This office lease provision states that at the end of the fifth (5th) year of the lease, the tenant shall have an option to purchase the building in which the premises is located at fair market value.
A Hawaii Provision Setting Out a Purchase Option is a legal clause or agreement that outlines the terms and conditions for exercising the option to purchase a property or asset in the state of Hawaii. This provision is commonly used in real estate transactions and allows the buyer or lessee to buy the property at a predetermined price within a specified period of time. In Hawaii, there are different types of provisions that can be included in a Purchase Option agreement. These include: 1. Lease with Option to Purchase: This type of provision allows tenants or lessees to lease a property for a specific period of time, typically with a portion of the rent allocated towards the option to purchase the property at a later date. This option is beneficial for tenants who want to test the property before committing to buying it. 2. Right of First Refusal: This provision grants a specific party, often a tenant or lessee, the right to be the first to buy the property when the owner decides to sell. If the owner receives an offer from a third party, the party with the right of first refusal has the option to match that offer and purchase the property. 3. Option Agreement: This provision allows a potential buyer or investor to secure the right to purchase a property at a predetermined price within a specified time frame. The buyer pays an option fee to the seller upfront, giving them the exclusive right to buy the property during the option period. 4. Installment Purchase Option: This provision permits the buyer to make installment payments towards the purchase price of the property over a designated period. Once the full purchase price is paid, the buyer gains full ownership of the property. When drafting a Hawaii Provision Setting Out a Purchase Option, important keywords to consider include "Purchase Option Agreement," "Hawaii real estate," "buying property in Hawaii," "property purchase rights," "option exercise period," and "purchase price." It is essential to consult with an experienced attorney or real estate professional to ensure the provision accurately reflects the desired terms and conditions of the purchase option.
