Common use of Right of First Refusal to Purchase Clause in Contracts

Right of First Refusal to Purchase. (a) If at any time after the first anniversary of the Commencement Date Landlord shall receive a bona fide written offer to purchase the Premises from a third party which is not affiliated with Landlord, which offer Landlord is willing to accept ("Outside Contract"), Landlord shall give written notice ("Sale Notice") thereof, together with a copy of such Outside Contract, to Tenant. Tenant shall have a right of first refusal ("Refusal Right") to purchase the Premises that is the subject of the Outside Contract in accordance with the terms and provisions thereof. If Tenant desires to exercise the Refusal Right, Tenant shall deliver written notice to that effect to Landlord within twenty (20) days after receipt of the Sale Notice ("Refusal Period"). If Tenant exercises the Refusal Right by the time and in the manner set forth in this subsection, Landlord and Tenant shall promptly execute a contract which includes the same material terms and conditions as the Outside Contract ("Sale Contract") and Tenant shall deposit when due any ▇▇▇▇▇▇▇ money deposit required thereunder. If Tenant does not execute a Sale Contract within fifteen (15) days after Tenant's receipt of such Sale Contract from Landlord, signed on behalf of Landlord, or if Tenant defaults in its obligations under such Sale Contract, then Landlord shall be free to consummate the sale pursuant to the Outside Contract (or another contract on substantially similar terms and conditions). (b) If Tenant does not exercise the Refusal Right by the time and in the manner set forth in subsection (a) above, then (i) the Refusal Right shall remain in full force and effect, but not with respect to the proposed sale pursuant to the Outside Contract, and (ii) Landlord shall be free to consummate the sale pursuant to the Outside Contract. If within one hundred eighty (180) days after the expiration of the Refusal Period Landlord does not consummate the sale pursuant to the Outside Contract, the Refusal Right shall again be applicable, and Landlord shall not thereafter sell the Premises pursuant to the Outside Contract without first offering Tenant the Refusal Right pursuant to this Section 21.1. (c) The rights granted to Tenant under this Section 21 shall not survive the expiration or termination of this Lease.

Right of First Refusal to Purchase. (a) If at any time after the first anniversary of the Commencement Date Landlord shall receive a bona fide written offer to purchase the Premises from a third party which is not affiliated with Landlord, which offer Landlord is willing to accept ("Outside Contract"), Landlord shall give written notice ("Sale Notice") thereof, together with a copy of such Outside Contract, to Tenant. Tenant shall have a right of first refusal ("Refusal Right") to purchase the Demised Premises that is the subject of the Outside Contract in accordance with under the terms and provisions thereof. If Tenant desires to exercise the Refusal Right, Tenant shall deliver written notice to that effect to Landlord within twenty (20) days after receipt of the Sale Notice ("Refusal Period"). If Tenant exercises the Refusal Right by the time and in the manner conditions set forth in this subsection, Landlord and Tenant shall promptly execute a contract which includes the same material terms and conditions as the Outside Contract Article ("Sale ContractPurchase Right") and Tenant shall deposit when due any ▇▇▇▇▇▇▇ money deposit required thereunder. If Tenant does not execute a Sale Contract within fifteen (15) days after Tenant's receipt of such Sale Contract from Landlord, signed on behalf of Landlord, or if Tenant defaults in its obligations under such Sale Contract, then Landlord shall be free to consummate the sale pursuant to the Outside Contract (or another contract on substantially similar terms and conditions). (b) If In the event Landlord receives a bona fide offer to purchase the Demised Premises ("Offer"), before entering into an agreement of sale with such third party purchaser, Landlord shall offer to Tenant does not exercise the Refusal Right by opportunity to purchase the time Demised Premises, and the associated land and improvements (collectively, the "Property"), under the terms and conditions contained in such Offer. In the manner set forth in subsection (a) aboveevent the Offer is for more than the Property, then (i) the Refusal Tenant's Purchase Right shall remain in full force and effect, but not with respect be applicable to the proposed sale pursuant to the Outside ContractProperty or, and (ii) Landlord shall be free to consummate the sale pursuant to the Outside Contract. If within one hundred eighty (180) days after the expiration of the Refusal Period Landlord does not consummate the sale pursuant to the Outside Contractat Tenant's option, the Refusal Right shall again be applicable, and Landlord shall not thereafter sell larger parcel for which the Premises pursuant to the Outside Contract without first offering Tenant the Refusal Right pursuant to this Section 21.1Offer has been made. (c) Landlord shall notify Tenant in writing of the existence of Offer, and the terms thereof, and Tenant shall have thirty (30) days from Tenant's receipt of Landlord's notice to elect to accept such Offer. In order to exercise the Purchase Right, Tenant must execute a written agreement to purchase the Property ("Agreement") containing terms and conditions substantially as contained within the Offer, and deliver same to Landlord together with any deposit(s) required by such Offer. The rights granted closing of Tenant's Purchase Right shall occur within ninety (90) days of the date of Tenant's delivery of the Agreement to Landlord. Such closing shall occur at the offices of Tenant's counsel in Philadelphia, Pennsylvania, or such other location as the parties shall agree. (d) In the event Tenant does not submit such written Agreement to Landlord within such thirty (30) day period, or if Tenant elects prior to the end of such period not to exercise its Purchase Right, then and thereafter this Purchase Right shall be null and void with respect to such Offer, and Landlord shall have the right to sell the Property under the terms and conditions set forth in such Offer; provided, however, that if Landlord does not sell the Property pursuant to such Offer, Tenant shall have a Purchase Right as contained within this Section 21 shall not survive for any future bona fide offers received by Landlord, or for any sale under the expiration Offer previously received by Landlord, if such Offer contains modified terms or termination of conditions. (e) Notwithstanding anything to the contrary contained in this Lease, Tenant's Purchase Right shall be binding upon, and exercisable against, any successors or assigns of Landlord.