Option to Purchase the Premises. Provided no Event of Default (as defined in Section 10 below) has occurred and is continuing as of the Tenant's exercise of its option to purchase the Premises pursuant to this Section 6.2 or at the closing date established to consummate the purchase of the Premises pursuant to the Tenant's exercise of such option (except as provided in Section 6.2.2(c) below), Tenant shall have the option to purchase the Premises upon the following terms and conditions:
Option to Purchase the Premises. Section 30.01. Lessee shall have the right and option to purchase the premises at any time prior to the termination of this Lease or any renewal thereof for a sum equal to the balance of unpaid principal and accrued interest due on the Note attached hereto as Exhibit A, or such renewal or other promissory note obtained by Lessor with the consent of Lessee as may at that time be in existence; plus any additional amounts expended by
Option to Purchase the Premises. Landlord, Landlord's sole shareholder, the Xxxxxx Family Living Trust uta dated 4/16/97 ("Xxxxxx") and Tenant are parties to that certain Option Agreement dated May 30, 2003 (the "Option Agreement") pursuant to which Xxxxxx and Landlord granted to Tenant the right and option to purchase all outstanding capital stock of Landlord ("Stock") upon and subject to the terms and conditions set forth therein (the "Stock Purchase Option"). In the event that Tenant is entitled to exercise such Stock Purchase Option and for any reason is barred from consummating such transaction pursuant to applicable law or Tenant exercises such Stock Purchase Option within the time and in the manner provided therein but is unwilling or unable to close the transaction contemplated thereby because Landlord or Xxxxxx is in default or breach of any of its representations, warranties or covenants thereunder, then as a material consideration for Tenant's execution and delivery of this Lease, Tenant shall have the option to purchase the Premises pursuant to this Lease at the fair market value of the Premises as determined pursuant to the process set forth in the Option Agreement and upon the same other terms that Tenant would have purchased the Stock under the Option Agreement, except that the provisions of Section 16.5 of the Option Agreement shall apply to any transfer and conveyance of the Premises pursuant to this option.
Option to Purchase the Premises. Lessor hereby grants Lessee an option to purchase the Premises on the following terms and conditions:
Option to Purchase the Premises. (a) Provided that Lessee has duly exercised the first Renewal Option in accordance with Paragraph 51, Lessor grants to Lessee the one-time option (the "Purchase Option") to purchase the Premises on December 1, 2004 (the "Closing Date") for the Fair Market Value of the Premises as determined in accordance with Paragraph 52(b), subject to the terms and conditions of this Paragraph 52. The Purchase Option shall be exercised, if at all, by written notice to Lessor not less than six (6) months nor more than twelve (12) months prior to the Closing Date, which notice shall be irrevocable by Lessee; provided, however, that, if Lessee is in default under this Lease either at the time Lessee exercises the Purchase Option or at any time thereafter prior to the Closing Date, Lessor shall have, in addition to all of Lessor's other rights and remedies under this Lease, the right to terminate the Purchase Option and to cancel unilaterally Lessee's exercise of the Purchase Option.
Option to Purchase the Premises. During the term of this Lease, the Tenant shall have the option to purchase the Premises or an assignment of the Lease between the Landlord and Williamsburg County, South Carolina in accordance with the terms and conditions of the Asset Purchase Agreement attached hereto and marked Exhibit 2.16.
Option to Purchase the Premises. Landlord hereby grants to Tenant ------------------------------- an option to purchase the leased premises, upon the terms and conditions set forth herein, for the purchase price of Two Million Two Hundred Fifty Thousand ($2,250,000) Dollars. The option herein granted may be exercised by Tenant, at any time during the first seven (7) years of the term of this Lease, provided that this Lease has not been sooner terminated and Tenant is not in default hereunder, by providing written notice to Landlord at any time within the first six and one-half (6 1/2) years of the term hereof. Within thirty (30) days after the giving of notice by Tenant exercising its option to purchase, Landlord shall, at Tenant's expense, furnish to Tenant an owner's policy of title insurance (or a binding commitment to issue such title insurance) in an amount equal to the purchase price issued by a title insurance company acceptable to Tenant, naming Tenant as the insured and guaranteeing Landlord's title to the Premises to be free from all liens, charges, or encumbrances, except (i) municipal and zoning ordinances; (ii) any taxes and assessments whether or not due and payable; (iii) any recorded easements, restrictions, or other matters existing as of the date of this Lease; and (iv) any liens, claims, or encumbrances arising by, through or under Tenant. Tenant shall be allowed ten (10) days in which to examine such evidence of title, and if the same does not show Landlord's title to be free from all liens, charges, and encumbrances excepting those permitted by this paragraph, Landlord shall, within a reasonable time thereafter, cure such defects and clear title. The closing of the transaction shall, in all events, be held on a date within such seven (7) year period and the time of such closing is agreed to be of the essence. If the evidence of title furnished by Landlord discloses any defects in Landlord's title which cannot be cured, and the curing of which Tenant is unwilling to waive, Tenant may withdraw its exercise of this option to purchase, and its performance of the contract formed by such exercise shall be excused, and this Lease shall continue in full force and effect in accordance with its terms. At the closing, Landlord shall by special warranty deed convey to Tenant fee simple title to the Premises free and clear of all liens, charges, and encumbrances excepting those permitted by this paragraph. Upon delivery of such warranty deed, Tenant shall pay the purchase price to...
Option to Purchase the Premises. Section 30.01. Lessee shall have the right and option to purchase the premises at any time prior to the termination of this Lease for the sum of Three Hundred Eighty Thousand Dollars ($380,000.00); provided that Lessor shall receive written notice of Lessee's intention to exercise its right to purchase at least ninety (90) days prior to the expiration of the Lease Term. Section 30.02. All lease payments made pursuant to Article III hereof shall be credited against the said price, so that the price paid at closing shall be a sum equal to the aforesaid purchase price less the total of lease payments made. Section 30.03. In the event Lessee desires to exercise its right to purchase prior to the end of the Lease Term, Lessee shall notify Lessor in writing of its intention at any time during the Lease Term, and closing shall occur within thirty (30) days of the receipt of said notice by Lessor. Each party shall be responsible for the payment of such closing costs as are customarily paid by selling and purchasing parties in Axxxxxx County, Georgia.
Option to Purchase the Premises. (a) The Lessor hereby grants to the Lessee an option to purchase the Premises during the term of this Lease Agreement as extended by the option periods contained herein, in whole but not in part, on the terms and conditions set forth in this Section. The Lessee may purchase the Premises only on the dates and at the prices contained in Exhibit I hereto; provided, however, that in no event shall the purchase price be less than the amount necessary to prepay the Bonds in whole upon such exercise and to pay all costs incurred by the Lessor and the Trustee as set forth in (g) below. The Lessee agrees to pay the difference, if any, between the purchase price set forth in Exhibit I and the amount required to prepay the Bonds and the costs incurred by the Lessor and the Trustee as forth in (g) below;
Option to Purchase the Premises. Provided Tenant is not in default under the terms of this Lease, Tenant shall have the option to purchase the ground leasehold interest and improvements in and to the Premises after the 12th year anniversary of the Full Rent Commencement Date. The option price shall be the greater of (i) Fair Market Value [defined herein] of the Premises when the option is exercised or (ii) an amount equal to the Annual Rent when the option is exercised divided by a capitalization rate of 5.5%. Tenant shall provide ninety (90) days prior written notice to Landlord of its desire to exercise this option. Once exercised, Tenant shall use its reasonable best efforts to close on the property (90) days from the date of the notice but no later than 120 days from the date of the notice. Tenant shall be responsible to pay, in addition to the option price, all of Landlord’s prepayment penalties and fees, swap termination fees, in connection with any existing mortgage loan. Tenant shall pay all transfer taxes due as a result of this Option to Purchase. For purposes herein the Fair Market Value shall be the then fair market value for similar space in buildings in the Capital District (the “Market Area”) (with similar tenant improvements and tenants of similar credit worthiness), which Fair Market Value shall be determined as follows:
