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11-29-12 Packet
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1/13/2014 12:34:33 PM
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11/27/2012 8:45:28 AM
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Mr. Timothy J. Mehall <br />November 7, 2012 <br />Page 13 <br />Subject to paragraph 7, Lessee will have obtained a satisfactory comfort <br />letter from IDEM or the IFA ( "Comfort Letter ") with respect to the <br />Premises (and Lessor will cooperate with Lessee's efforts in this regard, <br />share information as to the environmental condition of the Premises and <br />reimburse Lessee for the expenses of costs of the IDEM application, <br />reasonable steps required by IDEM (or IFA) to obtain liability protections <br />under the Comfort Letter and Lessee's all appropriate inquiry Phase 1 <br />environmental report. In no event shall Lessor's liability for legal fees or <br />consultant and other costs of Lessee associated with this subparagraph <br />exceed $35,000. <br />11. Purchase Option: Lessee shall have the option to purchase the Premises at any time <br />during the initial twenty -four (24) months of the term upon the following <br />terms. Lessee may exercise this option at a price of $1,350,000, by <br />providing Lessor not less than sixty (60) day advanced written notice of its <br />intent to purchase. A fort of Purchase Agreement shall be negotiated and <br />attached to the Lease (and an agreement satisfactory to each party will be a <br />condition to commencement of the Lease) which shall govern the terms of <br />the purchase in the event that Lessee exercises its option to purchase. The <br />purchase agreement will provide for (i) Lessor to convert the leasehold <br />title insurance policy into an owner's policy insuring Lessee's interest, (ii) <br />Lessor to continue to indemnify Lessee against environmental matters <br />existing on the Date of Commencement of the Lease as specified in <br />paragraph 8 above, (iii) Lessee to continue to indemnify Lessor from <br />environmental conditions on the Premises first existing after Lessee <br />occupies the Premises that are caused by Lessee or Lessee's operations or <br />business at the Premises as specified in paragraph 8 above, and (iv) such <br />other terms and conditions as are mutually satisfactory to each of the <br />parties. <br />
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