Common use of Procedure upon Purchase Clause in Contracts

Procedure upon Purchase. (a) If Lessee shall purchase the Leased Property pursuant to this option described in Section 25.4, Lessor need not transfer and convey to Lessee any better title thereto than existed on the date of the commencement of the term of this Lease, and Lessee or its designee shall accept such title, subject, however, to the state of title to the Leased Property on the date on which this Lease commenced; the condition of the Leased Property on the date of purchase; all charges, liens, security interests and encumbrances on the Leased Property and all Applicable Legal Requirements. (b) Upon the date fixed for any purchase of the Leased Property, Lessee shall pay to Lessor the purchase price therefor specified herein, and Lessor shall deliver to Lessee an instrument of assignment and conveyance which is sufficient to vest in Lessee the Leased Property and any other instruments necessary to convey the title thereto described in this Section 25 and to assign any other property then required to be assigned by Lessor pursuant hereto. Lessee shall pay all charges incident to such conveyance and assignment, including counsel fees, escrow fees, recording fees, title insurance premiums and all applicable taxes (other than any income or franchise taxes of Lessor) which may be imposed by reason of such conveyance and assignment and the delivery of said instrument of assignment and conveyance and other instruments. Upon the completion of any purchase of the Leased Property but not prior thereto (whether or not any delay or failure in the completion of such purchase shall be the fault of Lessor), this Lease shall terminate, except with respect to obligations and liabilities of Lessee hereunder, actual or contingent, which have arisen on or prior to such date of purchase.

Procedure upon Purchase. (a) If Lessee shall purchase the Leased Property Premises pursuant to this option described in Section 25.4Lease, Lessor need not transfer and convey to Lessee any better title thereto than existed on the date of the commencement of the term of this Lease, Term hereof and Lessee or its designee shall accept such title, subject, however, to the state of title to the Leased Property Premises on the date on which this Lease commenced; of the commencement of the Term hereof, the condition of the Leased Property Premises on the date of purchase; purchase and all charges, liens, security interests and encumbrances on the Leased Property Premises and all Applicable applicable Legal Requirements, but free of the lien of all Permitted Mortgages and charges, liens, security interests and encumbrances resulting from acts or failures to act of Lessor taken without the consent of Lessee. (b) Upon the date fixed for any purchase of the Leased PropertyPremises hereunder, Lessee shall pay to Lessor in immediately available funds the purchase price therefor specified hereinherein together with all Basic Rent, additional rent and other sums then due and payable hereunder to and including such date of purchase, and Lessor shall deliver to Lessee an instrument of assignment and conveyance which is sufficient a special warranty deed to vest in Lessee the Leased Property Premises and any other instruments necessary to convey the title thereto described in this Section 25 and to assign any other property then required to be assigned by Lessor pursuant hereto. Lessee shall pay all charges incident to such conveyance and assignment, including reasonable counsel fees, escrow fees, recording fees, title insurance premiums and all applicable taxes (other than any income income, capital gains or franchise taxes of Lessor) which may be imposed by reason of such conveyance and assignment and the delivery of said instrument of assignment and conveyance deeds and other instruments. Upon the completion of any purchase of the Leased Property such purchase, but not prior thereto (whether or not any delay or failure in the completion of such purchase shall be the fault of Lessor), this Lease and all obligations hereunder shall terminate, except with respect to obligations and liabilities of Lessee hereunder, actual or contingent, which have arisen on or prior to such date of purchase.

Procedure upon Purchase. (a) If Lessee shall purchase ----------------------- Lessor's interest in the Leased Property Premises pursuant to this option described in Section 25.4Lease, Lessor need not transfer and shall convey to Lessee any better title thereto than as it existed on the date of the commencement of the term of this Leasehereof, and Lessee or its designee shall accept such title, subject, however, to the state of title to the Leased Property on the date on which this Lease commenced; the condition of the Leased Property on the date of purchase; (i) all charges, liens, security interests and encumbrances attaching thereto on or after such date which shall not have been created or suffered by Lessor or which shall be consented to by Lessee and (ii) all applicable laws, regulations, ordinances and Permitted Encumbrances, but free of charges, liens, security interests and encumbrances resulting from acts of Lessor taken without the Leased Property consent of Lessee, and all Applicable Legal Requirementsthe Mortgage, except that in regard to a purchase pursuant to paragraph 13, the purchase price shall be reduced by (i) the amount of principal and interest, if any, paid by Lessee if Lessee discharges the Mortgage pursuant to paragraph 13, or by (ii) the outstanding principal and interest secured by the Mortgage as of the date of purchase if Lessee assumes the indebtedness secured by the Mortgage pursuant to paragraph 13. (b) Upon the date fixed for any purchase of Lessor's interest in the Leased PropertyPremises hereunder, Lessee shall pay to Lessor the purchase price therefor specified hereinherein together with all Basic Rent, additional rent and other sums then due and payable hereunder to and including such date of purchase, and Lessor shall deliver to Lessee an instrument a proper deed of assignment and conveyance which is sufficient with Special Warranty of Title of Lessor's interest in the Premises then being sold to vest in Lessee the Leased Property and any other instruments necessary to convey the title thereto described in this Section 25 paragraph 14(a) and to assign any other property then required to be assigned by Lessor pursuant hereto. Lessee shall pay all charges incident to such conveyance and assignment, including counsel fees, escrow fees, recording fees, title insurance premiums and all applicable taxes (other than any income or franchise taxes of Lessor) which may be imposed by reason of such conveyance and assignment and the delivery of said instrument of assignment and conveyance and other instruments. Upon the completion of any such purchase of Lessor's entire interest in the Leased Property Premises but not prior thereto (whether or not any delay or failure in the completion of such purchase shall be the fault of Lessor)thereto, this Lease shall terminate, except with respect to obligations and liabilities of Lessee hereunder, actual or contingent, which have arisen on or prior to such date of purchase.