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to each Lessee, by special warranty deed and xxxx of sale, without recourse or warranty (other than as to the absence of Lessor LiensLiens and Liens of the Operative Documents) and each Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperties leased by such Lessee.

Appears in 1 contract

Samples: Master Lease Agreement (Allete Inc)

Lessee's Option to Purchase. (a) Subject to the terms, terms and conditions and provisions set forth in this Article XIVArticle, Lessee shall have the option (the "Purchase OptionPURCHASE OPTION"), exercisable at any time during the Lease Term on or prior to be exercised as set forth belowthe tenth Business Day next preceding the Lease Termination Date, to purchase from Lessor, Lessor's entire interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of any Property at the Leased Propertiespurchase price equal to the Purchase Option Price for such Property. Such option must be exercised by written notice to the Lessor not later than twelve months prior to and the Lease Termination Date Lender, which notice exercise shall be irrevocable; , and such notice shall specify the closing date that for Lessee's purchase of such purchase shall take placeProperty, which date shall be a Rent Payment Date occurring (i) not less than thirty ten (3010) Business Days or more than 180 calendar days after following the Lessor's receipt of such notice or and (ii) in any event not later the Lease Termination Date (whichever is earlier)Date. If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIVArticle, on the applicable purchase date or the Lease Termination Date, as the case may besuch closing date, Lessor shall convey to Lessee, without recourse or warranty (other than as to the absence of Lessor Liens) and Lessee shall purchase from Lessor, Lessor's interest in all, but not less than all, of such Property. If Lessee fails to exercise the Leased PropertiesPurchase Option in a timely manner, then the Purchase Option shall thereupon automatically terminate without any further action of Lessor, and the Purchase Option shall thereafter be of no force or effect. The Purchase Option granted to Lessee pursuant to this Section is exclusive of the purchase option provided to Lessee pursuant to SECTION 14.1(e).

Appears in 1 contract

Samples: Lease and Development Agreement (STB Systems Inc)

Lessee's Option to Purchase. (a) Subject to the terms, conditions --------------------------- and provisions set forth in this Article XIV, Lessee shall have the option (the ----------- "Purchase Option"), to be exercised as set forth below, to purchase from Lessor, --------------- Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperty. Such option must be exercised by written notice to Lessor not later than twelve months 270 days prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable ----------- purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to Lessee, without recourse or a transferee designated by Lessee in a written notice given to Lessor not less than ten (10) Business Days prior to the purchase date or Lease Termination Date, as the case may be, by special warranty deed (other than as which shall include a warranty to the absence of Lessor Liens, but shall exclude any warranty with respect to Liens created by Lessee as Lessor's agent) and Lessee Lessee, or such transferee, shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperty.

Appears in 1 contract

Samples: Master Agreement (Sterling Commerce Inc)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, each Lessee shall have the option (the "Purchase Option"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperties under all of the Lease Supplements. Such option must be exercised by written notice to Lessor not later than twelve months prior to the scheduled Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty sixty (3060) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to each Lessee, by special warranty deed and xxxx of sale, without recourse or warranty (other than as to the absence of Lessor Liens) and each Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperties leased by such Lessee.

Appears in 1 contract

Samples: Master Lease Agreement (Choicepoint Inc)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, each Lessee shall have the option (the "Purchase Option"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperties under all of the Lease Supplements. Such option must be exercised by written notice to Lessor not later than twelve six months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to each Lessee, by special warranty deed and bxxx of sale, without recourse or warranty (other than as to the absence of Lessor Liens) and each Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperties leased by such Lessee.

Appears in 1 contract

Samples: Lease Agreement (Dollar Tree Stores Inc)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, the Lessee shall have the option (the "Purchase Option"), ----------- --------------- to be exercised as set forth below, to purchase from the Lessor, the Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperty. Such option must be exercised by written notice to the Lessor not later than twelve six (6) months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or ----------- the Lease Termination Date, as the case may be, the Lessor shall convey to the Lessee, without recourse or warranty (other than as set forth in the special warranty deed and as to the absence of Lessor Liens) ), and the Lessee shall purchase from the Lessor, the Lessor's interest in the Leased PropertiesProperty leased by the Lessee.

Appears in 1 contract

Samples: Master Lease Agreement (Jones Financial Companies Lp LLP)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, Lessee the Lessees shall have the option (the "Purchase Option"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperties under all of the Lease Supplements. Such option must be exercised by written notice by Dollar to Lessor not later than twelve months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to each Lessee, by special warranty deed and xxxx of sale, without recourse or warranty (other than as to the absence of Lessor Liens) and each Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperties leased by such Lessee.

Appears in 1 contract

Samples: Master Lease Agreement (Dollar General Corp)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article ARTICLE XIV, Lessee shall have the option (the "Purchase OptionPURCHASE OPTION"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperty. Such option must be exercised by written bywritten notice to Lessor not later than twelve months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, thenthen Lessee shall also be deemed to have exercised its APurchase Option@ under the Building Lease and, subject to the provisions set forth in this Article ARTICLE XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to Lessee, without recourse or warranty (other than as to the absence of Lessor Liens) and Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperty. Lessor shall continue to pay Basic Rent hereunder until the Purchase Option is consummated by the payment of the purchase price pursuant to this ARTICLE XIV.

Appears in 1 contract

Samples: Lease Agreement (Supreme International Corp)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, each Lessee shall have the option (the "Purchase Option"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperties under all of the Lease Supplements. Such option must be exercised by written notice to Lessor not later than twelve six months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to each Lessee, by special warranty deed and bill xx sale, without recourse or warranty (other than as to the absence of Lessor Liens) and each Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperties leased by such Lessee.

Appears in 1 contract

Samples: Lease Agreement (Discount Auto Parts Inc)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, Lessee shall have the option (the "Purchase Option"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased Properties. Such option must be exercised by written notice to Lessor not later than twelve months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to Lessee, by special warranty deed and bill of sale without recourse or warranty (other than as to the absence absexxx of Lessor Liens) and Lessee shall purchase from Lessor, Lessor's interest in the Leased Properties.

Appears in 1 contract

Samples: Lease Participation Agreement (Aaron Rents Inc)

Lessee's Option to Purchase. (a) Subject to the terms, --------------------------- conditions and provisions set forth in this Article XIV, each Lessee shall have ----------- the option (the "Purchase Option"), at any time during the term of this Lease --------------- (but subject to the provisions of Section 3.3 respecting deferment of payment to fall on a Payment Date to avoid breakage costs), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased Properties. Such option must shall be exercised by written notice to Lessor not later than twelve months prior to the Lease Termination Date Lessor, which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable ----------- purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to each Lessee, without recourse or warranty (other than as to the absence of Lessor Liens) and each Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperties leased by such Lessee.

Appears in 1 contract

Samples: Master Lease Agreement (Rowe Companies)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, each Lessee shall have the option (the "Purchase Option"), to be exercised as set forth below, to purchase (or cause to be purchased) from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperties under all of the Lease Supplements. Such option must be exercised by written notice to Lessor not later than twelve months thirty (30) days prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to each Lessee, without recourse or warranty (other than as to the absence of Lessor Liens) and each Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperties leased by such Lessee.

Appears in 1 contract

Samples: Master Lease Agreement (Borders Group Inc)

Lessee's Option to Purchase. (a) Subject to the terms, --------------------------- conditions and provisions set forth in this Article XIV, each Lessee shall have ----------- the option (the "Purchase Option"), to be exercised as set forth below, to --------------- purchase from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be -------- ------------- exercised with respect to all, but not less than all, of the Leased PropertiesProperties under all of the Lease Supplements. Such option must be exercised by written notice to Lessor not later than twelve (12) months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as ----------- the case may be, Lessor shall convey to each Lessee, by special warranty deed and xxxx of sale, without recourse or warranty (other than as to the absence of Lessor Liens) and each Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperties leased by such Lessee.

Appears in 1 contract

Samples: Master Lease Agreement (Hughes Supply Inc)

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Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article ARTICLE XIV, each Lessee shall have the option (the "Purchase OptionPURCHASE OPTION"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased PropertiesProperties leased by it; provided PROVIDED that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperties under all of the Lease Supplements. Such option must be exercised by written notice to Lessor not later than twelve months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article ARTICLE XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to each Lessee, without recourse or warranty (other than as to the absence of Lessor Liens) and each Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperties leased by such Lessee. The exercise by any Lessee of the Purchase Option hereunder shall be deemed to be an exercise of the Purchase Option by each other Lessee hereunder.

Appears in 1 contract

Samples: Master Lease Agreement (Cornell Companies Inc)

Lessee's Option to Purchase. (a) Subject to the terms, terms and conditions and provisions set forth in this Article XIVArticle, Lessee shall have the option (the "Purchase Option"), exercisable at any time during the Lease Term on or prior to be exercised as set forth belowthe tenth Business Day next preceding the Lease Termination Date, to purchase from Lessor, Lessor's entire interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of any Property at the Leased Propertiespurchase price equal to the Purchase Option Price for such Property. Such option must be exercised by written notice to the Lessor not later than twelve months prior to and the Lease Termination Date Lender, which notice exercise shall be irrevocable; , and such notice shall specify the closing date that for Lessee's purchase of such purchase shall take placeProperty, which date shall be a Rent Payment Date occurring (i) not less than thirty ten (3010) Business Days or more than 90 calendar days after following the Lessor's receipt of such notice or and (ii) in any event not later the Lease Termination Date (whichever is earlier)Date. If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIVArticle, on the applicable purchase date or the Lease Termination Date, as the case may besuch closing date, Lessor shall convey to Lessee, without recourse or warranty (other than as to the absence of Lessor Liens) and Lessee shall purchase from Lessor, Lessor's interest in all, but not less than all, of such Property. If Lessee fails to exercise the Leased Properties.Purchase Option in a timely manner, then the Purchase Option shall thereupon automatically

Appears in 1 contract

Samples: Master Lease and Development Agreement (Eagle Usa Airfreight Inc)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article ARTICLE XIV, Lessee shall have the option (the "Purchase OptionPURCHASE OPTION"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperty. Such option must be exercised by written notice to Lessor not later than twelve months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such AR purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, thenthen Lessee shall also be deemed to have exercised its APurchase Option@ under the Land Lease and, subject to the provisions set forth in this Article ARTICLE XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to Lessee, without AR recourse or warranty (other than as to the absence of Lessor Liens) and Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperty. Lessor shall continue to pay Basic Rent hereunder until the Purchase Option is consummated by the payment of the purchase price pursuant to this ARTICLE XIV.

Appears in 1 contract

Samples: Lease Agreement (Supreme International Corp)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, Lessee shall have the option (the "Purchase Option"), to be exercised as set forth below, to purchase from Lessor, Lessor's ’s interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, any of the Leased Properties. Such option must be exercised by written notice to Lessor not later than twelve months prior to the scheduled Lease Termination Date Date, which notice shall be irrevocable; such notice shall specify the Leased Property with respect to which such Purchase Option is being exercised, the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty sixty (3060) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to Lessee, without recourse or warranty (other than as to the absence of Lessor Liens) and Lessee shall purchase from Lessor, Lessor's ’s interest in the Leased PropertiesProperty or Leased Properties that are the subject of such Purchase Option pursuant to Section 14.5.

Appears in 1 contract

Samples: Master Lease Agreement (Checkfree Corp \Ga\)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, Lessee shall have the option (the "Purchase Option"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperty. Such option must be exercised by written notice to Lessor not later than twelve months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to Lessee, without recourse or warranty (other than as to the absence of Lessor Liens) and Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperty in accordance with Section 14.5.

Appears in 1 contract

Samples: Lease Agreement (Richfood Holdings Inc)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, each Lessee shall have the option (the "Purchase Option"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperties under all of the Lease Supplements. Such option must be exercised by written notice to Lessor not later than twelve months prior to the scheduled Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to each Lessee, by special warranty deed and bill of sale, without recourse or warranty (other than as to the absence absexxx of Lessor Liens) and each Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperties leased by such Lessee.

Appears in 1 contract

Samples: Master Lease Agreement (Choicepoint Inc)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, the Lessee shall have the option (the "Purchase Option"), to be exercised as set forth below, to purchase from Lessor, Lessor's ’s interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased PropertiesProperty. Such option must be exercised by written notice to Lessor and the Agent not later than twelve six months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty sixty (3060) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to the Lessee, by special warranty deed and xxxx of sale, without recourse or warranty (other than the warranty of title set forth in the special warranty deed and as to the absence of Lessor Liens) and the Lessee shall purchase from Lessor, Lessor's ’s interest in the Leased PropertiesProperty.

Appears in 1 contract

Samples: Lease Agreement (Bank of New York Co Inc)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, each Lessee shall have the option (the a "Purchase Option"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in any or all of the Leased Properties; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased Properties. Such option must be exercised with respect to any Leased Property by written notice to Lessor not later than twelve six months prior to the Lease Termination Date Date, which notice shall be irrevocable; such notice shall specify the Leased Property to be purchased, and the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty sixty (3060) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoingforegoing with respect to any Leased Property, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to the related Lessee, by special or limited warranty deed and xxxx of sale, without recourse or warranty (other than as to the absence of Lessor Liens) and the related Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperty or Leased Properties that are the subject of such Purchase Option.

Appears in 1 contract

Samples: Master Lease Agreement (Concord Efs Inc)

Lessee's Option to Purchase. (a) Subject to the terms, --------------------------- conditions and provisions set forth in this Article XIV, each Lessee shall have ----------- the option (the "Purchase Option"), to be exercised as set forth below, to --------------- purchase from Lessor, Lessor's interest in all of the Leased Properties; provided that, except as set forth in paragraph (b) below, that such option must be exercised with respect to all, but not less -------- than all, of the Leased PropertiesProperties under all of the Lease Supplements. Such option must be exercised by written notice to Lessor not later than twelve months prior to the Lease Termination Date EBO Date, which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date date occurring not less than thirty (30) days after such notice or the Lease Termination EBO Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Datedate, as the case may be, ----------- Lessor shall convey to each Lessee, by special warranty deed and xxxx of sale, without recourse or warranty (other than as to the absence of Lessor Liens) and each Lessee shall purchase from Lessor, Lessor's interest in the Leased PropertiesProperties leased by such Lessee.

Appears in 1 contract

Samples: Lease Agreement (Hughes Supply Inc)

Lessee's Option to Purchase. (a) Subject to the terms, conditions and provisions set forth in this Article XIV, Lessee shall have the option (the "Purchase Option"), to be exercised as set forth below, to purchase from Lessor, Lessor's interest in all of the Leased PropertiesProperties for the purchase price referred to in Section 14.4; provided that, except as set forth in paragraph (b) below, such option must be exercised with respect to all, but not less than all, of the Leased Properties. Such option must be exercised by written notice to Lessor not later than twelve months prior to the Lease Termination Date which notice shall be irrevocable; such notice shall specify the date that such purchase shall take place, which date shall be a Rent Payment Date occurring not less than thirty (30) days after such notice or the Lease Termination Date (whichever is earlier). If the Purchase Option is exercised pursuant to the foregoing, then, subject to the provisions set forth in this Article XIV, on the applicable purchase date or the Lease Termination Date, as the case may be, Lessor shall convey to Lessee, without recourse or warranty (other than as to the absence of Lessor Liens) and Lessee shall purchase from Lessor, Lessor's interest in the Leased Properties.

Appears in 1 contract

Samples: Master Agreement (Ruby Tuesday Inc)

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