no further ROFR with respect to the Property. PDF Practice Guidelines on Options to Purchase and Sale & Purchase In Florida, a seller and a buyer can enter into a legally binding contract that creates an "option," to purchase real estate. Contrary to an option to purchase, a right of first refusal means a tenant has the option to purchase the property after the seller makes an offer to an outside party. The Company hereby agrees to issue and sell to the Representative (and/or their designees) on the Effective Date an option ("Representative's Purchase Option") for the purchase of an aggregate of ______ units ("Representative's Units") for an aggregate purchase price of $100. Should any provision of this Agreement require judicial interpretation, the parties hereto C. not sell, transfer, lease, pledge, hypothecate or otherwise encumber any direct or indirect interest in the Property or any portion thereof or any direct or indirect Provided Tenant is not in default beyond all notice and applicable cure periods hereunder, Tenant shall have the right to purchase the Premises at any time during the Term, including any Extension Term, of this Lease upon giving notice in writing to Landlord (the " Purchase Notice ") at least . Pursuant to Section 3 of the Option Agreement, Optionee does hereby give Optionor notice of its exercise of the Option to purchase the Property. Here, the testator had five children whom she named as residual beneficiaries under her 2003 will. Optionor has no knowledge While the value of an option contract cannot be nominal, there is no special floor or ceiling; it's a matter of negotiation between landlord and tenant. The agreement allows a tenant to become the property owner by paying back rent and additional fees with each on-time rental payment. As of the Commencement Date, the Employee shall be granted a nonqualified stock option to purchase 20,000 shares of the Corporation 's common stock, par value $.01, at a price of $6.50 per share. NOW, THEREFORE, Optionor, for and in consideration of the mutual covenants contained herein and for other good and valuable consideration, Grant of Option. the event. before or after Closing shall be determined in accordance with generally accepted accounting principles using the accrual method. commenced in defense thereof. Day shall mean those days of the week which are not a Saturday or Sunday, or New Years Day, Presidents Day, Martin Luther King Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day or Christmas Day (on the days appraisals, or if fewer than all three of the required appraisals shall have been received by Optionor and Optionee, in writing, within sixty (60) days after the FMV Deadlock Date, then, in either such case, the Fair Market Value shall be determined been given only (i) if hand delivered, then if and when delivered to the respective parties at the below addresses (or at such other address as a party may hereafter designate for itself by notice to the other party as required hereby), (ii) if sent Options to Purchase Sample Clauses: 137 Samples | Law Insider This Agreement, together with the Exhibits hereto, contains the entire agreement of the parties with regard to the subject matter hereof Optionor (provided that the acquiring partner did not become a partner for the purpose of circumventing the ROFR), (d) a transfer of the Property to an Agency as part of a tax reduction or tax abatement program in which Optionor leases the Property constructed thereon and all easements, rights and privileges appurtenant thereto (collectively, the Reaves Land), which constitutes a portion of an approximately 62.363 acre parcel, consisting of the following five (5) The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. Optionor shall indemnify, defend and save Optionee harmless from and against any and all suits, claims, causes of action, damages and TENNESSEE AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT A FOUND IRON PIN AT THE SOUTHWEST CORNER OF THE PROPERTY SHOWN ON THE FINAL PLAT FOR PHASE 7 OF THE GOODLETT FARMS EAST PLANNED DEVELOPMENT AS RECORDED IN PLAT BOOK 160, PAGE 32 AT SAID REGISTERS OFFICE; THENCE CENTERLINE OF SAID GARRETT RIDGE ROAD A DISTANCE OF 67.46 FEET TO A POINT; THENCE S41019W AND CONTINUING ALONG THE CENTERLINE OF SAID GARRETT RIDGE ROAD A DISTANCE OF 509.99 FEET TO A POINT; THENCE N850408W ACROSS Optionor has not received, and, to Optionors purchase. What is an Option to Purchase and What is it Used For? Sample Clauses. The Option to Purchase - which contains the main generally-applicable clauses that will govern parties' obligations for the sale and purchase of the property. Authority. Thereupon, Optionee will be constructing an approximately 180,000 square foot headquarters office Consideration for Option. If there is no such meter or if the bills for any of the foregoing have not An approximately 1.496 acre parcel of ground contiguous to the Reaves Land located on the south side of A lease option is an agreement that gives a renter a choice to purchase the rented property during or at the end of the rental period. Pursuant to the terms of a certain Option to Purchase Agreement, Edward T. Haslam who acknowledged himself to be Chief Financial Officer of CONCORD EFS, INC., a Delaware corporation, and that he, being authorized to do so, executed the foregoing instrument for the purposes therein contained by Reaves Land, the Land), which constitutes a portion of an approximately 3.624 acre parcel, also designated as the following Shelby County tax parcel: district 2, block 7, parcel 296 (collectively the Appling and County aforesaid, personally appeared Also, see the Nolo article Real Estate Attorneys and Home Purchases for advice on hiring and working with a real estate attorney. Appointments. In other words, if the tenant decides not to exercise his or her option to purchase the house within the agreed-upon time frame, the tenant forfeits the option money. LEGAL DESCRIPTION on the terms and conditions set forth below: Option Period: This Option shall exist and continue from the date hereof until 12:00 o'clock a.m. (midnight) on __________ ("Option Period"). For purposes of this Agreement, Fair Market Value shall mean the value of the Property determined in accordance with the following procedures: A.FMV Notice. Tract,and collectively with the Reaves Tract, the Tracts) as more particularly described on Exhibit A-2 attached hereto. While option contracts are used in both commercial and residential real property transactions, this article focuses on option to purchase contracts in residential real estate transactions. Option to Purchase Under a Will Addressed | Center for Agricultural Law In consideration for the Option granted herein, Optionee has, among other things, simultaneous with the execution hereof, paid to Optionor G. Tax Returns and Payments. IftoOptionor:DanM.PalmerandEdwardA.LabryIII. If the owner of a reserved housing unit wishes to sell the unit during the regulated term, the authority or an entity approved by the authority shall have the first option to purchase the unit. THIS OPTION TO PURCHASE AGREEMENT (this Charges, if any, for water, electricity, sewer rental, gas and all other utilities to the Property titled in the name of Optionor shall be pro rated on a per diem basis. Period), negotiate in good faith to try to reach agreement upon the Fair Market Value, using their reasonable good faith efforts. N854644W ALONG THE SOUTH LINE OF THE SAID APPLING ASSOCIATES PROPERTY A DISTANCE OF 678.04 FEET TO A POINT ON THE CENTERLINE OF A PROPOSED ROAD; THENCE N43918E ALONG THE CENTERLINE OF SAID PROPOSED ROAD A DISTANCE Optionee within two (2) Business Days of Optionors receipt of the Offer. ii. CENTERLINE OF A PROPOSED ROAD; THENCE S43918W ALONG THE CENTERLINE OF SAID PROPOSED ROAD A DISTANCE OF 99.03 FEET TO THE POINT ON THE SOUTH LINE OF THE SAID APPLING ASSOCIATES PROPERTY; THENCE N854644 W ALONG THE TO THE LEFT AN ARC DISTANCE OF 773.23 FEET (CHORD N443116E 747.36 FEET) TO THE POINT OF BEGINNING AND CONTAINING 1,078,283 SQUARE FEET, OR 24.754 ACRES. Optionee shall have a period of ten (10) Business Days after receipt of the Offer to match the Offer. and County aforesaid, personally appeared and acknowledged himself to be DAN M. PALMER, and that he, being authorized to G. A certificate addressed to Optionee, recertifying and remaking all of the Castle : On the 17th day of July, 2002, before me, subscriber, a Notary Public in and for the State and County aforesaid, personally appeared constitutes the authorized, valid and legally binding obligations of Optionor enforceable in accordance with its terms. Purchase Option Sample Clauses: 4k Samples | Law Insider PDF Option to Purchase for Transaction of Private Residential Property - Cea provision of this Agreement is invalid or unenforceable for any reason, all other provisions of this Agreement shall be and remain in full force and effect. the other hand, Optionor granted Optionee an option to purchase an approximately 37.669 acre parcel of ground located on the south side of Goodlett Farms Parkway and the east side of Charles Bryan Road in Shelby County, Memphis, Tennessee, as such The An option to purchase must address the price for which the tenant will buy the rental property in the future. Some states require option contracts to be recorded in the courthouse in the manner of a deed transfer; the rationale behind this is to encumber the property and ensure that the landlord is unable to sell the rental property to a third party. until the date that is ten (10) years after the date hereof. So, when longer option periods are contracted for, landlords and tenants usually agree to re-evaluate the purchase price of the home periodically. Subject to Paragraph 14 (C) above and all other provisions of this Agreement providing that Optionor shall not transfer the Property, this and County aforesaid, personally appeared and acknowledged himself to be EDWARD A. LABRY, III, and that he, being C.Recording. Practice Guidelines on Agreements PG 1/2015 Options to Purchase and Sale and Purchase Preamble These Practice Guidelines seek to provide that Options to Purchase (OTP) and Sale and Purchase (S&P) Agreements are suitable for their purposes and shall contain appropriate provisions to facilitate compliance with: Optionor, threatened, against or affecting Optionor or the Property before any court or before any governmental or administrative body or agency, which if. Purchase option. any sale or transfer of the Property to an affiliate of Optionor, (b) any foreclosure sale or deed in lieu of. equity. Optionor hereby irrevocably grants unto Optionee and Optionee hereby accepts from Optionor, the exclusive and irrevocable right and option TOGETHER WITH A PARCEL BEING A SURVEY OF PART OF THE APPLING ASSOCIATES Purchase Option Agreement: Definition & Sample - Contract Lawyers of any Release of a Hazardous Substance and Optionor has not received any notification of a Release of a Hazardous Substance pursuant to any Environmental Law with respect to the Property. Except as otherwise specifically provided below, all expenses and To the best of Optionors knowledge, no hazardous or Each party will pay the cost of its own appraiser and both parties will share equally the costs of the third appraiser and of any AIREA Officer. B. , 2002, before me, subscriber, a Notary Public in and for the The Option is granted in accordance with the Option to Purchase Agreement executed by and between City and Optionee concerning the Option Property, dated , 20 (the "Option to Purchase Agreement"). Optionor hereby irrevocably grants unto Optionee and Optionee hereby accepts from Optionor, the exclusive and irrevocable right and option (the "Option") to purchase the Property upon the terms and conditions set forth herein. v.To the best of Optionors knowledge, no polychlorinatcd biphenyls (PCBs) are or have been present at the Property and no underground or aboveground Utilities. CONTRACT FOR PURCHASE & SALE OF REAL PROPERTY. Option to Purchase Sample Clauses: 3k Samples | Law Insider by it and has paid (and will hereafter pay) all taxes, assessments and other governmental charges levied upon it or on any of its properties, assets, income or franchises which are due and payable, other than those presently payable without penalty If Optionee exercises the Option (and has not timely revoked such exercise in accordance herewith) and all conditions American Institute of Real Estate Appraisers (AIREA) or any successor organization thereof (in any such case, an AIREA Officer); or (2) if fewer than all three of the required appraisals hereinafter defined), PCE shall have, and the Company hereby grants, an option (the "Option") to purchase an eighty percent (80%) membership interest in the Company (the "New Interest"), pursuant to the terms Jim Smith, Esq., Smith & Smith Law Firm (Fax: 901.683.0223), Daniel W. Simcox, Esq., Dechert Optionor shall provide such affidavits and indemnities as may be necessary for Optionees title insurance company to provide affirmative coverage against mechanics liens or claims and parties in possession, if any, and to issue the Closing Date from December 23, 2002 to December 30 or 31, 2002. before me, subscriber, a Notary Public in and for the State and County aforesaid, personally appeared and acknowledged himself to be DAN M. PALMER, and that he, being authorized to do so, executed the foregoing instrument for the purposes (the Tenant ). DOCX Form of Option Agreement - Orrick, Herrington & Sutcliffe C.Binding Effect. Either party may from Park, including costs for maintaining the Goodlett Farms Parkway Median Strip) shall be pro rated between Optionor and Optionee as of midnight of the day preceding the Closing Date. The foregoing ROFR shall be exercisable only as against Optionor and shall not be exercisable as against any subsequent owner of the Property (except following an exempted transfer under Optionor as aforesaid and thereafter Optionor sells the Property to a third party within 210 days or in the event of any sale or transfer of the Property under clauses (b), or (e) above, the ROFR shall automatically terminate and Optionee shall have accrue, all real estate taxes, assessments, water and sewer rents and similar annual charges attributable to the Property and Optionor shall provide Optionee with evidence of such payment within ten (10) days after the date paid. adverse effect on Optionors ability to perform its obligations hereunder. address as a party may hereafter designate for itself by notice to the other party as required hereby). Lease Agreement with Option to Purchase - SEC.gov If, in Optionees sole discretion, it determines that any AS RECORDED IN PLAT BOOK 145, PAGE 26, ALL OF RECORD IN THE SHELBY COUNTY REGISTERS OFFICE, LOCATED IN SHELBY COUNTY, TENNESSEE AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE SOUTHEAST LINE OF GOODLETT FARMS PARKWAY An approximately 1.496 acre parcel of ground located on the south side of Goodlett Farms Parkway and the east balance of the Tracts (collectively the Concord Land) consisting of (i) an approximately 24.754 acre parcel of the Reaves Tract and (ii) an approximately 2.128 acre parcel of the Appling Tract(collectively, subparagraphs basis of the fiscal year or billing period of the authority, utility or other person levying or charging for the same. If the tenant lets the period pass, the option expires and becomes null and void. Each Optionor hereby covenants, represents and warrants to Optionee as follows: A. this Agreement and provide that the same shall be released upon the payment of the lesser of (a) the outstanding indebtedness for which the mortgage lien is security; and (b) the Purchase Price, and (4) the matters listed on Exhibit B hereto iii. B.Optionee, contemporaneously with the execution of this Agreement, is purchasing the In the event Optionor or Optionee receives any notice of any condemnation proceedings or other proceedings in the nature of eminent domain hereto (the Memorandum of Option to Purchase) and shall cause such Memorandum of Option to Purchase to be recorded in the public records of Shelby County, Tennessee. For the purposes of this Agreement, Business Sample 1 Sample 2 Option Clause. State of WEST OF THE CENTERLINE); THENCE S41019W ALONG THE WEST LINE OF SAID GARRETT RIDGE ROAD A DISTANCE OF 272.00 FEET TO A POINT ON THE NORTH LINE OF DEXTER ROAD (25.00 FEET NORTH OF THE CENTERLINE); THENCE N853807W Tennesse : County of No consents of any third party are required in connection with Optionors performance hereunder. promulgated under Section 1445 of Internal Revenue Code of 1986, as amended, or any successor provision and stating that Optionor is not a foreign person ; and. December 30, 2010 | Erin Herbold In this case, the Iowa Court of Appeals affirmed the trial court's interpretation of the method required in Iowa to execute an option to purchase under a will. condemnation or taking will have a material adverse effect on Optionees intended use of the Property (a Total Taking), then, in such event, Optionee shall have the right to cancel any previous exercise of the Option. If Optionors default is the failure to The Property is not listed or, to Optionors Option to Purchase: A Guide for CRE Pros - Reonomy An AFL Club and a player shall not include provision for an option for a further period in any contract of employment and all such contracts shall expire on 31 October in the final year of the player 's contract. Examples of right of first refusal clauses in contracts - Afterpattern request to effectuate the purposes of this Agreement. affecting the Property, it will forthwith. PLAT BOOK 133, PAGE 17 AND PART OF THE PROPERTY SHOWN ON THE OUTLINE PLAN FOR THE GOODLETT FARMS EAST, FIRST ADDITION P.D. CONTINUING ALONG THE NORTH LINE OF SAID DEXTER ROAD A DISTANCE OF 13.00 FEET TO THE SOUTHEAST CORNER OF THE EVERETT LEON GARRETT PROPERTY (AP-7350); THENCE N20325E ALONG THE EAST LINE OF THE SAID GARRETT PROPERTY A DISTANCE OF Upon Optionees exercise of the Option as above provided, this Agreement will automatically become an agreement by Optionor to sell and convey the Property to Optionee and forth in clauses (i)-(iii), in each case addressed to the respective parties at the below addresses (or at such other. THE GOODLETT FARMS EAST, FIRST ADDITION P.D. Landlord grants to Tenant a one-time right of first offer to purchase the property (including the land, the Building, all other improvements and appurtenances thereto) (the "Purchase ROFO") if Landlord elects during the term to sell, transfer or otherwise convey the property. All of the terms and conditions of the Agreement are incorporated herein by reference as though set forth fully herein. later than sixty (60) days after the Option Period or, if later, 60 days after the Revocation Period (hereinafter defined). This PDF document provides a detailed and customizable template that you can use for your own lease-purchase agreement. PDF HUD Exchange 4+ SAMPLE Option to Buy Agreement in PDF if mailed by certified or registered mail, return receipt requested, then on the third (3rd) business day following the date on which such communication is deposited in the United States mails provided the U.S. Nothing within this Agreement, nor any act of either party pursuant hereto shall be deemed to constitute the parties as partners or joint Your use of this website constitutes acceptance of the Terms of Use, Supplemental Terms, Privacy Policy and Cookie Policy. you may have. hand, Optionor granted Optionee an option to purchase an approximately 37.669 acre parcel of ground located on the south side of Goodlett Farms Parkway and the east side of Charles Bryan Road in Shelby County, Memphis, Tennessee, as such property is Optionor shall give prompt written notice to Optionee of any claims against Optionor relating in any manner to the Property. Such indemnity shall include, without limitation, the payment of all costs, expenses and reasonable attorneys fees incurred or expended in the defense of such claims or demands, whether or not legal action or suit shall be which could reasonably be used by Optionee in connection with Optionees ownership of the Property; F. An affidavit of Optionor in a form satisfying the requirements of the regulations (including warehouse space) and data center, together with appurtenant parking. Subject to Section 3.5, of Receiver hereby grants to the Assuming Institution an only option for the period of ninety (90) days commencing the day after Bank Closing to purch. NORTH LINE OF THE SAID GARRETT PROPERTY A DISTANCE OF 48.60 FEET TO THE NORTHEAST CORNER OF THE JOHN BUCHANAN AND WIFE DOROTHY M. BUCHANAN PROPERTY; THENCE S803159W ALONG THE SOUTHERN MOST NORTH LINE OF THE SAID BUCHANAN PROPERTY A (i) and (ii) are referred to as the Concord Land), both as more particularly described on Exhibit A-3 attached hereto. . There are no actions, suits or proceedings pending, or to the knowledge of TENANT'S OPTION TO PURCHASE. Subject toward Section 3.5, the Recipient hereby grants to the Assuming Agency an exclusive option for the period of ninety (90) days getting the days after Bank Closing to purch. and may not be modified or amended except in writing. TO A FOUND PIPE AT THE SOUTHWEST CORNER OF THE SAID WASHINGTON PROPERTY; THENCE S861409E ALONG THE SOUTH LINE OF THE SAID WASHINGTON PROPERTY A DISTANCE OF 202.36 FEET TO A POINT ON THE EAST LINE OF GARRETT RIDGE ROAD (25.00 FEET execution of this Agreement, is purchasing: i. Options to Purchase. Options to Purchase and Rights of First Refusal in Florida BEING A SURVEY OF PART OF THE SAM N. REAVES, JR., TRUSTEE PROPERTY AS RECORDED Examples of buy back option clauses in contracts | Afterpattern AS RECORDED IN PLAT BOOK 155, PAGE 24 AT SAID REGISTERS OFFICE, THENCE ALONG THE SOUTHEAST LINE OF SAID GOODLETT FARMS PARKWAY FOLLOWING A 858.42 FOOT RADIUS CURVE TO THE LEFT AN ARC DISTANCE OF 170.97 FEET (CHORD in accordance with the following procedure: (1) if all three of the required appraisals are timely received but there is a five percent (5%) or greater variance of both the highest and lowest thereof with the average of all three as aforesaid, then TRUSTEE PROPERTY AS RECORDED IN INSTRUMENT BN-2392 ALSO BEING PART OF THE PROPERTY SHOWN ON THE OUTLINE PLAN FOR THE GOODLETT FARMS EAST PLANNED DEVELOPMENT AS RECORDED IN PLAT BOOK 133, PAGE 17 AND PART OF THE PROPERTY SHOWN ON THE OUTLINE PLAN FOR CENTERLINE OF SAID PROPOSED ROAD A DISTANCE OF 618.23 FEET TO THE POINT OF CURVATURE; THENCE CONTINUING ALONG THE CENTERLINE OF SAID PROPOSED ROAD FOLLOWING A 500.00 FOOT RADIUS CURVE TO THE LEFT AN ARC DISTANCE OF 666.90 FEET (CHORD State of Shelby County tax parcels; (i) district 2, block 7, parcel 298, (ii) district 2, block 7, parcel 115, (iii) district 2, block 7, parcel 244, (iv) district 2, block 7, parcel 270, and (v) district 2, block 7, parcel 271 (collectively, the The Notwithstanding : On the 9th day of July, 2002, before me, subscriber, a Notary Public in and for the State and County aforesaid, personally appeared and acknowledged himself to be EDWARD A. LABRY, III, and that he, being agree that the court interpreting or construing the same shall not apply the presumption that the terms hereof be more strictly construed against one party, it being acknowledged and agreed that both Optionor and Optionee are sophisticated parties, B. interest of Optionor therein except for the Permitted Exceptions. The Agreement provides that the Option shall be exercised by Optionee, if Agreement), is made as of this 17th day of July 2002, by and between DAN PALMER AND EDWARD On the date of this Agreement, Optionor and Optionee shall execute a memorandum of this Agreement in the form of Exhibit C attached The purchase price for the Property and the other terms of sale under the Option and the ROFR are set forth in the Agreement. B.Optionee, contemporaneously with the execution Ultimately, as long as both parties are in agreement as to how the value of the house is to be determined, the option contract is enforceable. Optionor has not taken and will not take any action that will or may affect Optionors , 2002, before me, subscriber, a Notary Public in and for the law provisions thereof). In furtherance of the foregoing: i. side of Charles Bryan Road in Shelby County, Memphis, Tennessee, together improvements constructed thereon and all easements, right and privileges appurtenant thereto (collectively, the Appling Land, and together with the Each party will pay all its own expenses If any of the same have not been finally assessed as of the Closing Date for the current fiscal year of the taxing authority, then the same shall be adjusted at Closing based upon the most recently issued bills
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