Examples of Fee simple in a sentence
In consideration for the extension of the Term, Lessee shall pay a fee to Lessor (the “Extension Fee”) that is based on (a) how many calendar months still remain in the then-current Term at the time of the extension, (b) how many full calendar months the Lease is to be extended from the then-current Lease Expiration Date, and (c) the then-current Fee Simple Land Value, as defined in Section 1.5 below.
The Fee Simple Land Value of the Parcel shall be established for purposes of calculating the Extension Fee as described in Schedule 1.5 (the “Establishment of Fee Simple Land Value”).
LESSOR: THE BOARD OF TRUSTEES OF THE XXXXXX XXXXXXXX JUNIOR UNIVERSITY By: Its: LESSEE: Print Name: A/75456462.7 A/75456462.7 Lessee Request Lessee hereby requests that Lessor engage a Qualified Appraiser at Lessor’s sole expense to conduct an appraisal of the Fee Simple Land Value of the Parcel (the “Lessor Appraisal”) in accordance with the Appraisal Guidelines attached to the Lease Amendment.
The closing of the Third-Party Sale may occur prior to the completion of the Lease extension, but the third-party purchaser shall not be entitled to the Lease extension and Lessor will not execute the Extension Amendment until the process for determining the Fee Simple Land Value described in Schedule 1.5 has been completed, all requirements under Section 2.6(h) have been met, and the Extension Fee has been finally calculated and paid to Lessor (through escrow or otherwise).
Once the Fee Simple Land Value of the Parcel is determined pursuant to the process described in Section 1.5 and the Extension Fee has been calculated, or in the event of any change in the Extension Fee described in Section 1.6, Lessee shall have the right to withdraw the Extension Notice by written notice to Lessor, in which case Lessee shall not be obligated to pay the Extension Fee and the Term shall not be extended.