Tenant’s Option and Obligation to Purchase Sample Clauses

Tenant’s Option and Obligation to Purchase. Tenant shall have the exclusive right and option to purchase the Premises and said improvements, namely the Hotel and any other improvements made on the Premises during the Initial Term on the terms and conditions set forth in this Lease (“Option to Purchase Premises”), conditioned upon Tenant not being in default beyond any applicable grace and/or cure period of the Lease at the time in which it elects to exercise the Option to Purchase Premises. Upon expiration of the Initial Term or at any time thereafter (including, without limitation, at any time during any Additional Term and, if Tenant does not extend the Term for any Additional Term, within one (1) year following expiration of the Initial Term), if Tenant has not exercised its Option to Purchase Premises, Landlord shall have the right and option to sell the Premises and said improvements, namely the Hotel and any other improvements made on the Premises, to Tenant and upon exercise of such right and option by Landlord, Tenant shall have the duty and obligation to purchase the Premises and all of said improvements from Landlord, on the terms and conditions set forth in this Lease (“Option to Sell Premises”). Should Tenant desire to exercise its Option to Purchase Premises, or should Landlord desire to exercise its Option to Sell Premises, the party desiring to exercise such Option shall provide the other party written notice of its desire to exercise its Option to Purchase Premises or Option to Sell Premises, as the case may be, at least forty-five (45) days preceding its proposed closing date to transfer legal deed of Premises. Said notice shall contain a proposed closing date, which may be modified upon mutual agreement by the parties.
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Related to Tenant’s Option and Obligation to Purchase

  • Rights and Obligations on Termination In the event of termination of this Agreement for any reason, the parties shall have the following rights and obligations:

  • Landlord’s Right to Terminate Landlord shall have the option to terminate this Lease in the event any of the following occurs, which option may be exercised only by delivery to Tenant of a written notice of election to terminate within thirty days after the date of such damage or destruction:

  • Tenant’s Right to Terminate If the Leased Premises, the Building or the Outside Area are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to this Article, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord's architect or construction consultant as to when the restoration work required of Landlord may be complete. Tenant shall have the option to terminate this Lease in the event any of the following occurs, which option may be exercised only by delivery to Landlord of a written notice of election to terminate within seven days after Tenant receives from Landlord the estimate of the time needed to complete such restoration:

  • Covenants and Obligations The covenants and obligations of Seller in this Agreement shall have been performed in all material respects.

  • Termination of Repurchase Option Sections 2, 3, 4 and 5 of this Agreement shall terminate upon the exercise in full or expiration of the Repurchase Option, whichever occurs first.

  • Non-Performance of Certain Covenants and Obligations The Borrower shall default in the due performance or observance of any of its obligations under Sections 6.01(a), (b), (c) and (e), Section 6.07, Section 6.11 or Article VII; or

  • Rights and Obligations Subsequent to Closing 41 8.1 Survival of Warranties............................................41

  • Rights and Obligations Survive Exercise of the Warrant Except as otherwise provided herein, the rights and obligations of the Company and the Holder under this Warrant shall survive exercise of this Warrant.

  • Termination of Lease Should Landlord elect to terminate this Lease pursuant to the provisions of Sections 24.1 (a) or (c) above, Landlord may recover from Tenant, as damages, the following: (a) The worth at the time of award of any unpaid rental which had been earned at the time of the termination, plus (b) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of rental loss Tenant proves could have been reasonably avoided, plus (c) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of rental loss that Tenant proves could be reasonably avoided, plus (d) any other amounts necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease or which, in the ordinary course of things, would be likely to result therefrom including, but not limited to, any costs or expenses incurred by Landlord in (i) retaking possession of the Premises, including reasonable attorneys' fees therefor, (ii) maintaining or preserving the Premises after any default, (iii) preparing the Premises for reletting to a new tenant, including repairs or alterations to the Premises, (iv) leasing commissions, or (v) any other costs necessary or appropriate to relet the Premises, plus (e) at Landlord's election, any other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by the laws of the State of Nevada. As used in subparagraphs (a) and (b) above, the "worth at the time of award" is computed by allowing interest at the maximum lawful rate. As used in subparagraph (c) above, the "worth at the time of award" is computed by discounting such amount at the discount rate of the Federal Reserve Bank situated nearest to the location of the Shopping Center at the time of award plus one percent (1%).

  • Survival of Representations and Obligations The respective agreements, representations, warranties and other statements made by the Issuer, the Company or the Seller or their respective officers, including any such agreements, representations, warranties and other statements relating to the Master Trust, and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of the Underwriters, the Issuer, the Company or the Seller or any of their respective officers or directors or any controlling person, and will survive delivery of and payment of the Notes. The provisions of Section 9 and Section 10 of this Agreement shall survive the termination or cancellation of this Agreement.

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