Examples of Option Period Extension in a sentence
If the Initial Option Period terminates without any Purchase or the Option Period Extension being activated, or if the Option Period Extension terminates without any Purchase or the Production Period commencing, or if the Production Period terminates without any Purchase, then this Agreement shall terminate automatically and all rights in and to the Play shall revert to Owner and the Parties shall have no further obligations to one another hereunder except as may be expressly stipulated herein.
If, during either the Initial Option Period or the Option Period Extension, the Series goes into production, then Production Company’s option hereunder shall be further extended throughout the “Production Period”, which shall mean the period of time beginning upon the end of the Option Extension Period and terminating upon the earlier of either (i) Purchase; or (ii) Thirty Six (36) months from the start of the Production Period.
No later than thirty (30) days prior to the expiration of the Option Period, Grantee shall provide Grantor written notice of its intent to exercise the Option Period Extension.
Grantor covenants that any transfer of the Property by Grantor during the Option Period or Option Period Extension shall be made subject to this Purchase Option and that Grantor shall provide prior notice to Grantee of any such transfer.
The Option Period Extension Payment made shall be non- refundable to Grantee but shall be applied to the price of the Property under the Purchase Agreement.
Except as expressly provided herein, Grantor shall not undertake any development of the Property in any form during the term of this Purchase Option (including any Option Period Extension) without the express written consent of Grantee.
If Grantee fails to deliver the Notice of Exercise on or before the expiration of the Option Period or Option Period Extension, as applicable, this Purchase Option shall terminate in which event Grantee shall forfeit all Option Payments paid prior to the date of termination and both Parties shall be released from all obligations hereunder except for those specified to survive the termination of this Purchase Option.
If Grantee exercises the Option Period Extension, as consideration for such Option Period Extension, Grantee shall pay to Grantor the sum of fifteen thousand dollars ($15,000) prior to the expiration of the Option period (the “Option Period Extension Payment”).
Similarly, two years later that one eagle is even less likely to be present to give birth, which we calculate by taking the 0.9700 chance of giving birth after one year and multiplying it be the chance of surviving to the next age (.9409 from Column B), which is equal to .9127.
In the event that HSR clearance has still not been granted upon expiration of the Option Period Extension, Regulus and GSK shall promptly meet to discuss in good faith whether an additional extension of the Option Period is reasonable, with the presumption being that the Option Period shall be extended for no more than an additional [...***...] period, unless there is no [...***...], in which case no such extension shall be granted.