Excluded Lots Sample Clauses

Excluded Lots. Notwithstanding the foregoing to the contrary, any Lot subject to a lien, encumbrance, restriction or other title defect other than the Permitted Exceptions shall be deemed an "EXCLUDED LOT" and Optionor shall have ninety (90) days from receipt of written notice from Optionee describing such title defect within which to cure the same to Optionee's satisfaction and provide Optionee with notice of such cure. Once the title defect has been cured to Optionee's satisfaction within the above-described ninety (90) day period, such Lot shall no longer be deemed an Excluded Lot. If the title defect creating an Excluded Lot is not cured to Optionee's satisfaction within ninety (90) days from the date Optionor receives notice from Optionee of the title defect pertaining to the Excluded Lot, Optionor shall notify Optionee of its inability to cure the defect, and Optionee, within ten (10) Business Days following receipt of such notice from Optionor, shall elect either to (a) waive the title defect and acknowledge that the applicable Lot is no longer an Excluded Lot, or (b) renounce its right to acquire the Excluded Lot. If Optionee fails to either waive the title defect or renounce its right to acquire the Excluded Lot within such ten (10) Business Day period, Optionee shall be deemed to have elected to renounce its right to acquire the Excluded Lot. If Optionee renounces, or is deemed to have renounced, its right to acquire an Excluded Lot pursuant to the terms of this Section 4.3, then (i) such Excluded Lot shall no longer be subject to the Option and Optionor may thereafter sell such Excluded Lot(s) to third parties; (ii) Optionor shall immediately deliver to Optionee the portion of the Deposit allocable to such Excluded Lot, and (iii) such Excluded Lot shall be deemed a purchased Lot for purposes of calculating the cumulative number of purchased Lots under Section 1.3. For each Excluded Lot situated within a Project specified in Exhibit "E-2", the Future Land Profits and the Future Land Profits payable with respect to such Project shall be reduced by the Per Lot Future Land Profits for such Lot. Notwithstanding the foregoing to the contrary, and except as contemplated in this Agreement or permitted in this Agreement, neither Optionor nor any of Optionor's employees, contractors, agents, or representatives shall take any action, fail to take any required action, or willfully allow or consent to any action by another (Optionee and its employees, contractors, agents, ...