Washington Mutual Campus and San Diego Tech Center Sample Clauses

Washington Mutual Campus and San Diego Tech Center. (a) Upon Stabilization (as defined below) of either of the development properties adjacent to the Mxxxxxx Projects commonly known as the Washington Mutual Campus and San Diego Tech Center (each a “Development Property”), Mxxxxxx will provide MOT with notice of such Stabilization (the “Development Notice”) and offer MOT the opportunity to purchase an interest in the relevant Development Property such that MOT would hold a 50% equity interest in such Development Property. Additionally, Mxxxxxx shall notify MOT at least 15 calendar days following its execution of leases sufficient to occupy 90% of the leasable space of a Development Property. The purchase price to be paid by MOT with respect to a Development Property purchased under Section 3.1 shall be the product of (i) 0.925 and (ii) the Fair Market Value of the Development Property as determined by a Qualified Appraiser (the "Development Appraisal"). In the event the Development Appraisal is disputed by either MOT or Mxxxxxx, the Development Appraisal shall be determined pursuant to the Disputed Appraisal process as set forth in Section 4.2. Such appraisal by a Qualified Appraiser shall be completed within 30 calendar days following the Stabilization of the relevant Development Property (unless such time is extended in connection with the procedures set forth in Section 4.2).. For purposes of this Agreement, the term “Stabilization” with respect to a Development Property means the point at which at least 90% of such Development Property has been leased, the tenants under such leases have taken occupancy and Mxxxxxx is collecting rent with respect to such leases.
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