Common use of OPTION CONSIDERATION Clause in Contracts

OPTION CONSIDERATION. Buyer/Tenant shall remit option consideration in the sum of $ to Seller/Landlord upon execution of this Option to Purchase Agreement, which amount is non-refundable. In the event Buyer/Tenant timely exercises this option, is not in default of the Lease Agreement and actually closes the conveyance of the Property, the option consideration shall be credited to the purchase price at closing. If Buyer/Tenant fail to exercise this option, defaults in the Lease Agreement or fails to close the conveyance, the option fee shall not be refunded.

OPTION CONSIDERATION. Buyer/Tenant shall remit option consideration in the sum of $ $____________ to Seller/Landlord upon execution of this Option to Purchase Agreement, which amount is non-refundable. In the event Buyer/Tenant timely exercises this option, is not in default of the Lease Agreement and actually closes the conveyance of the Property, the option consideration shall be credited to the purchase price at closing. If Buyer/Tenant fail to exercise this option, defaults in the Lease Agreement or fails to close the conveyance, the option fee shall not be refunded.