Option to Purchase Premises. (a) Tenant shall be entitled to elect, and Landlord hereby grants Tenant the option, to purchase the entirety of the Premises, to be exercised at any time during the term of this Lease on not less than sixty (60) days and not more than twenty-four (24) months' prior written notice to Landlord, at a price equal to the Fair Option Value (defined below) determined as of the date of exercise of the option. Tenant's notice of exercise of the option shall be deemed and shall constitute an irrevocable acceptance by Tenant of Landlord's irrevocable offer to sell and convey the Premises to Tenant. (b) If Tenant shall exercise its option to purchase the Premises, the closing on such option and the conveyance by Landlord to Tenant of the Premises (the "Closing") shall take place on such date designated by Tenant in its notice of exercise but no later than two (2) years after the date of exercise of the option. In the event Closing shall be scheduled to occur after expiration of the Term, the Term shall be automatically renewed on a month-to-month basis until Closing occurs, on the same terms and conditions as are then in effect, including the scheduled adjustment of Base Rent under Section 4.1. On the date of Closing, Landlord shall convey the Premises to Tenant or its designee in the amount of the Fair Option Value determined as of the date of exercise of the option. Landlord shall convey to Tenant by quit claim deed, all right title and interest, if any, of Landlord in and to the Improvements, and shall further convey to Tenant the Premises by special warranty deed , covenanting and warranting against claims of Landlord or those claiming by, through or under Landlord, and transferring marketable fee simple absolute title to the Premises, subject only to this Lease, to all state of facts an accurate survey would show, to taxes and assessments, to zoning regulations and public rights of way, the Permitted Encumbrances and to other encumbrances placed of record with the consent of Tenant; provided however, Landlord shall have no duty to discharge any lien or encumbrance created by, through or under Tenant, but Landlord shall cause any and all mortgage or deed of trust liens affecting Landlord's fee ownership of the Premises to be paid and discharged at Closing. Landlord shall also execute and furnish Tenant with a standard "owner's affidavit" so as to enable Tenant to obtain an owner's policy of title insurance at Closing, without exception, as to Landlord's acts only...
Option to Purchase Premises. (a) In Section 19.1(a), Purchase Option , the two (2) sentences beginning with "The purchase price ("Purchase Price") . . ." on line 8 of Section 19.1(a) and ending with ". . . this Purchase Option" on line 26 of Section 19.1(a) are hereby deleted in their entirety and the following inserted in their place: The purchase price ("Purchase Price") for the portion of the Premises which Tenant elects to purchase shall be (i) the then-existing Funded Amount applicable to the portion of the Premises which Tenant elects to purchase (determined in a pro rata basis on the basis of the area being purchased), as the same may be reduced from time to time, plus (ii) the amount of any prepayment premium and all other fees, costs, and expenses due to any holder of an Authorized Loan in connection with such loan (to the extent not already paid pursuant to Section 21.21 hereof). Tenant shall be entitled to a credit against the Purchase Price in an amount equal to the sum of (i) the principal balance(s) of any Authorized Loan and/or Fee Mortgage existing immediately prior to the closing under this Purchase Option if such Authorized Loan and/or Fee Mortgage are not fully repaid and all documents reflecting the same are not cancelled and removed from the public records on or prior to the closing under this Purchase Option, plus (ii) the amount of the Security Deposit (or, in the event of a purchase of a portion of the Premises, a pro rata portion of the Security Deposit), and, upon closing under this Purchase Option, Landlord shall be released from Landlord's obligation to return the Security Deposit set forth in Section 5.5 hereof.
Option to Purchase Premises. 35 19.2 Mandatory Purchase/Sale of Premises . . . . . . . . . . . . . 37 19.3 Survival . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Option to Purchase Premises. (a) Tenant shall be entitled to elect, and Landlord hereby grants Tenant the option, to purchase the entirety of the Premises, to be exercised at any time during the term of this Lease on not less than sixty (60) days and not more than twenty-four (24) months' prior written notice to Landlord, at a price equal to the Fair Option Value (defined below) determined as of the date of exercise of the option. Tenant's notice of exercise of the option shall be deemed and shall constitute an irrevocable acceptance by Tenant of Landlord's irrevocable offer to sell and convey the Premises to Tenant.
Option to Purchase Premises. Lessee shall have the option to purchase the Premises from Lessor for a purchase price equal the fair market value of the Premises plus a twenty percent (20%) premium (the “Purchase Option”). The Purchase Option shall commence on June 15, 2021 and expire on the date two (2) years thereafter, at which time it will become null and void. Lessee must exercise its Purchase Option by providing Lessor written notice. Lessor and Lessee shall enter into a standard CAR or AIRCRE purchase agreement within ten (10) days from the date of Lessee’s notice to Lessor, with closing to occur in no more than fifteen (15) days from the date the purchase agreement is executed by the parties. The Premises will be sold “as is” and transferred by special warranty deed. All transaction fees shall be split evenly between Lessor and Lessee and all other expenses of the Premises shall be pro-rated at closing. The “fair market value” for the Premises shall be determined by a qualified appraiser (“Appraiser”) mutually agreed upon by the parties. If the parties are unable to agree upon a single Appraiser, then each party may appoint a single neutral Appraiser. In the event more than one Appraiser is engaged to determine the fair market value, the determinations from all Appraisers shall be averaged and such average shall be considered the fair market value. The decision of the Appraiser(s) shall be final and binding upon the parties. All expenses of appraisal, including legal fees and costs of any proceedings, shall be borne equally by the parties.
Option to Purchase Premises. 21 24. Option to Purchase Adjoining Site . . . . . . . . . . . . . . . . .22 25.
Option to Purchase Premises. Subsequent to the Commencement Date and at any time prior to expiration of the fifth Lease Year, if this Lease shall then be in full force and effect and Tenant shall not then be in default hereunder beyond any applicable cure period, Tenant shall have the option to purchase the Premises, subject to the terms of all easements, covenants, conditions and restrictions of record (collectively, the "Permitted Exceptions"), for a sum (the "Purchase Price") equal to One Hundred Twelve Percent (112%) of Project Cost. In order to exercise the said option to purchase, Tenant shall give Landlord written notice thereof (the "Notice of Exercise") not less than nine (9) months prior to the expiration of the fifth Lease Year. If Tenant fails to timely exercise said option to purchase during the said exercise period then Tenant shall be deemed to have waived said option to purchase. If said option to purchase is timely exercised, the following provisions shall become applicable:
Option to Purchase Premises. (a) Tenant shall have the right and option to purchase the Premises at any time during the Term of this Lease upon not less than ninety (90) days prior written notice to Landlord (an "Exercise Notice"). The failure of Tenant to exercise its right and option to purchase the Premises on one or more occasions shall not affect Tenant's right to exercise such right and option with respect to the Premises on any subsequent occasions.
Option to Purchase Premises. 64 B. Process......................................................... 65 C.
Option to Purchase Premises. Landlord shall use reasonable --------------------------- efforts to subdivide the Project so that the Building becomes situated on its own legal parcel (the "Broadway Parcel") separate and apart from any areas of --------------- the Project. If Landlord so creates the Broadway Parcel in a configuration acceptable to Landlord, then at any time prior to December 1, 1997, Tenant shall have the option to elect to acquire, on an all cash basis, in the manner set forth in Paragraph 40.B, fee title to the Broadway Parcel, together with the -------------- improvements situated thereon, including Landlord's interest in the Lease, for a purchase price of Twenty Million Three Hundred Twelve Thousand Dollars ($20,312,000.00). In order to elect to exercise its option to acquire the Broadway Parcel, Tenant shall deliver to Landlord, on or before December 1, 1997, a written notice setting forth Tenant's exercise of such option (the "Broadway Option Notice"). The Broadway Option Notice shall not be effective ----------------------- unless the Broadway Option Notice includes the following: (i) immediately available funds in an amount equal to One Million Fifteen Thousand Six Hundred Dollars ($1,015,600.00) (the "Deposit"), and (ii) an original of the liquidated damage provision set forth in Exhibit H attached to this Lease, executed by --------- Tenant. The Deposit shall be held by the Title Company, defined in Exhibit H, --------- in an interest bearing account and shall constitute liquidated damages, and shall be paid to Landlord in the event Tenant fails to consummate the purchase of the Broadway Parcel in accordance with the terms of this Paragraph 40, other ------------ than as a direct result of Landlord's failure to perform its obligations under this Paragraph 40 or Exhibit H. Escrow for the sale of the ------------ ---------
