87104184 - Laserfiche WebLink

Browse

87- 104184 OPT,(ON T THIS +.) ?TION TO Pl_'RCigrtiSE. is :later; June 1st 19 _ 87 and :. between hYi&�'r;)4k- INanchik, fray. - -_._,, __._. ("Seller ) and'MCDONAI.D'S CORPORltT'lU;i. a Delaware corporation ( "Buyer "). The following statements are a material part of this Agreement: A. Setkr: under a franchise agreement with Buyer, is the fmnchixe of a McDonald's family frstaurantlocated on Buyer's property (Parcel 1). which is described in Exhibit Aattached and made ;1 pan of this Agreement. B. Seller owns certain property (Parcel 2) described in Exhibit B attached and made a part of this Agreement, which property is immediately adjacent and contiguous to Parcel 1. 11 performed, or may perform, C. In compliance with the franchise agreement. Seller dw- improvements ettisti on Parcel x2 improvements D. The proposed wwAmlelo eg will cause the use of Parcel 2 to be essential to and an integral pan of T the McDonald's restaurant located on Parce! 1. THEREFORE. ' . Seller grants to Buyer an option to purchase Parcel 2. according to the following terms and conditions: I. OPTION TO PURCHASE. if for any reason whatsoever Seller is no longer franchised by Buyer to operate the subject McDonald's restaurant business. or no lot r 'nos an equity interest in any %1 corporation or partnership entity to which Seller may have devolved. yt . then and immediately upon am such event or date Buyer shall have the option, to be exercised •::ithin thins +zti) days after But-c., is advised -if such ryent.:.r after •,ach due, to purchase Parcel 2. together with ali casements. r ighis and ar.pur.enane:•s berefittinF Parcels I and 2.211 buildings and improvements located on Parcel - and 3lh of ;r ller's right t;ttc and interccr in :i11 adjoinin" public w• acs tcolleciively called' Prt•ntiscs ). T nc +:x ; itpai d:acnp:io:t. if lint included in Exhibit B. may be substituted at a later time. s lic term " 4e Co; cld s +csuura .: b.i mess" 5half mean the use as any restaurant operation on Yarcr: s ! and 2 which exists under the trade name "�leDor,ald's:' Thls option to purchase shall b,: independent of the right of lust refusal to purchase granted in Article' of this Agreement and any notice or action taken under the right of first refusal shall nix terminate or affect thine option in any win- 2. PURCHASE PRICE. The purchase price shall be the fair tr,arket value of tr,e land anJ improvements which comprise the Premises. as agreed by. Seller and Buyer. If Seller and Buyer fail ni reach an agreement in writing as to the fair market value of the Premises. the fair market value of the Premises shall be estimated by two qualified MAI or SREA real estate appraisers with cNperit.nce in appraisiiig commercial property. one to be appointed and paid by Seiler and the other to be appointed and paid by Buyer. If the two appraisals are within 15% of each oche. -,he;i an av erage of the iwo appraisals shall be used fur the fair market value of the Premises. if the two appraisals differ by more than 15%. then the two appraisers shalt appoint a third appraiser chosen from a list of three apprai %crs designated by the National Headquaners of the American Institute of Real Estate Appraisers. The three appraisers so appointed shall then estimate the fair market value of the Premises. The decisions of the appraisers. or a majority of them. shall be binding upon the parties. If the appraisers, or a majority of them. cannot agree on the fair market value of the Premises. the fair market value shall be determined by adding all three estimates of fair market value and dividing the total of all three estimates bi the number three. The land value shall be established based upon a definition of fair market value as the price n hich an average well- informed buyer w-ilh pay and an at crage well•infor tried seller will accept. knowing all of the uses to which the property can be put. without duress on either party. All eomparahlc sales shall be appropriately adjusied. and the written repotis shall indicate the reasons for the adiustmcnts so made. In the crcnt that the land residual tccnnigt,c. as defined by the American Institute of Real Estate Appraisers b used, the real estate inromr coniponcnt used in thv residual technique shall be the ecorcinic rental tot hypothecLucd tn,nroyernenu but in no event sha11 any business incoinc he considered in tt;c anaky is. The value c,f gar tttiprovcricno conmructrd and paid for M Buyer shalt be excluded frorr::; a ?: WARRAINTIES. Seiler n arnnts to Buyer that .is ol'the date of this Agreement. Srlier hold, marketable and insurable fte simple otie to the Premises subject on1+ to cur rent uzrs no, delinyuc•nr and the matters agreed to by Buyer. S;:11er promises to keep the premises free and char of am encumbrances or encroachments during the entire term of the option period. Seller ha, atuthcJ a copy of the currern title policy or title opinion evidencing the marketable and imurahle condition +,f title. /. ESCRO'R'. In Duyrr'% notice c%crcisinQ the C)ption, i,uper shall drs,gnatr an rscrua agcm itht "E+cmw Agent "t for completion of the purchase. Within ten 110) dads aficr the datr on a hit h Buret e�ietcisss obis Option. Seller shall d0lier to Esctr>w• Agent a recordable gcrrrar warrant deed which will canvey the Premises to Buirr or to Bu%er's nominee in tee sampir fire of all tenancivs . 111s49. ire 4 0,