Tenant’s Purchase Option. Tenant shall have the option to purchase the Premises from Landlord. If the option is exercised on or after the 1st anniversary of the Commencement Date, the purchase price shall be equal to $405,039.00; if exercised on or after the 2nd anniversary of the Commencement Date, the purchase price shall be equal to $358,913.00; if exercised on or after the 3rd anniversary of the Commencement Date, the purchase price shall be equal to $309,905.00; if exercised on or after the 4th anniversary of the Commencement Date, the purchase price shall be equal to $256,573.00; if exercised on or after the 5th anniversary of the Commencement Date, the purchase price shall be equal to $200,357.00; and if exercised on the 6th anniversary of the Commencement Date, the purchase price shall be equal to $138,376.00. Tenant may exercise its option to purchase the Premises only by delivering to Landlord a written notice of its intention to exercise the option ("Tenant Exercise Notice") at least 60 days prior to the closing date desired by Tenant. The Tenant Exercise Notice must be accompanied by an updated Title Report and Survey, together with written notice of any title objection disclosed thereby or otherwise known to Tenant and which Tenant believes it is not required to take title "subject to." If Tenant exercises its option hereunder, Landlord shall deliver insurable title, subject only to the exceptions as set forth in the Survey and Title Report, not including any exceptions which Landlord agrees to discharge as set forth in section 2.2 hereof. Landlord shall take no action after the date hereof which would create any encumbrance or title question. Notwithstanding Tenant's exercise of its option hereunder, this lease shall remain in full force and effect until the closing of title. Tenant may not exercise this option if, either at the time of the Tenant Exercise Notice or at the time of closing of title, there exists any Event of Default or any event which would become an Event of Default after the giving of notice and/or the lapse of time. The closing of title shall terminate this lease and the date thereof shall be deemed the Termination Date. TIME IS OF THE ESSENCE WITH RESPECT TO THE GIVING OF THE TENANT EXERCISE NOTICE HEREUNDER STRICTLY IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 9.6. If this lease shall terminate for any reason prior to Tenant's exercise of its option to purchase hereunder, the Tenant's option shall also terminate.
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Samples: Exhibit 2 Lease Agreement (Rti Inc)
Tenant’s Purchase Option. At anytime during the first six (6) months of last Lease Year of the Initial Term Tenant shall have the option to purchase of purchasing the Premises from Landlord. If the option is exercised on or after the 1st anniversary of the Commencement Date, the purchase price shall be equal to ’s Property for $405,039.00; if exercised on or after the 2nd anniversary of the Commencement Date, the purchase price shall be equal to $358,913.00; if exercised on or after the 3rd anniversary of the Commencement Date, the purchase price shall be equal to $309,905.00; if exercised on or after the 4th anniversary of the Commencement Date, the purchase price shall be equal to $256,573.00; if exercised on or after the 5th anniversary of the Commencement Date, the purchase price shall be equal to $200,357.00; and if exercised on the 6th anniversary of the Commencement Date, the purchase price shall be equal to $138,376.00. Tenant may exercise its option to purchase the Premises only 4,457,750.00 by delivering to providing Landlord a with written notice of its intention to exercise the option ("Tenant Exercise Notice") do so setting forth a closing date which is at least 60 days six (6) months prior to the closing expiration of the Initial Term and not less than fifteen (15) days after the date desired by Tenantthat such notice is sent. The Tenant Exercise Notice must In connection with the foregoing, Landlord agrees that other than for any mortgages that Landlord may encumber the property with during the Initial Term (which mortgages Landlord agrees it shall be accompanied by an updated Title Report responsible for paying off and Survey, together with written notice of any title objection disclosed thereby or otherwise known to Tenant and which Tenant believes it is not required to take title "subject to." If discharging in the event Tenant exercises its option hereunderrights under this Section 13.16) of the Lease, Landlord shall not encumber, restrict or alienate all or any portion of the Landlord’s Property without the consent of the Tenant, which consent shall not be unreasonably withheld, conditioned or delayed. Landlord and Tenant agree (i) that all closing costs, including documentary stamps, recording charges and transfer taxes, shall be allocated in accordance with customary practice in the State of Rhode Island for similar transactions and (ii) to deliver insurable titlesuch documents, subject only certificates and affidavits as are customarily delivered in the State of Rhode Island for similar transactions. Tenant and Landlord, each by its duly authorized officer, has signed this Lease as of the date first set forth above. TENANT: SUMMER INFANT (USA), INC. By: /s/ Xxxxxx Xxxxxxxx Name: Xxxxxx Xxxxxxxx Title: CFO LANDLORD: FAITH REALTY II, LLC By: /s/ Xxxxx X. Xxxxxx Name: Xxxxx X. Xxxxxx Title: Manager Exhibits: A - Property Description B - Tenant Improvements Plans C - Notice of Lease EXHIBIT A PROPERTY DESCRIPTION [To Be Attached] EXHIBIT A THE PROPERTY That certain tract or parcel of land, with all buildings and improvements thereon, situated on the easterly and southerly side of Park East Drive (extension), in the City of Woonsocket, County of Providence, State of Rhode Island, bounded and described as follows: Beginning at a Rhode Island highway bound oil the southerly sideline of said Park East Drive (Extension), said point being twenty-eight and 00/100 (28.00) feet left and opposite Station 85+ 16.66 on Xxxxx Xxxxxxx Xxxx #0000; Thence S35° 42' 33" W a distance- of one hundred forty and 00/100 (140.00) feet to an angle point; Thence S51° 51' 53" W a distance of one hundred ninety-six and 44/100 (196.44) feet to an angle Thence S40° 21' 03" W a distance of one hundred thirty-three and 48/100 (133.48) feet to an angle point; Thence S36° 12' 39" W a distance of forty-nine and 34/100 (49.34) feet to a corner; Thence N54° 17' 27" W a distance of two hundred thirty-two and 38/100 (232.38) feet to an angle point; Thence S86° 27' 52" W a distance of one hundred seventy and 92/100 (170.92) feet to the exceptions easterly line of Park Fast Drive; Thence northerly bearing easterly along the arc of a curve having a radius of three-hundred twenty-two and 00/100 (322.00) feet, an arc length of three hundred eighty-nine and 13/100 389.13) feet, a chord bearing of N50° 49' 35"E and a chord distance of three hundred sixty-five Xxxx 88/100 (365.88) feet to a Rhode Island highway bound twenty-eight (28.00) feet left and opposite station 89+51.85; Thence N85° 26' 47"E continuing along the southerly sideline of Park East Drive, a distance of three hundred three, and 32/100 (303.32) feet to a Rhode Island highway bound twenty-eight (28.00) feet left and opposite Station 86+48.53; Thence easterly bearing southerly along the arc of a curve having a radius of five hundred seventy-two and 00/100 (572.00) feet, an arc length of one hundred twenty-five and 39/100 (125.39) feet, a chord bearing of S88° 16' 25"E and a chord distance of one hundred twenty-five and 14/100 (125-14) feet to the point and place of beginning. Said parcel is further designated as set forth in Map D7, D8 Lot 59-16 on plan entitled “XXXXXXXXXXXXXX XXXXXXXXXXX XXXX XXX X0, X0 XXX 00-00 SITUATED ON: PARK EAST DRIVE (EXTENSION) WOONSOCKET, RHODE ISLAND SCALE: 1” = 40’ DATE: OCTOBER 2004 REVISED: NOVEMBER, 2004 REVISED: JANUARY, 2005, FEBRUARY, 2005 PREPARED FOR: FAITH REALTY, LLC. 0 XXXXXXXXXX XXXXXX XXXXX XXXXX 000X, XXXXXXX, R.I. 02865 PREPARED BY: XXXXXXXX ENGINEERING, INC. 000 Xxxxxxxxxxx Xxxx Xxxxxxx, Xxxxx XXXXXX 00000 (the Survey and Title Report“Subdivision Plan”), not including any exceptions which Landlord agrees to discharge as set forth in section 2.2 hereofSubdivision Plan, is recorded at Plan Book 22, Page 59 of Woonsocket Land Evidence Records. Landlord shall take no action after the date hereof which would create any encumbrance or title question. Notwithstanding Tenant's exercise of its option hereunder, this lease shall remain in full force and effect until the closing of title. Tenant may not exercise this option if, either at the time EXHIBIT B TENANT IMPROVEMENT PLANS [To Be Attached] NONE /s/ JD /s/ JM EXHIBIT C NOTICE OF LEASE [To Be Attached] NOTICE OF LEASE Notice is hereby given of the Tenant Exercise Notice following described lease: Landlord: Faith Realty II, LLC, a Rhode Island limited liability company Tenant: Summer Infant (USA), Inc., a Rhode Island corporation Date of Execution: March , 2009 Description of Leased Premises: The land with the building and any other improvements now or at the time of closing of titlehereafter thereon, there exists any Event of Default or any event commonly known as 1275 Park East Drive, Woonsocket, Rhode Island, which would become an Event of Default after the giving of notice and/or the lapse of time. The closing of title shall terminate this lease and the date thereof shall be deemed the Termination Date. TIME IS OF THE ESSENCE WITH RESPECT TO THE GIVING OF THE TENANT EXERCISE NOTICE HEREUNDER STRICTLY IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 9.6. If this lease shall terminate for any reason prior to Tenant's exercise of its option to purchase hereunder, the Tenant's option shall also terminate.is more particularly described on Exhibit A. Term: 7 years
Appears in 1 contract
Samples: Lease (Summer Infant, Inc.)
Tenant’s Purchase Option. At anytime during the first six (6) months of last Lease Year of the Initial Term Tenant shall have the option to purchase of purchasing the Premises from Landlord. If the option is exercised on or after the 1st anniversary of the Commencement Date, the purchase price shall be equal to ’s Property for $405,039.00; if exercised on or after the 2nd anniversary of the Commencement Date, the purchase price shall be equal to $358,913.00; if exercised on or after the 3rd anniversary of the Commencement Date, the purchase price shall be equal to $309,905.00; if exercised on or after the 4th anniversary of the Commencement Date, the purchase price shall be equal to $256,573.00; if exercised on or after the 5th anniversary of the Commencement Date, the purchase price shall be equal to $200,357.00; and if exercised on the 6th anniversary of the Commencement Date, the purchase price shall be equal to $138,376.00. Tenant may exercise its option to purchase the Premises only 4,457,750.00 by delivering to providing Landlord a with written notice of its intention to exercise the option ("Tenant Exercise Notice") do so setting forth a closing date which is at least 60 days six (6) months prior to the closing expiration of the Initial Term and not less than fifteen (15) days after the date desired by Tenantthat such notice is sent. The Tenant Exercise Notice must In connection with the foregoing, Landlord agrees that other than for any mortgages that Landlord may encumber the property with during the Initial Term (which mortgages Landlord agrees it shall be accompanied by an updated Title Report responsible for paying off and Survey, together with written notice of any title objection disclosed thereby or otherwise known to Tenant and which Tenant believes it is not required to take title "subject to." If discharging in the event Tenant exercises its option hereunderrights under this Section 13.16) of the Lease, Landlord shall not encumber, restrict or alienate all or any portion of the Landlord’s Property without the consent of the Tenant, which consent shall not be unreasonably withheld, conditioned or delayed. Landlord and Tenant agree (i) that all closing costs, including documentary stamps, recording charges and transfer taxes, shall be allocated in accordance with customary practice in the State of Rhode Island for similar transactions and (ii) to deliver insurable titlesuch documents, subject only to certificates and affidavits as are customarily delivered in the exceptions State of Rhode Island for similar transactions. Tenant and Landlord, each by its duly authorized officer, has signed this Lease as of the date first set forth in the Survey and Title Reportabove. TENANT: SUMMER INFANT (USA), not including any exceptions which Landlord agrees to discharge as set forth in section 2.2 hereofINC. Landlord shall take no action after the date hereof which would create any encumbrance or title question. Notwithstanding Tenant's exercise of its option hereunderBy: Name: Xxxxxx Xxxxxxxx Title: CFO LANDLORD: FAITH REALTY II, this lease shall remain in full force and effect until the closing of title. Tenant may not exercise this option if, either at the time of the Tenant Exercise Notice or at the time of closing of title, there exists any Event of Default or any event which would become an Event of Default after the giving of notice and/or the lapse of time. The closing of title shall terminate this lease and the date thereof shall be deemed the Termination Date. TIME IS OF THE ESSENCE WITH RESPECT TO THE GIVING OF THE TENANT EXERCISE NOTICE HEREUNDER STRICTLY IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 9.6. If this lease shall terminate for any reason prior to Tenant's exercise of its option to purchase hereunder, the Tenant's option shall also terminate.LLC By: Name: Xxxxx X. Xxxxxx Title: Manager Exhibits:
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Tenant’s Purchase Option. Tenant shall have the option to purchase the Premises from Landlord. If the option is exercised on or after the 1st anniversary of the Commencement Date, the purchase price shall be equal to $405,039.00; if exercised on or after the 2nd anniversary of the Commencement Date, the purchase price shall be equal to $358,913.00; if exercised on or after the 3rd anniversary of the Commencement Date, the purchase price shall be equal to $309,905.00; if exercised on or after the 4th anniversary of the Commencement Date, the purchase price shall be equal to $256,573.00256573.00; if exercised on or after the 5th anniversary of the Commencement Date, the purchase price shall be equal to $200,357.00; and if exercised on the 6th anniversary of the Commencement Date, the purchase price shall be equal to $138,376.00. Tenant may exercise its option to purchase the Premises only by delivering to Landlord a written notice of its intention to exercise the option ("Tenant Exercise Notice") at least 60 days prior to the closing date desired by Tenant. The Tenant Exercise Notice must be accompanied by an updated Title Report and Survey, together with written notice of any title objection disclosed thereby or otherwise known to Tenant and which Tenant believes it is not required to take title "subject to." If Tenant exercises its option hereunder, Landlord shall deliver insurable title, subject only to the exceptions as set forth in the Survey and Title Report, not including any exceptions which Landlord agrees to discharge as set forth in section 2.2 hereof. hereof Landlord shall take no action after the date hereof which would create any encumbrance or title question. Notwithstanding Tenant's exercise of its option hereunder, this lease shall remain in full force and effect until the closing of title. Tenant may not exercise this option if, it either at the time of the Tenant Exercise Notice or at the time of closing of title, there exists any Event of Default or any event which would become an Event of Default after the giving of notice and/or the lapse of time. The closing of title shall terminate this lease and the date thereof shall be deemed the Termination Date. TIME IS OF THE ESSENCE WITH RESPECT TO THE GIVING OF THE TENANT EXERCISE NOTICE HEREUNDER STRICTLY IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 9.6. If this lease shall terminate for any reason prior to Tenant's exercise of its option to purchase hereunder, the Tenant's option shall also terminate.
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