Common use of Finalization of Call Right Documents Clause in Contracts

Finalization of Call Right Documents. If the Property Package is delivered, and (if applicable) any disputes under Section 2(d) above have been resolved, if Propco still wishes to exercise the Call Right, Propco shall exercise the Call Right by notice thereof to Owner (the “Election Notice”), and Owner and Propco shall proceed with the consummation of the transactions contemplated by the Call Right and shall cooperate to structure a transaction upon the terms and conditions set forth in this Agreement and consistent with the Property Package. In furtherance of the foregoing, Owner and Propco shall use good faith, commercially reasonable efforts, for a period of ninety (90) days following the date on which Propco delivers the Election Notice (the “Discussion Period”), to negotiate and enter into (i) a Sale Agreement and conveyance and ancillary documents with respect to the Property and (ii) a Property Lease with respect to the Property and (iii) all other documents that may be necessary for the subject Call Right to be exercised. The Property Lease shall provide for the following: (a) the date the Property Lease Rent becomes payable shall be the date that is concurrent with the acquisition of the Property; (b) from and after such date, rent shall be equal to the Property Lease Rent; and (c) such other terms and conditions as Owner and Propco may agree upon, with both Owner and Propco being obligated to act in a commercially reasonable manner. If, despite the good faith, commercially reasonable efforts of Propco and Owner, the Parties are unable to reach agreement and execute the Sale Agreement (with a Property Lease attached thereto as an exhibit, which Property Lease shall be executed upon the consummation of the closing under the Sale Agreement) or other applicable documents prior to the expiration of the Discussion Period, then, upon the expiration of the Discussion Period, the terms and conditions in any such documents that remain unresolved shall be established pursuant to arbitration in accordance with the procedures set forth in Section 3 hereof.

Finalization of Call Right Documents. If the Property Package is delivered, and (if applicable) any disputes under Section 2(d) above have been resolved, if Propco still wishes to exercise the Call Right, Propco shall exercise the Call Right by notice thereof to Owner (the “Election Notice”), and Owner and Propco shall proceed with the consummation of the transactions contemplated by the Call Right and shall cooperate to structure a transaction upon the terms and conditions set forth in this Agreement and consistent with the Property Package. In furtherance of the foregoing, Owner and Propco shall use good faith, commercially reasonable efforts, for a period of ninety (90) days following the date on which Propco delivers the Election Notice (the “Discussion Period”), to negotiate and enter into (i) a Sale and Assignment Agreement and conveyance and ancillary documents with respect to the Property and (ii) a Property Lease with respect to the Property and (iii) all other documents that may be necessary for the subject Call Right to be exercised. The Property Lease shall provide for the following: (a) the date the Property Lease Rent becomes payable shall be the date that is concurrent with the acquisition of the Property; (b) from and after such date, rent shall be equal to the Property Lease Rent; and (c) such other terms and conditions as Owner and Propco may agree upon, with both Owner and Propco being obligated to act in a commercially reasonable manner. If, despite the good faith, commercially reasonable efforts of Propco and Owner, the Parties are unable to reach agreement and execute the Sale and Assignment Agreement (with a Property Lease attached thereto as an exhibit, which Property Lease shall be executed upon the consummation of the closing under the Sale and Assignment Agreement) or other applicable documents prior to the expiration of the Discussion Period, then, upon the expiration of the Discussion Period, the terms and conditions in any such documents that remain unresolved shall be established pursuant to arbitration in accordance with the procedures set forth in Section 3 hereof.

Finalization of Call Right Documents. If the Property Package is properly delivered, and agreed in accordance with the above then, subject to paragraph (d) above with respect to the resolution of (if applicable) any disputes under Section 2(d) above have been resolved, if Propco still wishes to exercise the Call Right, Propco shall exercise the Call Right by notice thereof to Owner (the “Election Notice”), and Owner and Propco shall proceed with the consummation of the transactions contemplated by the Call Right and shall cooperate to structure a transaction upon the terms and conditions set forth in this Agreement and consistent with the Property Package. In furtherance of the foregoing, Owner and Propco shall use good faith, commercially reasonable efforts, for a period of ninety [sixty (60)]ninety (90) days following the date on which Propco delivers exercisesdelivers the Election Call RightElection Notice (the “Discussion Period”), to negotiate and enter into (i) a Sale Agreement and conveyance and ancillary documents with respect to the Property and (ii) a Property Lease with respect to the Property Property. and (iii) all other documents that may be necessary for the subject Call Right to be exercised. The Property Lease shall provide for the following: (a) the date the Property Lease Rent becomes payable shall be the date that is concurrent with the acquisition of the Property; (b) from and after such date, rent shall be equal to the Property Lease Rent; and (c) such other terms and conditions as Owner and Propco may agree agree. upon, with both Owner and Propco being obligated to act in a commercially reasonable manner. If, despite the good faith, commercially reasonable efforts of Propco and Owner, the Parties pParties are unable to reach agreement onand execute the terms and execute conditions of the Sale Agreement (with a Property Lease Lease, Sale Agreement attached thereto as an exhibit, which Property Lease shall be executed upon the consummation of the closing under the Sale Agreement) or other applicable documents prior to the expiration of the Discussion Period, then, upon the expiration of the Discussion Period, the terms and conditions in any such documents that remain unresolved shall be established pursuant to arbitration in accordance with the procedures set forth in Section 3 hereof.