HomeMy WebLinkAbout0576 15. lezsor heraby pants to Lesseq the r~9ht and opt~on~~urinp the onp~nal term snd any ex term of Mit lease, to purchase tt~p
Ieaseci,prem~ses here;na~ove descnbed, includ~ng sll buil~j{~ps, structures, imprwements, fixwr~,+ eyul nt, machi~ery and pplNri~es
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situated~thereon and ~ncludY6 m th~s leaFe, st and fw s cesl( cons~derxtio~ of ~
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~ A 7fo11ars IS l. In ~vent Lessee exercis~s
such opt~o)[, tAen Lessee shsll g~ve llisor vwitten not~e thereof. In evelft lessee purchases 1Yie lessed prem~te~-men ~II tsxes snd~ssessments
thereon for the curriut taxsWe yesr sha11 be ~sted to the date on whicfr,~essee nouties 1,xsso~ of the exercise o~such Option. In$v~n1 ~ part
ot the lessee~prem~ses is cond~?ne~ the amwA6~ of dan~ges ayarded to m cons~quence the~eof shNl be dsducted fron~the purchsse
pnce upon exerc~ of th~s option by Lessee. Notw~~istand~np any ch~nye iA^Tbow~ersh~p of the leased premises, ~i the dest Dr disability oi
lessor, Lesse~ n~ce oi elect~gp to purcAase shbH be suffiaent if dcposited ;n:El~e ~ ae~dressed to the Lessw nal~hersi~ st the address
hare~nafter shorp~, ~nd wch not~oe sh~ll be b~r?dlnp on the hein, dev~sees, exacutors~ (nlstrators, successon, qrentees ~~ssiqns of Lessor.
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16. Anytfi~ m this lease conts~ned to the cOntrary notw+thstsnd~ng, and withput ~n any mannet affecting or Iimitiny sny of the ri~ts,
pnwlepes, opt~ons or estates yrsnted ro Lessee under_M~s lease, ~t ~s aqreed Mst if lessw, ~t any time dunny the term of this lease or any
extens~on Aereof, receives one or more bona fide offen fro~n third part~es to purchase ths lessed prert?ises p any p~rt ihereof, ~nd sny such
offer ~s accepqble to lJssor, then Lessor syrees co ~oufy lessee ~n wr~ting, Avir~ the narne ind sddreu of Me offera snd tfie pnce, terms and
cmd~ao~s oi wch otfer, snd Lessee shall have thlrty (301 days f~om and after the recq~pt of such nonce from Lessor in which to Nect to
purchase the p~operty for the considersuon and on the temx ~nd conditions calta~ned ~n sa~d bona f,de offer. If Lauae does not elsct to
purch~se or does not purchase said property, an~t Lessor se11s the propeFty to Me ttiird psrty making such offer_ then Me purchuer shs11 take
Me property subjett to snd burdened w~M all of the termi~ prov~s~ons and condit~oni of this lesse, and the rights of ~etsee under this le~se ss
aps~nst Me new owner shs11 not be lessened or d~min~shed by reup~ of the chsnge of ovrnenh~p; it beinp expressly understood and spreed Mat
Lessee's ta~lure to exerc~se any Option u~der Mis parepra~ph shsl! ~n np vqy sftect Mis lease, Lesste's riyha undsr numbered parapraph 15
above, w Lessee's nght to the estate here~n created.
17. In event lessee eletts to purchase the leased prwn~ses w any pMt thereof ss prov~ded ~n th~s lease, then ~enpr st~all, vmthin Mirty
(30) days sfter rece~pt of such not~ce of etect~on from Lessee, del~ver to Lessee at Lessee's address hereinsfter shown, complete abstracts of title
cover~ng sa~d properry, cert~f~ed from the sovere~qnty of the so~I to the Iatest date poss~We, or, at Lessor's opt~o~, a ti[Ie insursnce policy in a
respons~ble trtle guaranty compsny, showing as oi s current dste, tfist Lessor has G) ~n the eveM the purchase is purwent to the terms of
! Paragraph 15 hereot, good and marketable atte to the Ieased premises, iree and clear of all liens and er?cum~a~+ces whatscever except I~ens o?
encumbrances held by leszee, or (u) ~n the event the Durchsse ~s pursua~t to the terms of Parsg~apA 16 hereof, sutficient t~Ue to the leased
g prem~ses to comply w~th the terms of the third party otfer which Lessee has elected to meet and subject only to wch Gens and encumb~snces
speaf~ed ~n wch th~rd party offer to be assumed by the purchsser. If Lessor fa~~s or ~efuses to so furmsA abstracts or utle pol~cy, theo lessee
~ may. at ~ts eiecuon, procure same at Lessor's expense and deduct the cost thereof lrom rhe casA or other cons~derat~an to be pa~d for the
j property. lessee shall have a reasonable t~me after rece~pt of abstracts or uUe pol~cy ~n wh~ch to exam~ne Lessor's t1t1e and to notify lessor
; whether or not wch t~tte ~s acceptab~e to Leuee. If Lessee ~s w,llinq to accept Lessor's t~tle and consummate the purchsse, the~ Lessor sha~t,
w+th~n ten (701 days after wntten not~ce the~eoi irom Lessee, convey the prope~ty to lessee Ii) in the event the purchsse is pursuant to the
te~ms of Paragraph /5 hereof, by genera~ warranty deect, free and clear of all hens and encumbrances, li~cluding, v~nthout I~miting the foregoing,
~ the nghtz of homestead, dower and/or CurtezY~ or h~) the eveni the purchase ~s pursuant to the terms of Parayraph 16 hereoi, by such fo~m
~ of conveyance and sub~ect only to those hens and encumbrances specrf~ed in wch th~rd party ofler and dei~ver wch deed to LeaYee upon che
- payment or del,very of the cons~derauo~. Leuee shaU connnue to pay the rentals accru~ng hereunder from s~d after the date lessre not~fies
_ Lessor of the exerccse of sa~d opt~on, but upon the consummahon,of the purchase all wch ~entals so paid by Leuee sha~l be reimbursed to
Lessee by deducung same trom the cash or other cons~derauon to be pa~d to? the property. If the orig~nai and/or extended term of this lease
expires before t~e purchase ~s co~summated as herem prowded, then th~s lease shall be automaUCally extended at s~d ior the same rentsl and
under the same te~ms and cond~t~o~s as were appt~caole dunng th! exp~nng term, to the date on whlch the purchase is consumrnated w ~essee
not~t~es Lessor that ~t ~s not witt~ng co consummate the purchase. If lessee ~OUrchasrs ibe property, then co~temporsneously w~th the
co~veyance ot the proper~y to lessee th~s lease sha11 become nu11 and vo~d, w~thout further not~ce, and lessee sAa~~ thereupon be released and
d~scharge~cii from a~l further ren[a1s and o~her obi~gat~ons on ihe part o( the ~essee to be pa~d, kept ar~d performed.
~ 18. The payments made and to be made hereu~der by Lessee to Lessor shaU be cons~dered sufficient cons~derat~on for a~y and al1
opt~ons here~n gran;ed by Lessor to Lessee.
19. In event a11 or an
y poruon of the teasecf prem~ses ~s taken, condemned or appropnated by, or granted or conveyed to a public
authonty or any party or body havmg or exerc~s~ng the r~ght of em~nent doma~n, or ~n event mgress to or egress t~om said fessed prem~ses is
e~~m~nated, atfected, I~m~ted or restr~cted by xt+on of any pubi~c au~honty or by the act~on of any other party or bocty exe~c~s~ng or hav~ng the
_ nght of em~nent doma~n; and ~n ~,ent Lrssor becomes ent~tied to money damages therefor, whether by means of a~ award or ~rgotiated
: sett:ement or otherw~se, Men Lessor hereby ass~gns and transfers to Leuee all such moneys rece~ved o~ to be rece~ved by Lessor. The pub7ic
_ autnor~ty, body or person respons~ble for such pavment ~s hereby author~zed and d~recced co pay over to Lessee the money prpceeds of any
_ such award or negonated settiemen~, and Lessee ~s author~zed to rece~pt therefor on behalf of Lessor. Lessee a9rees that on rece~pt of such
~ funds ~t w~11 Day over to the bank named m Paragraph 26 hereof, the tota~ amount recewed to be appt~ed aga~nzt the unpa~d ba~ance of pr~napal
and accrued ~nterest ow~n on the note refened to m such Para
g graph 26. In event the funds received by Lessee hereu~der are ~n an amount
- greater than thQ unpa~d baian~e ot pnncopa~ and accrued ~nterest ow~ng on the sa~d note, such ezcess sha~1 first be apphed by lessee ~n peyment
of any ;ndeb~edness ow~ng by Lessor to Lezsee, howsoever ans~ng, and tfie remainder, if 3ny, sha~t be pa~d to Lessor. Noth~ng conia+~ed +n ihis
paragraph shalt ret~eve lessor of the obl~gat~on to make Or Cont~nue mak~ng t~mely payments on sa~d note unt~l ~t has been pa~d ~n full
accord~ng to ~ts terms. Thn parag~aph shaU not atfect, restr~ct, l~m~t or ~mpa~r ~n any manner the nght oi Lessee to re~wer t'v~ damages to its
_ ~nterest ~n the leased premises by v~rtue of any suCh appropnet!on Or condemnaLOn. ihe proceedS oi any award Or negot~ated setUemertt m~p
= to or ef/ected by Lessee st~a+~ be and rema+n the prope~ty of ~essee
' 20 In event Lessee purchas2s the ieased prrm~ses Or any part thereof as prOvicied ~n th~s ~ease, tessee sha~~ have the r~ght. at :ts e~ecaon,
to ~rthhol~f from the purchase pnce otherw~se payabie to Lessor for sa~d property (a) an amount eyua~ to the unpaid balance of pnnapa~ and
,';3 accruec7 ~~t2rest, ow~r,g by lessor at such nme u~der the terr-is of the prom~sswv note referred to ~n Paragraph 26 hereof, wh~ch ampunt, +f
w~thhel~, Lessee agrees ~o vav to the pa~ee m sald note. (bl tRe amount of any and a~~ ~ndebtedness ow~ng at such t~me by Leuw to Lessee,
~r,C~U(j~I~9, K~I~fOJ[ ~~m.~taUOn chrreto. ihe amount of a!I ~I,nyuent nsnta~s, w~th ~nterest thereon, oayable under that certa~n $utrLease
Agrer~nent of even date nerew~th referred to ~n the pardgraph next follow~ng and ic1 ~n the event the purch~¢ ~s pursuant to the terms of
Parag~apn 15 nereoi, a~~ amount of money suific~ent to A~scharge aU I~ens and encumUrances ex~stmg aya~nst the propertv at the t+mr of
= purchase, or I~~i rr~ the event the purchase ~s pursuant to the terms of Paragraph 16 hereoi, an amount of money suff~c~ent to d~scharge ail ~ie~s
a+~tl encumWa ~ces eR~st~ng aga~nst the property at the t~me of such purchase wh~ch, accord~ng to the rerms ~f t~e th~rd party offer, arE not to
- t~ assumecl bY ~h~ purchySer
: 21 In Etient Lessee purchasrs ihe prpm~swry notF reterred to ,n Paragraph ?6 hereof, then at such hme the npte purchasC by Lessee
- <<~a'~ ~F~co ~ac to e+frct ar ~s~g~~ment bv Le~sor to L rssrr of a;l rc~r.ta!s duc~ a.1d payab~e or to Gecome due anci pavab~e to Lessor by Lesser uncler
th~s +easP cfun~~q fhe ~emd~~'~~>y POrhon of the or~g~na~ term hereof The renta~s so ass~gnrcl shaU be appt~ed Dy lessee as aga~nst ren(a~s payaWe
oa tc [~ecume due a~~d Vayabie to lessee by ~essar under a certd~n Suh Lease Agrremrni of even ciate herew~th From Lessee (as tessor) ro Lessor /
_ ~as iesseei co.rnng the ahove descrit~ed property Noth~~ig cor.ta~~~ed here~n sha~~ reheve Lessor of ihe ob~~gatro~ to connnue mak~ng t~mety
VdymBniS CIuC dn(} 10 ~~LOme (~uC Un{~Pf i8~~ nOtC ~ yr n~ ' '~~r^C•- i-n ' T ~
~a:. i;. J~~cp~. ~a..alz w ,~oe ~:ar:::a.
In me evenT the prom~ssory note re(rrrrd to ~n Paragraph 26 hereof ~s pa~d in fu~~ W~Or t0 the exp~~at+on of !he ongmal term hereof,
the.n euch f~nas paymrnt sha~i ~pso faclo rffect ar dt5~gn~nent bY lessor to lessee of rentals ~~P 3~n!' Q( t0 becOme due and piyaWC
- ~o lessor br Lesser ~nder th,s ~ease dwmg the rema~~~~nq port~on of the ong~na~ term hereof The renta~s so ass~gned shall be appl~ed by Lessee
_ as aga~nst rertals pavable or to become due and payab~e to Lessee bv ~essor uncfer the Sub Lesse Agreement ebove refrrreA to.
In ~hr event Lrssee eRercnes :ts ophon to extend the trrm hereol az prov~ded ~n Psragraph 2 hereof, and Ihe ~essor, as lessee m the
SuD Lrase hgreement above re~erred to, e~ects to extend the tvrm thereof as prowcfeti m sa~d Sub Lrase Agreemant, then at wtfi rime Me exer-
use ot wch opr,on by Lessee and Lesso~, respec~~ve~y, shalf ~pso tacto effect an asc~gnment bv Lessor to Lessee of a~~ re~ta~s due and paylt~le or
to Deco+ne due and payaWe to lesso~ try Lessee uncfer th~s irase dur~ng the extencfed Serm_ The rentals so ass~yned shail be appl~ed py Lesset as
aga~mt rentals payable or to become clue and payaWe to lessee by Lesso~ unc)er the SuDtease Aqreement atwve reie?red to.
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