Option to Purchase the Premises Clause Samples

The "Option to Purchase the Premises" clause grants a party, typically the tenant or lessee, the right to buy the property under specified terms during a defined period. This clause outlines the conditions under which the option can be exercised, such as notice requirements, purchase price, and timeframes, ensuring both parties understand the process. Its core function is to provide the option holder with a future opportunity to acquire the property, offering flexibility and certainty while allowing the property owner to set clear parameters for a potential sale.
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Option to Purchase the Premises. Lessee shall have the right and option to purchase the premises at any time prior to the termination of this Lease for the sum of Three Hundred Eighty Thousand Dollars ($380,000.00); provided that Lessor shall receive written notice of Lessee's intention to exercise its right to purchase at least ninety (90) days prior to the expiration of the Lease Term.
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Option to Purchase the Premises. Provided Tenant is not in default under the terms of this Lease, Tenant shall have the option to purchase the ground leasehold interest and improvements in and to the Premises after the 12th year anniversary of the Full Rent Commencement Date. The option price shall be the greater of (i) Fair Market Value [defined herein] of the Premises when the option is exercised or (ii) an amount equal to the Annual Rent when the option is exercised divided by a capitalization rate of 5.5%. Tenant shall provide ninety (90) days prior written notice to Landlord of its desire to exercise this option. Once exercised, Tenant shall use its reasonable best efforts to close on the property (90) days from the date of the notice but no later than 120 days from the date of the notice. Tenant shall be responsible to pay, in addition to the option price, all of Landlord’s prepayment penalties and fees, swap termination fees, in connection with any existing mortgage loan. Tenant shall pay all transfer taxes due as a result of this Option to Purchase. For purposes herein the Fair Market Value shall be the then fair market value for similar space in buildings in the Capital District (the “Market Area”) (with similar tenant improvements and tenants of similar credit worthiness), which Fair Market Value shall be determined as follows: (a) The Fair Market Value (“Market Value”) shall be proposed by Landlord in good faith within twenty (20) days after receipt of Tenant’s notice that it intends to exercise its option to purchase the Premises (the “Landlord’s Proposed Market Value”). ▇▇▇▇▇▇▇▇’s Proposed Market Value shall be the Market Value unless Tenant notifies Landlord, within twenty (20) days of Tenant’s receipt of Landlord’s Proposed Market Value, that Landlord’s Proposed Market Value is not satisfactory to Tenant (“Tenant’s Rejection Notice”). (b) If Tenant delivers Tenant’s Rejection Notice and the Market Value is not otherwise agreed upon by Landlord and Tenant within forty (40) days after ▇▇▇▇▇▇▇▇’s receipt of Tenant’s notice that it intends to exercise its option to purchase the Premises, then the Market Value shall be determined by the following appraisal procedures: 1. Within ten (10) days of the expiration of said forty (40) day period Tenant and Landlord shall give each other notice which shall specify the name and address of the Qualified Appraiser (as defined below) designated by such party (the “Tenant’s Appraisal Notice” and the “Landlord’s Appraisal Notice”). If a party...
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Option to Purchase the Premises. Section 30.01. Lessee shall have the right and option to purchase the premises at any time prior to the termination of this Lease or any renewal thereof for a sum equal to the balance of unpaid principal and accrued interest due on the Note attached hereto as Exhibit A, or such renewal or other promissory note obtained by Lessor with the consent of Lessee as may at that time be in existence; plus any additional amounts expended by
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Option to Purchase the Premises. During the term of this Lease, the Tenant shall have the option to purchase the Premises or an assignment of the Lease between the Landlord and Williamsburg County, South Carolina in accordance with the terms and conditions of the Asset Purchase Agreement attached hereto and marked Exhibit 2.16.
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Option to Purchase the Premises. Landlord hereby grants to Tenant ------------------------------- an option to purchase the leased premises, upon the terms and conditions set forth herein, for the purchase price of Two Million Two Hundred Fifty Thousand ($2,250,000) Dollars. The option herein granted may be exercised by Tenant, at any time during the first seven (7) years of the term of this Lease, provided that this Lease has not been sooner terminated and Tenant is not in default hereunder, by providing written notice to Landlord at any time within the first six and one-half (6 1/2) years of the term hereof. Within thirty (30) days after the giving of notice by Tenant exercising its option to purchase, Landlord shall, at Tenant's expense, furnish to Tenant an owner's policy of title insurance (or a binding commitment to issue such title insurance) in an amount equal to the purchase price issued by a title insurance company acceptable to Tenant, naming Tenant as the insured and guaranteeing Landlord's title to the Premises to be free from all liens, charges, or encumbrances, except (i) municipal and zoning ordinances; (ii) any taxes and assessments whether or not due and payable; (iii) any recorded easements, restrictions, or other matters existing as of the date of this Lease; and (iv) any liens, claims, or encumbrances arising by, through or under Tenant. Tenant shall be allowed ten (10) days in which to examine such evidence of title, and if the same does not show Landlord's title to be free from all liens, charges, and encumbrances excepting those permitted by this paragraph, Landlord shall, within a reasonable time thereafter, cure such defects and clear title. The closing of the transaction shall, in all events, be held on a date within such seven (7) year period and the time of such closing is agreed to be of the essence. If the evidence of title furnished by Landlord discloses any defects in Landlord's title which cannot be cured, and the curing of which Tenant is unwilling to waive, Tenant may withdraw its exercise of this option to purchase, and its performance of the contract formed by such exercise shall be excused, and this Lease shall continue in full force and effect in accordance with its terms. At the closing, Landlord shall by special warranty deed convey to Tenant fee simple title to the Premises free and clear of all liens, charges, and encumbrances excepting those permitted by this paragraph. Upon delivery of such warranty deed, Tenant shall pay the purchase price to...
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Option to Purchase the Premises. Section 31.01. Lessee shall have the right and option to purchase the premises at any time prior to the termination of this Lease or any renewal thereof for a sum equal to the balance of unpaid principal and accrued interest due on the Note attached hereto as Exhibit A, or such renewal or other promissory note obtained by Lessor with the consent of Lessee as may at that time be in existence; plus any additional amounts expended by Lessor upon or for the benefit of the Premises as provided for herein. Section 31.02. In the event Lessee desires to exercise its right to purchase prior to the end of the Lease Term, Lessee shall notify Lessor in writing of its intention at any time during the Lease Term, and closing shall occur within thirty (30) days of the receipt of said notice by Lessor. Lessor shall convey title to the Premises to Lessee/Purchaser by deed warranting title to the Premises against the claims of all persons claiming by, through or under Lessor/Seller. Lessee/Purchaser shall be responsible for all closing costs associated with said purchase.
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Option to Purchase the Premises. Landlord, Landlord's sole shareholder, the ▇▇▇▇▇▇ Family Living Trust uta dated 4/16/97 ("▇▇▇▇▇▇") and Tenant are parties to that certain Option Agreement dated May 30, 2003 (the "Option Agreement") pursuant to which ▇▇▇▇▇▇ and Landlord granted to Tenant the right and option to purchase all outstanding capital stock of Landlord ("Stock") upon and subject to the terms and conditions set forth therein (the "Stock Purchase Option"). In the event that Tenant is entitled to exercise such Stock Purchase Option and for any reason is barred from consummating such transaction pursuant to applicable law or Tenant exercises such Stock Purchase Option within the time and in the manner provided therein but is unwilling or unable to close the transaction contemplated thereby because Landlord or ▇▇▇▇▇▇ is in default or breach of any of its representations, warranties or covenants thereunder, then as a material consideration for Tenant's execution and delivery of this Lease, Tenant shall have the option to purchase the Premises pursuant to this Lease at the fair market value of the Premises as determined pursuant to the process set forth in the Option Agreement and upon the same other terms that Tenant would have purchased the Stock under the Option Agreement, except that the provisions of Section 16.5 of the Option Agreement shall apply to any transfer and conveyance of the Premises pursuant to this option.
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Option to Purchase the Premises 
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Related to Option to Purchase the Premises

  • Option to Build If the dates designated by Developer are not acceptable to Connecting Transmission Owner, the Connecting Transmission Owner shall so notify the Developer and NYISO within thirty (30) Calendar Days, and unless the Developer and Connecting Transmission Owner agree otherwise, Developer shall have the option to assume responsibility for the design, procurement and construction of Connecting Transmission Owner’s Attachment Facilities and Stand Alone System Upgrade Facilities on the dates specified in Article 5.1.2; provided that if an Attachment Facility or Stand Alone System Upgrade Facility is needed for more than one Developer’s project, Developer’s option to build such Facility shall be contingent on the agreement of all other affected Developers. NYISO, Connecting Transmission Owner and Developer must agree as to what constitutes Stand Alone System Upgrade Facilities and identify such Stand Alone System Upgrade Facilities in Appendix A hereto. Except for Stand Alone System Upgrade Facilities, Developer shall have no right to construct System Upgrade Facilities under this option.

  • Option to Purchase Subject to Section 3.5, the Receiver hereby grants to the Assuming Institution an exclusive option for the period of ninety (90) days commencing the day after Bank Closing to purchase any or all owned Bank Premises, including all Furniture, Fixtures and Equipment located on the Bank Premises. The Assuming Institution shall give written notice to the Receiver within the option period of its election to purchase or not to purchase any of the owned Bank Premises. Any purchase of such premises shall be effective as of the date of Bank Closing and such purchase shall be consummated as soon as practicable thereafter, and in no event later than the Settlement Date. If the Assuming Institution gives notice of its election not to purchase one or more of the owned Bank Premises within seven (7) days of Bank Closing, then, not withstanding any other provision of this Agreement to the contrary, the Assuming Institution shall not be liable for any of the costs or fees associated with appraisals for such Bank Premises and associated Fixtures, Furniture and Equipment.

  • Option to Lease The Receiver hereby grants to the Assuming Institution an exclusive option for the period of ninety (90) days commencing the day after Bank Closing to cause the Receiver to assign to the Assuming Institution any or all leases for leased Bank Premises, if any, which have been continuously occupied by the Assuming Institution from Bank Closing to the date it elects to accept an assignment of the leases with respect thereto to the extent such leases can be assigned; provided, that the exercise of this option with respect to any lease must be as to all premises or other property subject to the lease. If an assignment cannot be made of any such leases, the Receiver may, in its discretion, enter into subleases with the Assuming Institution containing the same terms and conditions provided under such existing leases for such leased Bank Premises or other property. The Assuming Institution shall give notice to the Receiver within the option period of its election to accept or not to accept an assignment of any or all leases (or enter into subleases or new leases in lieu thereof). The Assuming Institution agrees to assume all leases assigned (or enter into subleases or new leases in lieu thereof) pursuant to this Section 4.6. If the Assuming Institution gives notice of its election not to accept an assignment of a lease for one or more of the leased Bank Premises within seven (7) days of Bank Closing, then, not withstanding any other provision of this Agreement to the contrary, the Assuming Institution shall not be liable for any of the costs or fees associated with appraisals for the Fixtures, Furniture and Equipment located on such leased Bank Premises.

  • Landlord’s Option to Repair Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, in which event this Lease shall terminate, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice will include a termination date giving Tenant sixty (60) days to vacate the Premises, but this Lease may be so terminated Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (180) days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is not fully covered by Landlord’s insurance policies or that portion of the proceeds from Landlord’s insurance policies allocable to the Building or the Project, as the case may be; (iv) Landlord decides to rebuild the Building or Common Areas so that they will be substantially different structurally or architecturally; (v) the damage occurs during the last twelve (12) months of the Lease Term; or (vi) any owner of any other portion of the Project, other than Landlord, does not intend to repair the damage to such portion of the Project; provided, however, that if such fire or other casualty shall have damaged the Premises or a portion thereof or Common Areas necessary to Tenant’s occupancy and as a result of such damage the Premises are unfit for occupancy, and provided that Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and either (a) the repairs cannot, in the reasonable opinion of Landlord’s contractor, be completed within two hundred seventy (270) days after being commenced, or (b) the damage occurs during the last twelve months of the Lease Term and will reasonably require in excess of ninety (90) days to repair, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

  • Landlord’s Options Landlord shall have the option, exercisable by written notice delivered to Tenant within twenty (20) days after Landlord’s receipt of a Transfer Notice accompanied by the other information described in Section 12.1, to: (a) permit Tenant to Transfer the Premises; or (b) disapprove (provided, Landlord’s disapproval must be in accordance with Section 12.1 hereof) the Tenant’s Transfer of the Premises and to continue the Lease in full force and effect as to the entire Premises; or (c) in the event of (i) a proposed assignment of the Lease or (ii) a sublease of more than 50% of the Premises (taking into account all sublets in the aggregate) for all or substantially all of the balance of the Term, terminate the Lease as of the proposed effective date of the Transfer set forth in Tenant’s Transfer Notice (a “Recapture”); provided, however, that if Landlord shall notify Tenant of Landlord’s intention to Recapture the Premises, Tenant may elect to withdraw its Transfer Notice by written notice of such election delivered to Landlord within ten (10) business days of Tenant’s receipt of Landlord’s Recapture notice. If Landlord approves of the proposed Transfer pursuant to Section 12.1 above, Tenant may enter into the proposed Transfer with such proposed Transferee subject to the following conditions: (i) the Transfer shall be on the same terms set forth in the Transfer Notice; and (ii) no Transfer shall be valid and no Transferee shall take possession of the Premises until an executed counterpart of the assignment, sublease or other instrument effecting the Transfer (in the form approved by Landlord) has been delivered to Landlord pursuant to which the Transferee shall expressly assume all of Tenant’s obligations under this Lease applicable to that portion of the Premises then being transferred (provided that, for a subtenant, the rental obligations shall be governed by the terms of the applicable sublease). If Landlord exercises its option to terminate this Lease (or in the case of a partial sublet to release Tenant with respect to a portion of the Premises) as provided above, Tenant shall surrender possession of the Premises on the proposed effective date of the Transfer set forth in Tenant’s Transfer Notice, and thereafter neither Landlord nor Tenant shall have any further liability with respect thereto, except with respect to those matters that expressly survive the termination of the Lease.