Common use of INITIAL OPTION PERIOD; INITIAL TAKEDOWN Clause in Contracts

INITIAL OPTION PERIOD; INITIAL TAKEDOWN. The "INITIAL OPTION PERIOD" shall commence on the Agreement Date and expire on December 31, 1997. In order to extend the Option into the Second Option Period, Buyer must Close on at least 9% of the Lots, as shown on the recorded final plat of the Property ("INITIAL TAKEDOWN") before the Initial Option Period expires.

INITIAL OPTION PERIOD; INITIAL TAKEDOWN. The "INITIAL OPTION PERIOD" shall commence on the Agreement Date and expire at 6 p.m. on December 31March 1, 19971999. In order to extend the Option into the Second Option Period, Buyer must Close on at least 9% 7 of the Lots, as shown on the recorded final plat of the Property ("INITIAL TAKEDOWN") before the Initial Option Period expires.