STATE OPTION TO. PURCHASE 6.1 Definition of seller 6.2 Exclusive right to purchase 6.3 Duration of option 6.4 Written notice 6.5 Purchase price 6.6 Appraiser qualifications 6.7 Payment of appraisals 6.8 Encumbrances considered 6.9 Delivery of title insurance 6.10 Objection to title and cure 6.11 Restrictions, termination of option 6.12 Removal of title defects 6.13 Transfer of title free and clear 6.14 Lessee delivery of purchase price payment 6.15 Title free of other possessory interest 6.16 Seller payment for transfer tax 6.17 Payment for recording documents 6.18 Real Property Tax Adjustment 6.19 Waste to Leased premises 6.20 Reserved 6.21 Toxic, hazardous, or injurious substances ARTICLE VII EMINENT DOMAIN/CONDEMNATION 7.1 Lessor to notify Lessee 7.2 Whole taking, rents prorated 7.3 Taking 7.4 Lessor option to terminate 7.5 Award of damages ARTICLE VIII - ESTOPPEL 8.1 Timeliness, Lessee obligations ARTICLE IX MANAGEMENT AGREEMENT Reserved ARTICLE X - LESSOR'S MORTGAGEE 10.1 Identification of Lessor's mortgagee 10.2 Disclosure of mortgagees, nondisturbance 10.3 Mortgagee right to cure defaults 10.4 Attornment ARTICLE XI - CANCELLATION 11.1 Cancellation by Lessee 11.2 Cancellation by Lessee 11.3 Cancellation by Lessee 11.4 Cancellation by Lessor ARTICLE XII NOTICE, APPLICATION, AND APPROVALS 12.1 Notice mailing addresses and delivery 12.2 Application of laws 12.3 Binding application 12.4 State government approvals required 12.5 Supercede and cancellation 12.6 Severability 12.7 Entire agreement and enclosures 12.8 Electronic Funds Transfer State Lease #11985-2018 THIS LEASE is entered into by t.b.d., as Lessor, whose address is t.b.d., and the State of Michigan by the Department of Technology, Management & Budget for the Department of Talent & Economic Development (XXX), as Lessee. The parties, for the considerations specified in this Lease, agree to the following terms, conditions, and covenants:
STATE OPTION TO. PURCHASE In the event of the Joint Venturers immediately prior to the cessation or determination of this Agreement or subsequently thereto desiring to remove any of their locomotives rolling stock, or their electricity facilities or any of their other fixed or movable plant and equipment (excluding the said railway and appurtenances and the Joint Venturers’ wharf) from any part of the land occupied by them at the date of such cessation or determination they will give to the State notice of such desire and thereby will grant to the State the right or option exercisable within three (3) months thereafter to purchase at a valuation in situ the said locomotives rolling stock electricity facilities and other fixed or movable plant and equipment or any part thereof. Such valuation will be such as is mutually agreed or in default of agreement shall be made by a competent valuer mutually appointed by the parties or in default of agreement by two valuers, one to be appointed by each party and an umpire appointed by such valuers should they fail to agree.
