Common use of Tenant Purchase Option Clause in Contracts

Tenant Purchase Option. Tenant is hereby granted the right and option to purchase the Leased Property from Landlord. The purchase option may be exercised by Tenant during the period commencing on the date that is one hundred eighty (180) days, and ending on the date that is one hundred fifty (150) days, before each of (a) the Expiration Date, (b) the expiration of the First Renewal Term and (c) the expiration of the Second Renewal Term; provided, however, the purchase option may only be exercised under clauses (a) and (b) hereof if Tenant has not elected to renew this Lease for the First Renewal Term or the Second Renewal Term, as the case may be. Tenant shall exercise the purchase option by giving written notice thereof to Landlord either prior to or on the expiration date. Within thirty (30) days of the date that Tenant exercises the purchase option, Landlord shall sell the Leased Property to Tenant and Tenant shall purchase the Leased Property from Landlord at a purchase price based upon the Leased Property's fair market value at the time Tenant exercises the purchase option, determined in accordance with the provisions of Article 33 hereof. At the closing of the sale of the Leased Property to Tenant, Tenant shall convey the purchase price to Landlord and Landlord shall convey to Tenant a special warranty deed conveying good, indefeasible and insurable title to the Leased Property, subject to reasonably appropriate permitted exceptions. Tenant shall pay all fees and expenses associated with the conveyance of the Leased Property pursuant to Tenant's exercise of the purchase option, including, but not limited to, all transfer taxes, recording fees and Landlord's attorney's fees, costs and disbursements. If Tenant fails to exercise the option to purchase the Leased Property in the manner provided in this Article 39, the purchase option shall expire and no party hereto shall thereafter have any rights, liabilities or obligations whatsoever under this Lease.

Tenant Purchase Option. (A) Provided no Event of Default exists on the applicable Call Exercise Date or the applicable closing date, Tenant is hereby granted shall have the right and option to purchase each of the Leased Property from Landlord. The purchase option may be exercised Wisconsin Purchase Facilities by Tenant during giving Landlord written notice (a "CALL EXERCISE NOTICE") thereof on a date (the period commencing on the date "CALL EXERCISE DATE") that is one hundred eighty (180) days, and ending on the date that is one hundred fifty (150) days, before each of (a) the Expiration Date, (b) the expiration of the First Renewal Term and (c) the expiration of the Second Renewal Term; provided, however, the purchase option may only be exercised under clauses (a) and (b) hereof if Tenant has not elected to renew this Lease for the First Renewal Term or the Second Renewal Term, as the case may be. Tenant shall exercise the purchase option by giving written notice thereof to Landlord either prior to or on the expiration date. Within at least thirty (30) days but no more than sixty (60) days prior to the anticipated closing date for the consummation of such purchase. Landlord shall not unreasonably withhold its consent to the extension or adjustment of the date dates set forth in the preceding sentence upon the prior written request of Tenant. The purchase price shall be the applicable amount (the "MINIMUM RESIDENCE PRICE") set forth on Schedule 7. Within ten (10) days of Tenant's delivery of any Call Exercise Notice, the parties shall sign the standard sale escrow instructions (the "SALE INSTRUCTIONS") of a national title company (selected by Landlord) that are in form and substance reasonably satisfactory to Landlord, which Sale Instructions shall provide (I) for no representations or warranties, due diligence or other contingencies in favor of Tenant; (II) that Tenant exercises the purchase option, Landlord shall sell the Leased Property to Tenant and Tenant shall purchase the Leased Property from Landlord at a purchase price based upon the Leased Property's fair market value at the time Tenant exercises the purchase option, determined in accordance with the provisions deposit FIVE PERCENT (5%) of Article 33 hereof. At the closing of the sale of the Leased Property to Tenant, Tenant shall convey the purchase price to with the title company, which may be retained by Landlord as liquidated damages solely for any breach by Tenant of the terms of this Section 23.1 or the Sale Instructions (and which in no way shall liquidate or limit Landlord's damages by reason of any other breach of this Master Lease); (III) that the escrow shall close on the date identified in the applicable Call Exercise Notice, at which time Tenant shall pay the purchase price in cash and Landlord shall convey to Tenant a special warranty deed conveying good, indefeasible and insurable deliver title to the Leased Propertyapplicable Wisconsin Purchase Facility, subject only to reasonably appropriate permitted exceptions. the applicable Permitted Exceptions; (IV) that Tenant shall pay all fees and expenses associated with transaction costs; (V) that Tenant may elect to cause the conveyance of the Leased Property pursuant applicable Wisconsin Purchase Facility to Tenant's exercise of the purchase option, including, but not limited to, all transfer taxes, recording fees and Landlord's attorney's fees, costs and disbursementsbe made by Landlord to a third party. If Tenant fails to exercise close the option to purchase the Leased Property in the manner provided in this Article 39, escrow for the purchase option of any Wisconsin Purchase Facility for any reason other than a breach by Landlord, then no Event of Default shall expire and no party hereto shall thereafter have any rightsarise solely as a result of such failure, liabilities or obligations whatsoever but the rights granted to Tenant under this LeaseSection 23.1 with respect only to such Wisconsin Purchase Facility shall automatically terminate and be of no further force or effect.

Tenant Purchase Option. (a) Provided no Event of Default exists on the applicable Call Exercise Date or the applicable closing date, Tenant is hereby granted shall have the right and option to purchase each of the Leased Property from LandlordMeditrust Carolina Facilities by giving Landlord written notice (a "CALL EXERCISE NOTICE") thereof on a date (the "CALL EXERCISE DATE") that is at least thirty (30) days but no more than sixty (60) days prior to the anticipated closing date for the consummation of such purchase. Landlord shall not unreasonably withhold its consent to the extension or adjustment of the dates set forth in the preceding sentence upon the prior written request of Tenant. The purchase option may price shall be exercised by Tenant during the period commencing applicable amount (the "MINIMUM RESIDENCE PRICE") set forth on the date that is one hundred eighty (180) days, and ending on the date that is one hundred fifty (150) days, before each of (a) the Expiration Date, (b) the expiration of the First Renewal Term and (c) the expiration of the Second Renewal TermSchedule 6; provided, however, Landlord may, in its sole discretion, agree to accept a purchase price that is less than the purchase option may only be exercised under clauses (a) and (b) hereof if Tenant has not elected Minimum Residence Price in connection with Tenant's concurrent arms-length sale of the applicable Meditrust Carolina Facility to renew this Lease for the First Renewal Term or the Second Renewal Term, as the case may be. Tenant shall exercise the purchase option by giving written notice thereof to Landlord either prior to or on the expiration datean unaffiliated third-party. Within thirty ten (3010) days of Tenant's delivery of any Call Exercise Notice, the date parties shall sign the standard sale escrow instructions (the "SALE INSTRUCTIONS") of a national title company (selected by Landlord) that are in form and substance reasonably satisfactory to Landlord, which Sale Instructions shall provide (i) for no representations or warranties, due diligence or other contingencies in favor of Tenant; (ii) that Tenant exercises the purchase option, Landlord shall sell the Leased Property to Tenant and Tenant shall purchase the Leased Property from Landlord at a purchase price based upon the Leased Property's fair market value at the time Tenant exercises the purchase option, determined in accordance with the provisions deposit FIVE PERCENT (5%) of Article 33 hereof. At the closing of the sale of the Leased Property to Tenant, Tenant shall convey the purchase price to with the title company, which may be retained by Landlord as liquidated damages solely for any breach by Tenant of the terms of this Section 23.1 or the Sale Instructions (and which in no way shall liquidate or limit Landlord's damages by reason of any other breach of this Master Lease); (iii) that the escrow shall close on the date identified in the applicable Call Exercise Notice, at which time Tenant shall pay the purchase price in cash and Landlord shall convey to Tenant a special warranty deed conveying good, indefeasible and insurable deliver title to the Leased Propertyapplicable Meditrust Carolina Facility, subject only to reasonably appropriate permitted exceptions. the applicable Permitted Exceptions; (iv) that Tenant shall pay all fees and expenses associated with transaction costs; (v) that Tenant may elect to cause the conveyance of the Leased Property pursuant applicable Meditrust Carolina Facility to Tenant's exercise of the purchase option, including, but not limited to, all transfer taxes, recording fees and Landlord's attorney's fees, costs and disbursementsbe made by Landlord to a third party. If Tenant fails to exercise close the option to purchase the Leased Property in the manner provided in this Article 39, escrow for the purchase option of any Meditrust Carolina Facility for any reason other than a breach by Landlord, then no Event of Default shall expire and no party hereto shall thereafter have any rightsarise solely as a result of such failure, liabilities or obligations whatsoever but the rights 9393.9 (NHP Portfolio Lease) granted to Tenant under this LeaseSection 23.1 with respect only to such Meditrust Carolina Facility shall automatically terminate and be of no further force or effect.