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69.1, Purchase Price. The Purchase Price for the Premises shall be equal to the sum of $9,200,000 (the "Initial Price") plus the Increase Amount (as defined below) (said Initial Price plus the Increase Amount, if any, being the "Purchase Price"), payable in cash at Closing (as defined below): provided, however, that the Initial Price is based in part upon Lessor's original purchase price of the Premises and in the event that Lessor receives any monies back in respect thereof from its seller as set forth in its original purchase agreement, the Initial Price shall be reduced by said amount so rooeived. The "Increase Amount" shall be the amount equal to SO¾ of the increase in the Consumer Price Index for all Urban Consumers for the Los Angeles-Anaheim-Riverside area, all items published by the United States Department of Labor, Bureau of Labor Statistics ( 1982-84=100) ("lndeK") from May 2020 ("Base Index.") to the date of the Notice ofEKercise (as defined below); such increase to be calculated by taking the Initial Price and multiplying it by a fraction, the numerator being the Base Index, and the denominator being the Index published for the month in which the Notice ofExercise is delivered . lf the Index is changed so the Index differs from that used as of the date hereof, the Index shall be converted under the conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index Is discontinued or revised during the Lease Term, such other governmental Index or computation with which it is replaced shall be used to obtain substantially the same results as would be obtained if the Index had not been discontinued or revised. Notwithstanding the foregoing, the Increase Amount shnll not increase the Initial Price by an amount equal to more than 1.5% per year (non-compounding), Additionally, in the event Lessor receives funds for the Regulatory Safety Penni!, the Purchase Price shall be reduced by $1,000,000 or the amount of such funds that are received by Lessor, provided, however, that any interest collected by Lessor in connection with such Regulatory Safety Permit amount shall not be included in the reduction of such Purchase Price.
<br />69.2, Term of Purchase Option. The term of the Purchase Option shall commence upon the 1 • day of the J3 ili month of the Term of tho Lease (the "Purchase Option Commencement Date") and shall expire on the earlier of (a) the five (5) year anniversary of the Commencement Date and (b) tho expiration or termination of this Lease for any reason whatsoever (the "Purchase Option Termination Date"), The period between the Purchase Option Commencement Date and the Purchase Option Termination Date shall be referred to herein as the "Purchase Option Period.'' In the event Lessee fails to timely exercise the Purchase Option within the Purchase Option Period, the Purchase Option, and all rights of Lessee, shall immediately and automatically cease and terminate, and tho Purchase Option shall in that event be null and void and be ofno further force or effect whatsoever. Lessee may exercise the Purchase Option only in the manner provided In Section 69.4 below.
<br />69.3. lnyestjgatjons . During the Purchase Option Period, Lessee shall be permitted to investigate the Premises and undertake all actions that it deems necessary or desirable to ascertain the condition of the Premises which includes, but is not limited to, the environmental condition of the Premises, status of title to the Premises, and the condition of the improvements on the Premises. Accordingly, during the Purchase Option Period,
<br />Lessee shall have, in addition to its rights as the tenant of the Premises hereunder, and Is hereby granted, the right to make and conduct such non-invasive surveys, studies, tests, investigations, and inspections (environmental and otherwise) as Lessee deems reasonably necessary or convenient: provided that Lessee may make such invasive surveys, studies, tests, investigations or Inspections as it deems reasonably necessary or convenient only upon the prior written consent of Lessor which shall not be unreasonably
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<br />11926441,1
<br />EXHIBIT 1
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