Common use of Option to Purchase Demised Premises Clause in Contracts

Option to Purchase Demised Premises. Tenant (but not any subtenant or assignee of Tenant) shall have the option to purchase the Demised Premises (the "Option") as hereinafter provided. A. Tenant shall have the option to purchase the Demised Premises at an option price (the "Option Price") equal to the greater of (x) the then outstanding principal amount of the Notes plus accrued interest thereon through the date of purchase of the Demised Premises together with the Make Whole Amount, if any or (y) the fair market value of the Demised Premises. Tenant may only exercise the Option if the Lease is in full force and effect and no defaults or Events of Default exist at the time Tenant notifies Landlord of the exercise of the Option and at the time set for closing of the Option. Tenant shall signify its intent to exercise the Option by delivering to Landlord its written notice of its exercise of the Option, not later than 60 days prior to the date stated in such notice as the closing date for such Option (the "Notice").