The owner`s mortgage. The term «lessor mortgage» refers to any mortgage: which is granted or granted to the lessor to provide a lessor with a security interest in the landlord`s holdings in the premises and/or in the lease, and includes all security instruments used in the metropolitan area – to safeguard these interests, including, but not exclusively, financing declarations, security agreements, mortgages, acts of trust and all other documents necessary to secure these interests. Personal property excluded. The term «excluded personal property» refers to all furniture, devices, equipment and other personal property, including, but not limited, to replacements and replacements, and all rentals, income, income, profits, profits, costs and revenues derived from it, now or beyond excluded tenants and/or owners and/or their respective rightful owners, assignors and/or assignors. Section 2.4 Life Extension Option. The tenant has the option of extending the term of one (1) additional period of ninety-nine years (99) years (the «extension period»). To make use of this renewal option, the tenant must notify the landlord in writing no later than twelve (12) months before the initial term expires. All terms of the tenancy agreement remain fully in effect during the extension period, with the exception of the basic rent which is adjusted in accordance with point 4.1 above. Section 2.6 Compulsory purchase by tenants. In the event that one of the following events in this section 2.6 occurs during the first ten (10) years of maturity (a «put event»), the lessor may, depending on the tenant`s choice, require the tenant to purchase the premises at the prevailing sale price by informing the tenant of this requirement within 60 days of a put event (a put-message). In this case, the tenant and landlord close this purchase on a date to be determined by the parties, but no more than sixty (60) days after such notification or above one hundred and twenty (120) days after that notification. In the event that the parties are unable or unable to agree on such a conclusion, such a conclusion occurs on the day of one hundred and twenty (120) days after the Put Notice or the next business day.
This closure is carried out by applying the closing procedures applicable to the financial statements in accordance with Section 2.5 (b) (including the delivery of a default to the lessor). The Put event is as follows: According to the law of several U.S. states, a 99-year lease will always be the longest possible contract for Realty by law, but many states have adopted shorter deadlines and some allow infinite terms. [Citation required] A number of basic rent exposures are also included. (c) For the purposes of this option to purchase the premises, it is expressly understood and accepted that the term «fair option value» refers to the higher value of (x) » – or (y) fairmarket Value of the land, which includes a portion of the premises at fair value in the country, as if the country were not improved and unaffected by the rent. The tenant`s estimate of fair market value is supported by a written assessment by an expert who is a member of the Valuation Institute (AMI) and who has no less than fifteen (15) years of experience in the valuation of commercial real estate in the circle.