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.
Utah Provision Setting Out a Purchase Option
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Multi-State
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US-OL2404
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FAQ
The breach of the contract depends on its writing and failure to fulfill it. The strongest argument is that the breach is ?material,? which means the failure to perform has killed the contract. If the breach is minor and it can still comply with the contract, it may not be the strongest argument to the court.
Utah's anti-indemnification statute defines an ?indemnification provision? as an agreement between any combination of construction managers, general contractors, subcontractors, sub-subcontractors or suppliers (collectively, ?construction workers?) ?requiring the promisor to insure, hold harmless, indemnify, or defend ...
13-8-1 Construction industry -- Agreements to indemnify. (2) Except as provided in Subsection (3), an indemnification provision in a construction contract is against public policy and is void and unenforceable.
If the motor vehicle or property used as a trade-in has been sold or otherwise disposed of, the seller shall return to the purchaser the amount of money equivalent to the allowance towards the purchase price given by the dealer for the motor vehicle or property traded in, as noted in the document of sale.
Regarding payments to subcontractors, the prime must make progress payments within 30 days after they received payment. Final payments must be made within 10 days of when the prime received payment.
Any owner, public agency, original contractor, or subcontractor who knowingly and wrongfully withholds a retention shall be subject to a charge of 2% per month on the improperly withheld amount, in addition to any interest otherwise due.
