OPTION TO PURCHASE THE LEASED PROPERTY Sample Clauses

OPTION TO PURCHASE THE LEASED PROPERTY. So long as no Event of Default shall have occurred that is continuing, Lessee shall have the option to purchase Lessor’s leasehold estate in the Leased Property under the Ground Lease pursuant to the terms and conditions set forth in this Article XIX at the end of the Fixed Term and at the end of each Extended Term upon at least 180 days’ prior written notice to Lessor for a purchase price equal to the greater of the following (such greater amount referred to herein as the “Minimum Repurchase Price”): (i) the Fair Market Value Purchase Price or (ii) the sum of (A) the amount set forth as the “Floor Amount” for the Great Lakes Lease on Schedule 2 attached hereto plus (B) the cost of any Capital Additions to the Leased Property financed by Lessor pursuant to the terms of Article IX; plus (C) any sums disbursed by Lessor or its Affiliates, with the prior written consent of Lxxxxx, in connection with the purchase of the fee interest in the Leased Property from the Ground Landlord (as defined below); provided that the foregoing option to purchase shall be subject and subordinate to the right of first refusal in favor of the Ground Landlord pursuant to Section 8 of the Ground Lease. The option to purchase granted hereby (1) is subject to the prior written consent of the Ground Landlord and (2) will expire and be of no further force and effect upon the occurrence of either of the following events: (i) the expiration of the Fixed Term and each Extended Term or the earlier termination of this Lease or (ii) the exercise by the Ground Landlord of its option to purchase the Facility set forth in Section 8 of the Ground Lease. As used herein, the term “Ground Landlord” shall mean the lessor under the Ground Lease, Regional Medical Services, Inc. as attorney-in- fact for Bayside Development Corporation, a Pennsylvania corporation, and its successors and assigns.
Sample 1Sample 2See All (14)
AutoNDA by SimpleDocs
OPTION TO PURCHASE THE LEASED PROPERTY. Reference is particularly made to Article 3 of the Lease whereby Lessor grants to Lessee an option to purchase the Premises for the price and on and subject to the provisions and conditions more particularly specified in the Lease.
Sample 1Sample 2Sample 3See All (4)
OPTION TO PURCHASE THE LEASED PROPERTY. As a material consideration to the Lessee to enter into this Agreement, the Lessor agrees that, in the event that there is a change in applicable law such as change of Thai law on property which may be acquired and owned by foreigners, and this change allows the Lessee to acquire the Leased Property and the Lessee is eligible to buy and acquire the Leased Property, the Lessor agrees, subject to the Lessee’s compliance with the terms hereof, to sell and transfer title to the Leased Property to Lessee; PROVIDED HOWEVER, that the Lessee’s acquisition of the Leased Property shall not involve any additional payment or consideration other than that already provided in this Agreement, and shall not cause and/or create any obligation to the Lessor to apply for or obtain any special permission, approval and consent from any competent official other than the transfer of the Leased Property to the Lessee. If the Lessor agrees, at its own discretion, to obtain such special permission, approval and consent, the Lessee shall be responsible for any fees, taxes, duties, costs and expenses incurred to the Landlord for such permission, approval and consent.
Sample 1Sample 2Sample 3
OPTION TO PURCHASE THE LEASED PROPERTY. So long as no Event of Default shall have occurred that is continuing, Tenant shall have the option to purchase the Leased Property pursuant to the terms and conditions set forth in this Article 32 at the end of the Fixed Term and at the end of each Extended Term upon at least 180 days’ prior written notice to Landlord for a purchase price equal to the greater of the following: (i) the Fair Market Value Purchase Price determined as of the date of the appraisal pursuant to Article 34 or (ii) the sum of (A) the amount set forth as the “Floor Amount” for the Beaumont Lease on Schedule 2 attached hereto plus (B) the cost of any Capital Additions to the Leased Property financed by Landlord pursuant to the terms of Article 10. If not sooner exercised, the option to purchase granted hereby will expire and be of no further force and effect upon the expiration of the Fixed Term and each Extended Term or the earlier termination of this Lease.
Sample 1Sample 2
OPTION TO PURCHASE THE LEASED PROPERTY. The Lessee may, if no Event of Default has occurred and is then continuing hereunder, and if and to the extent permitted by State law on such date, purchase the Leased Property subject to the terms hereof by paying to the Lessor the Option Price on any Optional Prepayment Date. The Option Price for the Leased Property to be paid by the Lessee to exercise the option provided herein shall be an amount equal to the sum of $1.
Sample 1
OPTION TO PURCHASE THE LEASED PROPERTY. The City may, if no Event of Default has occurred and is then continuing hereunder, purchase the Leased Property subject to the terms hereof on any Business Day by delivering (i) written notice during the term of the Lease to the Trustee not less than fifty (50) days prior to such Business Day indicating the City’s intention to purchase the Leased Property and designating such Business Day as the Optional Payment Date, and (ii) a written opinion of nationally recognized bond counsel that such payment will not adversely affect the tax-exemption of the Bonds. The Optional Payment Date shall be any Business Day designated by the City as herein provided. The purchase price for the Leased Property to be paid by the City to exercise the option provided herein shall be an amount equal to (a) the Option Price applicable on such Optional Payment Date and fees and expenses which must be paid to retire the then outstanding Bonds, less all amounts in reserves held by the Trustee under the Indenture which may be applied to the payment of such outstanding Bonds and such other expenses, (b) all costs of transferring title to the Leased Property to the City and (c) all other reasonable costs and expenses incidental thereto. The City hereby agrees to deposit with the Trustee an amount equal to such purchase price on or before the Optional Payment Date. The City understands that the Option Price is subject to recalculation by the Trustee from time to time based on certain redemptions of Bonds or the issuance of any Additional Bonds authorized under Section 2.13 of the Indenture. In the event the City elects to purchase the Leased Property as provided herein, the City hereby agrees to pay such Option Price (together with the other amounts constituting the purchase price for the Leased Property as provided herein) as it may be revised from time to time by such amounts as are necessary to reflect the redemption of the principal of certain Bonds or the issuance of Additional Bonds.
Sample 1
OPTION TO PURCHASE THE LEASED PROPERTY. So long as no Event of Default shall have occurred that is continuing, Lessee shall have the option to purchase the Leased Property at the end of the Initial Term and at the end of each Extended Term upon at least 180 days' prior written notice to Lessor for a purchase price equal to the Minimum Purchase Price. If not sooner exercised, the option to purchase granted hereby will expire and be of no further force and effect upon the expiration of the Initial Term and each Extended Term or the earlier termination of this Lease.
Sample 1
AutoNDA by SimpleDocs
OPTION TO PURCHASE THE LEASED PROPERTY. As long as LESSEE is not in default under this LEASE CONTRACT, LESSOR hereby grant to LESSEE the exclusive formal and binding option to purchase the LEASED PROPERTY at any time from the commencement date of the LEASE CONTRACT until November lst of the tenth year of the LEASE CONTRACT. The purchase price will be the sum of a) the present value of the remaining rent due under the LEASE CONTRACT discounted at a rate of seven percent (7%) plus b) the then present value of $3,050,000.00 (THREE MILLION FIFTY THOUSAND DOLLARS) U. S. Currency, as receivable at the end of year ten (10) of the LEASE CONTRACT discounted at a rate of seven percent (7%) ("Option Price"). The LEASED PROPERTY shall be delivered free of all claims, liens, encumbrance and limitation of ownership, and current in the payment of the property taxes. All taxes, rights fees and expenses derived from the execution of the final purchase and sale deed shall be paid by the LESSEE with the exception of the income tax resulting from this transaction which will be paid by the LESSOR. LESSEE shall notify LESSOR in writing of its intention to exercise its option no later than the first business day of November of the year prior to the intended purchase year (for purchasing years 1 through 10). The purchase of the LEASED PROPERTY must be closed and the Purchase Price delivered to LESSOR within the first calendar month of the intended purchase year. Notwithstanding the foregoing, LESSEE may notify LESSOR of its intention to exercise its option, at any time during the tenth year of the Lease (until November 1st) and the purchase must be closed no later than January 1st of the eleventh year. In the event the ten year lease term has expired prior to the date of Closing on the LEASED PROPERTY, the LEASE CONTRACT shall be extended until the date of Closing on the same terms and conditions as set forth in the LEASE CONTRACT, except that there shall be no further option to purchase associated therewith. LESSEE shall be responsible for all costs and expenses associated with the transfer of the LEASED PROPERTY from LESSOR to LESSEE, including but not limited to the following charges: duties, registration and notarial fees, transfer taxes, but specifically excluding income taxes, legal fees incurred by LESSOR and real estate broker's commissions incurred by LESSOR. LESSOR shall transfer the LEASED PROPERTY free of all liens and encumbrances.
Sample 1

Related to OPTION TO PURCHASE THE LEASED PROPERTY

  • 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.

  • 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.

  • 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.

  • Condition of the Leased Property Lessee acknowledges receipt and delivery of possession of the Leased Property. Lessee has examined and otherwise has knowledge of the condition of the Leased Property and has found the same to be satisfactory for its purposes hereunder. Lessee is leasing the Leased Property “as is” in its present condition. Lessee waives any claim or action against Lessor in respect of the condition of the Leased Property. LESSOR MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IN RESPECT OF THE LEASED PROPERTY, OR ANY PART THEREOF, EITHER AS TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY PARTICULAR USE OR PURPOSE OR OTHERWISE, AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP THEREIN, LATENT OR PATENT, IT BEING AGREED THAT ALL SUCH RISKS ARE TO BE BORNE BY LESSEE. LESSEE ACKNOWLEDGES THAT THE LEASED PROPERTY HAS BEEN INSPECTED BY LESSEE AND IS SATISFACTORY TO IT. Provided, however, to the extent permitted by law, Lessor hereby assigns to Lessee all of Lessor’s rights to proceed against any predecessor in title (other than any Affiliate of Lessee, which conveyed the Property to Lessor) for breaches of warranties or representations or for latent defects in the Leased Property. Lessor shall fully cooperate with Lessee in the prosecution of any such claim, in Lessor’s or Lessee’s name, all at Lessee’s sole cost and expense. Lessee hereby agrees to indemnify, defend and hold harmless Lessor from and against any claims, obligations and liabilities against or incurred by Lessor in connection with such cooperation.

  • Landlord’s Option to Repair Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, in which event this Lease shall terminate, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice will include a termination date giving Tenant sixty (60) days to vacate the Premises, but this Lease may be so terminated Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (180) days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is not fully covered by Landlord’s insurance policies or that portion of the proceeds from Landlord’s insurance policies allocable to the Building or the Project, as the case may be; (iv) Landlord decides to rebuild the Building or Common Areas so that they will be substantially different structurally or architecturally; (v) the damage occurs during the last twelve (12) months of the Lease Term; or (vi) any owner of any other portion of the Project, other than Landlord, does not intend to repair the damage to such portion of the Project; provided, however, that if such fire or other casualty shall have damaged the Premises or a portion thereof or Common Areas necessary to Tenant’s occupancy and as a result of such damage the Premises are unfit for occupancy, and provided that Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and either (a) the repairs cannot, in the reasonable opinion of Landlord’s contractor, be completed within two hundred seventy (270) days after being commenced, or (b) the damage occurs during the last twelve months of the Lease Term and will reasonably require in excess of ninety (90) days to repair, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

  • Landlord’s Options Landlord shall have the option, exercisable by written notice delivered to Tenant within twenty (20) days after Landlord’s receipt of a Transfer Notice accompanied by the other information described in Section 12.1, to: (a) permit Tenant to Transfer the Premises; or (b) disapprove (provided, Landlord’s disapproval must be in accordance with Section 12.1 hereof) the Tenant’s Transfer of the Premises and to continue the Lease in full force and effect as to the entire Premises; or (c) in the event of (i) a proposed assignment of the Lease or (ii) a sublease of more than 50% of the Premises (taking into account all sublets in the aggregate) for all or substantially all of the balance of the Term, terminate the Lease as of the proposed effective date of the Transfer set forth in Tenant’s Transfer Notice (a “Recapture”); provided, however, that if Landlord shall notify Tenant of Landlord’s intention to Recapture the Premises, Tenant may elect to withdraw its Transfer Notice by written notice of such election delivered to Landlord within ten (10) business days of Tenant’s receipt of Landlord’s Recapture notice. If Landlord approves of the proposed Transfer pursuant to Section 12.1 above, Tenant may enter into the proposed Transfer with such proposed Transferee subject to the following conditions: (i) the Transfer shall be on the same terms set forth in the Transfer Notice; and (ii) no Transfer shall be valid and no Transferee shall take possession of the Premises until an executed counterpart of the assignment, sublease or other instrument effecting the Transfer (in the form approved by Landlord) has been delivered to Landlord pursuant to which the Transferee shall expressly assume all of Tenant’s obligations under this Lease applicable to that portion of the Premises then being transferred (provided that, for a subtenant, the rental obligations shall be governed by the terms of the applicable sublease). If Landlord exercises its option to terminate this Lease (or in the case of a partial sublet to release Tenant with respect to a portion of the Premises) as provided above, Tenant shall surrender possession of the Premises on the proposed effective date of the Transfer set forth in Tenant’s Transfer Notice, and thereafter neither Landlord nor Tenant shall have any further liability with respect thereto, except with respect to those matters that expressly survive the termination of the Lease.

  • Adjacent Premises If the Premises are part of a larger building, or of a group of buildings owned by Lessor which are adjacent to the Premises, the Lessee shall pay for any increase in the premiums for the property insurance of such building or buildings if said increase is caused by Lessee's acts, omissions, use or occupancy of the Premises.

  • Landlord’s Option as to Subject Space Notwithstanding anything to the contrary contained in this Article 14, in the event Tenant contemplates a Transfer other than to a Permitted Transferee which, together with all prior Transfers then remaining in effect, would cause fifty percent (50%) or more of the Premises to be Transferred for more than fifty percent (50%) of the then remaining Lease Term (taking into account any extension of the Lease Term which has irrevocably exercised by Tenant), Tenant shall give Landlord notice (the “Intention to Transfer Notice”) of such contemplated Transfer (whether or not the contemplated Transferee or the terms of such contemplated Transfer have been determined). The Intention to Transfer Notice shall specify the portion of and amount of rentable square feet of the Premises which Tenant intends to Transfer in the subject Transfer (the “Contemplated Transfer Space”), the contemplated date of commencement of the Contemplated Transfer (the “Contemplated Effective Date”), and the contemplated length of the term of such contemplated Transfer. Thereafter, Landlord shall have the option, by giving written notice to Tenant within thirty (30) days after receipt of any Intention to Transfer Notice, to recapture the Contemplated Transfer Space. Such recapture shall cancel and terminate this Lease with respect to such Contemplated Transfer Space as of the Contemplated Effective Date. In the event of a recapture by Landlord, if this Lease shall be canceled with respect to less than the entire Premises, the Rent reserved herein shall be prorated on the basis of the number of rentable square feet retained by Tenant in proportion to the number of rentable square feet contained in the Premises, and this Lease as so amended shall continue thereafter in full force and effect, and upon request of either party, the parties shall execute written confirmation of the same. If Landlord declines, or fails to elect in a timely manner, to recapture such Contemplated Transfer Space under this Section 14.4, then, subject to the other terms of this Article 14, for a period of nine (9) months (the “Nine Month Period”) commencing on the last day of such thirty (30) day period, Landlord shall not have any right to recapture the Contemplated Transfer Space with respect to any Transfer made during the Nine Month Period, provided that any such Transfer is substantially on the terms set forth in the Intention to Transfer Notice, and provided further that any such Transfer shall be subject to the remaining terms of this Article 14. If such a Transfer is not so consummated within the Nine Month Period (or if a Transfer is so consummated, then upon the expiration of the term of any Transfer of such Contemplated Transfer Space consummated within such Nine Month Period), Tenant shall again be required to submit a new Intention to Transfer Notice to Landlord with respect any contemplated Transfer, as provided above in this Section 14.4. Tenant shall not be required to provide a separate Intention to Transfer Notice and Tenant’s request for Landlord’s consent to a Transfer shall satisfy Tenant’s obligations in this Section 14.4.

  • Option to Extend Lease Term Landlord hereby grants to Tenant one (1) option ("Option") to extend the Lease Term with respect to the Premises on the following terms and conditions: (a) The Option shall give Tenant the right to extend the Lease Term for an additional ten (10) years (the "Extended Term"); (b) Tenant shall give Landlord written notice of its exercise of the Option no later than one hundred eighty (180)days, nor earlier than three hundred sixty (360), prior to the Termination Date; (c) Tenant may not extend the Lease Term pursuant to this Section 3.4 if Tenant is in default in the performance of any of the terms and conditions of this Lease and/or the Other Lease, which default continues after the expiration of any grace period and the giving of any notice, as provided in Article 16 below or in the Other Lease. Any notice of exercise of the Option given by Tenant while Tenant is in default shall be of no force and effect. The period of exercise of the Option shall not be extended for any period in which Tenant is unable to exercise an Option by reason of Tenant's default. If Tenant is in default on the date that the Extended Term is to commence, then Landlord may elect to terminate this Lease pursuant to Section 16.2.1, notwithstanding any notice given by Tenant of the exercise of the Option. (d) All terms and conditions of this Lease shall apply during the Extended Term, except that Base Rent for the Extended Term shall be determined in accordance with Section 5.1.2 below; (e) Once Tenant delivers notice of its exercise of the Option, Tenant may not withdraw such exercise and, subject to the provisions of this Section 3.4, such notice shall operate to extend the Lease Term. Upon the extension of the Lease Term pursuant to this Section 3.4, the term "Lease Term" as used in this Lease shall thereafter include the Extended Term and the Termination Date shall be the expiration date of the Extended Term.

  • Condition of Leased Property Tenant acknowledges receipt and delivery of possession of the Leased Property and Tenant accepts the Leased Property in its “as is” condition, subject to the rights of parties in possession, the existing state of title, including all covenants, conditions, restrictions, reservations, mineral leases, easements and other matters of record or that are visible or apparent on the Leased Property, all applicable Legal Requirements, the lien of any financing instruments, mortgages and deeds of trust existing prior to the Commencement Date or permitted by the terms of this Agreement, and such other matters which would be disclosed by an inspection of the Leased Property and the record title thereto or by an accurate survey thereof. TENANT REPRESENTS THAT IT HAS INSPECTED THE LEASED PROPERTY AND ALL OF THE FOREGOING AND HAS FOUND THE CONDITION THEREOF SATISFACTORY AND IS NOT RELYING ON ANY REPRESENTATION OR WARRANTY OF LANDLORD OR LANDLORD’S AGENTS OR EMPLOYEES WITH RESPECT THERETO AND TENANT WAIVES ANY CLAIM OR ACTION AGAINST LANDLORD IN RESPECT OF THE CONDITION OF THE LEASED PROPERTY. LANDLORD MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IN RESPECT OF THE LEASED PROPERTY OR ANY PART THEREOF, EITHER AS TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY PARTICULAR USE OR PURPOSE OR OTHERWISE, AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP THEREIN, LATENT OR PATENT, IT BEING AGREED THAT ALL SUCH RISKS ARE TO BE BORNE BY TENANT. To the maximum extent permitted by law, however, Landlord hereby assigns to Tenant all of Landlord’s rights to proceed against any predecessor in interest or insurer for breaches of warranties or representations or for latent defects in the Leased Property. Landlord shall fully cooperate with Tenant in the prosecution of any such claims, in Landlord’s or Tenant’s name, all at Tenant’s sole cost and expense. Tenant shall indemnify, defend, and hold harmless Landlord from and against any loss, cost, damage or liability (including reasonable attorneys’ fees) incurred by Landlord in connection with such cooperation.

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