Purchase Option on Land Necessary for Substations, or operations and maintenance building Clause Samples

Purchase Option on Land Necessary for Substations, or operations and maintenance building. Owner hereby expressly agrees and acknowledges that Tenant shall have the right and option to, upon thirty (30) day prior written notice to Owner, purchase up to twenty- five (25) acres of the Property for the purpose of a Substation, Switchyard, and/or Operations and Maintenance Building, for a purchase price at or above Fair Market Value per acre pursuant to such terms and conditions that shall be reasonably agreed upon by the Parties. The term “Substation,” as used in this Section 3.5, means an electrical substation building containing equipment used for purposes of adjusting the voltage of electricity received from the collection lines of the Generating Units immediately before such electricity is fed into the transmission lines of the Project or existing Transmission Facilities. Tenant shall consult with Owner as to the location of any substation or operations and maintenance building and agrees to use commercially reasonable efforts to accommodate Owner’s preferences. Tenant shall also site such locations as close to existing roadways as commercially feasible. Owner and Tenant agree to use their best efforts to locate and configure any “substation” site to avoid the necessity to “subdivide” Owner’s property by first endeavoring to utilize statutory Plat Act exceptions (765 ILCS 205/1, et seq.), even if the resulting parcel results in a tract greater than 5 acres. If unable to avoid subdivision, the Parties agree to attempt to subdivide and plat just the parcel to be conveyed (a one-lot subdivision). If a two-lot subdivision is required (one lot for the substation site and one lot for the remainder), the Parties agree to seek waivers of any and all exactions related to the remainder. All costs of platting and/or subdivision are to be borne by Tenant. Tenant may, at any time, unilaterally elect to abandon any effort to obtain subdivision approval.