Option to Purchase Real Property Sample Clauses

Option to Purchase Real Property. The Acquired Companies, Sellers or their respective Affiliates own certain real property used in the Business as described on Schedule‌ 9.14 (collectively, the “Option Real Property”). Effective upon Closing, the Acquired Companies and Sellers (as applicable) grant, and will cause their Affiliates (as applicable) to grant, to Buyer the exclusive right and option to purchase the Option Real Property (the “Option”), on the terms and conditions set forth in this Section 9.14. The term of the Option (the “Option Period”) will commence on the Closing Date and expire upon the fifth anniversary of the Closing Date (the “Option Expiration Date”). Buyer may exercise the Option, on one or more of the properties that make up the Option Real Property from time to time, by giving written notice to Sellers on or before 5:00 p.m. on the Option Expiration Date. If Buyer exercises the Option, the closing of the purchase of the applicable Option Real Property will occur within thirty (30) days of Seller’s receipt of the Option notice (the “Option Closing Date”). The purchase price for the Option Real Property will be the fair market value of the Option Real Property, on the date the Option notice is received by Sellers, as determined by taking the average price determined by each of three real estate appraisers. One appraiser will be appointed by Buyer, one appraiser will be appointed by Sellers and one appraiser will be appointed by the two appraisers appointed by Buyer and Sellers. Buyer and Sellers will direct the appraisers to complete their appraisals within thirty (30) days of Sellers’ receipt of the Option notice. Buyer may transfer its rights to purchase the Option Real Property to an Affiliate or another entity set up specifically to hold such real property. If the Buyer does not exercise the Option in accordance with its terms, the Option and the rights of Buyer will automatically and immediately terminate without notice.
Sample 1
AutoNDA by SimpleDocs
Option to Purchase Real Property. The Purchaser and DI Food will enter into an Option Agreement, expiring January 1, 2011 (the “Option Agreement”), pursuant to which either party may exercise the option to purchase the Real Property previously granted under that certain Real Estate Lease and Option Agreement by and between DI Food and SHE CAT, LLC (the “Lease Agreement”), a copy of which will be attached thereto as Exhibit “A”. The Option Agreement shall provide that either Purchaser or DI Food may exercise the option granted under the Lease Agreement by providing the other party thirty (30) days prior written notice. In the event that Purchaser exercises the option to acquire the Real Property then Purchaser shall grant to DI Food the option to purchase approximately two (2) acres located on the south portion of the Real Property, as more fully described in Exhibit “B” to be attached thereto, for potential use as a hotel for $11,000,000. In the event that DI Food exercises the option to purchase the Real Property then DI Food shall grant to Rick’s the option to purchase approximately two and one-half (2.5) acres, plus the building where Scores-Las Vegas is located, as more fully described in Exhibit “C” to be attached thereto, for $12,000,000. In either event, DI Food, or its assignee, shall provide for adequate parking for Scores-Las Vegas on the approximate two (2) acre portion of the Real Property which it acquires. To the extent that the Option Agreement is exercised between DI Food and Purchaser for the purchase of the Real Property, then DI Food will be obligated to pay all closing costs in connection therewith. As consideration for the Purchaser entering into the Option Agreement, DI Food, or its assignee, agrees to pay to Purchaser $100,000 per month (“Option Fee”) for the term of the Option Agreement, provided however, that in the event that any assignee of the Option Agreement, as contemplated by this Agreement, defaults on its obligations, then DI Food shall not be obligated thereafter to pay the Option Fee.
Sample 1
Option to Purchase Real Property a. If the Closing occurs, SELLER hereby grants to BUYER the following options: i. For a period commencing from the Closing Date through the date that is immediately prior to third (3rd) anniversary thereof (the “Exclusive Option Period”), SELLER hereby grants to BUYER the exclusive option (the “Exclusive Option”) to purchase: (1) all (but not less than all) of that certain real property located in Xxxxxx, Glades and Palm Beach Counties, Florida, as more particularly described on Exhibit 26.a(1). attached hereto (the “Initial Option Property”), which consists of approximately forty-six thousand eight hundred three (46,803) acres, more or less; subject to any and all leases for all or any portion of the Initial Option Property then in effect at the time of exercise of such Option and subject to the New Lease (as defined in subsection j below); or (2) all (but not less than all), of that certain real property located in Xxxxxx, Glades, and Palm Beach Counties, Florida as more particularly described on Exhibit 26.a(2) attached hereto (the “Entire Option Property”), which consists of approximately one hundred fifty three thousand two hundred nine (153,209) acres, more or less (which includes the Initial Option Property, unless the option set forth in Section 26.a.i(1) has already been exercised, in which event the “Entire Option Property shall be deemed to be the land described on Exhibit 26.a(2) less and except the Initial Option Property), subject to any and all leases for all or any portion of the Entire Option Property then in effect at the time of exercise of such Option and subject to the New Lease. ii. For a period commencing on the third (3rd) anniversary of the Closing Date through the fifth (5th) anniversary thereof (the “Initial Non-Exclusive Option Period”), SELLER hereby grants to BUYER, the non-exclusive option (the "Initial Non-Exclusive Option") to purchase all (but not less than all) of the Initial Option Property, subject to any and all leases for all or any portion of the Initial Option Property then in effect at the time of exercise of such Option and subject to the New Lease. iii. For a period commencing on the third (3rd) anniversary of the Closing Date through the tenth (10th) anniversary thereof (the “Entire Option Property Non-Exclusive Option Period”), SELLER hereby grants to BUYER, the non-exclusive option (the "Entire Option Property Non- Exclusive Option"), to purchase all (but not less than all) of the Entire Option Property (which...
Sample 1
Option to Purchase Real Property a. If the Closing occurs, then for (i) a period commencing from the Closing Date through the date that is immediately prior to third (3rd) anniversary thereof (the “Exclusive Option Period”), SELLER hereby grants to BUYER the exclusive option (the “Exclusive Option”) and (ii) a
Sample 1
Option to Purchase Real Property. Optionor/Seller grants unto Optionee/Buyer the exclusive right to purchase the real property described exhibit "A" annexed hereto including all personal property, appliances, attachments and fixtures except: ______________________________________________________________________________
Sample 1
Option to Purchase Real Property. IRF shall, prior to the Closing Date, transfer all of its rights to acquire real property located in the State of Indiana to ABE, and will obtain and deliver to ABE at or prior to Closing, all consents and approvals necessary to complete this transfer.
Sample 1
Option to Purchase Real Property. Optionor grants unto Optionee the exclusive right to purchase the real property described exhibit "A" annexed hereto.
Sample 1
AutoNDA by SimpleDocs
Option to Purchase Real Property. The real property at which IFR's business and operations are presently conducted is owned by Gann and not IFR. In the event of xx Xncapacity Event, the Company is hereby granted an option to purchase the real property for nine hundred thousand dollars ($900,000). In the event the Company should not exercise this option to purchase following an Incapacity Event, and Gann or his estate receive a bona xxxx offer to purchase or otherwise transfer the real property for a lesser amount, the Company is hereby granted the right to match such offer prior to the sale or transfer of the real property to a third party.
Sample 1
Option to Purchase Real Property 
Sample 1Sample 2

Related to Option to Purchase Real Property

  • Option to Purchase Subject to Section 3.5, the Receiver hereby grants to the Assuming Institution an exclusive option for the period of ninety (90) days commencing the day after Bank Closing to purchase any or all owned Bank Premises, including all Furniture, Fixtures and Equipment located on the Bank Premises. The Assuming Institution shall give written notice to the Receiver within the option period of its election to purchase or not to purchase any of the owned Bank Premises. Any purchase of such premises shall be effective as of the date of Bank Closing and such purchase shall be consummated as soon as practicable thereafter, and in no event later than the Settlement Date. If the Assuming Institution gives notice of its election not to purchase one or more of the owned Bank Premises within seven (7) days of Bank Closing, then, not withstanding any other provision of this Agreement to the contrary, the Assuming Institution shall not be liable for any of the costs or fees associated with appraisals for such Bank Premises and associated Fixtures, Furniture and Equipment.

  • Election to Purchase (To Be Executed Upon Exercise of Warrant)

  • Decision to Purchase The Assignee represents and warrants that it is a sophisticated investor able to evaluate the risks and merits of the transactions contemplated hereby, and that it has not relied in connection therewith upon any statements or representations of the Assignor or the Servicer other than those contained in the Servicing Agreement or this Assignment Agreement.

  • Agreement to Purchase Purchase Price Buyer acknowledges that it was the successful bidder for the Property at the Foreclosure Sale with a successful bid for the Property at the Foreclosure Sale in the amount of [ ] ($ ) (the “Purchase Price”), and agrees to purchase all of the interest in the Property from Seller in accordance with and in reliance upon the terms and conditions of this Agreement.

  • Option to Build If the dates designated by Developer are not acceptable to Connecting Transmission Owner, the Connecting Transmission Owner shall so notify the Developer and NYISO within thirty (30) Calendar Days, and unless the Developer and Connecting Transmission Owner agree otherwise, Developer shall have the option to assume responsibility for the design, procurement and construction of Connecting Transmission Owner’s Attachment Facilities and Stand Alone System Upgrade Facilities on the dates specified in Article 5.1.2; provided that if an Attachment Facility or Stand Alone System Upgrade Facility is needed for more than one Developer’s project, Developer’s option to build such Facility shall be contingent on the agreement of all other affected Developers. NYISO, Connecting Transmission Owner and Developer must agree as to what constitutes Stand Alone System Upgrade Facilities and identify such Stand Alone System Upgrade Facilities in Appendix A hereto. Except for Stand Alone System Upgrade Facilities, Developer shall have no right to construct System Upgrade Facilities under this option.

  • Stock Option Grant Subject to the provisions set forth herein and the terms and conditions of the Plan, and in consideration of the agreements of the Participant herein provided, the Company hereby grants to the Participant an Option to purchase from the Company the number of shares of Common Stock, at the exercise price per share, and on the schedule, set forth above.

  • Stock Option Subject to approval by the Board, the Company will grant Executive, during the fourth calendar quarter of 2015 (and subject to Executive’s continued employment with the Company through the grant date), under the Company’s 2015 Equity Incentive Plan (the “Plan”), an incentive stock option to purchase 130,444 shares of Company common stock (an “Option”), with an exercise price equal to $1.12 per share, which is equal to the fair market value of the shares of Company common stock underlying the Option on the grant date. Subject to Executive’s continued employment with the Company through the applicable vesting date, the Option will vest and become exercisable with respect to one-forty-eighth (1/48th) of the shares subject thereto on each monthly anniversary of January 1, 2016. Notwithstanding the foregoing, if the Company experiences a Change in Control (as defined in the Plan) prior to the full vesting (or forfeiture) of the Option and Executive’s employment is terminated by the Company without Cause (as defined below) within three (3) months prior to the consummation of such Change in Control, then, subject to Section 6(b) below, one hundred percent (100%) of any then-unvested portion of the Option will vest and become exercisable immediately prior to such Change in Control. In addition, (i) if the Company experiences a Change in Control (as defined in the Plan) prior to the full vesting (or forfeiture) of the Option and Executive remains employed by the Company through at least immediately prior to such Change in Control, fifty percent (50%) of any then-unvested portion of the Option shall vest immediately prior to such Change in Control, and (ii) if the Company experiences a Change in Control (as defined in the Plan) prior to the full vesting (or forfeiture) of the Option and Executive’s employment is terminated by the Company without Cause within two (2) years following the consummation of such Change in Control, subject to and conditioned upon Executive’s timely execution and non-revocation of a Release (as defined below), one hundred percent (100%) of any then-unvested portion of the Option will vest in full and become exercisable upon the effectiveness of the Release. Each Option will be subject in all respects to the terms and conditions set forth in the Plan and in an award agreement to be entered into between the Company and Executive, which will evidence the grant of the Option (each, an “Option Agreement”).

  • NOTICE OF STOCK OPTION GRANT Name: Address:

  • Purchase Right Without prejudice to the enforcement of the Senior Secured Parties’ remedies, the Senior Secured Parties agree that following (a) the acceleration of the Senior Obligations in accordance with the terms of the Credit Agreement Loan Documents or (b) the commencement of an Insolvency or Liquidation Proceeding (each, a “Purchase Event”), within thirty (30) days of the Purchase Event, one or more of the Second Priority Debt Parties may request, and the Senior Secured Parties hereby offer the Second Priority Debt Parties the option, to purchase all, but not less than all, of the aggregate amount of outstanding Senior Obligations outstanding at the time of purchase at par, plus any premium that would be applicable upon prepayment of the Senior Obligations and accrued and unpaid interest, fees, and expenses without warranty or representation or recourse (except for representations and warranties required to be made by assigning lenders pursuant to the Assignment and Assumption (as such term is defined in the First Lien Credit Agreement)). If such right is exercised, the parties shall endeavor to close promptly thereafter but in any event within ten (10) Business Days of the request. If one or more of the Second Priority Debt Parties exercise such purchase right, it shall be exercised pursuant to documentation mutually acceptable to each of the Senior Representative and the Second Priority Representative, subject to any consent rights of the Borrowers under the First Lien Credit Agreement or any applicable Senior Debt Document. If none of the Second Priority Debt Parties exercise such right, the Senior Secured Parties shall have no further obligations pursuant to this Section 5.07 for such Purchase Event and may take any further actions in their sole discretion in accordance with the Senior Debt Documents and this Agreement.

  • Option to Lease The Receiver hereby grants to the Assuming Institution an exclusive option for the period of ninety (90) days commencing the day after Bank Closing to cause the Receiver to assign to the Assuming Institution any or all leases for leased Bank Premises, if any, which have been continuously occupied by the Assuming Institution from Bank Closing to the date it elects to accept an assignment of the leases with respect thereto to the extent such leases can be assigned; provided, that the exercise of this option with respect to any lease must be as to all premises or other property subject to the lease. If an assignment cannot be made of any such leases, the Receiver may, in its discretion, enter into subleases with the Assuming Institution containing the same terms and conditions provided under such existing leases for such leased Bank Premises or other property. The Assuming Institution shall give notice to the Receiver within the option period of its election to accept or not to accept an assignment of any or all leases (or enter into subleases or new leases in lieu thereof). The Assuming Institution agrees to assume all leases assigned (or enter into subleases or new leases in lieu thereof) pursuant to this Section 4.6. If the Assuming Institution gives notice of its election not to accept an assignment of a lease for one or more of the leased Bank Premises within seven (7) days of Bank Closing, then, not withstanding any other provision of this Agreement to the contrary, the Assuming Institution shall not be liable for any of the costs or fees associated with appraisals for the Fixtures, Furniture and Equipment located on such leased Bank Premises.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!