Option of Purchase Clause Samples

Option of Purchase. (A) At any time prior to the exercise of its option to terminate this lease with respect to any leased vehicle, Lessee shall have the option to purchase such vehicle for cash or upon terms suitable to Lessor, for an amount computed as follows: The adjusted original value as hereinafter defined on Schedule A, plus all amounts then owed to Lessor with respect to the leased vehicle, less depreciation for the amount set forth in Schedule A. (B) If Lessee exercises its right of termination but does not or cannot exercise its option to purchase, then Lessor has the option within thirty (30) days following the date of termination to sell, publicly or privately, any vehicle so terminated. After sale of such vehicle by Lessor, the difference, if any between the sale price (after deducting all costs and expenses of sales and adding any insurance proceeds received by Lessor) and Lessee's purchase price as computed in accordance with the provisions of paragraph (A) of this Article, shall be paid to Lessor by Lessee upon demand. In the event Lessor elects not to sell vehicles which have been terminated by Lessee, then Lessee shall not owe any amounts to Lessor under this Section (B).
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Option of Purchase. If the TENANT wishes to purchase the Premises (by way of long Leasehold in the form of Lease annexed hereto which is the standard formal Lease offered by the company and if he gives to the LANDLORD notice of his intentions so to do during the tenth month of this Agreement and if the TENANT has paid the periodic rent to date and has not been in breach of any of the terms of this Agreement he will be given the option to purchase the Premises together with the LANDLORD’s fixtures, fittings, carpets and appliances at a market price to be agreed by the parties. The rent payable hereunder shall be paid by the TENANT up to the date of completion of the purchase and if applicable same shall be apportioned on closing.
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Option of Purchase. Provided Tenant shall not be in default under any of the agreements and conditions in this Lease at the end of the Term, Tenant shall have an option to purchase the Property at fair market value (“FMV”), as agreed upon by Landlord and Tenant. If Tenant elects to exercise its option to purchase the Property, not less than one (1) year before the end of the Term (including any extensions), Tenant shall notify Landlord that it wishes to exercise the option to purchase the Property and its opinion of the FMV of the Property. If Landlord shall object to Tenant’s FMV of the Property, Landlord shall give Tenant written notice of such objection within thirty (30) days of its receipt of such notice from Tenant, setting forth in such notice an appraiser knowledgeable in the market for commercial space in office building in the Greater Providence area acceptable to Landlord. Tenant shall within thirty (30) days of its receipt of such notice from Landlord designate an appraiser similarly qualified; and the two appraisers so designated shall designate a third appraiser. Each appraiser shall determine a current FMV for the Property and report such determination to both Landlord and Tenant. The FMV for the Property shall be either (a) the amount designated in such notice from Tenant to Landlord (if Landlord shall not give notice of its objection thereto as aforesaid) or (b) the average of the two of the three appraisals which shall be closest in amount to the median of the three appraisals. Each party shall pay the expenses of the appraiser designated by it and one-half of the expenses of the third appraiser.
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Related to Option of Purchase

  • Terms of Purchase The closing of the transactions contemplated by Section 10.6 (the "Purchase Closing") shall occur (a) on the Termination Date if this Agreement expires pursuant to the terms of Sections 10.1 and 10.2, or (b) on a date mutually acceptable to the parties hereto that shall be within 180 days after receipt of a Termination Notice. The parties shall enter into an asset purchase agreement containing representations, warranties and conditions customary to a transaction of this size involving the purchase and sale of similar businesses. Subject to the conditions set forth below, at the Purchase Closing, Administrator and/or its Affiliates, as the case may be, shall transfer and assign the Purchase Assets to the Group, and in consideration therefor, the Group shall (a) pay to Administrator, Parent and/or their Affiliates an amount in cash or, at the option of the Group (subject to the conditions set forth below), Parent Common Stock (valued pursuant to Section 10.6(c) hereof), or some combination of cash and Parent Common Stock equal to the Purchase Price and (b) assume the Practice Related Liabilities. The structure of the transaction set forth in this Section 10.7 shall, if possible, be structured as a tax-free transaction under applicable law. Each party shall execute such documents or instruments as are reasonably necessary, in the opinion of each party and its counsel, to effect the foregoing transaction. The Group shall, and shall use its best efforts to cause each shareholder of the Group to, execute such documents or instruments as may be necessary to cause the Group to assume the Practice Related Liabilities and to release Administrator, Parent and/or their Affiliates, as the case may be, from any liability or obligation with respect thereto. In the event the Group desires to pay all or a portion of the Purchase Price in shares of Parent Common Stock, such transaction shall be subject to the satisfaction of each of the following conditions: 43 49 (a) The holders of such shares of Parent Common Stock shall transfer to Administrator, Parent and/or their Affiliates good, valid and marketable title to the shares of Parent Common Stock, free and clear of all adverse claims, security interests, liens, claims, proxies, options, stockholders' agreements and encumbrances (not including any applicable securities restrictions and lock-up arrangements with the Parent or any underwriter); and

  • Taxation of Purchases All State purchases must be invoiced tax free. An exemption certificate will be furnished upon request with respect to otherwise taxable items.

  • Exercise of Purchase Option The Purchase Option shall be exercised by written notice to the Management Investor (or his or her heirs, executors, administrators, transferees, successors or assigns, as the case may be) executed by the Company or the Designated Purchaser, as the case may be, given at any time not later than the Option Termination Date. Such notice shall set forth the number and type of Management Securities desired to be purchased and shall set forth a time and place of closing which shall be no earlier than 10 days and no later than 60 days after the date such notice is sent. At such closing, the seller shall deliver, or cause to be delivered, the certificates evidencing the number of Management Securities to be purchased by the Company and/or its Designated Purchaser, accompanied by stock powers duly endorsed in blank or duly executed instruments of transfer, and any other documents that are necessary to transfer to the Company and/or its Designated Purchaser, as the case may be, good title to such of the Management Securities to be transferred, free and clear of all pledges, security interests, liens, charges, encumbrances, equities, claims and options of whatever nature, other than those imposed under this Agreement, and concurrently with such delivery, the Company and/or its Designated Purchaser, as the case may be, shall deliver to the seller the full amount of the Option Purchase Price (or the portion thereof to be paid by such party) for such Management Securities in cash by certified or bank cashier’s check.

  • Nature of Purchase Such Purchaser is not acquiring the Notes purchased by it hereunder with a view to or for sale in connection with any distribution thereof within the meaning of the Securities Act, provided that the disposition of such Purchaser's property shall at all times be and remain within its control.

  • MECHANICS OF PURCHASE OF SHARES BY INVESTOR Subject to the satisfaction of the conditions set forth in Sections 2(E), 7 and 8, the closing of the purchase by the Investor of Shares (a "Closing") shall occur on the date which is no later than seven (7) Trading Days following the applicable Put Notice Date (each a "Closing Date"). Prior to each Closing Date, (I) the Company shall deliver to the Investor pursuant to this Agreement, certificates representing the Shares to be issued to the Investor on such date and registered in the name of the Investor; and (II) the Investor shall deliver to the Company the Purchase Price to be paid for such Shares, determined as set forth in Section 2(B). In lieu of delivering physical certificates representing the Securities and provided that the Company's transfer agent then is participating in The Depository Trust Company ("DTC") Fast Automated Securities Transfer ("FAST") program, upon request of the Investor, the Company shall use all commercially reasonable efforts to cause its transfer agent to electronically transmit the Securities by crediting the account of the Investor's prime broker (as specified by the Investor within a reasonably in advance of the Investor's notice) with DTC through its Deposit Withdrawal Agent Commission ("DWAC") system. The Company understands that a delay in the issuance of Securities beyond the Closing Date could result in economic damage to the Investor. After the Effective Date, as compensation to the Investor for such loss, the Company agrees to make late payments to the Investor for late issuance of Securities (delivery of Securities after the applicable Closing Date) in accordance with the following schedule (where "No. of Days Late" is defined as the number of trading days beyond the Closing Date, with the Amounts being cumulative.): LATE PAYMENT FOR EACH NO. OF DAYS LATE $10,000 WORTH OF COMMON STOCK 1 $100 2 $200 3 $300 4 $400 5 $500 6 $600 7 $700 8 $800 9 $900 10 $1,000 Over 10 $1,000 + $200 for each Business Day late beyond 10 days The Company shall make any payments incurred under this Section in immediately available funds upon demand by the Investor. Nothing herein shall limit the Investor's right to pursue actual damages for the Company's failure to issue and deliver the Securities to the Investor, except that such late payments shall offset any such actual damages incurred by the Investor, and any Open Market Adjustment Amount, as set forth below.