Common use of OPTION TO PURCHASE THE LEASED PROPERTY Clause in Contracts

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.

Appears in 2 contracts

Samples: Assignment and Assumption of Lease (Global Medical REIT Inc.), Assignment and Assumption of Lease (Global Medical REIT Inc.)

AutoNDA by SimpleDocs

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 19 at the end of the Fixed 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 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 Pittsburgh 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; 9 plus (C) any sums disbursed by Lessor or its Affiliates, with the prior written consent of LxxxxxLessee, 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 mid (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 Initial 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 ServicesCapital Region. Investments, Inc. as attorney-in- fact for Bayside Development CorporationInc., a Pennsylvania corporation, and its successors and assigns.

Appears in 2 contracts

Samples: Assignment and Assumption of Lease (Global Medical REIT Inc.), Assignment and Assumption of Lease (Global Medical REIT Inc.)

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 19 at the end of the Fixed 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 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 York 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 Affiliates9. If not sooner exercised, 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 Initial Term and each Extended Term or the earlier termination of this Lease. 10.7 Sections 24(a) and 24(b) are hereby deleted in their entirety and the following Sections (a) and (b) are substituted therefor: (a) At any time and from time to time within 20 days following written request by Lxxxxx, Lessee will furnish, to Lessor an Officer’s Certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications) and the dates to which the Rent has been paid. Any such Officer’s Certificate furnished pursuant to this Article may be relied upon by Lessor and any prospective purchaser of the Leased Property. (b) Unless specifically prohibited at any time by a Legal Requirement, Lessee will furnish, or cause to be furnished, the following information to Lessor within the periods indicated; provided that Lessor shall keep confidential items furnished hereunder which are not generally available to the public: (i) within 30 days after the end of each Fiscal Year, an Officer’s Certificate stating that to the best of the signer’s knowledge and belief, Lessee is not in default in the performance or observance of any of the terms of this Lease or any loan or credit Facility which by its terms would permit an outstanding balance equal to or greater than $50,000,000, or, if Lessee shall be in default, specifying all such defaults, the nature thereof and the steps being taken to remedy the same; (ii) within 30 days after the exercise end of each calendar quarter, unaudited Facility Financial Statements for such calendar quarter, certified by Lessee to Lessor, (iii) within 90 days after the Ground Landlord end of its option each Fiscal Year, unaudited Facility Financial Statements for the most recently ended Fiscal Year certified by Lessee to purchase Lessor, (iv) within 150 days after written request by Lxxxxx following the occurrence of an Event of Default, audited financial statements of the Guarantor, it being understood that the public availability of Guarantor’s audited financial statements on a source such as EXXXX shall constitute satisfaction of Lxxxxx’s obligation to cause such statements to be furnished hereunder, and (v) with reasonable promptness, such other information respecting the operation of the Facility set forth in Section 8 and the financial condition, affairs and properties of the Ground Lease. As used herein, the term “Ground Landlord” shall mean the lessor under the Ground Lease, Regional Medical Services, Inc. Lessee (other than audited financial statements) as attorney-in- fact for Bayside Development Corporation, Lessor may reasonably request from time to time or as may be required by a Pennsylvania corporation, and its successors and assignsFacility Mortgagee.

Appears in 2 contracts

Samples: Assignment and Assumption of Lease (Global Medical REIT Inc.), Assignment and Assumption of Lease (Global Medical REIT Inc.)

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 19 at the end of the Fixed 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 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 Nittany Valley 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 Affiliates9. If not sooner exercised, 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 Initial Term and each Extended Term or the earlier termination of this Lease. 7.7 Sections 24(a) and 24(b) are hereby deleted in their entirety and the following Sections (a) and (b) are substituted therefor: (a) At any time and from time to time within 20 days following written request by Lxxxxx, Lessee will furnish to Lessor an Officer’s Certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications) and the dates to which the Rent has been paid. Any such Officer’s Certificate famished pursuant to this Article may be relied upon by Lxxxxx and any prospective purchaser of the Leased Property. (b) Unless specifically prohibited at any time by a Legal Requirement, Lessee will furnish, or cause to be furnished, the following information to Lessor within the periods indicated; provided that Lessor shall keep confidential items furnished hereunder which, are not generally available to the public: (i) within 30 days after the end of each Fiscal Year, an Officer’s Certificate stating that to the best of the signer’s knowledge and belief, Lessee is not in default in the performance or observance of any of the terms of this Lease or any loan or credit facility which by its terms would permit an outstanding balance equal to or greater than $50,000,000, or, if Lessee shall be in default, specifying all such defaults, the nature thereof and the steps being taken, to remedy the same; (ii) within 30 days after the exercise end of each calendar quarter, unaudited Facility Financial Statements for such calendar quarter, certified by Lessee to Lessor, (iii) within 90 days after the Ground Landlord end of its option each. Fiscal Year, unaudited Facility Financial Statements for the most recently ended Fiscal Year certified by Lessee to purchase Lessor; (iv) within 150 days after written request by Lxxxxx following the occurrence of an Event of Default, audited financial statements of the Guarantor; it being understood that the public availability of Guarantor’s audited financial statements on a source such as EXXXX shall constitute satisfaction of Lxxxxx’s obligation to cause such statements to be furnished hereunder; and (v) with reasonable promptness, such other information respecting the operation of the Facility set forth in Section 8 and the financial condition, affairs and properties of the Ground Lease. As used herein, the term “Ground Landlord” shall mean the lessor under the Ground Lease, Regional Medical Services, Inc. Lessee (other than audited financial statements) as attorney-in- fact for Bayside Development Corporation, Lessor may reasonably request from time to time or as may be required by a Pennsylvania corporation, and its successors and assignsFacility Mortgagee.

Appears in 2 contracts

Samples: Assignment and Assumption of Lease (Global Medical REIT Inc.), Assignment and Assumption of Lease (Global Medical REIT Inc.)

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 19 at the end of the Fixed 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 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 Montgomery Lease on Schedule 2 attached hereto plus (B) the cost of any Capital Additions to the Leased Property Properly financed by Lessor pursuant to the terms of Article IX; 9 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 Properly 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 Initial 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 ServicesNLR, Inc. as attorney-in- fact for Bayside Development CorporationInc., a Pennsylvania an Alabama corporation, and its successors and assigns. 6.7 Sections 24(a) and 24(b) are hereby deleted in their entirety and the following Sections (a) and (b) are substituted therefor: (a) At any time and from time to time within 20 days following written request by Lxxxxx, Lessee will furnish to Lessor an Officer’s Certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications) and the dates to which the Rent has been paid. Any such Officer’s Certificate furnished pursuant to this Article may be relied upon by Lessor and any prospective purchaser of the Leased Property. (b) Unless specifically prohibited at any time by a Legal Requirement, Lessee will furnish, or cause to be furnished, the following information to Lessor within the periods indicated; provided that Lessor shall keep confidential items furnished hereunder which are not generally available to the public: (i) within 30 days after the end of each Fiscal Year, an Officer’s Certificate stating that to the best of the signer’s knowledge and belief, Lessee is not in default in the performance or observance of any of the terms of this Lease or any loan or credit facility which by its terms would permit an outstanding balance equal to or greater than $50,000,000, or, if Lessee shall be in default, specifying all such defaults, the nature thereof and the steps being taken to remedy the same; (ii) within 30 days after the end of each calendar quarter, unaudited Facility Financial Statements for such calendar quarter, certified by Lessee to Lessor; (iii) within 90 days after the end of each Fiscal Year, unaudited Facility Financial Statements for the most recently ended Fiscal Year certified by Lessee to Lessor; (iv) within 150 days after written request by Lxxxxx following the occurrence of an Event of Default, audited financial statements of the Guarantor, it being understood that the public availability of Guarantor’s audited financial statements on a source such as EXXXX shall constitute satisfaction of Lxxxxx’s obligation to cause such statements to be famished hereunder, and (v) with reasonable promptness, such other information respecting the operation of the Facility and the financial condition, affairs and properties of Lessee (other than audited financial statements) as Lessor may reasonably request from time to time or as may be required by a Facility Mortgagee.

Appears in 2 contracts

Samples: Assignment and Assumption of Lease (Global Medical REIT Inc.), Assignment and Assumption of Lease (Global Medical REIT Inc.)

AutoNDA by SimpleDocs

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 Mechanicsburg 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; 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 ServicesHealthland, Inc. as attorney-in- fact for Bayside Development CorporationIncorporated, a Pennsylvania corporation, and its successors and assigns. 3.7 Sections 24(a) and 24(b) are hereby deleted in their entirely and the following Sections (a) and (b) are substituted therefor: (a) At any time and from time to time within 20 days following written request by Lxxxxx, Lessee will furnish to Lessor an Officer’s Certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications) and the dates to which the Rent has been paid. Any such Officer’s Certificate furnished pursuant to this Article may be relied upon by Lessor and any prospective purchaser of the Leased Property. (b) Unless specifically prohibited at any time by a Legal Requirement Lessee will furnish, or cause to be furnished, the following information to Lessor within the periods indicated; provided that Lessor shall keep confidential items furnished hereunder which are not generally available to the public: (i) within 30 days after the end of each Fiscal Year, an Officer’s Certificate stating that to the best of the signer’s knowledge and belief, Lessee is not in default in the performance or observance of any of the terms of this Lease or any loan or credit facility which by its terms would permit an outstanding balance equal to or greater than $50,000,000, or, if Lessee shall be in default, specifying all such defaults, the nature thereof and the steps being taken to remedy the same; (ii) within 30 days after the end of each calendar quarter, unaudited Facility Financial Statements for such calendar quarter, certified by Lessee to Lessor, (iii) within 90 days after the end of each Fiscal Year, unaudited Facility Financial Statements for the most recently ended Fiscal Year certified by Lessee to Lessor, (iv) within 150 days after written request by Lxxxxx following the occurrence of an Event of Default, audited financial statements of Lxxxxx, it being understood that the public availability of Lxxxxx’s audited financial statements on a source such as EXXXX shall constitute satisfaction of Lxxxxx’s obligation to cause such statements to be furnished hereunder, and (v) with reasonable promptness, such other information respecting the operation of the Facility and the financial condition, affairs and properties of Lessee (other than audited financial statements) as Lessor may reasonably request from time to time or as may be required by a Facility Mortgagee. 3.8 Article XXXIV is hereby deleted in its entirely, and the following Article XXXIV is substituted therefor:

Appears in 2 contracts

Samples: Assignment and Assumption of Lease (Global Medical REIT Inc.), Assignment and Assumption of Lease (Global Medical REIT Inc.)

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 Properly under the Ground Lease pursuant to the terms and conditions set forth in this Article XIX 19 at the end of the Fixed 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 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 Tallahassee 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; 9 plus (C) any sums stuns 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 Properly 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 Initial 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 ServicesTallahassee Health Associates II, Inc. as attorney-in- fact for Bayside Development CorporationLtd., a Pennsylvania corporationFlorida limited partnership, and its successors and . assigns.

Appears in 2 contracts

Samples: Assignment and Assumption of Lease (Global Medical REIT Inc.), Assignment and Assumption of Lease (Global Medical REIT Inc.)

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