Common use of PURCHASE OF PREMISES Clause in Contracts

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. 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 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.