Common use of No Exercise Clause in Contracts

No Exercise. If Resident does not exercise the Purchase Option, pursuant to the terms and provisions of this Value Share Agreement, by the Election Date, then (i) the Purchase Option shall automatically expire of its own force and effect on the calendar date immediately following the Election Date, (ii) this Value Share Agreement shall automatically terminate as of the Termination Date, unless sooner terminated pursuant to the provisions of this Value Share Agreement, and (iii) provided the conditions for return of the Adjusted Value Share Payment to Resident as specified in Section 1 are all satisfied, the Adjusted Value Share Payment will be returned to Resident in compliance with Section 1. Upon the termination of this Value Share Agreement for any reason other than exercise of the Purchase Option, Resident will surrender and vacate the Residence pursuant to the provisions of Section 1.