Lease provision text

Text from the Carnegie Library lease:

Conveyance of City property
(i.e. library buildings)
to the Carnegie Library

23.6 Option to Purchase.   Landlord hereby gives and grants to Tenant the option to purchase the property for a purchase price ("Purchase Price") of $100 on any date (the "Option Purchase Date") during the term of this lease.  If Tenant intends to exercise such option, Tenant shall give notice to Landlord to such effect at least sixty(60) days prior to the Option Purchase Date, which date shall be identified in the notice.  Tenant shall be responsible for obtaining any approval necessary for the transfer of such property, including any required approval of the Court of Common Pleas of Allegheny County, Orphans' Court Division, at Tenant's cost.  If Tenant shall exercise the option to purchase the Property, Landlord shall convey to Tenant good and marketable title to the Property by a deed of special warranty subject only to the Permitted Exceptions and any other liens created with the concurrence of Tenant.  Closing shall occur on the later to occur of (i) the Option Purchase Date or (ii) the date when Tenant has paid the Purchase Price.  All realty taxes which are required to be paid in respect of the transfer of the Property shall be paid by Tenant.  Tenant has the right to institute a challenge to the real property tax assessment of the Property for any year in which it is being leased to and occupied by the Tenant.  Landlord will not object to the filing of such a challenge.  [emphasis added]

This lease provision allows the Carnegie at any time to acquire the library buildings for $100 each with the right to sell them at market price to anybody, including real estate speculators who could tear down the buildings and put up whatever they want.  The Carnegie Library has already indicated their desire to get rid of at least 4 of the branch library buildings.  The requirement of going back to Council again for a final approval is likely to be a formality.