PURCHASE OF PREMISES. In the event Tenant shall purchase the Leased Property from Landlord pursuant to any of the terms of this Lease, Landlord shall, upon receipt from Tenant of the applicable purchase price, together with full payment of any unpaid Rent and other charges due and payable with respect to any period ending on or before the date of the purchase, deliver to Tenant a title insurance policy, together with an appropriate deed or other instruments, conveying the entire interest of Landlord in and to the Leased Property to Tenant, free and clear of all encumbrances other than (a) those Tenant has agreed hereunder to pay or discharge, (b) those liens, if any, which Tenant has agreed in writing to accept and take title subject to, (c) the Permitted Encumbrances, and (d) any other encumbrances permitted to be imposed on the Leased Property (x) pursuant to the terms of this Lease or (y) otherwise permitted to be imposed under the provisions of Section 21.1 which are assumable at no cost to Tenant or to which Tenant may take subject without cost to Tenant. The difference between the applicable purchase price and the total of the encumbrances assumed or taken subject to shall be paid in cash to Landlord or as Landlord may direct, in federal or other immediately available funds. The closing of any such sale shall be contingent upon and subject to Tenant's obtaining all required governmental consents and approvals for such transfer and if such sale shall fail to be consummated by reason of the inability of Tenant to obtain all such approvals and consents, any options to extend the Term of this Lease which otherwise would have expired during the escrow period of such proposed sale shall be deemed to remain in effect for 30 days after termination thereof. All expenses of such conveyance, including, without limitation, the cost of title examination or standard coverage title insurance, usually paid by a purchaser of real property in the State shall be paid by Tenant; all expenses of such conveyance usually paid by a seller of real property in the State shall be paid by Landlord.
PURCHASE OF PREMISES. The parties hereby agree that this Lease is -------------------- conditioned upon Landlord's purchase of, and acquiring title to, the Land once the Subdivision Map has been approved and recorded and the Land constitutes a separate legal parcel. If Landlord fails to purchase the Land, Tenant shall have the right, in its sole discretion, to terminate this Lease upon written notice to Landlord, whereupon Landlord's and Tenant's obligations under this Lease shall terminate, except for any obligations which survive termination of this Lease, as expressly set forth in this Lease, and except that Landlord shall refund any prepaid Rent to Tenant.
PURCHASE OF PREMISES. If, and only if, School elects to purchase the Premises, School shall provide not less than ninety (90) days prior written notice to Landlord ("Option Notice"). In the Option Notice School shall establish the closing date at the Title Company. At the closing, School shall pay the "Final Lease Payment" (the balance due on the Lease Purchase Price, including all interest as reflected on the Addendum "One"), if not previously paid, plus or minus prorations. Normal prorations shall apply to the date of closing, and closing costs shall be split as is typical for Albuquerque, New Mexico. Landlord shall convey title to the Premises to School by warranty deed ("Conveyance Deed"), subject only to the Permitted Encumbrances. Landlord shall assign, convey or transfer all of Landlord's rights and title to any contracts, warranties, leases and other personal property by bill of sale, assignment or other appropriate document. The parties agree to execute any and all documents reasonably required by the Title Company to complete the transaction.
PURCHASE OF PREMISES. Upon the expiration of the Lease Period, Lessee shall purchase the Premises, and all improvements thereon, free and clear of all liens and encumbrances, for the fixed purchase price ("Purchase Price") of Four Hundred Thousand and 00/100 Dollars ($400,000.00), payable as set forth herein, upon the terms and provisions hereafter set forth. In the event that fee title to the Premises, and all improvements thereon, cannot be conveyed to Lessee free and clear of all liens and encumbrances, in accordance with the terms of Paragraph 4.2 hereof, the Lease Period shall be deemed to be extended from the initial Lease Period expiration date, subject to the same terms and provisions applicable during the Lease Period. Said extension of the Lease Period shall continue until such time as the Lessor can convey the Premises, and all improvements thereon, to Lessee, free and clear of all liens and encumbrances. It is the express intent of the Lessor and the Lessee that in no event will the term of the Lease Period, and any extensions thereof, exceed the total duration of twenty-nine (29) years, eleven (11) months. In addition, in the event that fee title to the Premises, and all improvements thereon, cannot be conveyed to Lessee free and clear of all liens and encumbrances, as aforesaid, Lessee shall have the option, at its sole discretion, to pay such amounts to the holders of such liens and encumbrances as may be necessary to remove said liens and/or encumbrances from the Premises, and all improvements thereon, and any such amounts so paid by Lessee shall be deducted, dollar for dollar, from the Purchase Price.
PURCHASE OF PREMISES. If at any time from the Effective Date the Lessor shall desire to sell the Premises the Lessor shall notify the Lessee and Lessee shall have the first and exclusive right to purchase at a Fair Market Value, within 60 days of receipt of such notice. Should the Lessee fail to exercise the right, the Lessor, upon expiration of the said period shall be free to sell to any third party provided that the transferee shall be caused by the Lessor to assume rights and obligations of the Lessors against the lessee under this Lease. However, should the Lessor desire to sell the Premises during the renewal period, the Lessor has the right terminate this Lease under Clause 8.4 provided that the Lessee shall also have the same first and exclusive right as mentioned in the first paragraph but the Lessor, without having to cause the transferee to assume rights and obligations hereunder towards the Lessee.
PURCHASE OF PREMISES a. With respect to premises owned by Franchisee, in the event of termination or expiration of this Agreement, Franchisor shall have, for 30 days after the termination or expiration is effective, an option, exercisable upon written notice, to Franchisee within such 30 day period, to elect to purchase the premises from Franchisee for the appraised market value of the land and buildings, furnishings and equipment located therein. If the parties cannot agree on the purchase price or other terms of purchase within 30 days following Franchisor's exercise of its option pursuant to this section, the price or disputed terms of purchase shall be determined by two appraisers, with each party selecting one appraiser. The purchase price shall be the average of the appraised market value of the land and building if the two appraisals do not differ by more than ten percent (10%). If the two appraisals differ by more than ten percent (10%), then the two appraisers so chosen shall select a third appraiser, and the purchase price shall be the average of the appraisals of all three appraisers. In the event of such an appraisal, each party shall bear its own legal and other costs and shall split the appraisal fees. The appraisers' determination of the price and other disputed terms of purchase shall be final and binding.
b. If Franchisor elects to exercise its option to purchase upon expiration of this Agreement, the purchase price shall be determined within ninety (90) days and paid within thirty (30) days of such determination of the purchase price and other terms of purchase. If the Franchisor does not elect to exercise its option to purchase the premises, the Franchisee may sell such premises to a third party, provided that Franchisee's agreement with the purchase includes a covenant by the purchaser which is expressly enforceable by Franchisor as a third party beneficiary thereof, pursuant to which the purchaser agrees that it will not use such premises for the operation of a restaurant business which, in the reasonable determination of the Franchisor, utilizes a menu or method of operation which is similar to that employed by restaurant units within the System for a period of twelve (12) months after the termination or expiration of this Agreement.
PURCHASE OF PREMISES. At the expiration of the original Lease term, Tenant shall have the option to purchase the Premises for the sum of Four Hundred Thousand ($400,000) Dollars plus the actual cost of the Addition (the cost of the Addition not to exceed Seventy-five Thousand ($75,000) Dollars) less the sum of all monthly rent set forth in Article 3 paid through December 31, 1989 (the "Purchase Price"). To exercise this option, Tenant must give written notice to Landlord of intent to purchase no later than October 31, 1989 and complete the purchase, including payment of all monies due, no later than December 31, 1989. Further, if Lease option is not automatically renewed beginning January 1, 1990, and if Tenant does not exercise its option to purchase as set forth above, Landlord shall have the power to cause Tenant to purchase the Premises for the Purchase Price. Landlord must exercise its right under this Section by giving written notice to Tenant between November 1, 1989 and November 30, 1989. Tenant shall complete the purchase, including the payment of all monies due, no later than December 31, 1989. However, Landlord's power to cause Tenant to purchase is contingent upon no environmental violations of federal, state or local law existing with respect to the Premises. At the expiration of the first option term, Tenant shall have the option to purchase the Premises for the sum of Seventy-five Thousand ($75,000) Dollars. To exercise this option, Tenant must give written notice to Landlord of intent to purchase on or before April 30, 1992 and complete the purchase, including payment of all monies due, no later than June 30, 1992. Upon receiving payment in full, Landlord shall execute and deliver to Tenant a good and sufficient Warranty Deed conveying title to the Premises subject to all applicable building and use restrictions and easements, if any, affecting the Premises and this Lease shall terminate. As evidence of title, Landlord shall pay for and deliver to Tenant a commitment for and a policy of title insurance for the full Purchase Price, showing a marketable title to be vested in the Landlord. There shall be no proration of real estate taxes. Tenant will take the Premises in an "as is" condition.
PURCHASE OF PREMISES. The parties agree that upon making all of the annual payments listed in Exhibit A, Landlord shall deed the Leased Premises to Tenant. Should Tenant wish to purchase the Leased Premises before all of the annual payments listed in Exhibit A have been made, it shall have the option to purchase the Leased Premises at any time during the term of this Lease/Purchase Agreement. In order to exercise this option, Tenant shall notify Landlord in writing of its intent to acquire the Leased Premises as set forth in this Paragraph. In such event, Tenant shall be prepared to close on that transaction within sixty (60) days after giving such notice. The option to purchase shall include the following features:
a) The purchase price for the Leased Premises described herein shall be the remaining amount of the annual bond debt service payments listed in Exhibit A which remains outstanding at the time Tenant exercises the Option to Purchase.
b) Seller shall supply purchaser with an owner’s title insurance policy at the time of closing at seller’s expense and shall be responsible for all transfer taxes.
PURCHASE OF PREMISES. Upon Tenant's purchase of the Facility and the Project Site under the 1996 Lease, Tenant shall also purchase the Premises for the cash price of which shall be composed of the sum of (i) Ten Dollars ($10.00) and (ii) the remaining unpaid balance on the Permanent Loan. Upon Tenant's purchase of the Premises from the Landlord and upon payment of the purchase price set forth herein in cash, Landlord will, by bill of sale and statutory warranty deed or other appropriate instruxxxxs, transfer and convey the Premises (in its then condition, whatever that may be) to Tenant, subject only to the Permitted Encumbrances and to any other liens of which Tenant expressly consented and to those liens resulting from the failure of Tenant to perform or observe any of the agreements or covenants on its part herein contained.
PURCHASE OF PREMISES. Subject to the terms and conditions hereof, the Purchaser and 1387746 Ontario Ltd., a wholly-owned subsidiary of the Seller, on or prior to Closing, shall enter into a standard form agreement for the purchase and sale of the 2495 Haines Road Premises, in the form or substantially in the form ox Xxxxxxxx 0.3 attached hereto (the "REAL ESTATE AGREEMENT"), which agreement shall include provisions providing for (i) a purchase price of Five Million Seven Hundred Thousand and 00/100 ($5,700,000.00) Dollars, of which Four Million Five Hundred Thousand ($4,500,000) Dollars shall be paid by certified cheque or bank draft at the date of closing of such purchase transaction, which date of closing ("REAL ESTATE CLOSING DATE") shall be 90 days following the Closing Date or such earlier date as may be reasonably stipulated by Purchaser in writing to Seller and, provided that the equity in the Premises at the Real Estate Closing Date is at least Five Hundred Thousand ($500,000) Dollars and provided that any first mortgage does not exceed Four Million ($4,000,000) Dollars, the balance of which shall be evidenced by a promissory note and secured by a second mortgage (behind only a first mortgage in favour of a financial institutional lender) in the principal amount of One Million Two Hundred Thousand ($1,200,000) Dollars maturing on the 15th month anniversary date of the Real Estate Closing Date bearing interest at the rate of 8% per annum payable monthly, otherwise such balance shall be payable by certified cheque or bank draft at the Real Estate Closing Date, (ii) a deposit in the amount of Two Hundred Thousand ($200,000.00) Dollars, (iii) a reasonable requisition date, and (iv) standard real estate permitted encumbrances (and for greater certainty none of which is in respect of borrowed money).
