{"component": "clause", "props": {"groups": [{"samples": [{"hash": "4kgJLveYOZ7", "uri": "/contracts/4kgJLveYOZ7#option-to-purchase", "label": "Rent to Own Agreement", "score": 33.8542709351, "published": true}, {"hash": "bi0eqC7RUvS", "uri": "/contracts/bi0eqC7RUvS#option-to-purchase", "label": "Rent to Own Agreement", "score": 31.6069087982, "published": true}, {"hash": "h2YvC1d3Zqb", "uri": "/contracts/h2YvC1d3Zqb#option-to-purchase", "label": "Rent to Own Agreement", "score": 31.5565795898, "published": true}], "size": 93, "snippet_links": [{"key": "the-landlord", "type": "clause", "offset": [0, 12]}, {"key": "the-tenant", "type": "clause", "offset": [27, 37]}, {"key": "option-to-purchase-the-premises", "type": "clause", "offset": [41, 72]}, {"key": "check-one", "type": "definition", "offset": [101, 110]}], "snippet": "The Landlord hereby grants the Tenant an option to purchase the Premises under the following terms: (check one)", "hash": "50b937e43fd3bc1cd87dd72cbe817fa1", "id": 5}, {"samples": [{"hash": "j4POqFo9ZP", "uri": "/contracts/j4POqFo9ZP#option-to-purchase", "label": "Purchase and Assumption Agreement", "score": 32.1794090271, "published": true}, {"hash": "5RDgKuOQZml", "uri": "/contracts/5RDgKuOQZml#option-to-purchase", "label": "Purchase and Assumption Agreement", "score": 30.1684589386, "published": true}, {"hash": "hGD5qoaP9fi", "uri": "/contracts/hGD5qoaP9fi#option-to-purchase", "label": "Purchase and Assumption Agreement", "score": 26.5578727722, "published": true}], "size": 431, "snippet_links": [{"key": "section-35", "type": "clause", "offset": [11, 22]}, {"key": "assuming-institution", "type": "definition", "offset": [58, 78]}, {"key": "exclusive-option", "type": "definition", "offset": [82, 98]}, {"key": "period-of", "type": "clause", "offset": [107, 116]}, {"key": "the-day", "type": "definition", "offset": [145, 152]}, {"key": "bank-closing", "type": "definition", "offset": [159, 171]}, {"key": "bank-premises", "type": "definition", "offset": [201, 214]}, {"key": "fixtures-and-equipment", "type": "definition", "offset": [241, 263]}, {"key": "the-bank", "type": "clause", "offset": [275, 283]}, {"key": "institution-shall", "type": "clause", "offset": [307, 324]}, {"key": "notice-to-the", "type": "clause", "offset": [338, 351]}, {"key": "the-option-period", "type": "clause", "offset": [368, 385]}, {"key": "election-to-purchase", "type": "clause", "offset": [393, 413]}, {"key": "purchase-of", "type": "clause", "offset": [469, 480]}, {"key": "effective-as-of-the", "type": "clause", "offset": [504, 523]}, {"key": "date-of", "type": "clause", "offset": [524, 531]}, {"key": "as-soon-as-practicable", "type": "definition", "offset": [584, 606]}, {"key": "in-no-event", "type": "clause", "offset": [623, 634]}, {"key": "the-settlement-date", "type": "clause", "offset": [646, 665]}, {"key": "notice-of", "type": "clause", "offset": [701, 710]}, {"key": "election-not-to-purchase", "type": "clause", "offset": [715, 739]}, {"key": "agreement-to", "type": "clause", "offset": [869, 881]}, {"key": "associated-with", "type": "definition", "offset": [970, 985]}, {"key": "furniture-and-equipment", "type": "clause", "offset": [1045, 1068]}], "snippet": "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.", "hash": "5d11f62b9c2d6b57e00df3cbd942539a", "id": 1}, {"samples": [{"hash": "7yrGy9yW5fv", "uri": "/contracts/7yrGy9yW5fv#option-to-purchase", "label": "Split Dollar Agreement", "score": 31.3408622742, "published": true}, {"hash": "j3O6OHZ1L51", "uri": "/contracts/j3O6OHZ1L51#option-to-purchase", "label": "Split Dollar Agreement (CenterState Banks, Inc.)", "score": 27.1683769226, "published": true}, {"hash": "iYJ74R09cEz", "uri": "/contracts/iYJ74R09cEz#option-to-purchase", "label": "Split Dollar Agreement (BANKshares Inc)", "score": 22.2758388519, "published": true}], "size": 95, "snippet_links": [{"key": "the-company-shall", "type": "clause", "offset": [0, 17]}, {"key": "ownership-of-the-policy", "type": "clause", "offset": [50, 73]}, {"key": "in-effect", "type": "definition", "offset": [98, 107]}, {"key": "the-executive", "type": "clause", "offset": [129, 142]}, {"key": "the-option", "type": "clause", "offset": [173, 183]}, {"key": "policy-for", "type": "definition", "offset": [200, 210]}, {"key": "period-of", "type": "clause", "offset": [213, 222]}, {"key": "notice-of", "type": "clause", "offset": [252, 261]}, {"key": "the-purchase-price", "type": "clause", "offset": [278, 296]}, {"key": "equal-to", "type": "definition", "offset": [316, 324]}, {"key": "cash-surrender-value-of-the-policy", "type": "definition", "offset": [329, 363]}, {"key": "right-of-the-company", "type": "clause", "offset": [401, 421]}, {"key": "terminate-this-agreement", "type": "clause", "offset": [425, 449]}], "snippet": "The Company shall not sell, surrender or transfer ownership of the Policy while this Agreement is in effect without first giving the Executive or the Executive\u2019s transferee the option to purchase the Policy for a period of sixty (60) days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy. This provision shall not impair the right of the Company to terminate this Agreement.", "hash": "8b1e04a492d596f9a4237f62425ee943", "id": 4}, {"samples": [{"hash": "7ahthADXOOH", "uri": "/contracts/7ahthADXOOH#option-to-purchase", "label": "Purchase and Assumption Agreement", "score": 26.7303256989, "published": true}, {"hash": "VAGb3EdX15", "uri": "/contracts/VAGb3EdX15#option-to-purchase", "label": "Purchase and Assumption Agreement (Midland States Bancorp, Inc.)", "score": 22.3607120514, "published": true}, {"hash": "gGoDFf4ztpc", "uri": "/contracts/gGoDFf4ztpc#option-to-purchase", "label": "Purchase and Assumption Agreement (State Bank Financial Corp)", "score": 22.1690616608, "published": true}], "size": 158, "snippet_links": [{"key": "section-35", "type": "clause", "offset": [11, 22]}, {"key": "assuming-bank", "type": "definition", "offset": [58, 71]}, {"key": "exclusive-option", "type": "definition", "offset": [75, 91]}, {"key": "period-of", "type": "clause", "offset": [100, 109]}, {"key": "the-day", "type": "definition", "offset": [138, 145]}, {"key": "bank-closing", "type": "definition", "offset": [152, 164]}, {"key": "bank-premises", "type": "definition", "offset": [194, 207]}, {"key": "fixtures-and-equipment", "type": "definition", "offset": [234, 256]}, {"key": "the-bank", "type": "clause", "offset": [268, 276]}, {"key": "notice-to-the", "type": "clause", "offset": [324, 337]}, {"key": "the-option-period", "type": "clause", "offset": [354, 371]}, {"key": "election-to-purchase", "type": "clause", "offset": [379, 399]}, {"key": "purchase-of", "type": "clause", "offset": [455, 466]}, {"key": "effective-as-of-the", "type": "clause", "offset": [490, 509]}, {"key": "date-of", "type": "clause", "offset": [510, 517]}, {"key": "as-soon-as-practicable", "type": "definition", "offset": [570, 592]}, {"key": "in-no-event", "type": "clause", "offset": [609, 620]}, {"key": "the-settlement-date", "type": "clause", "offset": [632, 651]}], "snippet": "Subject to Section 3.5, the Receiver hereby grants to the Assuming Bank 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 Bank 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.", "hash": "8d60733a2885039ea7910f010ae2362e", "id": 3}, {"samples": [{"hash": "3Jgyof0sfLt", "uri": "/contracts/3Jgyof0sfLt#option-to-purchase", "label": "Lease Agreement", "score": 23.1355228424, "published": true}, {"hash": "8BjhmxpMyfW", "uri": "/contracts/8BjhmxpMyfW#option-to-purchase", "label": "Lease Agreement", "score": 23.0985622406, "published": true}, {"hash": "jkiDpXzxX2C", "uri": "/contracts/jkiDpXzxX2C#option-to-purchase", "label": "Lease Agreement", "score": 22.8891162872, "published": true}], "size": 72, "snippet_links": [{"key": "to-the-lessee", "type": "clause", "offset": [31, 44]}, {"key": "the-right", "type": "clause", "offset": [45, 54]}, {"key": "prior-to-the", "type": "clause", "offset": [79, 91]}, {"key": "expiration-of", "type": "clause", "offset": [92, 105]}, {"key": "notice-to-the-lessor", "type": "clause", "offset": [131, 151]}, {"key": "equal-to", "type": "definition", "offset": [189, 197]}, {"key": "amount-required", "type": "clause", "offset": [202, 217]}, {"key": "to-pay", "type": "clause", "offset": [239, 245]}, {"key": "related-to", "type": "clause", "offset": [263, 273]}, {"key": "the-bonds", "type": "definition", "offset": [298, 307]}, {"key": "accrued-and-unpaid-interest", "type": "clause", "offset": [314, 341]}, {"key": "the-redemption", "type": "clause", "offset": [426, 440]}, {"key": "expenses-and-charges", "type": "clause", "offset": [538, 558]}, {"key": "cost-of", "type": "clause", "offset": [589, 596]}, {"key": "upon-request", "type": "definition", "offset": [628, 640]}, {"key": "itemized-statement", "type": "clause", "offset": [684, 702]}, {"key": "by-the-lessee", "type": "clause", "offset": [749, 762]}, {"key": "rental-payment-date", "type": "definition", "offset": [775, 794]}, {"key": "in-order-to", "type": "clause", "offset": [795, 806]}, {"key": "in-accordance-with", "type": "clause", "offset": [829, 847]}, {"key": "to-the-trustee", "type": "clause", "offset": [934, 948]}, {"key": "the-purchase-price", "type": "clause", "offset": [965, 983]}, {"key": "lessee-a", "type": "definition", "offset": [1172, 1180]}, {"key": "written-statement", "type": "clause", "offset": [1181, 1198]}, {"key": "to-provide", "type": "clause", "offset": [1474, 1484]}, {"key": "lessee-shall", "type": "clause", "offset": [1494, 1506]}, {"key": "obligation-to-purchase", "type": "clause", "offset": [1520, 1542]}, {"key": "in-respect-to", "type": "clause", "offset": [1581, 1594]}, {"key": "holders-of", "type": "clause", "offset": [1627, 1637]}, {"key": "exercise-of-the-option", "type": "clause", "offset": [1663, 1685]}, {"key": "payment-of-the-option-price", "type": "clause", "offset": [1740, 1767]}, {"key": "lessee-documents", "type": "definition", "offset": [1810, 1826]}, {"key": "title-to-the-property", "type": "clause", "offset": [1871, 1892]}, {"key": "subject-to-the", "type": "definition", "offset": [1940, 1954]}, {"key": "liens-and-encumbrances", "type": "clause", "offset": [1976, 1998]}, {"key": "said-property", "type": "definition", "offset": [2026, 2039]}, {"key": "created-by", "type": "definition", "offset": [2115, 2125]}, {"key": "liens-for-taxes", "type": "clause", "offset": [2204, 2219]}, {"key": "special-assessments", "type": "clause", "offset": [2223, 2242]}, {"key": "in-this-lease", "type": "clause", "offset": [2325, 2338]}, {"key": "in-the-event-of", "type": "clause", "offset": [2340, 2355]}, {"key": "purchase-of-the-premises", "type": "clause", "offset": [2356, 2380]}, {"key": "conveyance-of-the", "type": "clause", "offset": [2398, 2415]}, {"key": "pay-for", "type": "definition", "offset": [2465, 2472]}, {"key": "title-searches", "type": "clause", "offset": [2486, 2500]}, {"key": "title-policies", "type": "definition", "offset": [2513, 2527]}, {"key": "legal-services", "type": "definition", "offset": [2532, 2546]}, {"key": "payments-required", "type": "clause", "offset": [2619, 2636]}, {"key": "transfer-of-title", "type": "definition", "offset": [2645, 2662]}], "snippet": "\u200c\n(a) The Lessor hereby grants to the Lessee the right and option, on any date prior to the expiration of this Lease, upon written notice to the Lessor, to purchase the Premises at a price equal to the amount required to enable the Lessor to pay all indebtedness related to the Premises, including the Bonds, with accrued and unpaid interest to the date on which such indebtedness will be redeemed and all premiums payable on the redemption thereof, and to enable the Lessor to liquidate, if the Lessor is to be liquidated, by paying the expenses and charges of liquidation and to pay the cost of transferring the Premises.\n(b) Upon request of the Lessee, the Lessor shall furnish an itemized statement setting forth the amounts required to be paid by the Lessee on the next rental payment date in order to purchase the Premises in accordance with Section 9(a) hereof.\n(c) If the Lessee exercises its option to purchase, it shall pay to the Trustee that portion of the purchase price which is required to pay the Bonds, including all premiums payable on the redemption thereof and accrued and unpaid interest. Such payment shall not be made until the Trustee gives to the Lessee a written statement that such amount will be sufficient to retire the Bonds, including all premiums payable on the redemption thereof and accrued and unpaid interest.\n(d) The remainder of such purchase price shall be paid by the Lessee to the Lessor. Nothing herein contained shall be construed to provide that the Lessee shall be under any obligation to purchase the Premises, or under any obligation in respect to any creditors or other security holders of the Lessor.\n(e) Upon the exercise of the option to purchase granted herein, the Lessor will upon such payment of the option price deliver, or cause to be delivered, to the Lessee documents conveying to the Lessee all of the Lessor\u2019s title to the property being purchased, as such property then exists, subject to the following: (i) those liens and encumbrances (if any) to which title to said property was subject when conveyed to the Lessor; (ii) those liens and encumbrances created by the Lessee or to the creation or suffering of which the Lessee consented, and liens for taxes or special assessments not then delinquent; and (iii) those liens and encumbrances on its part contained in this Lease. In the event of purchase of the Premises by the Lessee or conveyance of the same to the Lessee, the Lessee shall procure and pay for all surveys, title searches, abstracts, title policies and legal services that may be required, and shall furnish at the Lessee\u2019s expense all tax payments required for the transfer of title.", "hash": "e1bdf05a5167da307b4d4fb8d158e6f3", "id": 9}, {"samples": [{"hash": "gGoDFf4ztpc", "uri": "/contracts/gGoDFf4ztpc#option-to-purchase", "label": "Purchase and Assumption Agreement (State Bank Financial Corp)", "score": 22.1690616608, "published": true}, {"hash": "jThk33ESMyZ", "uri": "/contracts/jThk33ESMyZ#option-to-purchase", "label": "Purchase and Assumption Agreement (STATE BANK FINANCIAL Corp)", "score": 21.824092865, "published": true}, {"hash": "3vP2KemV4tZ", "uri": "/contracts/3vP2KemV4tZ#option-to-purchase", "label": "Purchase and Assumption Agreement (Charter Financial Corp/Ga)", "score": 21.4599590302, "published": true}], "size": 165, "snippet_links": [{"key": "in-the-event", "type": "clause", "offset": [0, 12]}, {"key": "assuming-bank", "type": "definition", "offset": [22, 35]}, {"key": "continued-efforts", "type": "clause", "offset": [91, 108]}, {"key": "loss-asset", "type": "definition", "offset": [129, 139]}, {"key": "failed-bank", "type": "definition", "offset": [195, 206]}, {"key": "legal-balance", "type": "definition", "offset": [231, 244]}, {"key": "accounting-records", "type": "definition", "offset": [272, 290]}, {"key": "bank-closing", "type": "definition", "offset": [349, 361]}, {"key": "funds-by", "type": "definition", "offset": [366, 374]}, {"key": "on-behalf-of", "type": "definition", "offset": [375, 387]}, {"key": "a-third-party", "type": "clause", "offset": [409, 422]}, {"key": "specified-purpose", "type": "definition", "offset": [429, 446]}, {"key": "best-judgment", "type": "clause", "offset": [481, 494]}, {"key": "reimbursable-expenses", "type": "definition", "offset": [548, 569]}, {"key": "recovery-expenses", "type": "definition", "offset": [573, 590]}, {"key": "book-value", "type": "definition", "offset": [652, 662]}, {"key": "notify-the", "type": "clause", "offset": [772, 782]}, {"key": "section-21", "type": "clause", "offset": [909, 920]}, {"key": "with-respect-to", "type": "clause", "offset": [1044, 1059]}, {"key": "within-thirty", "type": "clause", "offset": [1424, 1437]}, {"key": "days-after", "type": "definition", "offset": [1443, 1453]}, {"key": "receipt-of", "type": "clause", "offset": [1458, 1468]}, {"key": "a-notice", "type": "definition", "offset": [1474, 1482]}, {"key": "bank-of", "type": "clause", "offset": [1522, 1529]}, {"key": "the-case", "type": "definition", "offset": [1643, 1651]}, {"key": "notwithstanding-the", "type": "definition", "offset": [1660, 1679]}, {"key": "failure-of-the", "type": "clause", "offset": [1680, 1694]}, {"key": "in-accordance-with", "type": "clause", "offset": [1829, 1847]}, {"key": "section-22", "type": "clause", "offset": [1848, 1859]}, {"key": "at-any-time", "type": "clause", "offset": [1940, 1951]}, {"key": "prior-to-the-termination-date", "type": "clause", "offset": [1997, 2026]}, {"key": "right-to-purchase", "type": "definition", "offset": [2055, 2072]}], "snippet": "In the event that the Assuming Bank determines that there is a substantial likelihood that continued efforts to collect a Shared-Loss Asset or an Asset for which a charge-off was effected by the Failed Bank with, in either case, a Legal Balance of $500,000 or more on the Accounting Records of the Assuming Bank will result in an expenditure, after Bank Closing, of funds by on behalf of the Assuming Bank to a third party for a specified purpose (the expenditure of which, in its best judgment, will maximize collections), which do not constitute Reimbursable Expenses or Recovery Expenses, and such expenses will exceed ten percent (10%) of the then book value thereof as reflected on the Accounting Records of the Assuming Bank, the Assuming Bank shall (i) promptly so notify the Receiver and (ii) request that such expenditure be treated as a Reimbursable Expense or Recovery Expense for purposes of this Section 2.1. (Where the Assuming Bank determines that there is a substantial likelihood that the previously mentioned situation exists with respect to continued efforts to collect a Shared-Loss Asset or an Asset for which a charge-off was effected by the Failed Bank with, in either case, a Legal Balance of less than $1,000,000 on the Accounting Records of the Assuming Bank, the Assuming Bank may so notify the Receiver and request that such expenditure be treated as a Reimbursable Expense or Recovery Expense.) Within thirty (30) days after its receipt of such a notice, the Receiver will advise the Assuming Bank of its consent or denial, that such expenditures shall be treated as a Reimbursable Expense or Recovery Expense, as the case may be. Notwithstanding the failure of the Receiver to give its consent with respect to such expenditures, the Assuming Bank shall continue to administer such Shared-Loss Asset in accordance with Section 2.2, except that the Assuming Bank shall not be required to make such expenditures. At any time after its receipt of such a notice and on or prior to the Termination Date the Receiver shall have the right to purchase such Shared-Loss Asset or Asset as provided in Section 2.1(e)(iii), notwithstanding any consent by the Receiver with respect to such expenditure.", "hash": "073c8c1b612d7675398f21e4f28fc36b", "id": 2}, {"samples": [{"hash": "6PIJ7bvVOpY", "uri": "/contracts/6PIJ7bvVOpY#option-to-purchase", "label": "Lease Agreement (Lounsberry Holdings Ii Inc)", "score": 18.0, "published": true}, {"hash": "1xXPLqSrDsx", "uri": "/contracts/1xXPLqSrDsx#option-to-purchase", "label": "Lease Agreement (Techprecision Corp)", "score": 18.0, "published": true}], "size": 52, "snippet_links": [{"key": "entire-ownership", "type": "clause", "offset": [126, 142]}, {"key": "assignment-of", "type": "definition", "offset": [162, 175]}, {"key": "underlying-leases", "type": "definition", "offset": [176, 193]}, {"key": "at-any-time", "type": "clause", "offset": [207, 218]}, {"key": "beginning-one-year", "type": "clause", "offset": [219, 237]}, {"key": "date-hereof", "type": "clause", "offset": [259, 270]}, {"key": "appraised-value", "type": "definition", "offset": [305, 320]}, {"key": "if-tenant", "type": "clause", "offset": [356, 365]}, {"key": "in-compliance", "type": "definition", "offset": [369, 382]}, {"key": "in-all-material-respects", "type": "definition", "offset": [383, 407]}, {"key": "the-terms-and-conditions-of-this", "type": "clause", "offset": [413, 445]}, {"key": "time-of-exercise", "type": "definition", "offset": [459, 475]}, {"key": "the-premises", "type": "clause", "offset": [491, 503]}, {"key": "mai-appraisers", "type": "definition", "offset": [546, 560]}, {"key": "chosen-by", "type": "clause", "offset": [566, 575]}, {"key": "fair-market-value", "type": "clause", "offset": [643, 660]}, {"key": "the-parties-shall", "type": "clause", "offset": [696, 713]}, {"key": "valuation-of", "type": "clause", "offset": [813, 825]}, {"key": "two-appraisers", "type": "clause", "offset": [1004, 1018]}, {"key": "third-appraisal", "type": "clause", "offset": [1127, 1142]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [1233, 1262]}, {"key": "in-the-event", "type": "clause", "offset": [1264, 1276]}, {"key": "subject-to", "type": "definition", "offset": [1322, 1332]}, {"key": "first-mortgage", "type": "definition", "offset": [1335, 1349]}, {"key": "required-by", "type": "definition", "offset": [1354, 1365]}, {"key": "the-mortgagee", "type": "clause", "offset": [1366, 1379]}, {"key": "purchase-price-payable", "type": "clause", "offset": [1385, 1407]}, {"key": "pursuant-to-the", "type": "clause", "offset": [1408, 1423]}, {"key": "associated-with", "type": "definition", "offset": [1487, 1502]}, {"key": "closing-of-the-sale", "type": "clause", "offset": [1507, 1526]}, {"key": "the-principal", "type": "definition", "offset": [1571, 1584]}, {"key": "accrued-interest", "type": "clause", "offset": [1590, 1606]}, {"key": "other-sums", "type": "clause", "offset": [1615, 1625]}, {"key": "due-and-owing", "type": "definition", "offset": [1643, 1656]}, {"key": "reasonable-attorneys", "type": "definition", "offset": [1712, 1732]}, {"key": "date-of-closing", "type": "clause", "offset": [1756, 1771]}, {"key": "the-exercise-notice", "type": "clause", "offset": [1789, 1808]}, {"key": "upon-notice", "type": "definition", "offset": [1872, 1883]}, {"key": "by-tenant-to-landlord", "type": "clause", "offset": [1914, 1935]}, {"key": "six-months", "type": "definition", "offset": [1951, 1961]}, {"key": "prior-to-the", "type": "clause", "offset": [1962, 1974]}, {"key": "by-landlord-to-tenant", "type": "clause", "offset": [2090, 2111]}, {"key": "sale-deed", "type": "clause", "offset": [2125, 2134]}, {"key": "or-equivalent", "type": "definition", "offset": [2174, 2187]}, {"key": "at-the-closing", "type": "definition", "offset": [2229, 2243]}, {"key": "warranty-by-landlord", "type": "clause", "offset": [2309, 2329]}, {"key": "existing-title-encumbrances", "type": "definition", "offset": [2355, 2382]}, {"key": "liquidated-amount", "type": "definition", "offset": [2505, 2522]}, {"key": "to-the-extent", "type": "clause", "offset": [2535, 2548]}, {"key": "acts-or-omissions", "type": "definition", "offset": [2607, 2624]}, {"key": "of-tenant", "type": "clause", "offset": [2625, 2634]}, {"key": "certified-check", "type": "definition", "offset": [2720, 2735]}, {"key": "issued-by", "type": "definition", "offset": [2764, 2773]}, {"key": "savings-bank", "type": "clause", "offset": [2784, 2796]}, {"key": "trust-company", "type": "definition", "offset": [2798, 2811]}, {"key": "savings-and-loan-association", "type": "definition", "offset": [2815, 2843]}, {"key": "having-a", "type": "definition", "offset": [2844, 2852]}, {"key": "banking-office", "type": "definition", "offset": [2853, 2867]}, {"key": "commonwealth-of-massachusetts", "type": "clause", "offset": [2875, 2904]}, {"key": "payable-to", "type": "definition", "offset": [2921, 2931]}, {"key": "of-landlord", "type": "clause", "offset": [2942, 2953]}, {"key": "as-landlord", "type": "definition", "offset": [2958, 2969]}, {"key": "landlord-or-landlord", "type": "definition", "offset": [3038, 3058]}, {"key": "personal-to-tenant", "type": "clause", "offset": [3098, 3116]}, {"key": "to-pay", "type": "clause", "offset": [3171, 3177]}, {"key": "taxes-payable", "type": "definition", "offset": [3207, 3220]}, {"key": "in-connection-with", "type": "clause", "offset": [3221, 3239]}, {"key": "transfer-of-the", "type": "clause", "offset": [3244, 3259]}, {"key": "the-foregoing-provisions-of-this", "type": "clause", "offset": [3330, 3362]}, {"key": "subsequent-date", "type": "definition", "offset": [3451, 3466]}, {"key": "sale-of-the", "type": "clause", "offset": [3526, 3537]}, {"key": "an-event-of-default", "type": "definition", "offset": [3569, 3588]}, {"key": "cure-period", "type": "clause", "offset": [3601, 3612]}, {"key": "the-nature", "type": "clause", "offset": [3617, 3627]}, {"key": "adversely-affect", "type": "definition", "offset": [3640, 3656]}, {"key": "subsequent-to-the", "type": "clause", "offset": [3666, 3683]}, {"key": "exercise-of-the-option", "type": "clause", "offset": [3734, 3756]}, {"key": "notice-to-tenant", "type": "clause", "offset": [3823, 3839]}, {"key": "null-and-void", "type": "definition", "offset": [3853, 3866]}, {"key": "force-and-effect", "type": "clause", "offset": [3894, 3910]}, {"key": "tenant-shall", "type": "clause", "offset": [3915, 3927]}, {"key": "right-to-exercise", "type": "clause", "offset": [3953, 3970]}, {"key": "deemed-waived", "type": "definition", "offset": [4011, 4024]}], "snippet": "(a) Landlord hereby grants Tenant the option the purchase (the \"Option to Purchase\") the Entire Parcel, such being Landlord's entire ownership position including assignment of underlying leases, exercisable at any time beginning one year and one day from the date hereof and extending through the Term at Appraised Value. Said Option may be exercised only if Tenant is in compliance in all material respects with the terms and conditions of this Lease at the time of exercise. Appraisals of the Premises shall be obtained by two local recognized MAI appraisers, one chosen by Tenant and one chosen by Landlord, who shall value the Premises at fair market value. Once the appraisals are complete, the parties shall compare the two valuations. If the valuations are within ten percent (10%) of each other, then the valuation of the Premises shall be the average of the two appraisals. If the valuations are more than ten percent [10%] of each other, and the parties cannot agree upon a valuation, then the two appraisers appointed above shall appoint a third MAI appraiser to appraise the Premises at fair market value. Once the third appraisal is completed, the Appraised Value of the Premises shall be the average of the appraisals. Notwithstanding the foregoing, in the event that all or any part of the Entire Parcel is subject to a first Mortgage, if required by the Mortgagee, the purchase price payable pursuant to the Option to Purchase shall not be less than (i) Landlord's costs associated with the closing of the sale pursuant to the Option to Purchase and (ii) the principal, the accrued interest and any other sums that may then be due and owing to Mortgagee under the Mortgage (including Mortgagee's reasonable attorneys' fees) on the intended date of closing, as set forth in the Exercise Notice, as hereinafter defined. The Option to Purchase is exercisable upon notice (the \"Exercise Notice\") given by Tenant to Landlord, not less than six months prior to the intended date of closing. If Tenant elects to exercise the Option to Purchase, the Entire Parcel shall be conveyed by Landlord to Tenant by Bargain & Sale Deed with Covenants against Grantor's Acts (or equivalent) and the Entire Parcel will be delivered at the closing thereof in its then \"as-is\" condition, without representation or warranty by Landlord, and subject to all then-existing title encumbrances, except that Landlord agrees that Landlord will discharge all mortgages, liens and other title encumbrances that are in a liquidated amount only if and to the extent the same encumber the Entire Parcel other than due to the acts or omissions of Tenant or Tenant's agents, servants and employees. The purchase price shall be paid by good certified check of Tenant or official check issued by any bank, savings bank, trust company or savings and loan association having a banking office in the Commonwealth of Massachusetts, unendorsed and payable to the order of Landlord, or as Landlord may otherwise direct. The closing will take place at the offices of Landlord or Landlord's attorneys. The Option to Purchase is personal to Tenant only and may not be assigned by Tenant. Tenant agrees to pay all state and local transfer taxes payable in connection with the transfer of the Entire Parcel pursuant to the Option to Purchase.\n(b) Notwithstanding the foregoing provisions of this Paragraph 37, if on the date that Tenant exercises the Option to Purchase, or if on any subsequent date up to and including the date upon which the closing on the sale of the Entire Parcel occurs, there is an Event of Default (beyond any cure period) of the nature which would adversely affect Landlord subsequent to the transfer of the Entire Parcel to Tenant, Tenant's exercise of the Option to Purchase shall, at the option of Landlord exercised by written notice to Tenant, be rendered null and void and shall be of no further force and effect and Tenant shall have no other additional right to exercise such Option to Purchase, which shall be deemed waived by Tenant.", "hash": "e16b1f160f35800e3af57d624ea848c0", "id": 10}, {"samples": [{"hash": "k1MBZnPE1LP", "uri": "/contracts/k1MBZnPE1LP#option-to-purchase", "label": "Split Dollar Agreement (Cortland Bancorp Inc)", "score": 29.988363266, "published": true}, {"hash": "cc4slxoPDg8", "uri": "/contracts/cc4slxoPDg8#option-to-purchase", "label": "Split Dollar Agreement (Cortland Bancorp Inc)", "score": 29.988363266, "published": true}, {"hash": "l3Ov0fDutBQ", "uri": "/contracts/l3Ov0fDutBQ#option-to-purchase", "label": "Supplemental Executive Retirement Plan Agreement (Sb Financial Group, Inc.)", "score": 29.068447113, "published": true}], "size": 76, "snippet_links": [{"key": "upon-termination-of-this-agreement", "type": "clause", "offset": [0, 34]}, {"key": "the-bank-shall", "type": "clause", "offset": [36, 50]}, {"key": "ownership-of-the-policy", "type": "clause", "offset": [84, 107]}, {"key": "the-executive", "type": "clause", "offset": [129, 142]}, {"key": "the-option", "type": "clause", "offset": [173, 183]}, {"key": "policy-for", "type": "definition", "offset": [200, 210]}, {"key": "period-of", "type": "clause", "offset": [213, 222]}, {"key": "notice-of", "type": "clause", "offset": [244, 253]}, {"key": "the-purchase-price", "type": "clause", "offset": [270, 288]}, {"key": "equal-to", "type": "definition", "offset": [308, 316]}, {"key": "cash-surrender-value-of-the-policy", "type": "definition", "offset": [321, 355]}], "snippet": "Upon termination of this Agreement, the Bank shall not sell, surrender, or transfer ownership of the Policy without first giving the Executive or the Executive\u2019s transferee the option to purchase the Policy for a period of 60 days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy.", "hash": "10317dd9ea14185ff338dceaf1d87fe9", "id": 8}, {"samples": [{"hash": "41d277yckVR", "uri": "/contracts/41d277yckVR#option-to-purchase", "label": "Indenture (Sabre Corp)", "score": 36.9425048828, "published": true}, {"hash": "Dhi1CTuZiJ", "uri": "/contracts/Dhi1CTuZiJ#option-to-purchase", "label": "Indenture (Sabre Corp)", "score": 36.4250526428, "published": true}, {"hash": "9Scxk3Z6VGR", "uri": "/contracts/9Scxk3Z6VGR#option-to-purchase", "label": "Indenture (Sabre Corp)", "score": 35.918548584, "published": true}], "size": 80, "snippet_links": [{"key": "the-applicable", "type": "clause", "offset": [4, 18]}, {"key": "agent-agrees", "type": "clause", "offset": [41, 53]}, {"key": "the-designated", "type": "clause", "offset": [72, 86]}, {"key": "written-notice", "type": "clause", "offset": [116, 130]}, {"key": "enforcement-notice", "type": "definition", "offset": [137, 155]}, {"key": "promptly-following", "type": "clause", "offset": [158, 176]}, {"key": "commencement-of", "type": "clause", "offset": [185, 200]}, {"key": "with-respect-to", "type": "clause", "offset": [224, 239]}, {"key": "shared-collateral", "type": "definition", "offset": [240, 257]}, {"key": "actions-taken", "type": "clause", "offset": [311, 324]}, {"key": "date-of", "type": "clause", "offset": [335, 342]}, {"key": "in-good-faith", "type": "clause", "offset": [432, 445]}, {"key": "exercise-of", "type": "clause", "offset": [450, 461]}, {"key": "rights-or-remedies", "type": "clause", "offset": [489, 507]}, {"key": "rights-of", "type": "clause", "offset": [590, 599]}, {"key": "material-portion", "type": "definition", "offset": [621, 637]}, {"key": "the-shared", "type": "clause", "offset": [641, 651]}, {"key": "without-limitation", "type": "clause", "offset": [675, 693]}, {"key": "lien-obligations", "type": "clause", "offset": [782, 798]}, {"key": "in-accordance-with", "type": "clause", "offset": [799, 817]}, {"key": "terms-of-the", "type": "clause", "offset": [822, 834]}, {"key": "debt-documents", "type": "clause", "offset": [846, 860]}, {"key": "insolvency-or-liquidation-proceeding", "type": "definition", "offset": [894, 930]}, {"key": "secured-party", "type": "definition", "offset": [948, 961]}, {"key": "the-option", "type": "clause", "offset": [973, 983]}, {"key": "purchase-notice", "type": "clause", "offset": [1021, 1036]}, {"key": "days-after", "type": "definition", "offset": [1153, 1163]}, {"key": "receipt-of", "type": "clause", "offset": [1238, 1248]}, {"key": "lien-secured-parties", "type": "clause", "offset": [1451, 1471]}, {"key": "notwithstanding-anything-to-the-contrary-contained", "type": "clause", "offset": [1473, 1523]}, {"key": "party-hereto", "type": "definition", "offset": [1655, 1667]}, {"key": "failure-or-delay", "type": "clause", "offset": [1676, 1692]}, {"key": "business-day", "type": "clause", "offset": [1950, 1962]}, {"key": "five-days", "type": "clause", "offset": [1977, 1986]}, {"key": "ten-days", "type": "clause", "offset": [2002, 2010]}, {"key": "receipt-by-the", "type": "clause", "offset": [2018, 2032]}, {"key": "subject-to", "type": "definition", "offset": [2135, 2145]}, {"key": "approval-of", "type": "definition", "offset": [2159, 2170]}, {"key": "governmental-authority", "type": "clause", "offset": [2190, 2212]}, {"key": "in-effect", "type": "definition", "offset": [2218, 2227]}, {"key": "section-37", "type": "clause", "offset": [2302, 2313]}, {"key": "purchasing-parties", "type": "definition", "offset": [2323, 2341]}, {"key": "provided-that", "type": "definition", "offset": [2473, 2486]}, {"key": "the-grantors", "type": "clause", "offset": [2640, 2652]}, {"key": "termination-of-the", "type": "clause", "offset": [2730, 2748]}, {"key": "surviving-obligations", "type": "definition", "offset": [2781, 2802]}, {"key": "the-obligations", "type": "clause", "offset": [2827, 2842]}, {"key": "in-connection-with", "type": "clause", "offset": [3003, 3021]}, {"key": "the-purchase-price", "type": "clause", "offset": [3148, 3166]}, {"key": "prepayment-premiums", "type": "definition", "offset": [3306, 3325]}, {"key": "interest-and-fees", "type": "clause", "offset": [3346, 3363]}, {"key": "unpaid-amounts", "type": "definition", "offset": [3378, 3392]}, {"key": "breakage-costs", "type": "clause", "offset": [3405, 3419]}, {"key": "fees-and-expenses", "type": "clause", "offset": [3432, 3449]}, {"key": "in-the-case", "type": "clause", "offset": [3456, 3467]}, {"key": "secured-hedge-agreement", "type": "definition", "offset": [3475, 3498]}, {"key": "the-relevant", "type": "clause", "offset": [3536, 3548]}, {"key": "credit-risk", "type": "clause", "offset": [3772, 3783]}, {"key": "arising-out-of", "type": "definition", "offset": [3784, 3798]}, {"key": "cash-collateral", "type": "clause", "offset": [3843, 3858]}, {"key": "reasonably-necessary", "type": "clause", "offset": [3992, 4012]}, {"key": "to-secure", "type": "clause", "offset": [4013, 4022]}, {"key": "outstanding-letters-of-credit", "type": "definition", "offset": [4078, 4107]}, {"key": "in-writing", "type": "definition", "offset": [4121, 4131]}, {"key": "form-and-substance", "type": "clause", "offset": [4135, 4153]}, {"key": "to-reimburse", "type": "definition", "offset": [4213, 4225]}, {"key": "any-loss", "type": "definition", "offset": [4261, 4269]}, {"key": "related-to", "type": "clause", "offset": [4383, 4393]}, {"key": "other-payments", "type": "definition", "offset": [4408, 4422]}, {"key": "final-payment", "type": "definition", "offset": [4548, 4561]}, {"key": "written-request", "type": "definition", "offset": [4676, 4691]}, {"key": "in-respect-of", "type": "definition", "offset": [4785, 4798]}, {"key": "indemnification-obligations", "type": "clause", "offset": [4799, 4826]}, {"key": "time-of-the", "type": "clause", "offset": [4949, 4960]}, {"key": "could-reasonably-be-expected-to", "type": "definition", "offset": [4976, 5007]}, {"key": "in-no-event-shall", "type": "clause", "offset": [5108, 5125]}, {"key": "purchasing-party", "type": "clause", "offset": [5130, 5146]}, {"key": "liability-for", "type": "clause", "offset": [5156, 5169]}, {"key": "received-by", "type": "definition", "offset": [5226, 5237]}, {"key": "collateral-shall", "type": "definition", "offset": [5297, 5313]}, {"key": "transfer-in", "type": "definition", "offset": [5334, 5345]}, {"key": "immediately-available-funds", "type": "clause", "offset": [5346, 5373]}, {"key": "agent-shall", "type": "definition", "offset": [5522, 5533]}, {"key": "distribute-the", "type": "clause", "offset": [5575, 5589]}, {"key": "amounts-received", "type": "clause", "offset": [5590, 5606]}, {"key": "but-excluding", "type": "clause", "offset": [5762, 5775]}, {"key": "the-day", "type": "definition", "offset": [5776, 5783]}, {"key": "the-account", "type": "clause", "offset": [5865, 5876]}, {"key": "prior-to", "type": "clause", "offset": [5964, 5972]}, {"key": "new-york-city-time", "type": "definition", "offset": [5985, 6003]}, {"key": "and-interest", "type": "clause", "offset": [6005, 6017]}, {"key": "representation-or-warranty", "type": "clause", "offset": [6296, 6322]}, {"key": "without-recourse", "type": "definition", "offset": [6442, 6458]}, {"key": "free-and-clear", "type": "definition", "offset": [6700, 6714]}, {"key": "liens-or-encumbrances", "type": "clause", "offset": [6722, 6743]}, {"key": "right-to-assign", "type": "clause", "offset": [6799, 6814]}, {"key": "the-assignment", "type": "clause", "offset": [6846, 6860]}, {"key": "duly-authorized", "type": "clause", "offset": [6864, 6879]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [6885, 6911]}, {"key": "the-parties-hereto", "type": "clause", "offset": [6913, 6931]}, {"key": "acknowledge-and-agree", "type": "clause", "offset": [6939, 6960]}, {"key": "for-purposes-of-this-section", "type": "clause", "offset": [7067, 7095]}, {"key": "any-other-person", "type": "definition", "offset": [7265, 7281]}], "snippet": "(a) The Applicable First-Lien Collateral Agent agrees that it will give the Designated Junior-Lien Collateral Agent written notice (the \u201cEnforcement Notice\u201d) promptly following (i) its commencement of any Enforcement Action with respect to Shared Collateral (which notice shall be effective for all Enforcement Actions taken after the date of such notice so long as the Applicable First-Lien Collateral Agent is diligently pursuing in good faith the exercise of its default or enforcement rights or remedies against, or diligently attempting in good faith to vacate any stay of enforcement rights of its First-Liens on a material portion of the Shared Collateral, including, without limitation, all Enforcement Actions identified in such notice), (ii) its acceleration of the First-Lien Obligations in accordance with the terms of the First-Lien Debt Documents; or (iii) its commencement of an Insolvency or Liquidation Proceeding. Any Junior-Lien Secured Party shall have the option, by irrevocable written notice (the \u201cPurchase Notice\u201d) delivered by the Designated Junior-Lien Collateral Agent to each First-Lien Collateral Agent no later than thirty days after the earlier to occur of (a) the Designated Junior-Lien Collateral Agent\u2019s receipt of the Enforcement Notice and (b) the Designated Junior-Lien Collateral Agent becoming aware of the Enforcement Action, to purchase all (but not less than all) of the First-Lien Obligations from the First-Lien Secured Parties. Notwithstanding anything to the contrary contained herein, neither the Applicable First- Lien Collateral Agent nor any other First-Lien Secured Party shall have any liability to any party hereto for any failure or delay on the part of the Applicable First-Lien Collateral Agent in delivering any Enforcement Notice or terminating any existing Enforcement Action.\n(b) On the date specified by the Designated Junior-Lien Collateral Agent in the Purchase Notice (which shall be a Business Day not less than five days, nor more than ten days, after receipt by the Applicable First-Lien Collateral Agent of the Purchase Notice), the First-Lien Secured Parties shall, subject to any required approval of any court or other governmental authority then in effect, sell to the Junior-Lien Secured Parties electing to purchase pursuant to Section 3.7(a) (the \u201cPurchasing Parties\u201d), and the Purchasing Parties shall purchase (the \u201cPurchase\u201d) from the First-Lien Secured Parties, all the First-Lien Obligations; provided that the First-Lien Obligations purchased shall not include any rights of First-Lien Secured Parties with respect to indemnification and other obligations of the Grantors under the First-Lien Debt Documents that are expressly stated to survive the termination of the First-Lien Debt Documents (the \u201cSurviving Obligations\u201d).\n(c) Without limiting the obligations of the Grantors under the First-Lien Debt Documents to the First-Lien Secured Parties with respect to the Surviving Obligations (which shall not be transferred in connection with the Purchase), on the date of the Purchase, the Purchasing Parties shall (i) pay in cash to the First-Lien Secured Parties as the purchase price (the \u201cPurchase Price\u201d) therefor the full amount of all First-Lien Obligations then outstanding and unpaid at par (including principal, any prepayment premiums, accrued but unpaid interest and fees and any other unpaid amounts, including, breakage costs, attorneys\u2019 fees and expenses, and, in the case of any Secured Hedge Agreement, the amount that would be payable by the relevant Grantors thereunder if it were to terminate such Secured Hedge Agreement on the date of the Purchase or, if not terminated, an amount determined by the relevant First-Lien Secured Party to be necessary to collateralize its credit risk arising out of such Secured Hedge Agreement), (ii) furnish cash collateral (the \u201c\u2587\u2587 \u2587\u2587\u2587\u2587 Collateral\u201d) to the First-Lien Secured Parties in such amounts as the relevant First-Lien Secured Parties determine is reasonably necessary to secure such First-Lien Secured Parties in connection with any outstanding Letters of Credit, (iii) agree in writing in form and substance satisfactory to the Applicable First-Lien Collateral Agent to reimburse the First-Lien Secured Parties for any loss, cost, damage or expense (including attorneys\u2019 fees and expenses) in connection with any fees, costs or expenses related to any checks or other payments provisionally credited to the First-Lien Obligations and/or as to which the First-Lien Secured Parties have not yet received final payment and (iv) agree in writing in form and substance satisfactory to the Applicable First-Lien Collateral Agent, after written request from the Applicable First-Lien Collateral Agent, to reimburse the First-Lien Secured Parties in respect of indemnification obligations of the Grantors under the First-Lien Debt Documents as to matters or circumstances known to the Purchasing Parties at the time of the Purchase which could reasonably be expected to result in any loss, cost, damage or expense to any of the First-Lien Secured Parties; provided that in no event shall any Purchasing Party have any liability for such amounts in excess of proceeds of Shared Collateral received by the Purchasing Parties.\n(d) The Purchase Price and \u2587\u2587 \u2587\u2587\u2587\u2587 Collateral shall be remitted by wire transfer in immediately available funds to such account of the Applicable First-Lien Collateral Agent as it shall designate to the Purchasing Parties. The Applicable First-Lien Collateral Agent shall, promptly following its receipt thereof, distribute the amounts received by it in respect of the Purchase Price to the First-Lien Secured Parties in accordance with the First-Lien Debt Documents. Interest shall be calculated to but excluding the day on which the Purchase occurs if the amounts so paid by the Purchasing Parties to the account designated by the Applicable First- Lien Collateral Agent are received in such account prior to 12:00 noon, New York City time, and interest shall be calculated to and including such day if the amounts so paid by the Purchasing Parties to the account designated by the Applicable First-Lien Collateral Agent are received in such account later than 12:00 noon, New York City time.\n(e) The Purchase shall be made without representation or warranty of any kind by the First-Lien Secured Parties as to the First-Lien Obligations, the Shared Collateral or otherwise and without recourse to the First-Lien Secured Parties, except that the First-Lien Secured Parties shall represent and warrant: (i) the amount of the First-Lien Obligations being purchased, (ii) that the First-Lien Secured Parties own the First-Lien Obligations free and clear of any liens or encumbrances and (iii) that the First-Lien Secured Parties have the right to assign the First-Lien Obligations and the assignment is duly authorized.\n(f) For the avoidance of doubt, the parties hereto hereby acknowledge and agree that in no event shall the Designated Junior-Lien Collateral Agent (i) be deemed to be a Purchasing Party for purposes of this Section 3.7, (ii) be subject to or liable for any obligations of a Purchasing Party pursuant to this Section 3.7 or (iii) incur any liability to any First-Lien Secured Party or any other Person in connection with any Purchase pursuant to this Section 3.7.", "hash": "02d6fdfa114e6f2cde123b65d5b0df4c", "id": 6}, {"samples": [{"hash": "eSL0LGcmamG", "uri": "/contracts/eSL0LGcmamG#option-to-purchase", "label": "Lease Agreement (High Voltage Engineering Corp)", "score": 18.0, "published": true}, {"hash": "avMYy3LBLiG", "uri": "/contracts/avMYy3LBLiG#option-to-purchase", "label": "Lease Agreement (High Voltage Engineering Corp)", "score": 18.0, "published": true}], "size": 77, "snippet_links": [{"key": "to-tenant", "type": "definition", "offset": [36, 45]}, {"key": "the-option", "type": "clause", "offset": [46, 56]}, {"key": "entire-leased-premises", "type": "clause", "offset": [73, 95]}, {"key": "option-purchase-date", "type": "definition", "offset": [114, 134]}, {"key": "date-hereof", "type": "clause", "offset": [201, 212]}, {"key": "landlord-and-tenant", "type": "clause", "offset": [244, 263]}, {"key": "payment-of-the-purchase-price", "type": "clause", "offset": [269, 298]}, {"key": "third-paragraph", "type": "clause", "offset": [318, 333]}, {"key": "applicable-prepayment-fee", "type": "definition", "offset": [374, 399]}, {"key": "tenant-may", "type": "definition", "offset": [412, 422]}, {"key": "the-leased-premises", "type": "definition", "offset": [455, 474]}, {"key": "written-notice", "type": "clause", "offset": [494, 508]}, {"key": "of-tenant", "type": "clause", "offset": [509, 518]}, {"key": "prior-to-the", "type": "clause", "offset": [607, 619]}, {"key": "tenant-shall", "type": "clause", "offset": [668, 680]}, {"key": "the-foregoing", "type": "definition", "offset": [690, 703]}, {"key": "the-title", "type": "clause", "offset": [744, 753]}, {"key": "not-a-business-day", "type": "clause", "offset": [836, 854]}, {"key": "the-terms", "type": "clause", "offset": [954, 963]}, {"key": "contained-in", "type": "definition", "offset": [990, 1002]}, {"key": "paragraph-16", "type": "definition", "offset": [1003, 1015]}, {"key": "conveyance-of-the", "type": "clause", "offset": [1051, 1068]}, {"key": "pursuant-to", "type": "definition", "offset": [1085, 1096]}, {"key": "for-any-reason", "type": "clause", "offset": [1146, 1160]}, {"key": "expiration-of-the-term", "type": "clause", "offset": [1211, 1233]}, {"key": "notice-of-intention", "type": "definition", "offset": [1287, 1306]}, {"key": "time-being-of-the-essence", "type": "clause", "offset": [1320, 1345]}, {"key": "by-tenant", "type": "definition", "offset": [1413, 1422]}, {"key": "null-and-void", "type": "definition", "offset": [1462, 1475]}, {"key": "an-event-of-default", "type": "definition", "offset": [1480, 1499]}, {"key": "time-of-the", "type": "clause", "offset": [1537, 1548]}, {"key": "obligation-to-purchase", "type": "clause", "offset": [1619, 1641]}], "snippet": "Landlord does hereby give and grant to Tenant the option to purchase the entire Leased Premises on any date (the \"Option Purchase Date\") between the tenth (10th) and eleventh (11th) anniversary of the date hereof which is mutually agreeable to Landlord and Tenant upon payment of the Purchase Price (as defined in the third paragraph of this Paragraph 28) together with any applicable prepayment fee or premium. Tenant may exercise its option to purchase the Leased Premises by giving Landlord written notice of Tenant's intention to purchase the Leased Premises no later than one hundred eighty (180) days prior to the tenth (10th) anniversary of the date hereof. If Tenant shall exercise the foregoing option to purchase the Leased Premises, the title closing shall take place on the Option Purchase Date, except that if such date is not a business day then the said title closing shall take place on the first business day following such date. All of the terms, covenants and provisions contained in Paragraph 16 hereof shall apply to the sale and conveyance of the Leased Premises pursuant to this Paragraph 28. If this Lease shall terminate for any reason prior to the date originally fixed herein for the expiration of the Term or if Tenant shall fail to give either the aforesaid notice of intention to purchase, time being of the essence, the option provided in this Paragraph 28 and any exercise thereof by Tenant shall cease and terminate and shall be null and void. If an Event of Default has occurred or is continuing at the time of the title closing, Landlord may, at Landlord's option, terminate Tenant's obligation to purchase the Leased Premises pursuant to this Paragraph.", "hash": "4ef10d31b673770982cfde2bc82105b2", "id": 7}], "next_curs": "ClsSVWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjcLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhtvcHRpb24tdG8tcHVyY2hhc2UjMDAwMDAwMGEMogECZW4YACAA", "clause": {"size": 3637, "parents": [["agreement-with-respect-to-bank-premises", "Agreement With Respect to Bank Premises"], ["retention-or-repurchase-of-assets-essential-to-receiver", "Retention or Repurchase of Assets Essential to Receiver"], ["assumption-of-certain-duties-and-obligations", "ASSUMPTION OF CERTAIN DUTIES AND OBLIGATIONS"], ["policy-ownership-interests", "Policy Ownership Interests"], ["miscellaneous", "Miscellaneous"]], "children": [["purchase-price", "Purchase Price"], ["closing", "Closing"], ["exercise-of-option", "Exercise of Option"], ["option-to-purchase", "Option to Purchase"], ["grant-of-option", "Grant of Option"]], "title": "Option to Purchase", "id": "option-to-purchase", "related": [["decision-to-purchase", "Decision to Purchase", "Decision to Purchase"], ["election-to-purchase", "Election to Purchase", "Election to Purchase"], ["right-to-purchase", "Right to Purchase", "Right to Purchase"], ["grant-of-the-right-to-purchase-common-stock", "GRANT OF THE RIGHT TO PURCHASE COMMON STOCK", "GRANT OF THE RIGHT TO PURCHASE COMMON STOCK"], ["option-option-price", "Option; Option Price", "Option; Option Price"]], "related_snippets": [], "updated": "2026-07-04T05:45:54+00:00", "also_ask": ["What are the essential terms that must be included to make the option to purchase enforceable?", "How can the option holder\u2019s rights be protected against third-party claims or encumbrances?", "What are the most common negotiation pitfalls or leverage points in option to purchase clauses?", "How do courts typically interpret ambiguities or failures to specify key terms in option to purchase agreements?", "How does the treatment of option to purchase clauses differ across relevant jurisdictions or under different governing laws?"], "drafting_tip": "Specify the purchase price and exercise period to prevent disputes; define the triggering events to ensure clarity; require written notice to create a clear record of intent.", "explanation": "An Option to Purchase clause grants one party the right, but not the obligation, to buy a specific asset or property under predetermined terms within a set timeframe. Typically, this clause outlines the purchase price, the period during which the option can be exercised, and any conditions that must be met before the purchase can occur. Its core practical function is to provide flexibility and certainty to the option holder, allowing them to secure the opportunity to purchase while mitigating the risk of losing the asset to another buyer during the option period."}, "json": true, "cursor": ""}}