HomeMy WebLinkAbout0410 (ii) The Seller's cash investment shall
be multiplied by a factor of 1.50 to arrive at the "annual basis"
of the option price for the subject property. However, in the
event that the Purchaser shall notify Seller of the Purchaser's
intention to exercise the Purchaser's option hereunder and the
closing upon such purchase shall he at a time either less than
or more than one year (1) from the Seller's closing upon the
acquisition of the property, then the option price shall be
adjusted through the date of closing so that~the Seller's cash .
investment cost is multiplied by the factor of 1.50 and then
divided by 365 to arrive at a per diem amount. This per diem
amount shall be multiplied by the number :,f days from the Sel3ei's
closing and acquisition upon the subject property through the
clos; ^g ~!=e*_? t??P sale cf the subject Aroperty from the Seller
to the Purchaser hereunder pursuant to the option.
Thus, by way of example only, in the event that the total Seller's
cash investment for the property were $150,000.00, and the Purchaser,
having exercised his option hereunder shall close upon the purchase
of the property-310 days after the Seller first acquired the
subject property, then the total option price to the Purchaser
upon the exercise of the option hereunder for the subject property
.utilized by way of example only would be $191,095.89. The foregoing
has been used by way of illustration only. The actual option
price for the subject property to which this option exists shall
be determined by first arriving at the Seller's cash investment,
multiplying the same by the factor of 1:50 hereinabove referred
to, dividing the resulting figure by 365 to arrive at a per
diem figure and then multiplying that per diem figure by the
number of days from the sellers closing upon the acquisition
of the subject property to the Purchaser's closing upon the
purchase of the subject property from the Seller pursuant to
this option.
(b) In the event that the Purchaser shall exercise
the option for a portion of the subject property, so that less
than the entire parcel is conveyed from the Seller to the Purchaser,
then the purchase price therefor is determined by:
(i) Determining the option price as set
fortr~ ir, paragraph 2(a) above as if the option were to be exercised
for the entire parcel, and
(ii) Determining what percentage of the
entire subject property (based upon square footage or acreage)
is represented by that lesser portion of the subject property
being acquired by the Purchaser pursuant to the exercise of
the option contained herein, and applying such percentage to
the amount determined pursuant to paragraph 2(b)(i) above.
The amount as so determined will represent the option price
for the lesser included parcel of-the subject property being
acquired by the Purchaser pursuant to the Purchaser's exercise
of the right of option, hereunder.
(c) Each exercise of the option for a lesser
included portion of the subject property shall be determined
as provided in paragraph 2(b) above.
(d) the foregoing calculatior. cf the op*ion price
shall be distinguished from the total purchase price of the
subject property by the Purchaser from the Seller, inasmuch
as the option price does not include the amount of any mortgages
given by the Seller, taken subject to or assumed by the Geller
upon the Seller's acquisition of the subject real property.
The total purchase price shall consist of the option price plus
the amount of any liens (including mortgages) given.by, taken
subject to or assumed by the Seller with respect to t_he subject
real property upon the Seller's acquisition thereof.
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