Notice of Intent to Sell definition
Examples of Notice of Intent to Sell in a sentence
Owner and Landlord shall deliver a written notice (the "Notice of Proposed Sale") (which Notice of Proposed Sale may be given concurrently with the Notice of Intent to Sell), of the proposed Sale of the Inn to Manager stating: (i) the name of the prospective purchaser or tenant, as the case may be; (ii) the price or rental; and (iii) the terms and conditions of such proposed Sale of the Inn, together with all other information reasonably requested by Manager.
The Lessee Offer Price stipulated in the Notice of Intent to Sell shall be based on Lessee’s existing Term, whether or not a Lease extension is anticipated as part of a prospective Third-Party Sale, and shall be the gross price before any deduction for closing costs, lender fees, or brokerage commissions.
Lessor shall acknowledge the date Lessor received and deemed complete the Notice of Intent to Sell (the “Lessee Offer Date”) by completing the bottom portion of Schedule 2.2 and returning a copy of the completed Notice of Intent to Sell to Lessee within two (2) business days after receipt of the completed Notice of Intent to Sell; provided that Lessor shall have no obligation to do so unless and until Lessor determines that the Notice of Intent to Sell is complete.
Concurrently with the delivery of the Notice of Intent to Sell, Lessee shall deliver to Lessor a Real Estate Transfer Disclosure Statement (“TDS”) in the form required by California Civil Code Section 1102.6, and/or any comparable disclosure requirement subsequently imposed by applicable law.
If Tenant elects to exercise its option, it shall give Landlord written notice of such election within thirty (30) days after receipt of the Notice of Intent to Sell.