THRIVE SANTA ANA, INC. (4) - Laserfiche WebLink

Home Browse Search

2.3 Termination at End of Term. This Lease shall terminate without need of further actions of any Party at 12:00 midnight Pacific Standard Time on the last day of the Term. 2.4 Condition of the Premises. TENANT HEREBY ACCEPTS THE PREMISES "AS IS", AND ACKNOWLEDGES THAT THE PREMISES IS IN SATISFACTORY CONDITION. LESSOR MAKES NO WARRANTY, IMPLIED OR OTHERWISE, AS TO THE SUITABILITY OF THE PREMISES FOR TENANT'S PROPOSED USES. LESSOR MAKE NO COVENANTS OR WARRANTIES, IMPLIED OR OTHERWISE, RESPECTING THE CONDITION OF THE SOIL, SUBSOIL, OR ANY OTHER CONDITIONS OF THE PREMISES OR THE PRESENCE OF HAZARDOUS MATERIALS, NOR DOES LESSOR COVENANT OR WARRANT, IMPLIED OR OTHERWISE, AS TO THE SUITABILITY OF THE PREMISES FOR THE PROPOSED DEVELOPMENT, CONSTRUCTION OR USE BY TENANT. LESSOR SHALL NOT BE RESPONSIBLE FOR ANY LAND SUBSIDENCE, SLIPPAGE, SOIL INSTABILITY OR DAMAGE RESULTING THEREFROM. LESSOR SHALL NOT BE REQUIRED OR OBLIGATED TO MAKE ANY CHANGES, ALTERATIONS, ADDITIONS, IMPROVEMENTS OR REPAIRS TO THE PREMISES. TENANT SHALL RELY ON ITS OWN INSPECTION AS TO THE SUITABILITY OF THE PREMISES FOR THE INTENDED USE. TENANT INITIALS:zv- 2.5 Limitations of the Leasehold. This Lease and the rights and privileges granted Tenant in and to the Premises are subject to all covenants, conditions, restrictions, and exceptions of record as of the date hereof or otherwise disclosed to Tenant prior to the date hereof. Nothing contained in this Lease or in any document related hereto shall be construed to imply the conveyance to Tenant of rights in the Premises which exceed those owned by Lessor, or any representation or warranty, either express or implied, relating to the nature or condition of the Premises or Lessor's interest therein. 2.6 Tenant's Investigation. Tenant acknowledges that it is solely responsible for investigating the Premises to determine the suitability thereof for the uses contemplated by Tenant. Tenant further acknowledges by executing this Lease that it has completed its investigation and has made such determinations as Tenant believes may be required under the circumstances. 2.7 Option to Purchase. Lessor grants Tenant the exclusive right to an option to purchase ("Option") the Property herein, for a gross sales price equal to a negotiated fair market value, based on an appraisal to be conducted by the Lessor, throughout the term of this lease, or if the lease is earlier terminated, at that time. Tenant shall notify Lessor in writing, prior to the termination date of the Lease Agreement, of Tenant's intent to exercise the Option. When exercising the Option, Tenant shall also deposit with Lessor the sum of $5,000 as a deposit towards the appraisal, escrow fees and purchase price of the premises. Upon exercise of this Option by Tenant, a closing shall take place within 60-days after City Council approval of a purchase agreement. Before the closing date, Tenant shall provide evidence of financing to purchase the Property. In the event, Tenant's reasonable efforts were unable to procure financing, the deposit shall be retained by the Lessor as liquidated damages. Whether or not the sale of the Property successfully closes, all expenses relating to the sale and to the closing, including, but not limited to, all appraisal and escrow fees, Page 17