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.
(b) If Tenant shall exercise its option to purchase the Premises, the closing on such option and the conveyance by Landlord to Tenant of the Premises (the "Closing") shall take place on such date designated by Tenant in its notice of exercise but no later than two (2) years after the date of exercise of the option. In the event Closing shall be scheduled to occur after expiration of the Term, the Term shall be automatically renewed on a month-to-month basis until Closing occurs, on the same terms and conditions as are then in effect, including the scheduled adjustment of Base Rent under Section 4.
1. On the date of Closing, Landlord shall convey the Premises to Tenant or its designee in the amount of the Fair Option Value determined as of the date of exercise of the option. Landlord shall convey to Tenant by quit claim deed, all right title and interest, if any, of Landlord in and to the Improvements, and shall further convey to Tenant the Premises by special warranty deed , covenanting and warranting against claims of Landlord or those claiming by, through or under Landlord, and transferring marketable fee simple absolute title to the Premises, subject only to this Lease, to all state of facts an accurate survey would show, to taxes and assessments, to zoning regulations and public rights of way, the Permitted Encumbrances and to other encumbrances placed of record with the consent of Tenant; provided however, Landlord shall have no duty to discharge any lien or encumbrance created by, through or under Tenant, but Landlord shall cause any and all mortgage or deed of trust liens affecting Landlord's fee ownership of the Premises to be paid and discharged at Closing. Landlord shall also execute and furnish Tenant with a standard "owner's affidavit" so as to enable Tenant to obtain an owner's policy of title insurance at Closing, without exception, as to Landlord's acts onl...
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. 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. 35 19.2 Mandatory Purchase/Sale of Premises . . . . . . . . . . . . . . . . . . . . . . 37 19.3 Survival . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 ARTICLE 20
Option to Purchase Premises. Tenant is hereby granted the --------------------------- option to purchase the Premises during the term of this Lease at any time during a term of the Lease. The actual Value of the property on January 26, 1996, for the land and building involved is agreed to be One Hundred Sixty Seven Thousand Eight Hundred Seventy Four Dollars ($167,874.00), which value the parties agree is to be increased at the rate of five percent (5%) per annum so that the value on February 1, 1997, is One Hundred Seventy Six Thousand Two Hundred Eighty Seven Dollars and will continue at the rate of five percent (5%) thereafter during the term of the Lease or until the option to purchase is exercised. The Landlord agrees that in the event Tenant exercises its option to purchase that she, her heirs or assigns will finance up to seventy percent (70%) of the purchase price for a period of ten C.O. Jr. _________ M.C. S. __________
Option to Purchase Premises. 21.1 The TENANT shall have the option at the end of this twenty-three month lease term to purchase all of the Premises, but not less than all, provided that tenant is not in default of this lease or any Economic Development Agreement with LANDLORD.
21.2 To exercise such option, the TENANT shall give written notice to the LANDLORD pursuant to Section 8 of the Economic Development Agreement dated January _______, 2001.
21.3 If the TENANT purchases the Premises, the LANDLORD shall convey title to the Premises to the TENANT in fee simple. Upon the date fixed for such purchase of the Premises, the TENANT shall pay to the LANDLORD the consideration for such purchase, and the LANDLORD shall deliver a special warranty deed. Upon the closing and funding of such purchase, this Lease shall terminate, except with respect to liabilities or obligations of either party under this Lease, actual or contingent, which arose on or prior to the date of closing, which liabilities or obligations shall be fully satisfied at the date of closing.
21.4 TENANT's rights under this option terminate if (a) the lease or TENANT's right to possession of the Premises is terminated, (b) TENANT fails to timely exercise the option, (c) TENANT is in default of this lease or economic development agreement at any time during the lease term.
Option to Purchase Premises. Provided that LOS is and has continuously been in compliance with the provisions of the Lease, LOS shall have the option to purchase from County and County shall sell to LOS the Premises, AS IS and in its then current condition, subject to the following covenants, terms and conditions:
Option to Purchase Premises. Lessee shall have the option to purchase the Premises from Lessor for a purchase price equal the fair market value of the Premises plus a twenty percent (20%) premium (the “Purchase Option”). The Purchase Option shall commence on June 15, 2021 and expire on the date two (2) years thereafter, at which time it will become null and void. Lessee must exercise its Purchase Option by providing Lessor written notice. Lessor and Lessee shall enter into a standard CAR or AIRCRE purchase agreement within ten (10) days from the date of Lessee’s notice to Lessor, with closing to occur in no more than fifteen (15) days from the date the purchase agreement is executed by the parties. The Premises will be sold “as is” and transferred by special warranty deed. All transaction fees shall be split evenly between Lessor and Lessee and all other expenses of the Premises shall be pro-rated at closing. The “fair market value” for the Premises shall be determined by a qualified appraiser (“Appraiser”) mutually agreed upon by the parties. If the parties are unable to agree upon a single Appraiser, then each party may appoint a single neutral Appraiser. In the event more than one Appraiser is engaged to determine the fair market value, the determinations from all Appraisers shall be averaged and such average shall be considered the fair market value. The decision of the Appraiser(s) shall be final and binding upon the parties. All expenses of appraisal, including legal fees and costs of any proceedings, shall be borne equally by the parties.
Option to Purchase Premises. 70 EXHIBITS EXHIBIT A: OUTLINE OF BUILDING & PACIFIC CORPORATE CENTER EXHIBIT A-1: LEGAL DESCRIPTION OF PROJECT EXHIBIT A-2: LOT-LINE ADJUSTMENT DEPICTION EXHIBIT A-3: CURRENT COMMON AREAS EXHIBIT A-4: SUPERIOR RIGHTS HOLDERS' EXISTING POSSESSORY RIGHTS EXHIBIT B: TENANT WORK LETTER EXHIBIT C: NOTICE OF LEASE TERM DATES EXHIBIT D: RULES AND REGULATIONS EXHIBIT E: FORM OF TENANT'S ESTOPPEL CERTIFICATE EXHIBIT F: RECOGNITION OF COVENANTS, CONDITIONS, AND RESTRICTIONS EXHIBIT G: INTENTIONALLY OMITTED EXHIBIT H: FORM OF LETTER OF CREDIT EXHIBIT I: PURCHASE CONTRACT EXHIBIT J: PROJECT PARKING SPACES EXHIBIT K: PACIFIC CORPORATE CENTER COMMON AREA COSTS
Option to Purchase Premises. The Lessor hereby grants to Lessee the option to purchase the Premises from Lessor at the expiration of the fifth year of this Lease for the sum of Four Hundred Fifty Thousand Dollars ($450,000.00), provided Lessee will have fully performed the Lease and made all payments required up to that time, and provided further that written notice of Lessee's election to exercise the option is received by Lessor on or before March 1,
