Common use of PROCESS FOR TRANSFER OF OWNERSHIP OF BUILDINGS AND IMPROVEMENTS WITHOUT SEVERANCE Clause in Contracts

PROCESS FOR TRANSFER OF OWNERSHIP OF BUILDINGS AND IMPROVEMENTS WITHOUT SEVERANCE. The Lessor shall retain the First Option to Purchase all buildings and improvements on the Leasehold. The Lessee shall inform the Lessor in writing with first notice of the Lessee’s intention to sell without severance. From the date of first notice to the Lessor, the Lessee has 60 days to arrive at a proposed sale price based on the formula and process described in Section 5.7. When the buildings have been appraised and a sale price has been established using the process described in Section 5.7, the Lessee shall send to the Lessor the Seller Letter, a template for which shall be provided to the Lessee by the Lessor, with the offered sale price. The offered price may be less than the appraisal, but not more. From the date of receipt of the Seller Letter, the Lessor has 60 days to A.) Accept the offer to purchase at the offered price, B.) Make a counter offer based on additional appraisals, or C.) Release the option.