Orange County NC Website
term or additional terms, if any, are herein sometimes referred <br />to as the "Term" or the "Lease Term." <br />e. Landlord agrees to deliver to Tenant sole and <br />exclusive possession of the Premises (subject to the right of <br />Landlord to enter thereon for inspection purposes and otherwise <br />as provided herein) at the commencement date of the original <br />term. And Tenant agrees to accept possession of the property <br />upon such delivery. Landlord covenants and agrees that it will <br />not take any action, other than pursuant to Paragraph 11 of this <br />Lease, to prevent Tenant from having quiet and peaceable <br />possession and enjoyment of the property during the Term and <br />will at the request of Tenant, and at the cost of Tenant, <br />cooperate with Tenant in order that Tenant may have quiet and <br />peaceable possession and enjoyment of the property. <br />f. Landlord hereby grants to Tenant a right of first <br />refusal to purchase the Premises, which must be exercised, if at <br />all, in.the manner hereinafter set forth. In the event that <br />Landlord receives a bona fide offer to purchase the Premises on <br />price, terms and conditions which .it is willing to accept, it <br />shall give prompt written notice of such offer to Tenant ( "ROFR <br />Notice"). The ROFR Notice shall include a copy of such offer, <br />provided that'Landlord may delete the name of the prospective <br />purchaser. Within fourteen (14) calendar days from the date such <br />ROFR Notice is given, Tenant may exercise its right of first <br />refusal by executing and delivering to Landlord a written <br />contract containing the same price, terms and conditions as set <br />forth in the ROFR Notice, with no material additional terms or <br />conditions. Such contract shall be signed and accepted by <br />Landlord and the parties shall proceed to close in accordance <br />with the terms thereof. In.the event that Tenant fails to <br />- - exercise this option- as herein provided, and Land -lord closes..- the. - <br />sale of the Premises substantially in accordance with the terms <br />of the ROFR Notice, Tenant's right of first refusal shall. <br />terminate and shall not be exercisable as to any future sale by <br />Landlord, its successors or assigns. In the event that Tenant <br />fails to exercise this option as provided herein, and Landlord <br />does not close the sale of the Premises substantially in <br />accordance with the terms of the ROFR Notice, Tenant's right of <br />first refusal shall remain in effect and Landlord shall not sell <br />the Premises without again submitting the terms of the proposed <br />sale to Tenant for Tenant's acceptance or approval in accordance <br />with the terms of this paragraph_ <br />3. Rent and Other Consideration. <br />a. Tenant shall pay to Landlord the sum of One <br />Hundred Five Thousand Dollars ($105,000) per annum during the <br />Original term, payable in monthly installments of Eight Thousand <br />Seven Hundred Fifty Dollars ($8,750) each due on the first day of <br />each month, in advance, during the original term of this Lease <br />except that payment for the first such monthly installment shall <br />be made by Tenant contemporaneously with notice. to Tenant from <br />