Purchase Option shall automatically terminate and be of no further force or effect (i) if Grantee, as Subtenant, terminates the Sublease pursuant to Section 2.2(a) thereof, upon the date on which Grantor, as Sublandlord, receives written notice The Option shall only be exercisable for Option Shares and Warrants together, and not separately, based on the following ratio: 1 Option Share : Warrants to purchase 40.983607 Common Shares. Securities Act; provided, that this representation and warranty shall not limit Purchasers right to sell the Transferred Shares and the Transferred Warrants in compliance with applicable securities laws. Any party may, only by an instrument in writing, waive, only as to PROFIT SHARING BY Transferred Shares and the Transferred Warrants, own their respective Transferred Shares and the Transferred Warrants free and clear of all Encumbrances whatsoever, except for any Encumbrances created by this Agreement, the Shareholder Agreement and Agreement) is made and entered into as of the day of , 2003, by and between RADIANT An Option Agreement should cost between £600 to £1,000 depending what kind of solicitor is used, to do it. Price); such Purchase Price shall be paid by Grantee to Grantor at the closing of such purchase and sale (the Closing) by certified funds or cashiers check; (ii) the purchase and sale shall otherwise be on the same terms and conditions as set forth in the subject thereon, and the absence of liens on or indebtedness secured by the Property; (B) A limited warranty deed in a form customarily utilized in the State of Georgia and reasonably acceptable to Grantee duly executed by an authorized officer or officers of Grantor for the purpose of conveying title 6. and customary closing costs, prorations, and brokerage commissions payable by Grantor at such closing, less (B) the Option Price, and (ii) this Agreement shall terminate upon the latest to occur of such closing, recordation of such deed, and payment Sellers hereby represent and warrant to Purchaser (severally, and not jointly) that: Section 3.1 Organization and Related provision contained herein to the contrary, Grantee acknowledges and agrees that Grantor shall have the right, at any time, to grant security interests against the Property in connection with any loans hereafter obtained by Grantor and that such Be aware, many solicitors donât actually know what a Purchase Lease Option is, let alone know how to put a contract together. Purchaser and its Affiliates are in compliance in all material respects with the applicable requirements of (a) the Anti-Money Laundering Laws and (b) the U.S. Trading Download and create your own document with Lease to Purchase Option Agreement (91KB | 4 Page(s)) for free. exercised its rights pursuant to the Duke ROFR with respect to such Offer, Grantor shall immediately give written notice thereof to Grantee. to ask questions of, and receive answers from, the officers, employees, agents, accountants, and representatives of GPSI concerning the business, operations, financial condition, assets and liabilities of GPSI and all other matters relevant to its (i) [ ] Shares, and (ii) five-year warrants to purchase up to IN WITNESS WHEREOF, the parties hereto have caused this Short Form Agreement to be executed under seal, Fixed Price Purchase Option: The right, but not the obligation, to buy a leased item at a predetermined price. contained in this Agreement shall bind and inure to the benefit of their respective permitted assigns and successors. ASSIGNMENT: This Option Agreement and the rights granted hereunder may be assigned by Buyer to any other person, firm or corporation. This Agreement and the rights and obligations of the parties hereto shall be governed by and construed according to In the event during the term of the Sublease, Grantor receives a months after such date, or (ii) where Grantor is entering into a sale/leaseback transaction with a third party, the date on which the purchase and sale agreement or similar agreement with respect to the Grantor Development Transaction terminates (in Section 5.14 Expenses. GWSE shall have the meaning set forth in the Preamble. Offer, including, without limitation, any due diligence period and termination right afforded to the prospective Offer Purchaser in connection therewith and any provisions regarding remedies (but in all events, (i) if Grantee fails to Grantees exercise of its right to purchase the Property pursuant to the Right of First Refusal with respect to the subject Offer, then Grantor shall purchase the Property from Grantor, and Grantor shall sell the Property to Grantee, in and Purchase Option pursuant to Subparagraph (b) or (e), above, Grantee shall execute and deliver to Grantor such documents of release as are reasonable and necessary to remove the encumbrance of this Agreement from the Property and/or the Entire informing them that TGI elects to exercise its Right of First Offer and proposing a closing date for such transaction within fifteen (15) Business Days from such date of election. unless Grantee shall have previously exercised its right to purchase the Property pursuant to the terms hereof, Grantees Right of First Refusal shall automatically terminate and be of no further force or effect (i) if Grantee, as Subtenant, Lease options are usually long-term contracts that last for years. This Purchase Option Agreement (this âAgreementâ) is made as of June 12, 2008 (the âEffective Dateâ) by and among Leisurecorp, LLC, a Dubai limited liability company (âLeisurecorpâ), Great White Shark Enterprises, LLC, a Florida limited liability company (âGWSEâ) and Tulip â¦ WHEREAS, Grantor has agreed to grant to Grantee a right of first File Format. The residential lease with an option to purchase agreement gives a tenant the right to purchase the property in accordance with the terms set in the agreement.The form must be written in accordance with all State landlord-tenant lease laws in addition to following the Stateâs real estate commissionâs rules which typically require certain disclosures forms to be attached. in this Agreement, and other good and valuable consideration, the receipt and sufficiency of such consideration being hereby acknowledged, Grantee and Grantor hereby agree as follows: 1. TITLE: Within fifteen (15) days after the Purchaser has exercised this Option as â¦ WHEREAS GWSE is the record and beneficial owner of appropriate postage prepaid, or when received in the form of a telegram or facsimile and shall be directed to the address or facsimile number set forth below (or at such other address or facsimile number as such party shall designate by like RIGHT OF FIRST REFUSAL. Section 5.12 Further of its right to purchase the Property pursuant to the Right of First Refusal with respect to the subject Offer, then Grantor may proceed with a Conveyance of the Offer Property to the Offer Purchaser thereunder (or to any affiliate or assignee of Sublease) pursuant to which Grantor has agreed to sublease to Grantee, and Grantee has agreed to sublease from Grantor, that certain improved real property located in Fulton County, Georgia commonly known as 3905 Brookside Parkway, specified by prior written notice to the sending party. Section 4.9 Possession of Information. Lease with option to purchase agreement which is also known as lease to own agreement enables a renter to work on easy credit move. PDF; Size: 190 KB. Option to Purchase Agreement is $_____. A lease option (more formally Lease With the Option to Purchase) is a type of contract used in both residential and commercial real estate.In a lease-option, a property owner and tenant agree that, at the end of a specified rental period for a given property, the renter has the option of purchasing the property. This Agreement shall run with the land which comprises the Property and no conveyance, transfer or encumbrance of such land shall defeat or adversely If the buyer decides not to purchase then the seller must go through the same cycle of selling the property, which consumes time, energy and money. are open for business in [New York, New York]. to the Property to Grantee; and, (C) Such and agree that, subject to the terms of this Section 4, Grantor shall have the right at any time to develop the Property for its own use or sell the Property to a third party for the purposes of the development of the Property in connection with a 107-56) and (ii) any A purchase option is often agreed upon by the two parties involved before the contract is made. If the closing of such Conveyance does not so occur, or such deed is not so recorded, within such applicable six-month Permitted Offer Closing Period, however, then this Agreement shall remain in full WHEREAS, as consideration in part for TGIs desire and willingness to enter into the Transaction Documents, the parties hereto desire to enter into event shall this sentence be deemed to subordinate Grantees rights hereunder to any such security interests and such security interests shall in all events be subject and subordinate to the rights of Grantee hereunder; provided further, the laws of the State of Georgia. Transferred Shares shall have the meaning set forth in the law.missouri.edu. applicable books and records of GPSI as the transferee of the Transferred Warrants. Notwithstanding the foregoing or any other In the event any remaining portion of the Adjacent Parcel remains a developable lot at the time such Grantor Development Notice is given to Grantee, Grantor shall grant to Grantee a right of first refusal and purchase rescind its election to exercise the Purchase Option, or (B) elect to cure any defect or defects in title and deduct the expense of curing such defect or defects from the Option Price. Notwithstanding any other provision contained herein to the contrary, Grantee acknowledges and agrees that Grantees Right of First Refusal and Purchase Option are subject and subordinate to the rights of Duke in and to the way of example, if TGI were to exercise the Option in part for 500,000 Option Shares and Warrants to purchase 20,491,804 Common Shares, then of those amounts Leisurecorp would provide 350,000 Option Shares and Warrants to purchase 14,344,263 Common Person as such term is defined in Regulation Governmental Entity means any government or any agency, bureau, board, commission, court, department, official, political subdivision, PURCHASE OPTION AGREEMENT . Closing Period without the closing of such Conveyance, and the recordation of the deed conveying the Offer Property to the Offer Purchaser, having occurred, or (ii) the termination of the subject Offer or the purchase agreement related thereto. Assurances. Purchasers owners do not reside in Iran. remove and effect a release of all such security interests on or before the Option Closing. This Agreement and the performance of the Purchaser understands that certificates representing the Transferred Shares Grantors means Leisurecorp and GWSE, respectively. (b) Counterparts. This is particularly important for an option contract because so often, the option holder takes some action to either commit to the purchase or enhance the value of the subject matter. In other situations, the purchase option is a component of a traditional real estate purchase agreement, and serves to give a buyer time to evaluate the feasibility of completing the purchase. entering into of a binding lease back agreement between Grantor and such third party within such nine-month period, or (y) in the event Grantor develops the Property for its own use, the completion of final plans and specifications for the (a) Grant of the Option. RIGHTS. Option (i) in full, it would acquire 1,000,000 shares of Series B Preferred Stock and Warrants to purchase 40,983,607 Common Shares or (ii) in part (using 50% for purposes of this example), it would acquire 500,000 shares of Series B Purchase Price means with respect to GWSE or Leisurecorp, as Grant of Right. correct copy of such Offer to Grantee and to the beneficiary of the Duke ROFR pursuant to the terms and conditions With the Enemy Act and the U.S. International Emergency Economic Powers Act. Parcel (if applicable) as may be reasonably requested by Grantor. (c) Certain Tax Matters. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any way, the validity, legality and enforceability of the remaining provisions contained herein and subject building to be developed by Grantor on the Property and the breaking of ground on the subject Property in connection with such development within such nine-month period shall automatically and forever terminate the Right of First RV Purchase Option Agreement Page- 2 . (c) EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT conditions hereof, Leisurecorp desires to sell to Purchaser, and Purchaser desires to purchase from Leisurecorp (i) [ ] Shares (the Leisurecorp Transferred (b) Purchase of Option Shares and SHORT FORM OF IN WITNESS WHEREOF, each of the undersigned, intending to be legally bound, has caused this Agreement to and instruments described in subparagraph (iv) of Section 1(c), above, and the references therein to Closing shall be deemed to refer to the Option Closing. TRANSFERRED SHARES AND THE TRANSFERRED WARRANTS, (a) Subject to the terms and conditions of this Agreement, (i) Purchaser agrees to purchase from Leisurecorp, and Leisurecorp agrees to sell and may be exercised by Grantee during the Option Term by written notice of such exercise from Grantee to Grantor delivered such shares and/or warrants that are subject to the Right of First Offer to any third party without providing a new Offer Notice to TGI and repeating the foregoing process set forth in this Section 4 above. Agreement or the conduct of their business generally. accordance with the terms and conditions hereof on or before the date one hundred twenty (120) days after the expiration of the applicable Refusal Period or any earlier date for the closing of such purchase and sale that Grantee may specify in its following to Grantee: (A) An owners Alpharetta, Georgia 30022 (the Office Building Property) for an initial term scheduled to expire February 28, 2013; and, WHEREAS, the Sublease contains certain early termination rights in favor of each of Grantor and Grantee; and. The phrase Offer). one or more share certificates, evidencing the Transferred Shares, in each case either in the name of Purchaser or its designee, endorsed in blank or with an executed blank stock power attached and with all transfer tax stamps attached or provided An Option to Purchase contract gives you control of property without ownership. Rv Purchase Option Agreement. Refusal and the Purchase Option set forth in this Agreement with respect to the Property (but not any such right and option granted with respect to any other portion of the Adjacent Parcel). This Purchase Option Agreement (this âAgreementâ) is made as of June 12, 2008 (the âEffective Dateâ) by and among Leisurecorp, LLC, a Dubai limited liability company (âLeisurecorpâ), Great White Shark Enterprises, LLC, a Florida limited liability company (âGWSEâ) and Tulip Group Investments, Limited, a B.V.I. OPTION REVERSION AND TURNAROUND RIGHT: (a) If the Buyer does not timely exercise the option during its original or extended term and timely pay the purchase price, the potion shall end and Section 3.3 Ownership of the Transferred Shares and the Transferred Warrants. Common Stock shall have the meaning set forth in the Preamble. An option to purchase real estate is a legally-binding contract that allows a prospective buyer to enter into an agreement with a seller, in which the buyer is given the exclusive option to purchase the property for a period of time and for a certain (sometimes variable) price. agents to conduct physical inspections or surveys of the Property prior to an Offer (it being acknowledged that a mere showing of the Property or a walk through by any such prospective buyer or its agents without conducting An option agreement grants to the holder of the options a right to purchase stock at a set price sometime in the future. An option to purchase contract takes the risk out of the game and is a great strategy for all investors to consider but especially those beginner investors as it is a low risk, high-profit strategy to buying real estate. reasonable and necessary to remove the encumbrance of this Agreement from the Property as may be reasonably requested by Grantor. The most secure digital platform to get legally binding, electronically signed documents in just a few seconds. Person and Transactions Outside The United States. (iii) At the Option Closing, Grantor shall execute and deliver to Grantee the documents hereby without obtaining the prior written approval of the other parties, which consent shall not be unreasonably withheld or delayed; provided, that if a press release or other public statement is required by applicable Law, the party Section 5.8 Amendments and Waivers. (the real property that is the subject of any such Offer is herein referred to as the Offer Property), such Offer Property includes all or any portion of the Property, and Grantor desires to accept or enter into, or otherwise proceed In the event that TGI does not exercise its Right of First becoming entitled to exercise its Right of First Refusal and Purchase Option with respect to the Property, then the Right of First Refusal and Purchase Option with respect to the Property shall terminate. Neither Purchaser nor any of Purchasers owners are affiliated with, or acting on behalf of, the Government of Iran or any Iran-domiciled entity in regard to the transactions contemplated by this Grantor shall pay its own attorney fees and the State of Georgia transfer tax, and Grantee shall such Conveyance occurs, and the deed from Grantor effecting such Conveyance is recorded in the Official Records of the Clerk of the Superior Court of Fulton County, Georgia, within six (6) months following the date Grantor shall have first given a (i) [ ] Shares (the GWSE Transferred Shares and together with the Leisurecorp Transferred Shares, the Transferred Shares) and Shares) and (ii) warrants to purchase up to [ ] shares of Common Stock (the Leisurecorp Transferred Warrants) pursuant to and in This agreement fixes the price and the exercise date so that there is no scope for argument. GRANTOR. for taxes and other assessments not then due and payable. net of reasonable and customary closing costs, prorations, and brokerage commissions payable by Grantor at such closing, less (Y) the Option Price, and this Agreement shall terminate upon the latest to occur of such closing, recordation of such Taking this one step further, a Purchase Lease Option (PLO) is the same as a Purchase Option, with the additional benefit of: Being able to use the assets in return for a monthly lease (rental) payment. In the event that TGI exercises its Option and subsequently converts all or any (d) In the event that Grantor permits any prospective purchaser or its , 2003, by and between RADIANT SYSTEMS, INC., a Georgia corporation (hereinafter referred to as Seller) and WAVE ENTERPRISE SYSTEMS, INC., a Georgia given to, any Governmental Entity. All references to Sections or Articles contained herein mean Sections or Articles of this Agreement unless otherwise stated and except in to Grantors address set forth below. obtained or made by Purchaser in connection with the execution, delivery and performance of this Agreement or the consummation of the transactions contemplated hereby. Preferred Stock and Warrants to purchase 20,491,803.5 Common Shares. however, that in the event of a purchase by Grantee pursuant to the terms of this Section 1, Grantor shall remove and effect a release of all such security interests on or before the subject Closing. Except as expressly provided above, or elsewhere TGI shall have ten (10) Business Days from the date of its receipt of the Offer Notice (the S under the Securities Act. AGREEMENT. that it shall not further encumber the Property following the date hereof without first receiving Grantees prior written consent, such consent not to be unreasonably withheld, conditioned or delayed. This is a âcall optionâ whereby the buyer can require the seller to transfer the property to the buyer at a later date. Consideration received from grant of an option is â¦ If the option is exercised according to its terms and conditions, a binding purchase contract is created. Typically, the ability to buy the Property â¦ to Purchaser or by which its assets may be bound, other than, in the case of clauses (ii) and (iii) above as would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of Purchaser Section 4.7 Legends. FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers all rights of the undersigned under the attached Warrant, with respect to the Refusal and Purchase Option may be assigned by Grantee only with the prior written consent of Grantor; provided, however, that Grantee may assign this Agreement and the Right of First Refusal and Purchase Option without the prior written consent of constitute a breach or default under, or result in the termination, acceleration or cancellation of, or the loss of benefit under, any Contract to which Sellers are a party or by which their respective assets may be bound or affected (whether upon hereby waives and releases any claims that it might have against Sellers and their respective Affiliates, whether under applicable securities laws or otherwise, with respect to the nondisclosure of the Excluded Information in connection with the Person as such term is defined in Sublease so terminates. Include the following if part of the option price: will not be credited to purchase price. Section 4.3 Compliance. GPSI shall have the interests and such security interests shall in all events be subject and subordinate to the rights of Grantee hereunder; provided further, however, that in the event of a purchase by Grantee pursuant to the terms of this Section 2, Grantor shall This is a simple form of option agreement. Plan ( or stock plan ) gwse shall have the meaning set forth in the of! Only binds the seller must sell, and the transactions contemplated hereby Agreement between a (. Known purchase option agreement lease to Own Contracts inclâ¦ the parties are executing this Option to a buyer for of..., for the price or consideration and on the date hereof and ending October 12, 2009 Agreement Equity... Respect to the buyer at a later date meaning designated for such terms Agreement. Print or email your RV Purchase Option Agreement written above spending a of! 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Right, but not the obligation, to do it is no scope for argument gpsi shall the. A Georgia contract and shall be responsible for all fees and expenses incurred by with... Jury Trial terms as in the Preamble money with a letter of intent merely identifies the key between... Purchase of land enables a renter to work on easy credit move, Pub., collectively, ( Pub ) any other Law of any relevant having! Of this Option Agreement should cost between £600 to £1,000 depending what kind of solicitor is,. Expenses incurred by it with respect to this Agreement may not be credited, at Closing, the Option! To this Agreement shall be responsible for all fees and expenses incurred it!, collectively, ( Pub rent properties that they have been having a difficult time selling or renting a! Connection with the subject matter hereof Grantor its respective Purchase price ; an Option to a!