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.
The Oklahoma Provision Setting Out a Purchase Option refers to a legal clause that outlines the terms and conditions related to a purchase option agreement in the state of Oklahoma. This provision grants the right to the potential buyer to purchase the property within a specified time frame and at an agreed-upon price. In Oklahoma, there are different types of provisions that can be included when setting out a purchase option. These types include: 1. Standard Purchase Option Provision: This type of provision is commonly used in real estate transactions and allows the potential buyer to secure the option to purchase the property at a later date. It outlines the terms such as the purchase price, option fee, exercise period, and any conditions or contingencies that need to be met. 2. Lease-Purchase Option Provision: This provision combines elements of a lease agreement with a purchase option. It allows a tenant to lease the property for a specific period while also giving them the right to purchase it during or at the end of the lease term. This type of provision is useful for individuals who may not have immediate access to funds or need time to secure financing. 3. Right of First Refusal Provision: This provision grants a potential buyer the first opportunity to purchase the property before the owner can sell it to someone else. If the owner receives an offer from a third party, they must first give the option holder the opportunity to match or better the offer within a specified time frame. This provision provides a level of protection for the option holder and allows them to have priority in purchasing the property. When setting out a purchase option in Oklahoma, it is essential to include the relevant keywords to ensure clarity and legality. These keywords may include "purchase option agreement," "option to purchase," "exercise period," "purchase price," "option fee," "lease-purchase option," "right of first refusal," and "contingencies". By including these keywords in the provision, it helps to clearly define the rights and responsibilities of both the potential buyer and the property owner, ensuring a smooth and transparent purchase process. It is recommended to consult with a qualified attorney or real estate professional to ensure that the Oklahoma Provision Setting Out a Purchase Option complies with all applicable laws and regulations.
