Sale of Development Property Prior to Stabilization Sample Clauses

Sale of Development Property Prior to Stabilization. (a) Prior to selling any interest in a Development Property before Stabilization, Mxxxxxx shall send a written notice to MOT of its intention to sell the Development Property (the "Pre-Stabilization Notice"). Such notice shall contain: (i) the ownership interest in the Development Property proposed to be sold by Mxxxxxx (the "DP Offered Interest"), (ii) a copy of an appraisal from a Qualified Appraiser setting forth the appraised value of the Development Property and the interest in such Development Property proposed to be sold, (iii) a calculation of the price at which MOT shall be entitled to purchase the DP Offered Interest, which shall be equal to the appraised value of the DP Offered Interest, after giving effect to a discount of 7.25% of the first 50% of the Development Property proposed to be sold (the "MOT DP Purchase Price"), and (iv) a copy of (or access to) the diligence materials proposed to be made available in the sale process (provided that Mxxxxxx shall, as promptly as practicable, provide MOT with additional customary diligence materials reasonably requested by MOT). On or prior to 15 Business Days following the date of receipt of the Pre-Stabilization Notice, MOT shall reply by written notice to Mxxxxxx whether or not MOT has an interest in the acquisition of the DP Offered Interest. If MOT does not affirmatively indicate that it has an interest in acquiring the DP Offered Interest prior to the end of such 15-Business-Day period, then Mxxxxxx shall be free to sell the DP Offered Interest to any other party without any further obligation to offer the DP Offered Interest to MOT, provided that if Mxxxxxx proposes to sell the DP Offered Interest for less than the MOT DP Purchase Price, it shall first give MOT 5 Business Days prior written notice of such proposed lower price and the material terms of such proposed sale, and MOT shall have the right, exerciseable during such 5-Business-Day period, to agree to purchase the DP Offered Interest at such price and on such terms.
Sample 1
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