Common use of OPTION TO PURCHASE ASSETS Clause in Contracts

OPTION TO PURCHASE ASSETS. Upon termination or expiration of this Agreement, you hereby grant Liberty or its assignee the option to purchase from you some or all of the assets (including, but not limited to, supplies, equipment, signs, furnishings and fixtures) of the Franchised Business. Liberty may exercise this option by transmitting notice to you within thirty (30) days from the effective date of expiration or termination. If Liberty elects to exercise this option, the purchase price for the assets of the Franchised Business, will be the “adjusted book value” as described below. Liberty will have the right to set off and reduce the purchase price by any and all amounts owed by you to Liberty or any of Liberty’s affiliates. The “adjusted book value” is the book value of the assets of the Franchised Business as listed on the balance sheet in the financial statements of the Franchised Business as of the date of the termination or expiration. There shall be no allocation for goodwill or any similar adjustment in the adjusted book value.

OPTION TO PURCHASE ASSETS. Upon termination or expiration of this Agreement, you hereby grant Liberty or its assignee the option option, exercisable by transmitting notice thereof within thirty (30) days from the effective date of expiration or termination, to purchase from you some or all of the assets (including, but not limited to, including supplies, equipment, signs, furnishings and fixtures) of the Franchised Business. Liberty may exercise this option by transmitting notice to you within thirty (30) days from the effective date of expiration or termination. If Liberty elects to exercise this option, the The purchase price for the assets of the Franchised Business, if Liberty elects to purchase them, will be the “adjusted book value” as described determined below. : provided, however, that Liberty will have the right to set off against and reduce the purchase price by any and all amounts owed by you to Liberty or any of Liberty’s affiliates. The “adjusted book value” is consists of the book value of the assets of the Franchised Business as listed on disclosed by the balance sheet in the financial statements of the Franchised Business as of the date of the termination or expiration. There ; provided, however, that there shall be no allocation for goodwill or any similar adjustment in the adjusted book valueadjustment.