Common use of Acceptance of Option Clause in Contracts

Acceptance of Option. To accept the Option with respect to Eligible Properties that Optionee wishes to remain subject to the Option, at any time following the IPO Closing and during the Feasibility Period, Optionee shall (A) irrevocably deposit the Project Second Option Payment and (B) deliver a written notice of such acceptance to Optionors, Parent and Escrow Holder (the “Option Acceptance Notice”), identifying on a schedule to such notice the Property being accepted (i.e., the Eligible Properties that Optionee did not reject during the Feasibility Period in accordance with the terms of this Agreement). Any Eligible Properties not included in the Option Acceptance Notice shall no longer be subject to the terms of this Agreement. Such acceptance shall be irrevocable and Optionee shall have no right to terminate this Agreement with respect to individual Eligible Properties, except in accordance with the provisions of Section 12 hereof; provided, that the foregoing shall not prohibit Optionee from terminating this Agreement in its entirety in accordance with the terms of this Agreement. In the event Optionee fails to deliver an Option Acceptance Notice prior to the expiration of the Feasibility Period, Optionee shall be deemed to have elected to terminate this Agreement in its entirety in accordance with the terms of Section 4(a)(ii).

Acceptance of Option. To accept the Option with respect to Eligible Properties that Optionee wishes to remain subject to the Option, at any time following the IPO Closing and during the Feasibility Period, Optionee shall (A) irrevocably deposit the Project Second Option Payment and (B) deliver a written notice of such acceptance to Optionors, Parent Optionor and Escrow Holder (the “Option Acceptance Notice”), identifying on a schedule to such notice the Property being accepted (i.e., the Eligible Properties that Optionee did not reject during the Feasibility Period in accordance with the terms of this Agreement). Any Eligible Properties not included in the Option Acceptance Notice shall no longer be subject to the terms of this Agreement. Such acceptance shall be irrevocable and Optionee shall have no right to terminate this Agreement with respect to individual Eligible Properties, except in accordance with the provisions of Section 12 hereof; provided, that the foregoing shall not prohibit Optionee from terminating this Agreement in its entirety in accordance with the terms of this Agreement. In the event Optionee fails to deliver an Option Acceptance Notice prior to the expiration of the Feasibility Period, Optionee shall be deemed to have elected to terminate this Agreement in its entirety in accordance with the terms of Section 4(a)(ii).

Acceptance of Option. To accept the Option with respect to Eligible Properties that Optionee Optionor wishes to remain subject to the Option, at any time following the IPO Closing and during the Feasibility Period, Optionee shall (A) irrevocably deposit the Project Second Option Payment and (B) deliver a written notice of such acceptance to OptionorsOptionor, Optionor Parent and Escrow Holder (the “Option Acceptance Notice”), identifying on a schedule to such notice the Property being accepted (i.e., the Eligible Properties that Optionee did not reject during the Feasibility Period in accordance with the terms of this Agreement). Any Eligible Properties not included in the Option Acceptance Notice shall no longer be subject to the terms of this Agreement. Such acceptance shall be irrevocable and Optionee shall have no right to terminate this Agreement with respect to individual Eligible Properties, except in accordance with the provisions of Section 12 hereof; provided, that the foregoing shall not prohibit Optionee from terminating this Agreement in its entirety in accordance with the terms of this Agreement. In the event Optionee fails to deliver an Option Acceptance Notice prior to the expiration of the Feasibility Period, Optionee shall be deemed to have elected to terminate this Agreement in its entirety in accordance with the terms of Section 4(a)(ii).