Option to Purchase Premises. Notwithstanding the provisions of Section 19.1 of the Lease, in the event Tenant subdivides the Premises into legally separate parcels or lots, Tenant may, subject to the condition set forth in the following sentence, exercise its Purchase Option with respect to any or all of such separate parcels or lots. Landlord shall have the right to reject Tenant's exercise of its Purchase Option with respect to less than all of such parcels or lots, if Landlord determines in its reasonable judgment that the value of the portion of the Premises remaining after the sale of such lot(s) or parcel(s) will be adversely affected by such sale. Tenant shall provide to Landlord at Tenant's sole cost and expense such documents and information reasonably required by Landlord in order for Landlord to determine the value of the remaining portion of the Premises, including without limitation, an appraisal of the remaining portion of the Premises prepared by an appraiser approved by Landlord. In the event Tenant properly exercises its Purchase Option with respect to less than all of the Premises, the Purchase Price shall be the portion of the Funded Amount reasonably allocated by Landlord to the portion of the Premises being purchased under the Purchase Option, plus the amount of any reasonable and customary fees, costs and expenses of Landlord associates with the sale, break funding costs, if any, plus any then due and delinquent Base Rent and Additional Rent, if any, under the Lease and the sale shall be consummate pursuant to the terms of Section 19.1
Option to Purchase Premises. (a) In Section 19.1(a), Purchase Option , the two (2) sentences beginning with "The purchase price ("Purchase Price") . . ." on line 8 of Section 19.1(a) and ending with ". . . this Purchase Option" on line 26 of Section 19.1(a) are hereby deleted in their entirety and the following inserted in their place: The purchase price ("Purchase Price") for the portion of the Premises which Tenant elects to purchase shall be (i) the then-existing Funded Amount applicable to the portion of the Premises which Tenant elects to purchase (determined in a pro rata basis on the basis of the area being purchased), as the same may be reduced from time to time, plus (ii) the amount of any prepayment premium and all other fees, costs, and expenses due to any holder of an Authorized Loan in connection with such loan (to the extent not already paid pursuant to Section 21.21 hereof). Tenant shall be entitled to a credit against the Purchase Price in an amount equal to the sum of (i) the principal balance(s) of any Authorized Loan and/or Fee Mortgage existing immediately prior to the closing under this Purchase Option if such Authorized Loan and/or Fee Mortgage are not fully repaid and all documents reflecting the same are not cancelled and removed from the public records on or prior to the closing under this Purchase Option, plus (ii) the amount of the Security Deposit (or, in the event of a purchase of a portion of the Premises, a pro rata portion of the Security Deposit), and, upon closing under this Purchase Option, Landlord shall be released from Landlord's obligation to return the Security Deposit set forth in Section 5.5 hereof.
Option to Purchase Premises. 35 19.2 Mandatory Purchase/Sale of Premises . . . . . . . . . . . . . . . . . . . . . . 37 19.3 Survival . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 ARTICLE 20
Option to Purchase Premises. Lessor hereby grants unto Lessee an option (the "Purchase Option") to buy the Premises (including all improvements contained on the Premises) at any point during the Term, including any extensions or renewals thereof, for the Purchase Price (as hereinafter defined), subject to the following terms and conditions:
Option to Purchase Premises. (a) Tenant shall be entitled to elect, and Landlord hereby grants Tenant the option, to purchase the entirety of the Premises, to be exercised at any time during the term of this Lease on not less than sixty (60) days and not more than twenty-four (24) months' prior written notice to Landlord, at a price equal to the Fair Option Value (defined below) determined as of the date of exercise of the option. Tenant's notice of exercise of the option shall be deemed and shall constitute an irrevocable acceptance by Tenant of Landlord's irrevocable offer to sell and convey the Premises to Tenant.
Option to Purchase Premises. (a) Tenant shall have the right and option to purchase the Premises at any time during the Term of this Lease upon not less than ninety (90) days prior written notice to Landlord (an "Exercise Notice"). The failure of Tenant to exercise its right and option to purchase the Premises on one or more occasions shall not affect Tenant's right to exercise such right and option with respect to the Premises on any subsequent occasions.
Option to Purchase Premises. 64 B. Process......................................................... 65 C.
Option to Purchase Premises. Landlord shall use reasonable --------------------------- efforts to subdivide the Project so that the Building becomes situated on its own legal parcel (the "Broadway Parcel") separate and apart from any areas of --------------- the Project. If Landlord so creates the Broadway Parcel in a configuration acceptable to Landlord, then at any time prior to December 1, 1997, Tenant shall have the option to elect to acquire, on an all cash basis, in the manner set forth in Paragraph 40.B, fee title to the Broadway Parcel, together with the -------------- improvements situated thereon, including Landlord's interest in the Lease, for a purchase price of Twenty Million Three Hundred Twelve Thousand Dollars ($20,312,000.00). In order to elect to exercise its option to acquire the Broadway Parcel, Tenant shall deliver to Landlord, on or before December 1, 1997, a written notice setting forth Tenant's exercise of such option (the "Broadway Option Notice"). The Broadway Option Notice shall not be effective ----------------------- unless the Broadway Option Notice includes the following: (i) immediately available funds in an amount equal to One Million Fifteen Thousand Six Hundred Dollars ($1,015,600.00) (the "Deposit"), and (ii) an original of the liquidated damage provision set forth in Exhibit H attached to this Lease, executed by --------- Tenant. The Deposit shall be held by the Title Company, defined in Exhibit H, --------- in an interest bearing account and shall constitute liquidated damages, and shall be paid to Landlord in the event Tenant fails to consummate the purchase of the Broadway Parcel in accordance with the terms of this Paragraph 40, other ------------ than as a direct result of Landlord's failure to perform its obligations under this Paragraph 40 or Exhibit H. Escrow for the sale of the ------------ ---------
Option to Purchase Premises. 21 24. Option to Purchase Adjoining Site . . . . . . . . . . . . . . . . .22 25.
Option to Purchase Premises. Subsequent to the Commencement Date and at any time prior to expiration of the fifth Lease Year, if this Lease shall then be in full force and effect and Tenant shall not then be in default hereunder beyond any applicable cure period, Tenant shall have the option to purchase the Premises, subject to the terms of all easements, covenants, conditions and restrictions of record (collectively, the "Permitted Exceptions"), for a sum (the "Purchase Price") equal to One Hundred Twelve Percent (112%) of Project Cost. In order to exercise the said option to purchase, Tenant shall give Landlord written notice thereof (the "Notice of Exercise") not less than nine (9) months prior to the expiration of the fifth Lease Year. If Tenant fails to timely exercise said option to purchase during the said exercise period then Tenant shall be deemed to have waived said option to purchase. If said option to purchase is timely exercised, the following provisions shall become applicable:
