TENANT'S OPTION TO PURCHASE. Provided Tenant is not in default beyond all notice and applicable cure periods hereunder, Tenant shall have the right to purchase the Premises at any time during the Term, including any Extension Term, of this Lease upon giving notice in writing to Landlord (the “Purchase Notice”) at least ninety (90) days prior to the expiration of the initial Term or any Extension Term hereof of Tenant’s intention to purchase the Premises. If Tenant exercises this Option to Purchase, then Tenant shall purchase and Landlord shall sell the Premises upon the terms and conditions set forth on the Terms for Sale and Purchase attached hereto as Exhibit “G” (the “Purchase Terms”). Upon the closing of title pursuant to the above-mentioned Purchase Terms, this Lease shall terminate and end. The purchase price for the Premises (“Purchase Price”) shall be determined by agreement of the Landlord and Tenant, or, if the Landlord and Tenant fail to reach an agreement within fifteen (15) days of the Tenant’s Purchase Notice, then by the procedure set forth on the Purchase Terms. The option to purchase shall expire without notice upon the termination of this Lease unless the option was exercised prior to such termination, provided that this option to purchase shall continue after any amendment, continuation or reinstatement of this Lease.
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TENANT'S OPTION TO PURCHASE. So long as no Event of Default has occurred and is continuing under the terms of this Lease and the Secondary Leases, at the expiration of this Lease, Tenant shall have the option, to be exercised by written notice to Landlord at least sixty (60) days prior to the expiration of this Lease, to purchase Landlord's interest in the Leased Property at a purchase price equal to the greater of (i) the Fair Market Value of the Leased Property, or (ii) purchase price paid by Landlord to Tenant pursuant to the Purchase Agreement, plus Landlord's interest in any Capital Additions funded by the Landlord, as increased by an amount equal to the greater of (A) two and one-half percent (2.5%) per annum from the date hereof, or (B) the rate of increase in the Consumer Price Index on each Adjustment Date. Notwithstanding anything contained herein to the contrary, in no event shall the purchase price be less than the Fair Market Value of the Leased Property. Unless expressly otherwise provided in this Section 17.1, in the event Tenant exercises such option to purchase Landlord's interest in the Leased Property, (i) the terms set forth in Section 17.2 shall apply, and (ii) the sale/purchase must be closed within ninety (90) days after the date of the written notice from Tenant to Landlord of Tenant's intent to purchase. If Tenant does not exercise Tenant's option to purchase as specified herein, Landlord shall be free after the expiration of said sixty (60) day period to sell Landlord's interest in the Leased Property to any party on any terms as it deems acceptable in its sole discretion.
TENANT'S OPTION TO PURCHASE. (a) Landlord, in consideration of the rent to be paid and the covenants and agreements set forth herein to be kept and performed by Tenant, and for other good and valuable consideration, the receipt of which is hereby acknowledged, does hereby grant to Tenant the exclusive right and option (the “Option”) to purchase from Landlord, subject to the terms and conditions set forth herein, all or any portion of the Leased Premises on a Site-by-Site basis.
TENANT'S OPTION TO PURCHASE. If Tenant exercises its option under the 3333 Lease to purchase the premises under such lease on the Closing Date defined below, then Tenant shall have the option to purchase the Premises on September 1, 2001 or September 1, 2006 (the applicable date chosen by Tenant herein called the "Closing Date") on the terms and conditions set forth in the Purchase Contract attached hereto as Rider E ("Purchase Contract"). Tenant shall exercise such option by delivery of written notice to Landlord on or before February 1 preceding the Closing Date exercising such option and four copies of the Purchase Contract, with the Closing Date and Purchase Price filled in, executed by Tenant. Time is of the essence in the exercise of the option to purchase set forth in this Section S.4. If Tenant exercises the option as set forth in this Section, Landlord shall execute the Purchase Contract and deliver two executed copies thereof to Tenant. The Premises shall be purchased on the terms and conditions set forth in the Purchase Contract.
TENANT'S OPTION TO PURCHASE. For and in consideration of the Lease and provided that Tenant is not in default in the performance of this Lease, Landlord grants to Tenant a right and option in Tenant’s sole discretion to purchase, at any time during the initial five (5) year Term of this Lease, the Premises for use as an open enrollment charter school. In the event Tenant elects to purchase the Premises, Tenant shall give written notice to Landlord of such election to purchase at least sixty (60) days prior to the proposed date of such purchase. Closing shall occur on the date proposed in the notice which shall be on or before the last day of this Lease. The purchase price for the Premises shall be a sum equal to Landlord’s costs of making the Premises available for Tenant’s use including but not limited to, the costs of acquiring the Premises, the costs of designing, remodeling, and constructing all improvements thereto funded by Landlord, and the amount of any FFE funds of Landlord utilized by Tenant as provided in Section 3.05, less the total amount of rental paid by Tenant to Landlord hereunder (“Purchase Price”). Within fifteen (15) days after exercise of this option, Landlord shall deliver at its expense, a commitment for an owner’s policy of title insurance which will assure to Tenant that at Closing, the title company will issue to Tenant a policy of title insurance, insuring good and indefeasible title in fee simple absolute in Tenant with no exceptions, except standard exceptions and those, if any, approved by Tenant or which do not materially affect the title, marketability or value of the Premises. The purchase of the Premises shall be conditioned on Tenant assuring itself as to the suitability of title. All transfer taxes, closing costs, etc. shall be paid by that party that customarily pays such cost in Oklahoma County, Oklahoma. Conveyance shall be by special warranty deed which may contain provisions that restrict the use of the Premises to an open enrollment charter school. Notwithstanding any amount of the rent payments being taken into account in the calculation of the Purchase Price under Section 17.02 of this Lease, the parties agree and acknowledge that by making such rental payments Tenant is acquiring no equity interest in the Premises and that such payments constitute a fair rental value of the Premises taking into account all facts and circumstances (which the parties acknowledge will also be a below fair market value rental rate).
TENANT'S OPTION TO PURCHASE. Tenant shall have the right to purchase the Premises at the end of each five-year rental period herein by providing Landlord with not less that 180 days' advance written notice of an intent to exercise this purchase option. The purchase price for the Premises shall be determined by appraisal in the following manner: Not later than 10 days after the 180-day notice is delivered to Landlord, both parties shall select an MAI appraiser to appraise the Premises. Each appraiser shall be instructed to assume that the minimum value of the Premises shall be not less than an amount based upon the rental rate then specified by Paragraph 3 of this Lease and assuming further that the Lease term shall expire five years after the closing of the option to Purchase. If the two appraisals vary by 10 percent or less, the purchase price shall be the average of the two appraisals. If the two appraisals vary by more than 10 percent, then the two MAI appraisers shall select a third MAI appraiser who shall then select between the two appraisals as to which appraisal better establishes the fair market value and the appraisal so selected shall constitute the purchase price for the Premises. The appraisal costs shall be borne equally by the parties."
TENANT'S OPTION TO PURCHASE. The parties acknowledge that Tenant has --------------------------- the option to purchase the Property pursuant to Section 32 of the Lease. As an inducement to Purchaser to enter into this Agreement, Seller agrees to escrow with Escrow agent from its proceeds at Closing the sum of $200,000.00 and any interest thereon to be released to Purchaser in the event Tenant exercises its rights pursuant to the Lease and to be released to Seller if Tenant does not exercise its rights.
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TENANT'S OPTION TO PURCHASE. In the event the tenant is given an option to purchase the Real Property and improvements which are subject to a lease, the purchase price will be the greater of the fair market value thereof, or not less than 115% of the lease Rent Cost Basis, except that with respect to Franchise Leases representing not more than 20% of the Aggregate Eligible Loan Value and approved by the Deal Agent, such requirement shall not apply.
TENANT'S OPTION TO PURCHASE. (a) Subject to the provisions of Article ')6 below, provided Tenant is not then in default under any of the terms, covenants and conditions of this Lease, at any time during the term of this lease after the fourth anniversary of the Commencement Date, Tenant shall have the option to purchase the Property, by giving Landlord written notice (the "Purchase Notice") of its election to purchase the Property not earlier than four (4) years after the Commencement Date, nor later than nine (9) months prior to the expiration of the Initial Term; it being agreed that time is of the essence, for a purchase price as determined in accordance with subsection (b) below.
TENANT'S OPTION TO PURCHASE. (a) OPTION TO PURCHASE: Landlord grants to Tenant the option to purchase the Premises at the time, for the consideration, and upon the terms and conditions set forth below.
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