Tenant’s Purchase Option. Tenant shall have the option (the “Purchase Option”), at any time during the Term following the earlier of (x) Landlord’s completion of construction of the Tower (as more particularly described on Schedule 7.1, the “Tower”) and (y) Landlord’s fulfillment of its obligations under California Law to ensure that the Improvements, including the Tower, are fully compliant with any Laws relating to seismic performance standards (“Seismic Compliance”), to purchase the Fee Estate from Landlord at a purchase price equal to the Market Value for the Fee Estate (the “Purchase Option Price”), provided that the Purchase Option Price exceeds the indebtedness then outstanding under the Bonds, on the following terms and conditions:
Tenant’s Purchase Option. (a) In consideration of the mutual covenants herein contained, and for good and valuable consideration of the receipt and sufficiency of which are hereby acknowledged, Landlord does hereby give and grant to Tenant the option for Tenant to purchase the Leased Premises (the “Purchase Option”). The purchase price for the Leased Premises under the Purchase Option (the “Purchase Price”) shall be:
(b) So long as Tenant is not then in default of this Lease, the Purchase Option is exercisable by Tenant between the following dates: and (the “Exercise Period”). In order for Tenant to exercise the Purchase Option, Tenant shall provide Landlord with written notice of exercise of the Purchase Option at any time during the Exercise Period. Once delivered, the notice of exercise of Purchase Option is irrevocable unless otherwise agreed by Landlord and Tenant. The Purchase Option is not assignable by Tenant. Tenant’s purchase of the Leased Premises pursuant to the Purchase Option shall be governed by the terms of a Real Estate Purchase and Sale Agreement (“PSA”), which shall be negotiated between the parties promptly following Tenant’s exercise of the Purchase Option; provided, however, that if the Purchase Price or methodology for calculating the Purchase Price is specified above, then the Purchase Price in the PSA shall be such amount or based upon such methodology as so specified above. The closing under the PSA shall occur as soon as reasonably practicable following execution of the PSA or as otherwise agreed in the PSA and, unless otherwise mutually agreed by Landlord and Tenant in the PSA, shall not be subject to any contingencies or a feasibility period.
(c) If any legal subdivision, condominium creation, re-zoning, legal description preparation or other engineering work, or other steps are necessary or appropriate in connection with any sale of the Leased Premises pursuant to the Purchase Option, the parties shall cooperate with one another in order to accomplish such matters and to effectuate the intent of this provision. The costs for such work shall be borne by
Tenant’s Purchase Option. For and in consideration of the terms, covenants and conditions of this Lease (the sufficiency of which is hereby acknowledged), Landlord hereby grants to Tenant the option (the “Purchase Option”) to purchase the Option Property (defined below) during the Purchase Option Term (defined below) subject to the terms and conditions of this Section 39. In the event that Tenant exercises the Purchase Option, then Tenant shall have the exclusive right to purchase the Option Property pursuant to the terms and conditions of this Section 39 and Landlord shall sell to Tenant and Tenant shall purchase from Landlord the Option Property on the terms and conditions of this Section 39.
Tenant’s Purchase Option. 27.1 Tenant shall have the one (1) time option (the "PURCHASE OPTION") to purchase the Premises upon six (6) months prior written notice during the period commencing on the first day of the twelfth (12th) Lease Year and continuing through the expiration of the ninth (9th) full calendar month of the thirteenth (13th) Lease Year (the "PURCHASE OPTION WINDOW"). Tenant shall notify Landlord (the "PURCHASE OPTION NOTICE") in writing, of its exercise of the Purchase Option not earlier than the commencement of the seventh (7th) full calendar month of the eleventh (11th) Lease Year and not later than the expiration of the third (3rd) full calendar month of the thirteenth (13th)
Tenant’s Purchase Option. In consideration of the Tenant having entered into the Purchase Agreement and this Lease and for other good and valuable consideration (the receipt and sufficiency of which are hereby irrevocably acknowledged), TEI or at TEI’s election any wholly owned subsidiary of TEI, (excluding Xxxxxx 2004 unless and until McCain Foods Limited is no longer a shareholder of Xxxxxx 2004), that agrees in writing in favour of the Landlord to be bound by the provisions of this Article 14 (the “Purchaser”), shall have the option, to be exercised by written notice in accordance with the provisions of this Section 14.1, to purchase all of the Properties at any time prior to the Expiration Date in accordance with the terms and conditions set out in this Article 14. In order for the Purchaser to exercise its option to purchase the Properties, the Purchaser shall provide notice (the “Purchase Notice”) to the Landlord not less than five (5) days prior to the Expiration Date (the “Option Period”) advising the Landlord of the Purchaser’s desire to purchase the Properties. In the event that the Purchaser delivers a Purchase Notice during the Option Period, such notice shall constitute a binding agreement of purchase and sale with respect to the Properties between the parties (the “Sale Agreement”) to be completed on the terms and conditions set out in this Article 14. In the event that the Purchaser fails to provide to the Landlord a Purchase Notice within the Option Period, the Purchaser’s option to purchase the Properties pursuant to this Section 14.1 shall be of no further force or effect.
Tenant’s Purchase Option. At anytime during the first six (6) months of last Lease Year of the Initial Term Tenant shall have the option of purchasing the Landlord’s Property for $4,457,750.00 by providing Landlord with written notice of its intention to do so setting forth a closing date which is at least six (6) months prior to the expiration of the Initial Term and not less than fifteen (15) days after the date that such notice is sent. In connection with the foregoing, Landlord agrees that other than for any mortgages that Landlord may encumber the property with during the Initial Term (which mortgages Landlord agrees it shall be responsible for paying off and discharging in the event Tenant exercises its rights under this Section 13.16) of the Lease, Landlord shall not encumber, restrict or alienate all or any portion of the Landlord’s Property without the consent of the Tenant, which consent shall not be unreasonably withheld, conditioned or delayed. Landlord and Tenant agree (i) that all closing costs, including documentary stamps, recording charges and transfer taxes, shall be allocated in accordance with customary practice in the State of Rhode Island for similar transactions and (ii) to deliver such documents, certificates and affidavits as are customarily delivered in the State of Rhode Island for similar transactions. Tenant and Landlord, each by its duly authorized officer, has signed this Lease as of the date first set forth above. TENANT: SUMMER INFANT (USA), INC. By: /s/ Xxxxxx Xxxxxxxx Name: Xxxxxx Xxxxxxxx Title: CFO LANDLORD: FAITH REALTY II, LLC By: /s/ Xxxxx X. Xxxxxx Name: Xxxxx X. Xxxxxx Title: Manager Exhibits: A - Property Description B - Tenant Improvements Plans C - Notice of Lease That certain tract or parcel of land, with all buildings and improvements thereon, situated on the easterly and southerly side of Park East Drive (extension), in the City of Woonsocket, County of Providence, State of Rhode Island, bounded and described as follows: Beginning at a Rhode Island highway bound oil the southerly sideline of said Park East Drive (Extension), said point being twenty-eight and 00/100 (28.00) feet left and opposite Station 85+ 16.66 on Xxxxx Xxxxxxx Xxxx #0000; Thence S35° 42' 33" W a distance- of one hundred forty and 00/100 (140.00) feet to an angle point; Thence S51° 51' 53" W a distance of one hundred ninety-six and 44/100 (196.44) feet to an angle Thence S40° 21' 03" W a distance of one hundred thirty-three and 48/100 (133.48) feet to an angle point...
Tenant’s Purchase Option. Article 24 of the Lease is hereby amended by adding the following Section 24.3:
Tenant’s Purchase Option. Tenant shall have the option (the “Purchase Option”), at any time after the third (3rd) anniversary of the Commencement Date, to purchase any one or more of the parcels of improved real property identified on Exhibit E (the “Purchase Option Parcels”) from Landlord at a purchase price equal to the Market Value for the Purchase Option Parcels designated by Tenant (the “Designated Purchase Option Parcels”) and the Existing FF&E, to the extent then present at the Premises (collectively, the “Purchase Option Price”) on the terms and conditions in subsections 15.5.1 thru 15.5.9. Tenant’s Purchase Option rights with respect to unimproved land parcels identified in Exhibit E shall be conditioned upon and subject to Landlord’s compliance with the requirements of Law with respect to its disposition of Surplus Real Property.
Tenant’s Purchase Option. For, and in consideration of the payment to Landlord on the date hereof of the sum of One Hundred Thousand dollars ($100,000) (this amount, together with the $150,000 referred to in Section 33.1(d) the "Option Payment") Tenant shall have the right to purchase fee title to the Premises from Landlord (the "Purchase Option") upon the terms and conditions set forth in that certain written agreement annexed to this lease as Exhibit F (the "Contract of Sale" and subject to the following:
Tenant’s Purchase Option.
(a) No monetary Event of Default shall be continuing beyond applicable cure periods hereunder;
(b) Tenant shall exercise the Tenant Purchase Option by delivering a written notice (the “Purchase Election Notice”) of Tenant exercise of such option to Landlord in accordance with the provisions of this Lease within the Purchase Period;
(c) The purchase price for the Premises (the “Tenant Purchase Price”) shall be the greater of (i) then-current Fair Market Value (as hereinafter defined) sale price of the Premises or
