Common use of Purchase Decision Clause in Contracts

Purchase Decision. At any time during the last six months of the Least term, but not later than the date fixed for the expiration of the term of this Lease, if Lessee has duly made all payments required under this Lease, Lessee will have the right to request to purchase such item at its market price at the end of the Lease period. For purposes of this purchase decision, within a reasonable time after Lessee’s request but before the expiration of the term of the Lease, Lessor shall communicate to Lessee its decision whether or not to sell the item. If affirmative, the market price shall be established as a then agreed upon price determined mutually by Lessor and Lessee. If both parties mutually agree upon the terms of the purchase, Lessor will execute and deliver to Lessee all documents necessary and proper to effect transfer of ownership of the Property to Lessee, free and clear of all encumbrances, security interest, and liens. If Lessee pays the full agreed purchase price in cash, company, or certified check, this Lease is terminated as to any Property so purchased by Lessee, and no further rents will be due for any such Property.