Common use of Option to Acquire Clause in Contracts

Option to Acquire. Should the Xxxx Xxxxxxx Fire Department no longer serve the City of Arden Hills or no longer use, occupy, or otherwise cease to operate in the fire station, the fire station, at the discretion of the JPA, may be used by a successor organization that provides fire protection to the Parties. Should no acceptable successor organization be identified the City of Arden Hills will have the option to reimburse the other two Parties, the Cities of Shoreview and North Oaks, for their respective contributions to the purchase of the Property, construction of the fire station, and any applicable capital improvements to the station plus inflation as measured by the Consumer Price Index (CPI) and take ownership of the land and associated buildings.

Option to Acquire. Should the Xxxx Xxxxxxx Fire Department no longer serve the City of Arden Hills or no longer use, occupy, or otherwise cease to operate in the fire station, the fire station, at the discretion of the JPA, may be used by a successor organization that provides fire protection to the cities.Parties. Should no acceptable successor organization be identified the City of Arden Hills will have the option to reimburse the other two PartiescitiesParties, the Cities of Shoreview and North Oaks, for their respective contributions to the purchase of the PropertylandProperty, construction of the fire station, and any applicable capital improvements to the station plus inflation as measured by the Consumer Price Index (CPI) and take ownership of the land and associated buildings.