HomeMy WebLinkAbout1361 15. lessor hereby Bants to Lesseq the n9ht and optiont~uring the or~g~nsl term and any ex~~ te~m of th~s Iease, to purchsse tl~p
lease~,prem~ses here~nakeve described, includ~ng all bu~l~t,~gs, structures, imp~wemenri, f~xtur~, equtpment, machinery a~d applunDes
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s~tuatedihereo~ and ~ncludOd ~n th~s lea6e, at and tor s cas?? cons~de~t~on of
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- - - - - - -------floli~rs (S l. In event Lessee exerc~sas
such opUa1(, then lessee shall g~ve LAizor wntten not~Ce thereot. in evei{t Lessee purchsses t~ie leased prem~ser,'then s11 taxes s~d ~ssessmenK
thereon for the currd"at taxable year sha11 be {aprated to the date on wh~clr,~essee notities l~[ssor of the eYerc~se o~such option. In~vent ~ p~rt
of the leasee~prem~ses is ca?dq~nned the amouldt oi damsges awarded to L~or in cons~quence thereot shsl~ be deducted fron~the purchase
pnce upon exerc~s~of this option by lessee. Notwi~pstsnding any chsnge irj~t~l~ownersh~p of the leased premises, ~i the deatl~pr disability of
Lessw, Leuee~ notlce of elecU~ to purchase sh~lill be wffic~ent if depoa~ted in=~e adeiressed to the lessor nat~0~d?ere~~~ at Me ~ddreu
here~nsfter shorD~, a~d sucA not~ot shatl be bi~ding on the he~rs, dev~sees, executo?s~~i~mstrators, successas, qr~ntees aal~~ss~9ns of lasor.
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16. Anyttf~g in this lease contained to the contrary notw~thstsnd~ng, snd vMthout m any manner sffectinq or limitiny any oi the n¢~ts,
p~~v~le9es, opt~ons or estates granted to lessee under tfi~s lease, ~t ~s agreed Mat ~f lessw, at any time durir?q Me term of this lease o? sny
extens~on hereof, reteives one w more bons fide offers from Mird part~es to purchsse the lessed premises or sny part theteof, and ar?y such
offer ~s sccaptable to leuor, tAen Leuor ap~ees to noUty lessee in wr~tin~, ~ving the nart~e and sddreu of the offerp snd the price, terms and
cmd~t~ons of wch offer, snd lessee shall have th~rty (30) days from and sfter Me rece~pt of such ~ot~ce irom lessor in which to eleet to ~
purchase the property for the cons~derat~on and on the terms and cond~t~ons contamed ~n sa~d bons fide offer. If lessee does not elect to
purchsse or does not purchase said property, and Lessor se~~s the property to Me M+rd party msk~ny such offer, then the ~,rchsser shall take
Me property zub~ect to a~d burdened w~M atl of the terms, Wov~s~ons and condit~ons of this lease, ~nd the ri¢?ts of Leuee under Mis lease as
ags~nst tfie ~ew owner shall not be lessened or diminnhed by reas~ oi the chsnge of ownersh~p; it beinq expressly understood snd syreed thst
Leszee's ts~lure to exe~use any option u~der Mis pa~apraph shall in no wey affect this lease, lesise's rights under numbered parapraph 15
above, or lessee's nght to the estate herem created.
17. In event Lessee elects to purchase the Ieased prem~ses or any part thereof as prov~ded ~n tMS lease, then Lesso. shatl, wnthm Mi?ty
(301 days afte~ rece~pt of such not~ce of elecuon from Lessee, de~rver to lessee at lessee's address here~nafcer shown, complete abstracts of t~tle
covenng sa~d property, cert~fied from the sovere~gnty of the so~i to the iatest date poss~ble, or, at Lasor's opt~on, a tiNe insurance poticy in a
respons~ble trtte guara~ty company, showing as of a wrrent date, that Lessor has G) ~n the event the purchase ~s pursusnt to the terms of
Paragraph 15 hereof, good and marketable t~tle to the leased premises, free and clear of all liens and erxumbrances whatscever except liens or
encumbrances held by Lessee, w(ul m the event the purchsse ~s pursuant to the terrtK of Parag~eph 16 hereoi, suff~crent tide to the Iessed
p~em~ses to comply w~th the terms oi the third party offer which Lessee has efected to meet a~d suG~ect only to such 11ens a~d e~cumtxances
; spec~fied ~n wch th~rd party offer to be assumed by the purchaser. If ~essor fa~fs or refuses to so furmsh abstracts or t~de po~~cy, then Lessee
may, at ~ts elect~on, procure same at Lessor's expense and deduct the cost thereof from the cash or other consideration to be pa~d fo~ the
~ property. Lessee shal~ have a reasonable ume after rece~pt of abstracts or utle pol~cy ~n ~vh~ch to examine Lessw's Ut1e and to notity Lessor
i whether or not such Utle ~s acceptab:e to Lessee. If Lessee is w~l!mg to xcept Lessor's t~de and consummate the purchase, then Lessor sha!I,
w~th~n ten (10) days after wntten not~ce thereof f~om ~essee, convey the property to Lessee 1~) in the event the purcAase is purwant to the
terms of Paragraph 15 hereof, by general warranty deed, iree and Near of all I~ens and encumbrances, Gnc~ud~ng, wnthout limiting the foregoing,
the nghts of homestead, dower andlor curtesyl or (u) ~n the event the purchase ~s pursuant to the terms of Paragraph 16 hereof, by such form
~ oi conveyance and sub~ect only to those i~ens and encumbrances spec~f~ed m such th~rd part~ offer and del~ver such cfeed to Lc~see upon the
ri payment or dehvery of the cons~deraUOn. Leuee shall conUnue to pay the rentak accru~ng hereunder from and after the date lessre notsfies
Lesso? of the exerc~se of sa~d opt~on, but upon the consumma[~on of the purchase ail wch renta~s so paid by Lessee sha11 be re~mbursed to
lessee by dedutt~ng seme from the tash or other cons~derat~on to be pa~d for the prope~ty. If the or~g~na1 andlor extended term of this tesse
exp~res before the purchase is consummated as herem prov~ded, then th~s lease shall be eutomaUCally extended et and for the same rrnts~ and
under the same terms and condrt~ons as were appl~cab~e dunng che exp~nng term, to the date un wh~ch the purchase ~s consum:nated or Lessee
not+fies Lessor that rt n not wi~~~ng to consummate the purchase. If Leszee purchases the property, then contemporaneously with the
conveyance of the property to lessee th~s iease shan become r.uU and vo~d, w~tnout further noUCe, and lessee sha~t thereupon be released and ~
" d~schargecf from a~! further rerttals and other obl~gat~ons on the part of the lessee to be pa~d, kept and perforrned.
- 18. The payments made and to be made hereunder hy Lessee to ~essor shau be cons~dered suff~c~e~t cons~derauon for any and al1
opt+ons herem granted by Lessor to Lessee
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19. !n eveni ali or any potUUn of the ~eased prem~ses ~s taken, condemned or appropnated by, or granted Or Conveyed to a puWit
- authonty or any party or body h2vinq or exe~c+smg the right of em~nent doma~n, or in event mgress to w eg?ess /rom said teased premises ~s
et~m~nated, affected, ~~m~ted or restncted by act~o~ of any publ~c authonty or by the achon of any otner party or body ezerc~s~ng or hawng the
~ r~ght of em~nent doma~n: and m event Lessor becomez ent~ued to money damages therefor, whether by means of an award w negouated
settlement or otherw~se, then Lessor hereby asvgns and transfers to Lessee ali such moneys rece~ved or to be rece~ved bY Lessor. The publ~c
authont~, bocly or persan resv~ns~bte for such payment ~s hereby auihor~red and d~rected to pay over to lessee the money proceeds of any
" se,ch award or negat~ated settiement, anc~ Lessee ~s authonzed to rece~pt therefor on behalf of Lessor. Lessee agrees that on rece~pt of wch
funds ~t w~u pay over to the bank named ~n Paragraph 26 hereof, the tota~ arnount recewed to be app~~ed agamst the unpa~d ba~ance o1 pr~nc~pa~
= and accrued ~nterest ow~ng on the note referred to ~n such Paragraph 26. ~n event the funds rece+ved by lessee hereunder are in an amount
grearer ihan the unpa~d bafance of pr~napa~ and eccrued ~nterest ow~ng on the sa,d note, such excess sha~1 first be appl~ed bv Lessee ~n payment
of a~~, ~ndebtedness owmg by LessOr to Lessee, howscever aru~ng, a~d che rema~nder, ~f any, shau be pa~d to Lessw. Noth~ng conta~ned ~n th~s
- paragraph shai~ rei~ere lessor oi the obl~gaUOn to make or cont+~ue mak~ng t~mely payments on sa~d note unt~l ~t has been paid m full
accord~ng ro~ts terms. Th~s paragraph shaU not affect, restnet, t~m~t or ~mpa~r ~n any marnier the r~ght oi Lessee to recrn~er fw damages to ~ts
' ~nterest ~n the Ieased prem~ses by v~rcue of any such approQr~aUOn or condemnat~on. The proceecis of any ~,~,ard or negot~ated seitiement made
to or eftected by Lessee snai~ be and rema~n the property of Lessee.
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20 In event Lessee purchases the ~eased prem~ses or any part thereot az prov~cled ~n th~s iease, lessee sha~~ have the nyht, at ~ts elgct~on,
to w~thhofd from the purcl,ase D~~~e othe~w~se aayat~~e ro Lessor for sad proPerry (a) ar amtwnt eyus~ to the unQa~d baiance of pnncipa~ and
accrued ~nterest, ow~ng by Lessor at such hme under the terms of tne prom~ssory notr ~eferred to m Paragraph 26 hereof, wh~ch arT~e>unt, ~f
w,thhe~d, lessee agrees to pay to the payee ~n sa~d note, Ib? tne amount of any and a~~ ~ndebtedness owmg at such t~me by Lessor to Lessee, ,
- ~nc~ud~ng, ~wthout ~~m~rahnn thereto, the amount oi a11 deLnyurnt renta~s, w~th ~nterest thereon, payable under that certa+n Sub-Lease
`;.u Agree~nent of even ciate herewith reEened to ~n the pardgraph next fo~~ow~ng and Ic) ~n the event the purchase ~s pursuant to the terms of ~
Paragraph 15 ~ereof, an amount ot mo~ey suific,ent to d~scharge A!I I~rns a~d encumbrancrs ez~stmg ~ga,nst the proQerty at the t~me oi
p;:~cra~e, ar t!:e evrr,~ t!:e ;,~:c~a:c pu,>u~r.t te th: ;crcr.; ot P~:3^yr3~h 16 hpre0l, a^ ar^cunt of mo^e~ s~t~:c:ens to ~:schazs~e a!! !:e^s
a~•d encumlxances rx~st~ng aga~nst the properry at the rme of such pu~c~ase wh~ch, accord~ng to t~e terms of the thud party offer, are not to
- t~e ds,umecf by the purCh35er
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- 21 In event Lessee U+irchasrs the pro~^~;sory ~ote referred !o ~r; Paragraph ZG herrof, thrn at such t~me the note purchase by Lessee
i`~a~~ ~p>o facto effect ar, ass~yr~~ne~~ by Lessor to lessre of a!~ re~•ta~s due ar.d payab~e or to hecorne due a~d paY~e to Lessor by Lessre under
tn~s !ease dur~~-g the rema~+~~ng porUOn of the or~y~nai temi nereof The renta~s so ass~g+~rd sha:~ be app~~ed bv Lessee as aga~~~st renta~s pa~aWe
> o~ to become due a:~d pa~able to LNSZre hy Lessor ander a certa~n S:ib ~ea~ Agreernent of evrn elate trerew~th !rom Lessee las iessorl to Lesso~ /
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Fa, !esseel cover~ng the at~ove descnbed prppert~ No~h~~ g conta~ned here~n shalt rel~eve Lessar of tne ob~~gat~on ro co~unue mak~ng Umely
~ay n:e~:ts due and to become due u~:der sa~d '~ote , ' ' ' , ~ u T
- ~:r..e~ vo._~;, ~c.s~p~. ._a...~..:~ ~oc ~ai•::ar.
- In the 2vent the pro+rnssory n~te referred to ~n Par3grapn 26 hereof ~s pard ~n full pnor to the exp~rat~or, ot the ong~nal term hereof,
- then such final payment shall ~pso facto eftect sn ass~gnment by lessor lo lessee of a~~ renta~s due and peyable o~ to become due snd payaWe
to lessor by Lessee under th~s Iease durmg ihe rema~n~ng poruo~ of the orvg~na~ te~m hereof 7he rentals so ass~greed shall be appl~ed by Lessee
as aya~rst renta~s Vavd?~ie or to become due and paY~~e to Lessee by Lessor u~der the $ub ~ease iapreemem above referred to
tn the event Lrssee exerc~ses ~is op.~on to extend the term hrreof as Vrov~ded ~n Paragraph 2 hereof, and the Lesso~, as lessee ~n the
Sub Lrase Agreement above rete+recl to, e~ects to Pxtend the term thrreot as provuSed ~n sa~d $utrLease AgreemeM, then at wch tirne the exer-
use ot s~ch opnor. by Lessee and Lesso~. retipect~vely, chau ~pso facto effect a~~ assrgnment by Lecsor to Lessee of a~i renta~s due and vaYaWe or
- to l~eco~ne ~fue a:~d payat~e to leiso~ tnr Lessre un~,er th~s irase Aunr,g the extendecl term. The rentak so ass~gned shal! be apVi~ed hy Le;ser ss
aga~nst ~entals payaWe or to t~ecome due and payab~e to lessee by Lessor ~nder the S~dLea~e Agreement above referred to.
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aoo~~.96 rac~136~ goc~1~ ParE 576 '
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