Common use of Failure to Exercise Option Clause in Contracts

Failure to Exercise Option. If the Option is not exercised in the manner provided in Section 3 above before the expiration of the Option Term, the Option shall terminate. Upon receipt of the written request of ATN, City shall cause a quitclaim deed terminating or releasing any and all rights City may have to acquire the Property (“Quitclaim Deed”) to be recorded in the Official Records of Los Angeles County, California.

Failure to Exercise Option. If the Option is not exercised in the manner provided in Section 3 above before the expiration of the Option Term, the Option shall terminate. Upon receipt of the written request of ATNHomeowner, City shall cause a quitclaim deed terminating or releasing any and all rights City may have to acquire the Property Affordable Unit (“the "Quitclaim Deed”") to be recorded in the Official Records of Los Angeles Orange County, California.

Failure to Exercise Option. If the Option is not exercised in the manner provided in Section 3 above before the expiration of the Option Term, the Option shall terminate. Upon receipt of the written request of ATNOwner, City shall cause a quitclaim deed terminating or releasing any and all rights City may have to acquire the Property (the “Quitclaim Deed”) to be recorded in the Official Records of Los Angeles Orange County, California.