Purchase Option; Right of First Refusal. (a) Upon the expiration or termination of this Agreement (other than a termination due to default by CRNF), CRNF may elect to purchase the Premises from CRT by providing written notice of its election with 60 days following such expiration or termination. If CRNF elects to purchase the Premises, the Premises will be sold by CRT to CRNF free and clear of all liens, claims and encumbrances at a price mutually agreed upon by the Parties. If the Parties are unable to reach agreement on the price for any such sale within 30 days of CRT’s receipt of written notice from CRNF exercising such purchase option, then the Parties will cause the Premises to be appraised by an independent appraiser mutually acceptable to the Parties. The appraiser will be instructed to render an opinion as to the fair market value of the Premises, and such opinion will be binding on the Parties. CRNF will pay CRT the fair market value of the Premises, as determined by the appraiser, and the Parties will take all other actions necessary to close the purchase within 30 days of receiving the appraiser’s report. The costs and expenses of the appraiser will be shared equally by the Parties.
Purchase Option; Right of First Refusal. (a) At any time prior to the fourth (4th) anniversary date of the Rental Commencement Date, Tenant and/or any Subtenant shall have the option to purchase the Building and Property from Landlord upon written notice to Landlord subject to the following terms and conditions:
Purchase Option; Right of First Refusal. (a) Landlord will provide written notice to Tenant of the date Landlord intends to close on the acquisition of the Leased Premises (the “Scheduled Closing Date”) at least five (5) business days prior thereto. Landlord has provided Tenant with a current title commitment, survey and Phase I environmental report for the Real Estate (the “Diligence Reports”) and agrees to use commercially reasonable efforts to work with Tenant to resolve any deficiencies or concerns identified by Tenant in the Diligence Reports and noted by Tenant in a notice of deficiencies (the “Deficiency Notice”) delivered to Landlord on or before January 16, 2013. If the deficiencies identified by Tenant in the Deficiency Notice are not resolved to Tenant’s reasonable satisfaction, Tenant shall have the right to terminate this Lease by giving written notice to Landlord on or before the date which is three (3) business days prior to the Scheduled Closing Date. If Tenant fails to timely provide such notice of termination, Tenant’s right to terminate shall be waived (and Tenant, either directly or through its counsel, shall provide Landlord written confirmation of such waiver) and this Lease shall continue in full force and effect.
Purchase Option; Right of First Refusal. (a) If Lessee is not at the time in default hereunder, Lessee shall have the irrevocable right, option and privilege to purchase the Premises (which right, option and privilege is coupled with an interest in the Premises) with a closing date falling in the period of time beginning with the termination date of the Partnership Term and ending with the termination date of the Primary Term at a purchase price equal to the greater of (i) the fair market value of the Premises (exclusive of manufacturing machinery) at the date the notice of exercise of the option is given, as determined by an appraiser selected by Lessee and approved by Lessor or (ii) an amount equal to $13,222,044 plus 2 1/2% thereof per annum, not compounded, from December 9, 1960 to the closing date. If Lessee desires to exercise its option under this paragraph, it must do so not later than six months before such closing date by giving notice of such exercise designating such closing date to Lessor in the manner provided in paragraph 20 of this Lease.
Purchase Option; Right of First Refusal. Promethean hereby grants NextTrip a first right and option and first refusal right to acquire Promethean for a period of one (1) years from the Effective Date on such terms as are mutually acceptable to the parties (the “Purchase Agreement”).
Purchase Option; Right of First Refusal. (a) Lessee shall have the right to purchase the Property on the last day of the Basic Term or on the last day of any Extended Term at a purchase price therefor equal to the then Fair Market Value of
Purchase Option; Right of First Refusal. The lien of the Mortgage shall unconditionally be and remain at all times a lien on the Property prior and superior to any existing or future option or right of first refusal of Tenant to purchase the Property or any portion thereof. In the event of any transfer of Borrower’s interest in the Property by foreclosure, trustee’s sale, or other action or proceeding for the enforcement of the Mortgagee or by deed in lieu thereof, Tenant specifically waives any right, whether arising out of the Lease or otherwise, to exercise any purchase option or right of first refusal which remains unexercised at the time of such transfer.
Purchase Option; Right of First Refusal. Except as set forth on Schedule 5.1.12, Seller has not granted any option to purchase the Condominium Property or any right of first refusal or right of first offer to purchase the Assets. As of the Effective Date, Seller has not entered into any other agreement, other than this Agreement, to convey the Assets to a third party and Seller will not convey the Assets to a third party unless (i) the conveyance permits this Agreement to remain in full force and effect or (ii) this Agreement has been terminated.
Purchase Option; Right of First Refusal. (a) Provided that there is no events of default under the Lease or the Guaranty, Lessee shall have the option to purchase the interests of Lessor in the Premises, upon 190 days' prior notice to Lessor (i) on December 1, 1996 at a price equal to the difference between (x) $53,245,332 and (y) the then outstanding principal amount of the Mortgage, together with any accrued and unpaid interest thereon, or (ii) on the last day of the Primary Term of this Lease or if Xxxxxx has elected to extend the term of this Lease, on the last day of each Extended Term of this Lease at a price equal to the fair market value of the Premises, as unencumbered by this Lease, such value to be as determined by Lessee and Lessor or, if they fail to agree, as determined by appraisers selected in the following manner: Lessor and Lessee shall each appoint an appraiser, and the fair market value shall be as determined by the two appraisers so appointed. If the two appraisers so appointed are unable to agree upon fair market value, fair market value shall be determined by a third appraiser selected by the two appraisers appointed by the parties hereto. All appraisers shall be members in good standing of the American Institute of Real Estate Appraisers or any organization succeeding thereto. Lessee shall bear the costs of such appraisals. The options granted hereby are exercisable only so long as this Lease is in effect; Lessee may exercise such right only if Xxxxxx is not in default hereunder. The options granted hereby shall expire upon the termination or expiration of this Lease. Any conveyance of Xxxxxx's interest in the Premises pursuant to paragraph 13(a)(i) shall be made subject to this Lease, and this Lease shall continue in full force and effect. 8
Purchase Option; Right of First Refusal. In the event the Lease contains any option or preferential right to purchase all or any part of the Project, the following provisions shall apply, notwithstanding anything to the contrary in the Lease or this Agreement: Lessee shall deliver to Lender at least 30 days’ prior written notice of Lessee’s intent to exercise any purchase option under the Lease. If Lessee exercises the purchase option, title to the Project shall not be conveyed to Lessee until such time as all obligations secured by the Mortgage have been fully satisfied or, if the Loan Documents so provide, the Loan has been fully defeased. Nothing contained in this Agreement shall be construed to waive or modify the restrictions on prepayment or defeasance specified in the Loan Documents.
