Common use of Purchase Option Price Clause in Contracts

Purchase Option Price. The Purchase Option Price (the "POP") shall be equal to the lesser of the current appraisal value of the Improvements (as determined below) or the sum of the Lessee's Purchase Price as stipulated below, plus twenty-five percent (25%) of the increase in market value of the Improvements (without regard to the market value of the Land), if any, calculated in the manner described below. The parties agree that the Lessee's Purchase Price for the Improvements existing on the Land as of the commencement of the term of this Lease is One Hundred Thirty Thousand Four Hundred and Twenty Dollars ($130,420). For purposes of calculating the POP, the "increase in market value of the Improvements" shall be determined by subtracting the amount of the appraised value of the Improvements at the time of the Lessee's purchase (which amount is $182,500, as documented by the appraiser's report attached as Exhibit H) from the amount of the appraised value of the Improvements at the time of the Lessee's Intent to Sell Notice, to be determined as provided below. At the time of the giving of Lessee`s Intent to Sell Notice, the Lessee shall submit to the CLT, at Xxxxxx's expense, an appraisal (the "Appraisal") of the Improvements by a qualified appraiser. Within ten (10) days of receipt of the Appraisal from the Lessee, the CLT shall either (a) accept the Appraisal as accurately representing the market value of the Improvements for purposes of calculating the POP, or (b) commission a second appraisal by a qualified appraiser, at the CLT's expense, and submit a copy of this second appraiser's report to the Lessee within forty-five (45) days of the giving of Intent to Sell Notice. If a second appraisal is commissioned and results in an appraised value which is not less than 90% nor more than 110% of the amount of the first appraisal, the amount to be used in determining the "increase in market value of the Improvements" shall be the average of the two appraised values. If the amount of the second appraisal is more than 10% greater or less than the first, the two appraisers shall then select a third qualified appraiser, who shall choose one of the two prior appraisal amounts as more closely representing the market value of the Improvements as of the date of the Notice of Intent to Sell. The cost of the third appraiser shall be shared equally by the CLT and the Lessee.

Purchase Option Price. The Purchase Option Price (the "POP") shall be equal to the lesser of the current appraisal value of the Improvements (as determined below) or the sum of the Lessee's Purchase Price as stipulated below, plus twenty-five percent (25%) of the increase in market value of the Improvements (without regard to the market value of the Land), if any, calculated in the manner described below. The parties agree that the Lessee's Purchase Price for the Improvements existing on the Land as of the commencement of the term of this Lease is One Hundred Thirty Thousand Four Hundred and Twenty Dollars ($130,420). For purposes of calculating the POP, the "increase in market value of the Improvements" shall be determined by subtracting the amount of the appraised value of the Improvements at the time of the Lessee's purchase (which amount is $182,500, as documented by the appraiser's report attached as Exhibit H) from the amount of the appraised value of the Improvements at the time of the Lessee's Intent to Sell Notice, to be determined as provided below. At the time of the giving of Lessee`s Intent to Sell Notice, the Lessee shall submit to the CLT, at XxxxxxLessee's expense, an appraisal (the "Appraisal") of the Improvements by a qualified appraiser. Within ten (10) days of receipt of the Appraisal from the Lessee, the CLT shall either (a) accept the Appraisal as accurately representing the market value of the Improvements for purposes of calculating the POP, or (b) commission a second appraisal by a qualified appraiser, at the CLT's expense, and submit a copy of this second appraiser's report to the Lessee within forty-five (45) days of the giving of Intent to Sell Notice. If a second appraisal is commissioned and results in an appraised value which is not less than 90% nor more than 110% of the amount of the first appraisal, the amount to be used in determining the "increase in market value of the Improvements" shall be the average of the two appraised values. If the amount of the second appraisal is more than 10% greater or less than the first, the two appraisers shall then select a third qualified appraiser, who shall choose one of the two prior appraisal amounts as more closely representing the market value of the Improvements as of the date of the Notice of Intent to Sell. The cost of the third appraiser shall be shared equally by the CLT and the Lessee.

Purchase Option Price. The Purchase Option Price (the "POP") shall be equal to the lesser of the current appraisal value of the Improvements (as determined below) or the sum of the Lessee's Purchase Price as stipulated below, plus twenty-five percent (25%) of the increase in market value of the Improvements (without regard to the market value of the Land), if any, calculated in the manner described below. The parties agree that the Lessee's Purchase Price for the Improvements existing on the Land as of the commencement of the term of this Lease is One Hundred Thirty Thousand Four Hundred and Twenty Dollars ($130,420). For purposes of calculating the POP, the "increase in market value of the Improvements" shall be determined by subtracting the amount of the appraised value of the Improvements at the time of the Lessee's purchase (which amount is $182,500, as documented by the appraiser's report attached as Exhibit H) from the amount of the appraised value of the Improvements at the time of the Lessee's Intent to Sell Notice, to be determined as provided below. At the time of the giving of Lessee`s Intent to Sell Notice, the Lessee shall submit to the CLT, at XxxxxxLessee's expense, an appraisal (the "Appraisal") of the Improvements by a qualified appraiser. Within ten (10) days of receipt of the Appraisal from the Lessee, the CLT shall either (a) accept the Appraisal as accurately representing the market value of the Improvements for purposes of calculating the POP, or (b) commission a second appraisal by a qualified appraiser, at the CLT's expense, and submit a copy of this second appraiser's report to the Lessee within forty-five (45) days of the giving of Intent to Sell Notice. If a second appraisal is commissioned and results in an appraised value which is not less than 90% nor more than 110% of the amount of the first appraisal, the amount to be used in determining the "increase in market value of the Improvements" shall be the average of the two appraised values. If the amount of the second appraisal is more than 10% greater or less than the first, the two appraisers shall then select a third qualified appraiser, who shall choose one of the two prior appraisal amounts as more closely representing the market value of the Improvements as of the date of the Notice of Intent to Sell. The cost of the third appraiser shall be shared equally by the CLT and the Lessee.

Purchase Option Price. The Purchase Option Price (the "POP") shall be equal to the lesser of the current appraisal value of the Improvements (as determined below) or the sum of the Lessee's Purchase Price as stipulated below, plus twenty-five percent (25%) of the increase in market value of the Improvements (without regard to the market value of the Land), if any, calculated in the manner described below. The parties agree that the Lessee's Purchase Price for the Improvements existing on the Land as of the commencement of the term of this Lease is One Hundred Thirty Thousand Four Hundred and Twenty Dollars ($130,420). For purposes of calculating the POP, the "increase in market value of the Improvements" shall be determined by subtracting the amount of the appraised value of the Improvements at the time of the Lessee's purchase (which amount is $182,500, as documented by the appraiser's report attached as Exhibit H) from the amount of the appraised value of the Improvements at the time of the Lessee's Intent to Sell Notice, to be determined as provided below. At the time of the giving of Lessee`s Intent to Sell Notice, the Lessee shall submit to the CLT, at Xxxxxx's expense, an appraisal (the "Appraisal") of the Improvements by a qualified appraiser. Within ten (10) days of receipt of the Appraisal from the Lessee, the CLT shall either (a) accept the Appraisal as accurately representing the market value of the Improvements for purposes of calculating the POP, or (b) commission a second appraisal by a qualified appraiser, at the CLT's expense, and submit a copy of this second appraiser's report to the Lessee within forty-five (45) days of the giving of Intent to Sell Notice. If a second appraisal is commissioned and results in an appraised value which is not less than 90% nor more than 110% of the amount of the first appraisal, the amount to be used in determining the "increase in market value of the Improvements" shall be the average of the two appraised values. If the amount of the second appraisal is more than 10% greater or less than the first, the two appraisers shall then select a third qualified appraiser, who shall choose one of the two prior appraisal amounts as more closely representing the market value of the Improvements as of the date of the Notice of Intent to Sell. The cost of the third appraiser shall be shared equally by the CLT and the Lessee.