BUILDING PURCHASE OPTION Clause Samples

BUILDING PURCHASE OPTION. If Landlord receives a bona fide good faith offer in writing from a Qualified Purchaser (hereinafter defined) to purchase a fee simple absolute interest in only the Real Estate, Landlord shall (provided Tenant has not breached any term of the Lease, sublet all or any part of the Demised Premises and/or assigned the Lease) give Tenant in writing a notice inviting Tenant (“Invitation Notice”) to submit a contract of sale for landlord’s execution covering the Real Estate. If Landlord and Tenant fail to execute and unconditionally deliver to each other a fully binding contract of sale for the Real Estate within ten (10) days after Landlord gives Tenant the Invitation Notice, Tenant shall have no further rights and Landlord shall have no further obligations under this Paragraph. A Qualified Purchaser shall mean any person or entity, except (1) any person or entity who may acquire the Real Estate through a sale in foreclosure or a deed given in lieu of foreclosure, (2) any governmental entity that may acquire the Real Estate by exercise of the power of eminent domain, (3) an affiliate, subsidiary, related entity, parent, partner or stockholder of Landlord and (4) a joint venture, syndicate or partnership (general, limited or otherwise) in which any interest is held by Landlord, its affiliate, subsidiary, related entity, parent, partner or stockholder. The entitlement to an Invitation Notice shall be deemed personal to Tenant named on the first and last page of this Third Amendment of Lease and may not be assigned. This FOURTH AMENDMENT OF LEASE is made as of the 12 th day of December 1996 between 5 INDEPENDENCE ASSOCIATES LIMITED PARTNERSHIP, a New Jersey limited partnership, having an address c/o Bellemead Management Co., Inc., 280 Corporate Center, ▇ ▇▇▇▇▇▇ ▇▇▇▇ Road, Third Floor, Roseland, New Jersey 07068-3788 (hereinafter called “Landlord”) and TOTAL RESEARCH CORPORATION, a New Jersey corporation, having an office at ▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ (hereinafter called “Tenant”).