Laserfiche WebLink
� 23. Optior� to P+.::c�ase. Provided that Te*�2nt is not#hen in �efault and no event of default has � " <br /> occurred which with the giving of notice or;he passage of time, cr both, wouid constitute a default; and <br /> further provided that this Lease has not previously terminated, Landlord hereby grants to Tenant an option <br /> to purchase the Leased Premises ("Purchase Option")to be exercised by Tenant delivering prior written <br /> notice to Landlord for a closing to occur at any time prior to expiration of the third year of the Term in <br /> accordance with the following terms and provisions: <br /> a. Notice. Tenant shall notify Landlord in writing that it is exercising the Purchase Option <br /> `�L�; ("Option �lotice"), which Option Notice shall set forth the date on which Tenant desires to close the <br /> �+ purchase transaction ("Ctosing Date") which Closing Date shall be no !ater than one hundred twenty(120) <br /> r..� days after the date of the Option Notice. <br /> ;,�; � b. Purchase Price. The purchase price for the Leased Premises pursuant to this Purchase <br /> Option ("Option Purchase Price")shall be Seven Hundred Fifty Thousand Dollars($750,000.00). <br /> � c. Closin4. TenaM shall pay the Option Purchase Price in cash or immediately available <br /> funds at the closing on the purchase of the Leased Premises ("Closing°). <br /> � d. Titfe Insurance. Within ten (10)days after delivery of the Option Notice to landlord, <br /> � Landlord shall deliver to Tenant a commitment(°Commitment")for issuance of an ALTA Owners Title <br /> � Insurance Policy("Policy"), issued by a mutually acceptable title insurance company("Title Company") <br /> C3') together with copies of all schedule B-2 exceptions identified therein, along with ALTA Land Titte Survey, <br /> � sufficient to perrnit the title company to delete standard printed exceptions in iYs owners policy of titfe _ <br /> insurance, pertaining to matters that would be disclosed by an accurate survey of the leased premises and <br /> unrecorded easemerrts(`Titte Documerrts"). Tenant shall have ten (10) days after delivery of the Titie <br /> Documents and Survey to review and app�ove the same ("Title Review Period"). In the event Tenant <br /> objects to any Title Documents,Tenant shall deliver a written objection notice to Landlord on or before <br /> expiration of the Title Review Period. Landlord, in its sole discretion, shall have the right to cu�e (prior to <br /> tfie Closing Date) or insure over such title objection. In the everrt Landlord is unwilling or unable to cure or <br /> insure over such title objections,Tenant shall have the right to(i)withdraw the Option Notice and continue <br /> to Lease the Leased Premises in accordance with the terms of this Lease; or(ii)waive the objections and <br /> closing on the Closing Date,without any reduction of the Option Purchase Price. <br /> e. Deed. All right,titfe and interest in and to the Leased Premises shall be conveyed by a <br /> Special Warranty Deed from Landlord to Tenant,free and clear of all liens and encumbrances other than <br /> those approved or deemed approued pursuant to the foregoing paragraph. <br /> f. No Warranties. The Leased Premises shall be conveyed in its then existing "AS IS, <br /> WHERE ISN condition with all faults. <br /> g. Remedies. Tenant's sole remedies in the everit of Landlord's faiiure to convey the <br /> Leased Premises shall be to (i)withdraw the Option Notice and elect either to continue the Leasa or <br /> terminate the Lease;or(ii) enforce Landlord's obligation to sell the Leased Premises by specific <br /> performance, and Tenant shall have no right to recover damages. <br /> h. Closina Fees. Closing fees of the Title Company shall be shared equally and real <br /> property taxes shall be prorated to the date of Closing. <br /> i. Proiections. Tenant's Base Rent and the amounts due hereunder will be prorated to the <br /> close of escrow(subject to Tenant's obligation to pay c2rtain expenses under the Lease). <br /> j. Additiera� Documenz�. Tk��parties dyree to execu��any additiGS�al ir,�.,�uctiuns «r�� <br /> further documents as are nomnal and usual. <br /> 6 <br />