Common use of Right to Purchase at End of an Extension Term Clause in Contracts

Right to Purchase at End of an Extension Term. (a) Landlord hereby grants the Tenant the right and option to purchase the Leased Properties (the "Option to Purchase") at an amount equal to the Property Consideration (as hereafter defined) upon termination of an Extension Term of this Lease. The Option to Purchase shall not be granted if Tenant does not extend the Term of this Lease pursuant to Section 1.03 or if on the Option Exercise Date (as hereafter defined) an Event of Default with respect to any Leased Property exists and has not been cured. The Tenant shall notify Landlord in writing of its intent to exercise this Option to Purchase, thirty (30) days prior to the end of an Extension Term of this Lease (the "Option Exercise Date"). (b) The consideration to be paid for the Leased Properties upon exercise of the Option to Purchase (the "Property Consideration") shall be the Appraised Value (as hereafter defined) determined by (1) an independent appraiser, who is a member of the Appraisal Institute, and will be selected by Landlord, (the "Landlord MAI Appraiser"), (2) a second appraiser, who is a member of the Appraisal Institute, and will be selected by the Tenant (the "Tenant MAI Appraiser"), and (3) a third MAI Appraiser selected by agreement of the Landlord MAI Appraiser and the Tenant MAI Appraiser (the "Third MAI Appraiser") (each an "Appraiser" and, collectively, the "Appraisers"). Landlord and Tenant shall, as promptly as possible, but in no event later than ten (10) days following the Option Exercise Date, select its respective Appraiser. The Third MAI Appraiser shall be selected no later than five (5) days after the selection of the other Appraisers. The costs of the Appraisers' appraisals shall be shared equally by the parties. As promptly as possible but in no event later than fifteen (15) days after selection of the Third Appraiser, each Appraiser shall deliver his or her written report of the Appraisers' determination of the fair market value of the Leased Property,

Right to Purchase at End of an Extension Term. (a) Landlord hereby grants the Tenant the right and option to purchase the Leased Properties (the "Option to Purchase") at an amount equal to the Property Consideration (as hereafter defined) upon termination of an either Extension Term of this Lease. The Option to Purchase shall not be granted if Tenant does not extend the Term of this Lease pursuant to Section 1.03 or if on the Option Exercise Date (as hereafter defined) an Event of Default with respect to any Leased Property exists and has not been cured. The Tenant shall notify Landlord in writing of its intent to exercise this Option to Purchase, thirty (30) days prior to the end of an Extension Term of this Lease (the "Option Exercise Date"). (b) The consideration to be paid for the Leased Properties upon exercise of the Option to Purchase (the "Property Consideration") shall be the Appraised Value (as hereafter defined) determined by (1) an independent appraiser, who is a member of the Appraisal Institute, and will be selected by Landlord, (the "Landlord MAI Appraiser"), (2) a second appraiser, who is a member of the Appraisal Institute, and will be selected by the Tenant (the "Tenant MAI Appraiser"), and (3) a third MAI Appraiser selected by agreement of the Landlord MAI Appraiser and the Tenant MAI Appraiser (the "Third MAI Appraiser") (each an "Appraiser" and, collectively, the "Appraisers"). Landlord and Tenant shall, as promptly as possible, but in no event later than ten (10) days following the Option Exercise Date, select its respective Appraiser. The Third MAI Appraiser shall be selected no later than five (5) days after the selection of the other Appraisers. The costs of the Appraisers' appraisals shall be shared equally by the parties. As promptly as possible but in no event later than fifteen (15) days after selection of the Third Appraiser, each Appraiser shall deliver his or her written report of the Appraisers' determination of the fair market value of the Leased Property,, which determination shall be based, for each Leased Property, upon the highest and best use of such Leased Property, taking into consideration the location of such Leased Property and other properties comparable thereto. The

Right to Purchase at End of an Extension Term. (a) Landlord hereby grants the Tenant the right and option to purchase the Leased Properties (the "Option to Purchase") at an amount equal to the Property Consideration (as hereafter defined) upon termination of an Extension Term of this Lease. The Option to Purchase shall not be granted if Tenant does not extend the Term of this Lease pursuant to Section 1.03 or if on the Option Exercise Date (as hereafter defined) an Event of Default with respect to any Leased Property exists and has not been cured. The Tenant shall notify Landlord in writing of its intent to exercise this Option to Purchase, thirty (30) days prior to the end of an Extension Term of this Lease (the "Option Exercise Date"). (b) The consideration to be paid for the Leased Properties upon exercise of the Option to Purchase (the "Property Consideration") shall be the Appraised Value (as hereafter defined) determined by (1) an independent appraiser, who is a member of the Appraisal Institute, and will be selected by Landlord, (the "Landlord MAI Appraiser"), (2) a second appraiser, who is a member of the Appraisal Institute, and will be selected by the Tenant (the "Tenant MAI Appraiser"), and (3) a third MAI Appraiser selected by agreement of the Landlord MAI Appraiser and the Tenant MAI Appraiser (the "Third MAI Appraiser") (each an "Appraiser" and, collectively, the "Appraisers"). Landlord and Tenant shall, as promptly as possible, but in no event later than ten (10) days following the Option Exercise Date, select its respective Appraiser. The Third MAI Appraiser shall be selected no later than five (5) days after the selection of the other Appraisers. The costs of the Appraisers' appraisals shall be shared equally by the parties. As promptly as possible but in no event later than fifteen (15) days after selection of the Third Appraiser, each Appraiser shall deliver his or her written report of the Appraisers' determination of the fair market value of the Leased Property,, which determination shall be based, for each Leased Property, upon the highest and best use of such Leased Property, taking into consideration the location of such Leased Property and other properties comparable thereto. The "Appraised Value" of the Real Property shall be equal to the arithmetic mean of the two (2) fair market value determinations of the Appraisers that are closest in value. In the event that the values of (i) the difference between the highest appraisal value and the next lower appraisal value, and (ii) the difference between the lowest appraisal value and the next higher appraisal value, are equal, then the "Appraised Value" shall be equal to the arithmetic mean of the fair market value determinations of all Appraisers.

Right to Purchase at End of an Extension Term. (a) Landlord hereby grants the Tenant the right and option to purchase the Leased Properties (the "Option to Purchase") at an amount equal to the Property Consideration (as hereafter defined) upon termination of an either Extension Term of this Lease. The Option to Purchase shall not be granted if Tenant does not extend the Term of this Lease pursuant to Section 1.03 or if on the Option Exercise Date (as hereafter defined) an Event of Default with respect to any Leased Property exists and has not been cured. The Tenant shall notify Landlord in writing of its intent to exercise this Option to Purchase, at least thirty (30) days prior to the end of an Extension Term of this Lease (the "Option Exercise Date"). (b) The consideration to be paid for the Leased Properties upon exercise of the Option to Purchase (the "Property Consideration") shall be the Appraised Value (as hereafter defined) determined by (1) an independent appraiser, who is a member of the Appraisal Institute, and will be selected by Landlord, (the "Landlord MAI Appraiser"), (2) a second appraiser, who is a member of the Appraisal Institute, and will be selected by the Tenant (the "Tenant MAI Appraiser"), and (3) a third MAI Appraiser selected by agreement of the Landlord MAI Appraiser and the Tenant MAI Appraiser (the "Third MAI Appraiser") (each an "Appraiser" and, collectively, the "Appraisers"). Landlord and Tenant shall, as promptly as possible, but in no event later than ten (10) days following the Option Exercise Date, select its respective Appraiser. The Third MAI Appraiser shall be selected no later than five (5) days after the selection of the other Appraisers. The costs of the Appraisers' appraisals shall be shared equally by the parties. As promptly as possible but in no event later than fifteen sixty (1560) days after selection of the Third Appraiser, each Appraiser shall deliver his or her written report of the Appraisers' determination of the fair market value of the Leased Property,, which determination shall be based, for each Leased Property, upon the highest and best use of such Leased Property, taking into consideration the location of such Leased Property and other properties comparable thereto. The "Appraised Value" of the Real Property shall be equal to the arithmetic mean of the two (2) fair market value determinations of the Appraisers that are closest in value. In the event that the values of (i) the difference between the highest appraisal value and the next lower appraisal value, and (ii) the difference between the lowest appraisal value and the next higher appraisal value, are equal, then the