Laserfiche WebLink
<br />24. SELLERS' LEASING OF PROPERTY DURING OPTION TERM. If Sellers <br /> <br />choose to lease the Property during the Option Term, any lease with a tenant shall be in writing <br /> <br />and must include the following paragraph: <br /> <br />Landlord has entered into an Option Agreement with the City of Centerville (the <br />"City"). The Option Agreement gives the City the right to purchase the Leased <br />Premises. If the City exercises its right to purchase the Leased Premises, then this <br />Lease shall be deemed terminated as of the date of closing on the sale. All such <br />payments to which the Tenant shall be entitled shall be made by the Landlord at <br />the time possession is demanded, but it is expressly understood that the right of <br />the City (andlor Landlord) to possession of the Leased Premises shall not be <br />deferred or delayed beyond the possession date because of any dispute as to the <br />proper amount to be paid by the Landlord to the Tenant. The provisions of this <br />paragraph shall have no application to any Lease termination caused by Tenant's <br />default. <br /> <br />IN WITNESS WHEREOF, the parties hereto have executed this document effective the <br /> <br />date first set forth above. <br /> <br />BUYER: <br /> <br />CITY OF CENTERVILLE <br /> <br />BY:'--1J7~ {~ <br />Mary pra, ayor <br /> <br />Atte~t: ~~ __________ <br />Dal as Larson, City Administrator <br /> <br />SELLERS: <br /> <br />LGL, LLC <br /> <br /> <br />8 <br /> <br />it-, <br />