Option Property Clause Samples
The Option Property clause grants one party the right, but not the obligation, to purchase or lease a specific property under predetermined terms within a set timeframe. Typically, this clause outlines the conditions under which the option can be exercised, such as notice requirements, option fees, and the duration of the option period. Its core practical function is to provide flexibility and certainty for the option holder, allowing them to secure the opportunity to acquire the property while minimizing risk and commitment until a final decision is made.
Option Property. Notwithstanding anything contained herein to the contrary, Executive is not prohibited by this Section 8 from (i) maintaining his or her investment in any Option Property (as such term is defined in the Employer's final prospectus relating to the IPO) or in any asset listed in the Employer's final prospectus relating to the IPO under the caption "The Properties - Assets Not Being Transferred to the Company" or (ii) from making investments in any entity that engages, directly or indirectly, in the acquisition, development, construction, operation, management or leasing of office real estate properties, regardless of where they are located, if the shares or other ownership interests of such entity are publicly traded and Executive's aggregate investment in such entity constitutes less than one percent (1%) of the equity ownership of such entity.
Option Property. The Option Property is a parcel of approximately 62 acres in the City of Berlin, Coos County, New Hampshire as more particularly described in Exhibit A hereto, which parcel constitutes Parcel No. on the City of Berlin property tax records. The Option Facilities include the electric generation plant located on the Option Property, together with all associated real, personal and intangible property.
Option Property. The “Option Property” means all of Lessor’s right, title and interest in the Leased Properties, excluding the following items:
Option Property. The Option Property consists of approximately a 50 foot wide strip of land east of the main building on the Owned Real Property boarding the Eastern property line and running from Dowling Road at the South to the railroad tracks on the North ("Option P▇▇▇▇▇▇▇").
Option Property. For purposes of this Agreement, the “Option Property” means the Real Property, together with all rights and appurtenances pertaining to the Real Property.
Option Property. The County agrees, at the request of the Company, to purchase the Option Property and resell the Option Property to the Company on the terms and conditions, and at the price set forth in, that certain Option Agreement for the Purchase of Real Property dated as of December 11, 2014 (the “Option Agreement”) between the County and Palmetto Industrial Park II, LLC and Palmetto Industrial Park, LLC (collectively, the “Seller”); provided, however, the County’s obligation to so purchase the Option Property shall be contingent upon bond proceeds from the issuance of the Base Special Source Revenue Bonds being available to make such purchase. The Company shall be responsible for all due diligence associated with acquisition of the Option Property; provided that the County agrees to share with the Company any due diligence reports with respect to the Option Property which the County has in its possession and to cooperate with the Company and its agents in gaining access to the Option Property in order to perform such due diligence. Upon the request of the Company, the County shall, in the alternative and with the consent of Seller, assign to the Company its rights under the Option Agreement whereupon the Company will pay to the County at closing on the Company’s acquisition of the Option Property from Seller an amount sufficient to reimburse the County for (i) any option price and/or ▇▇▇▇▇▇▇ money deposits theretofore paid to Seller by the County and (ii) engineering fees incurred by the County in connection with the Option Property and submitted to the Company prior to the date of this Agreement.
Option Property. As shown in Exhibit G, Owner will maintain ownership of approximately 18,500 s.f. of land along NE ▇▇▇▇ ▇▇▇▇▇▇ between Lumiere Ave NE and ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ as a part of the land swap being implemented by recordation of the BLA (“Option Property”). The City of ▇▇▇▇▇▇▇ and the City of Bellevue have a planned westbound dual left turn lane improvement at the intersection of NE ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇. Prior to receiving a certificate of occupancy for Phase 1 development,
Option Property. Cause MC Limited or any successor holder of the Put and Call Option Agreement pursuant to an assignment permitted under Section 8.6(h) to (a) exercise the Call Option within the Call Option Period (as defined in the Put and Call Option Agreement) in accordance with the terms of the Put and Call Option Agreement, (b) complete its obligations under the Put and Call Option Agreement if the Put Option is exercised in accordance with the terms of the Put and Call Option Agreement and (c) to take all actions reasonably necessary or required under the Put and Call Option Agreement to preserve its rights thereunder, including any such actions as to prevent the forfeiture of the Call Option, the termination of the Put and Call Option Agreement prior to expiration in accordance with its terms and the occurrence of the Option Lapse Period without the exercise of the Call Option during the Call Option Period in accordance with the terms of the Put and Call Option Agreement.
Option Property. The term “OP Outside Date” as used in Section 28(A)(g) of the Purchase Agreement is hereby modified to mean the date which is two (2) years after the Closing Date. The provisions of Section 28(A)(g) of the Purchase Agreement shall survive Closing.
Option Property. The KPTO Assets and the KITT Assets shall include the property described below:
(a) All of the licenses and other authorizations issued by the Federal Communication Commission (the "FCC") for the operation of KITT and KPTO (the "FCC Licenses");
(b) All of the tangible personal property and all real property now existing or hereafter acquired and used in the operation of KITT and KPTO;
(c) All of the intangible personal property now existing or hereafter acquired, excluding cash and accounts receivable of KITT and KPTO; and
(d) The contracts, agreements, and other leases relating to the operation of KITT and KPTO that Option Holder agrees in writing to assume (collectively, the "Station Contracts"). Upon exercise of the KITT Option and the KPTO Option, the KITT Assets and KPTO Assets shall be transferred to Option Holder free and clear of all liens, claims and encumbrances. Except as described in this Section 1, Option Holder does not and upon the exercise of the Option shall not assume any other obligation or liability of either of the Sellers or the Stations.