Procedure for Exercise of Option. After the Agency’s final approval of the Construction Documents for a Project containing For-Sale Residential Units and Developer’s determination of the purchase prices that Developer will offer the Residential Units to the public, but in no event earlier than one hundred twenty (120) days or later than sixty (60) days before Vertical Developer begins to offer the Residential Units for sale, Vertical Developer will deliver to the Agency a written notice informing the Agency of such completion and of the purchase prices for the Residential Units (provided, the Agency’s right to acquire Residential Units originally designated For-Rent but subsequently offered For-Sale shall arise when the Agency Director approves any such conversion and is notified of the purchase prices). The notice will include a description of the Residential Units approved (including number of bedrooms and amenities), and a preliminary title report covering the Residential Units issued by the Title Company (the “Title Report”), together with copies of all documents relating to title exceptions showing in the Title Report. The Agency will have ninety (90) days after receipt of the notice (or approval of the conversion from a For-Rent to a For-Sale Residential Unit) and other required information to exercise the Option by written notice to Vertical Developer, specifying in its notice the Residential Units it intends to purchase, which shall be the Option Units with respect to the Project.
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Sources: Vertical Disposition and Development Agreement, Vertical Disposition and Development Agreement