Common use of Term and Exercise of Option Clause in Contracts

Term and Exercise of Option. The Option may be exercised by the Operating Partnership at any time from and after the date hereof through 5:00 p.m. on December 31, 1997 (the "OPTION TERMINATION DATE"); provided, that if on the Option Termination Date the Operating Partnership or the Grantor is prohibited by applicable law, or the Operating Partnership or the Grantor is subject to a stay, order, injunction, or similar limitation or any pending or threatened action or proceeding to enjoin, restrain, prohibit or assess substantial damages in respect of the exercise by the Operating Partnership of the Option, then the Option may be exercised by the Operating Partnership during the 10 business day period commencing on the first business day following the removal of each such prohibition, stay, order, injunction, action, proceeding or similar limitation in effect at that time. Subject to the foregoing, if the Operating Partnership does not exercise the Option by the Option Termination Date, such Option shall be deemed terminated and shall be of no further force or effect and the Grantor shall have no further obligations hereunder. 2 1.3

Term and Exercise of Option. The Option may be exercised by the Operating Partnership at any time from and after the date hereof through 5:00 p.m. on December 31, 1997 (the "OPTION TERMINATION DATE"); provided, that if on the Option Termination Date the Operating Partnership or the Grantor is prohibited by applicable law, or the Operating Partnership or the Grantor is subject to a stay, order, injunction, or similar limitation or any pending or threatened action or proceeding to enjoin, restrain, prohibit or assess substantial damages in respect of the exercise by the Operating Partnership of the Option, then the Option may be exercised by the Operating Partnership during the 10 business day period commencing on the first business day following the removal of each such prohibition, stay, order, injunction, action, proceeding or similar limitation in effect at that time. Subject to the foregoing, if the Operating Partnership does not exercise the Option by the Option Termination Date, such Option shall be deemed terminated and shall be of no further force or effect and the Grantor shall have no further obligations hereunder. 2 1.3.

Term and Exercise of Option. The Option may be exercised by the Operating Partnership at any time from and after the date hereof through 5:00 p.m. on December 31, 1997 (the "OPTION TERMINATION DATE"); provided, that if on the Option Termination Date the Operating Partnership or the a Grantor is prohibited by applicable law, or the Operating Partnership or the a Grantor is subject to a stay, order, injunction, or similar limitation or any pending or threatened action or proceeding to enjoin, restrain, prohibit or assess substantial damages in respect of the exercise by the Operating Partnership of the Option, then the Option may be exercised by the Operating Partnership during the 10 business day period commencing on the first business day following the removal of each such prohibition, stay, order, injunction, action, proceeding or similar limitation in effect at that time. Subject to the foregoing, if the Operating Partnership does not exercise the Option by the Option Termination Date, such Option shall be deemed terminated and shall be of no further force or effect and the no Grantor shall have no any further obligations hereunder. 2 1.3.

Term and Exercise of Option. The Option may be exercised by the Operating Partnership at any time from and after the date hereof through 5:00 p.m. on December 31, 1997 (the "OPTION TERMINATION DATE"); provided, that if on the Option Termination Date the Operating Partnership or the Grantor is prohibited by applicable law, or the Operating Partnership or the Grantor is subject to a stay, order, injunction, or similar limitation or any pending or threatened action or proceeding to enjoin, restrain, prohibit or assess substantial damages in respect of the exercise by the Operating Partnership of the Option, then the Option may be exercised by the Operating Partnership during the 10 business day period commencing on the first business day following the removal of each such prohibition, stay, order, injunction, action, proceeding or similar limitation in effect at that time. Subject to the foregoing, if the Operating Partnership does not exercise the Option by the Option Termination Date, such Option shall be deemed terminated and shall be of no further force or effect and the Grantor shall have no further obligations hereunder. 2 1.3

Term and Exercise of Option. The Option may be exercised by the Operating Partnership at any time from and after the date hereof through 5:00 p.m. on December 31, 1997 (the "OPTION TERMINATION DATE"); provided, that if on the Option Termination Date the Operating Partnership or the Grantor is prohibited by applicable law, or the Operating Partnership or the Grantor is subject to a stay, order, injunction, or similar limitation or any pending or threatened action or proceeding to enjoin, restrain, prohibit or assess substantial damages in respect of the exercise by the Operating Partnership of the Option, then the Option may be exercised by the Operating Partnership during the 10 business day period commencing on the first business day following the removal of each such prohibition, stay, order, injunction, action, proceeding or similar limitation in effect at that time. Subject to the foregoing, if the 2 Operating Partnership does not exercise the Option by the Option Termination Date, such Option shall be deemed terminated and shall be of no further force or effect and the Grantor shall have no further obligations hereunder. 2 1.3.

Term and Exercise of Option. The Option may be exercised by the Operating Partnership at any time from and after the date hereof through 5:00 p.m. on December 31, 1997 (the "OPTION TERMINATION DATE"); provided, that if on the Option Termination Date the Operating Partnership or the Grantor is Grantors are prohibited by applicable law, or the Operating Partnership or the Grantor is Grantors are subject to a stay, order, injunction, or similar limitation or any pending or threatened action or proceeding to enjoin, restrain, prohibit or assess substantial damages in respect of the exercise by the Operating Partnership of the Option, then the Option may be exercised by the Operating Partnership during the 10 business day period commencing on the first business day following the removal of each such prohibition, stay, order, injunction, action, proceeding or similar limitation in effect at that time. Subject to the foregoing, if the Operating Partnership does not exercise the Option by the Option Termination Date, such Option 2 shall be deemed terminated and shall be of no further force or effect and the Grantor Grantors shall have no further obligations hereunder. 2 1.3.