Common use of Option Exercised Clause in Contracts

Option Exercised. If, within 30 days after receiving the acquiring Participant's notice, the other Participants notify the acquiring Participant of their election to accept a proportionate interest in the acquired interest equal to their Participating Interests, the acquiring Participant shall convey to the other Participants such a proportionate undivided interest therein. The acquired interest shall become a part of the Property for all purposes of this Agreement immediately upon the notice of such other Participants election to accept the proportionate interest therein. Such other Participants shall promptly pay to the acquiring Participant their proportionate share of the latter's actual out-of-pocket acquisition costs.

Option Exercised. If, within 30 21 days after receiving the acquiring Participant's ’s notice, the other Participants notify Participant notifies the acquiring Participant of their its election to accept a proportionate interest in the acquired interest equal to their its Participating InterestsInterest, the acquiring Participant shall convey to the other Participants Participant, by special warranty deed, such a proportionate undivided interest therein. The acquired interest shall become a part of the Property Properties for all purposes of this Agreement immediately upon the notice of such other Participants Participant’s election to accept the proportionate interest therein. Such other Participants Participant shall promptly pay to the acquiring Participant their its proportionate share of the latter's ’s actual out-of-pocket acquisition costscosts to the acquiring Participant.

Option Exercised. If, within 30 days after receiving the acquiring Participant's notice, the other Participants notify Participant notifies the acquiring Participant of their its election to accept a proportionate interest in the acquired interest equal to their its Participating InterestsInterest in the Exploration or Production Area of which the acquired interest would be a part, the acquiring Participant shall convey to the other Participants Participant, by appropriate conveyance, such a proportionate undivided interest therein. The acquired interest shall become a part of the Property Properties for all purposes of this Agreement immediately upon the notice of such other Participants Participant's election to accept the proportionate interest therein. Such other Participants Participant shall promptly pay to the acquiring Participant their its proportionate share of the latter's actual out-of-pocket acquisition costs.

Option Exercised. If, within 30 days after receiving the acquiring Participant's notice, the other Participants notify Participant notifies the acquiring Participant of their its election to accept a proportionate interest in the acquired interest equal to their its Participating InterestsInterest, the acquiring Participant shall convey to the other Participants Participant such a proportionate undivided interest therein. The acquired interest shall become a part of the Property for all purposes of this Agreement immediately upon the notice of such other Participants Participant's election to accept the proportionate interest therein. Such other Participants Participant shall promptly pay to the acquiring Participant their its proportionate share of the latter's actual out-of-pocket acquisition costs.

Option Exercised. If, within 30 days after receiving the acquiring ----------------- Participant's notice, the other Participants notify Participant notifies the acquiring Participant of their its election to accept a proportionate interest in the acquired interest equal to their its Participating InterestsInterest, the acquiring Participant shall convey to the other Participants Participant, by special warranty deed, such a proportionate undivided interest therein. The acquired interest shall become a part of the Property Properties for all purposes of this Agreement immediately upon the notice of such other Participants Participant's election to accept the proportionate interest therein. Such other Participants Participant shall promptly pay to the acquiring Participant their its proportionate share of the latter's actual out-of-pocket acquisition costs.

Option Exercised. If, within 30 days after receiving the acquiring Participant's notice, the other Participants notify Participant notifies the acquiring Participant of their its election to accept a proportionate interest in the acquired interest equal to their its Participating InterestsInterest, the acquiring Participant shall convey to the other Participants Participant, by special warranty deed, such a proportionate undivided interest therein. The acquired interest shall become a part of the Property Properties for all purposes of this Agreement immediately upon the notice of such other Participants Participant's election to accept the proportionate interest therein. Such other Participants Participant shall promptly pay to the acquiring Participant their its proportionate share of the latter's actual out-of-pocket acquisition costs.

Option Exercised. If, within 30 days after receiving the acquiring Participant's notice, the other Participants notify Participant notifies the acquiring Participant of their its election to accept a proportionate interest in the acquired interest equal to their its Participating InterestsInterest, the acquiring Participant shall convey to the other Participants Participant, by special warranty deed, such a proportionate undivided interest therein. The acquired interest shall become a part of the Property for all purposes of this Agreement immediately upon the notice of such other Participants Participant's election to accept the proportionate interest therein. Such The other Participants Participant shall promptly pay to the acquiring Participant their its proportionate share of the latter's actual out-of-pocket acquisition costs.