Common use of Failure to Exercise Option Clause in Contracts

Failure to Exercise Option. If Optionee fails for any reason to exercise the Option in the manner set forth herein, Optionee will have no further claim against or interest in the Easement Property or any of the Option Money Payments, unless Optionee is entitled to a refund of the Option Money Payments under another provision of this Option Agreement. In the event of the failure to exercise the Option, Optionee will provide Owner with any instruments that Owner reasonably deems necessary for the purpose of removing from the public record any cloud on title to the Easement Property that is attributable to the grant or existence of the Option.

Failure to Exercise Option. If Optionee fails for any reason to exercise the Option in the manner set forth herein, Optionee will have no further claim against or interest in the Easement Property or any of the Option Money Payments, unless Optionee is entitled to a refund of the Option Money Payments under another provision of this Option Agreement. In the event of the failure to exercise the Option, Optionee will provide Owner with any instruments that Owner reasonably deems necessary for the purpose of removing from the public record any cloud on title to the Easement Property that is attributable to the grant or existence of the Option.

Failure to Exercise Option. If Optionee fails for any reason to exercise the Option in the manner set forth herein, Optionee will have no further claim against or interest in the Easement Property or any of the Option Money Payments, unless Optionee is entitled to a refund of the Option Money Payments under another provision of this Option AgreementPayment. In the event of the failure to exercise the Option, Optionee will provide Owner with any instruments that Owner reasonably deems necessary for the purpose of removing from the public record any cloud on title to the Easement Property that is attributable to the grant or existence of the Option.