Common use of Purchase of Interest Clause in Contracts

Purchase of Interest. You hereby agree to purchase three percent (3%) -------------------- of the membership interests in the Company (hereinafter referred to as the "Interest") on the terms and conditions set forth in this letter. You may assign your Interest to the Tenant, as hereinafter defined, provided however, notwithstanding said Assignment, you will personally execute the documents and enter into the agreements described and contemplated in paragraph 4(b) hereof, provided however, we shall use good faith efforts to obtain the consent of any applicable lender to permit Tenant to enter into agreements described and contemplated in paragraph 4(b) hereof instead of you, provided further, that the Tenant shall have a verifiable net worth in excess of Fifty Million Dollars and No Cents ($50,000,000.00) and be acceptable to said lender. The parties shall, within ten (10) days of the execution of this letter, enter into a Purchase and Sale Agreement with respect to the Interests.