Laserfiche WebLink
(1) Tenant shall give Landlord not less than thirty(30) days <br /> written notice exercising its right to purchase the Development <br /> Property, <br /> (2) the closing shall take place on a mutually convenient date a <br /> principal office of Landlord or such other location as the parties agi <br /> (3) the purchase price for the Landlord's entire interest in the <br /> Development Property shall be One Dollar($1.00), <br /> (4) at closing, Landlord shall convey fee title in the Development <br /> Property to Tenant by quit claim deed, assignments and other <br /> appropriate instruments of conveyance, such conveyance to be subject <br /> only to (i)the Permitted Encumbrances, (ii) at Landlord's option, a <br /> restriction running with the land for such period as the Landlord may <br /> specify to the effect that the Development may be used only for <br /> residential housing purposes available for occupancy by persons 62 <br /> years of age and older, and(iii) any liens and encumbrances created or <br /> consented to by Tenant or arising from the failure of Tenant to perform <br /> or observe by its agreements under this Lease, <br /> (5) this Lease shall automatically terminate on closing, <br /> (6) Tenant shall reimburse Landlord for all reasonable out of pocket <br /> costs and expenses incurred by Landlord in connection with the <br /> conveyance. <br /> 2.6 Title to Improvements. Title to the Improvements hereafter erected or <br /> located on the Development Property by or on behalf of the Tenant shall remain the <br /> property of Tenant, except that if(1) Tenant does not purchase the Development <br /> Property pursuant to Section 2.5 of this Lease, all Improvements located on the <br /> Development Property on the Termination Date shall become the property of <br /> Landlord, or(2)Landlord terminates this Lease pursuant to Section 9.2(1) hereof, <br /> then Landlord may repossess the Development, as provided in said Section 9.2(1). <br /> ARTICLE 3 <br /> RENT <br /> 3.1 Rent. Tenant shall pay Rent to Landlord on of each calendar <br /> year until the Termination Date in the amount of$1. <br /> 3.2 Net Lease. It is the intention and purpose of Landlord and Tenant that <br /> this Lease shall be a"Net Lease" to Landlord. All costs and expenses of whatever <br /> character or kind, general and special, ordinary and extraordinary, foreseeable or <br />