TENANT'S OPTION TO PURCHASE. If Landlord exercises its right to terminate this Lease under Section 13.1, Tenant shall have the option to purchase the Premises from Landlord or all of the Members’ interests in Landlord by giving Landlord written notice of exercise within fifteen (15) days after receipt of Landlord’s notice of termination. Upon exercise of this Option, with respect to purchasing the Premises, the Tenant shall be obligated to purchase from the Landlord and the Landlord shall be obligated to convey to the Tenant, and/or one or more designee of Tenant, all of the Landlord’s right, title and interest in the Premises for the price and upon the term set forth herein. Upon exercise of this Option, with respect to purchasing the Members’ interests in the Landlord, the Tenant shall be obligated to purchase from the Members and the Members shall be obligated to convey to the Tenant, and/or one or more designee of Tenant, all of the Members’ right, title and interest in the Landlord for the price and upon the term set forth herein. Tenant’s right to exercise this option hereunder shall be contingent upon Tenant not being in default (excluding any “change in control” default under Section 16.1(e)), beyond any applicable grace period, under this Lease either at the time of exercise of this option or at the time of closing.
(i) The Purchase Price for the Landlord’s interest in the Premises or the Members’ interests in the Landlord shall be determined in the same manner as provided in Section 12.2 (i), hereof.
(ii) The entire purchase price (subject to credit for the amount of any debt of Landlord assumed by Tenant) shall be paid in full, by certified or cashier’s check made payable to the Landlord or Members, as applicable, or by wire transfer of funds to a bank account designated by the Landlord or Members, as applicable, at closing. It is intended that the Purchase Price paid to the Landlord hereunder, be net of any and all conveyance fees and transaction costs other than the Landlord’s attorneys’ fees. Therefore, in addition to the Purchase Price, Tenant shall pay all costs of assuming the Project Financing (or all costs and prepayment charges, if any, if Tenant does not assume the Project Financing and pays off the Project Financing) and all other fees and expenses conveying fee title to the Premises, or conveyance of all of the Members’ interests in the Landlord, including, but not limited to, state and local transfer fees, recording costs and title insurance premiums otherwise ...
TENANT'S OPTION TO PURCHASE. Provided Tenant is not in default beyond all notice and applicable cure periods hereunder, Tenant shall have the right to purchase the Premises at any time during the Term, including any Extension Term, of this Lease upon giving notice in writing to Landlord (the “Purchase Notice”) at least ninety (90) days prior to the expiration of the initial Term or any Extension Term hereof of Tenant’s intention to purchase the Premises. If Tenant exercises this Option to Purchase, then Tenant shall purchase and Landlord shall sell the Premises upon the terms and conditions set forth on the Terms for Sale and Purchase attached hereto as Exhibit “G” (the “Purchase Terms”). Upon the closing of title pursuant to the above-mentioned Purchase Terms, this Lease shall terminate and end. The purchase price for the Premises (“Purchase Price”) shall be determined by agreement of the Landlord and Tenant, or, if the Landlord and Tenant fail to reach an agreement within fifteen (15) days of the Tenant’s Purchase Notice, then by the procedure set forth on the Purchase Terms. The option to purchase shall expire without notice upon the termination of this Lease unless the option was exercised prior to such termination, provided that this option to purchase shall continue after any amendment, continuation or reinstatement of this Lease.
TENANT'S OPTION TO PURCHASE. If Tenant exercises its option under the 1501 Lease to purchase the premises under such lease on the Closing Date defined below, then Tenant shall have the option to purchase the Premises on September 1, 2001 or September 1, 2006 (the applicable date chosen by Tenant herein called the "Closing Date") on the terms and conditions set forth in the Purchase Contract attached hereto as Rider E ("Purchase Contract"). Tenant shall exercise such option by delivery of written notice to Landlord on or before the February 1 preceding the Closing Date exercising such option and four copies of the Purchase Contract, with the Purchase Price and Closing Date filled in, executed by Tenant. Time is of the essence in the exercise of the option to purchase set forth in this Section S.4. If Tenant exercises the option as set forth in this Section, Landlord shall execute the Purchase Contract and deliver two executed copies thereof to Tenant. The Premises shall be purchased on the terms and conditions set forth in the Purchase Contract.
TENANT'S OPTION TO PURCHASE. In the event the tenant is given an option to purchase the Real Property and improvements which are subject to a lease, the purchase price will be the greater of the fair market value thereof, or not less than 115% of the lease Rent Cost Basis, except that with respect to Franchise Leases representing not more than 20% of the Aggregate Eligible Loan Value and approved by the Deal Agent, such requirement shall not apply.
TENANT'S OPTION TO PURCHASE. Tenant shall have the option to purchase (the "Purchase Option") the Premises at any time during the Term on and after the expiration of the Initial Term pursuant to and in accordance with the provisions of this Section 12.1 If Tenant desires to exercise the Purchase Option, Tenant shall give written notice (the "Purchase Notice") of such exercise to Landlord at any time after the fifth
TENANT'S OPTION TO PURCHASE. (a) Clause (a) of Section 18.02 of the Lease is amended to read: “Tenant is not in default of any of the terms this Lease or the Commercial Agreements, and”.
(b) The Additional Rail Facility Premises are hereby added to the legal descriptions set forth in:
(i) Exhibit A (labeled “EXHIBIT A TO RIGHT OF FIRST REFUSAL, OPTION AGREEMENT AND AGREEMENT OF PURCHASE AND SALE”) to Exhibit C to the Lease as attached to the First Amendment.
(ii) Exhibit A (labeled “EXHIBIT A TO MEMORANDUM OF RIGHT OF FIRST REFUSAL AND OPTION AGREEMENT”) to Exhibit B to Exhibit C to the Lease as attached to the First Amendment.
TENANT'S OPTION TO PURCHASE. Notwithstanding any provision of the Lease to the contrary, the options granted to Tenant in the Lease to purchase the Project shall not be exercisable unless and until the 1984 Bonds, the 1997 Bonds and the 1999 Bonds have been fully paid and retired (or provision is made therefore), including the principal thereof and interest thereon and any expenses of payment and redemption.
TENANT'S OPTION TO PURCHASE. Optiva shall have the option to purchase the Expansion Land, exercisable around the time of commencement of construction of the Expansion Premises, in which event Developer would be engaged as Construction Manager to complete construction of the Premises. Such option shall be governed by an Option and Real Estate Purchase and Sale Agreement and Construction Management Agreement to contain terms negotiated by the parties generally along the lines of such documents for the Initial Lease. No Completion Guaranty shall be required to be provided by Developer or any of its affiliates.
TENANT'S OPTION TO PURCHASE. Landlord hereby grants to Tenant the non-assignable right and option to purchase the Premises in its then present "as is", "where is" and "with all faults" condition, from Landlord at any time prior to September 30, 2001, subject to and upon the following terms, provisions, and conditions:
(A) At any time after October 1, 1999, but prior to March 31, 2001, Tenant may give to Landlord written notice (i) that Tenant desires to purchase the Premises pursuant to the provisions hereof and to those provisions of a mutually acceptable purchase agreement executed by the parties (which agreement the parties shall promptly negotiate in good faith following the receipt by Landlord of Tenant's notice), and (ii) of a closing date (the "Closing"), which date shall not in any event be later than one hundred eighty (180) days after the date of Tenant's notice under this subparagraph (A). Depending on the date Landlord receives the applicable notice, the purchase price shall be as follows: Date on Which ------------- Landlord Receives Notice Purchase Price ------------------------ -------------- On or before 10/1/99 $5,000,000.00 10/2/99 - 4/1/00 $5,100,000.00 4/2/00 - 10/1/00 $5,200,000.00 10/2/00 - 4/1/01 $5,300,000.00
(B) At the Closing, Landlord will execute, have acknowledged and deliver to Tenant a warranty deed and xxxx of sale conveying to Tenant indefeasible title to the Premises free and clear of all liens and encumbrances other than (i) liens and encumbrances which are reflected in that certain Owner's Policy of Title Insurance dated on or about the date of the Existing Lease (as defined in Section 27.10, below), issued by Abstract Company of St. Xxxxxx County, Inc. on behalf of Lawyers Title Insurance Corporation to Landlord, a copy of which has been furnished to Tenant, (ii) any liens or encumbrances approved in writing by Tenant after the date hereof, (iii) taxes for the year in which the Closing is to occur and subsequent years, (iv) zoning ordinances and utility easements which do not adversely affect the use of the Property, (v) any discrepancies, conflicts or shortages in area or boundary lines, or any encroachments, or overlapping of improvements which would be shown on a current survey reasonably acceptable to Tenant, and (iv) rights of tenants in possession under valid and existing leases.
(C) Rents, lease commissions, interests and ad valorem taxes for the then current year shall be prorated at the Closing effective as of the Closing.
TENANT'S OPTION TO PURCHASE. Article 18 of the Lease is deleted, and the following text is hereby substituted therefor:
