SECOND OPTION PERIOD; SECOND TAKEDOWN Clause Samples

SECOND OPTION PERIOD; SECOND TAKEDOWN. If Buyer Closes on the Initial Takedown before the Initial Option Period expires, the "SECOND OPTION PERIOD" shall commence when the Initial Option Period expires and shall expire on June 30, 1998 In order to extend the Option into the Third Option Period, Buyer must have Closed on at least a combined 35% of the Lots ("SECOND TAKEDOWN") before the Second Option Period expires.