Common use of Landlord’s Offer Clause in Contracts

Landlord’s Offer. Landlord’s Offer shall be in writing and shall set forth the terms on which Landlord proposes to Transfer the Fee Estate. Such terms shall: (a) require either payment in cash at closing or deferred payments secured, if at all, only by a standard printed form Fee Mortgage; (b) not involve any other property; (c) not require either purchaser or seller to perform or bear any material post-closing obligations or deliver any guaranties, except that Landlord shall indemnify Tenant for any and all liabilities, whether known or unknown, connected with any violation of Environmental Law or any Hazardous Substance Discharge caused by the Landlord or beginning or occurring prior to the Commencement Date; (d) allow the purchaser to assign its contract; and (e) require conveyance of title subject only to (i) nonmonetary encumbrances recorded against the Fee Estate prior to the Commencement Date and (ii) encumbrances created by, or resulting from the acts or omissions of, or with the express written consent of, Tenant (“Permitted Exceptions”). The Transfer shall otherwise be on the terms of a standard printed form contract of sale used in the State for improved real property and selected by Tenant, modified as necessary in Tenant’s reasonable judgment to reflect the terms of Landlord’s Offer, with a closing 60 to 180 days (as designated by Tenant on 60 days’ Notice to Landlord) after the date Tenant has accepted Landlord’s Offer. Time shall not be of the essence for the closing date.

Landlord’s Offer. LandlordXxxxxxxx’s Offer shall be in writing and shall set forth the terms on which Landlord proposes to Transfer the Fee Estate. Such terms shall: (a) require either payment in cash at closing or deferred payments secured, if at all, only by a standard printed form Fee Mortgage; (b) not involve any other property; (c) not require either purchaser or seller to perform or bear any material post-closing obligations or deliver any guaranties, except that Landlord shall indemnify Tenant for any and all liabilities, whether known or unknown, connected with any violation of Environmental Law or any Hazardous Substance Discharge caused by the Landlord or beginning or occurring prior to the Commencement Date; (d) allow the purchaser to assign its contract; and (e) require conveyance of title subject only to (i) nonmonetary encumbrances recorded against the Fee Estate prior to the Commencement Date and (ii) encumbrances created by, or resulting from the acts or omissions of, or with the express written consent of, Tenant (“Permitted Exceptions”). The Transfer shall otherwise be on the terms of a standard printed form contract of sale used in the State for improved real property and selected by TenantXxxxxx, modified as necessary in Tenant’s reasonable judgment to reflect the terms of Landlord’s Offer, with a closing 60 to 180 days (as designated by Tenant on 60 days’ Notice to Landlord) after the date Tenant has accepted Landlord’s Offer. Time shall not be of the essence for the closing date.