Final Exercise Clause Samples

Final Exercise. If Tenant and Landlord reach an agreement as to price and reduce it to a writing signed by the parties, that written agreement on price shall constitute the final exercise of the option binding Tenant to buy and Landlord to sell at that price the property subject to the notice of intention to exercise option. If no such agreement is reached, then after the value of the parcel that is the subject of the notice of intention to exercise option has been determined by the appraisal process, Tenant shall have a period of twenty (20) days within which to finally exercise the option binding Tenant to purchase and Landlord to sell such property at such price. Such final exercise shall be accomplished (if at all) by Tenant giving timely written notice to Landlord of it. If Tenant fails to finally exercise such option, Tenant shall forthwith reimburse Landlord for any costs of the appraisal paid by Landlord pursuant to this Agreement.