HomeMy WebLinkAbout0612. ~-.
..
. ~ ..
to purc otx t • eos• premise3 ereino ova •seri , ine u ing o ui logs, struetwes, mirovements, xtwes,~qutpment,
mochinet;i dOd appliances sitit~l thereon and ineZrdlPd in this lease, 3 dOd for o cosh eonlidsotion of Z i
Y Z = Z x = O'~Ilors~(i~ _ ~ In event Let~e• e~reises
such Yption, t(Nn Lessee =hall gib Lessor wifl?ten not~• thereof.Xrt eventY,essee purstases tli loosed pr>itises, trio all
tax and ass•ymo~ts croon for • curve taxable ar shel~b• prorate to th• to on whit Leese4notifies (,sor
of t~ exercise by such o~ion. In ev~t o pport~f the leas premisi3 is conde~ed, the mount of d8tttages o~rarded to LTssor
in Zonsequence tlsreof=}tall be deducllfd, frq~ th• purchos rice~pon exercise ]r thiitaption by Letye. NYtwithstondinQQiny
cc~~onge in the own{~tl~p of the loosed rpjsee. or the dent o~,~d~sobility of Le~ot~Lessee's notice f lectionto purchay~
shall be_sufficientif dlposited in thi_r~l'.bddressed to the •lfor named herejn!`iotlhe odd.ess hereiRo~r shown, and svlh
.-.
16. Anything in this loose cotttoined to the contrary notwithstanding, and without in any manner affecting or limiting
any of the rights, privileges, options or estate's granted to Lesse• under this loose, it is agreed shot if Lessor, of any time
during the term of this loose or any •xtepsion hereof, receives one or more bona fide offers ham-third parties to purchase
the loosed premiss or qnX port tl~ireof, ond~any such offer is acceptable to lessor, then Lessor agrees to notify Lessee in
writing, Awing tiffs npmp and addri~t<;ef_tM offeror and the price, terms and conditions of such offer, and Lessee shall hove
thirty (30) days' frolri and' o7te 'the ieceipt of such notice from Lessor in which to elect to purchos• the property for the
consideration and on the terms and conditions contained in sold bona fide offer. If Lessee doss not elect to purchase or
does not purchoss.soid property, and Lessor sells the property to the thir~ party making such offer, then the purchgser shall
take the property subject to and burdened with all of the terms, provisions and conditions of this loose, and the rights of
Lessee under this loose os against the new owner shall not be lessened or diminished by reason of the change of ownership.
17. In event Lessee elects to purchase the loosed premises or one port thereof os provided in this loots; then Lessor
shall, within thirty (30) days offer receipt of such notice of election from Losses, deliver to Lessee et l;esses's address
hereinafter shown, complete obstrocts of title covering sold property, certified from the sovereignty of the ~soif to the (afoot
dote possible, or, at Lessor's option, o title inswanc• policy in o responsible title guaranty company, showing os of a curret,t
dote, that Lessor has (i) in the event the purchase is pursuant to the terms of Poragroph 1S hereof, good and teorketobl•
title to the loosed premises, free and clear of all liens and entumbronces whatsoever except liens or •ncurnbrottces held by
Lessee, or (ii) in the event the purchos• is pursuant to the terms of Porograph 16 hereof, sufficient title to the leased
premises to comply with the terms of the third party offer which Lessee has elected to meet and subject only to such liens
and encumbrances specified in such third party offer to bs assumed by the purchaser. If Lessor foils o- refuses to so furnish
obstrocts or title policy, then Lessee may, of its election, procure some of Lessor's expense and deduct the cost thereof from
the cash or other consideration to be paid for the property. Losses shot) have o reosonobl• time offer receipt of obstrocts or
title policy in which to examine Lessor's title and to notify Lessor whether or not such title is acceptable to-Lwssee.lf
Lessee is willing to accept Lessor's title and consummate the purchase, then Lessor shall, within ten (10) days offer written
notice thereof from Lessee, convey the property to Lesse• (i) in the event the purchase is pursuant to the terms of Poragroph
15 hereof, by general warranty deed, free and clear of all liens and encumbrances, (including, without limiting the foregoing.
the rights of homestead, dower and/or curtest') or (ii) in the event the purchase is pursuant to the terms of Poragroph 16
hereof, by such form of conveyance and subject only to those liens and •ncumbronces specified in such third Party offer
and deliver such deed to Losses upon the payment or delivery of the consideration. Lesse• shall continw to pay the rentals
accruing her}under from one after the date Lessee notifies Lessor of the exercise of said option, but upon the consummation
of the purchase ofl such rentals so paid by Lessee shell be reimbursed' to Lessee by deducting same from the cash or other
consideration to be paid for the property. If the original and/or extended term of this loose expires before the purchos• is
consummated os herein provided, then this loose shall be outomotically extended"at"orid for 7hi slime rsiitoi aitid Lnder The
some terms and conditions os were applicable during the expiring term, to the dote on which the purchos• is consummated
or Lessee notifies Lessor that it is not willing to consummate the purchase. If Lassse purchases the property, then
contemporaneously with the conveyance of-.the property to Lessee this loose shall become null and void, without further
notice, and Lessee.sholl thereupon b• released and discharged from all further rentals _pn~ usher obligations on the port of
the Lesse• to bs paid, kept and performed.
18. Ths payments mode and to b• mods hereunder by Lessee to Lessor shall be considered sufficient consideration
for any and all options herein granted by- Lesser to Lessee. - - - - -- - _ _ -_
14. In event all or any portion of the loosed premises is token, condemned or appropriated by, or grunted or conveyed to
o public authority or any party or body having or exercising tM right of eminent domain, or in event ingress to or egress from
said loosed premises is eliminated, affected, limited or restriNed by action of any public authority or by the action of any
other party or body exercising or having the right of eminent domain; and in event Lessor becomes entitled to money damages
therefor, whether by means of on award or negotiated settlement or otherwise, then Lessor hereby assigns and transfers to
Lesse• all such moneys rdcsived or to be received by Lessor. The public authority, body or person responsible for such
payment is hereby authorized and directed to pay over to Lessee the money proceeds of any such oword or negotiated
settlement, and Lessee is authorized to receipt therefor on behalf of Lessor. Lasses ogress that on receipt of such funds it
will pay over to the book named in Poragroph 26 hereof, the total amount received to be applied a ainst the unpaid bolonce
of principal and accrued interest owing on the note referred to in such Porograph 26. In •vrnt the Funds received by Lessee
hereunder are in an amount greater than the unpaid bolonce of principal and accrued interest owing on the said note, such
excess shall first be applied by lessee in payment of any indebtedness owing by Lessor to Lessee, howsoever arising, and
the remainder, if any, shall be paid to Lessor. Nothing contained in this paragraph shall relieve Lessor of the obligation
to make or continw making timely payments on said note until it has been paid in full according to its terms. This paragraph
shall not affect, •restrict, limit or impair in any manner the right of Lesse• to recover for damages to its interest in the
loosed premises by virtue of any such oppropriotion or condemnation. Th• proceeds of any oword or negotiated settlement
mode to or effected by Lessee shall be and remain the property of Losses.
20. In event Lessee purchases the loosed premises or any port thereof os provided in this lease, Lessee shall have
the right, at its electiart, to withhob~ from the purchase price othorwis• payable to Lessor for said property (o) an amount
equal to the unpaid bolonce of principal and accrued interest, owing by Lessor at such time under the terms of the promissory
note referred to in Poragroph 26 hereof, which amount, if withheld, Lesse• agrees to pay to the payee in said note, (b~ the
amount of any and all indebtedness owing of such time by Lessor to Lessee, including, without limitation thereto, the amount
of all delinquent rentals, with interest thereon, payable under that certain Sub-Lease Agreement of even dote herewith referred
to in the paragraph next following and (c) (i) in the event the purchase is pursuant to the terms of Porograph IS hereof, on
amount of money sufficient to discharge all liens and entumbronces existing against the property at the time of purchase, or
(ii) in the event the purchase is pursuant to th4 terms of Poragroph 16 hereof, an amount of money sufficient to discharge all
liens and encumbrances existing against the property of the time of such purchase which, according to the terms of the third
party offer, are not to be assumed by the purchaser.
21. In event Lesse• purchases the promissory note referred to in Poragroph 26 hereof, then of such time the note
purchase by Lesss• shall ipso facto •Ffeet an assignment by Lessor to Lesse• of all rentals dw and payable or to become
due and payobl• to Lessor by Lessee under this lease during the remaining portion of the original term hereof. Ths rentals
so assigned shall be applied by Lessee os against rentals payobl• or to become due and pay ble to Losses by Lessor under
a certain Sub-Loose Agreement of even dots herewith from Lessee (os lessor) to Lesso~(os lessee) covering the above
described property. Nothing contained herein shall relieve Lessor of the obligation to conttnw making timely payments due
and to become due under sold note.
/ea~d Jeaes N. CoPtey~ Joseph S. $ez'7man, aad Joe H. Fe~rmaa
a~K179 ~ X12
- --~- - ~.
v