Death Option-First Option of Remaining Owners of Same Class of Interests Sample Clauses

Death Option-First Option of Remaining Owners of Same Class of Interests. Except as to Transfers to Permitted Transferees, upon the death of an Owner (“Deceased Owner”), the remaining Owners of the same class of Interests as those of the Deceased Owner (“Remaining Owner(s)) shall have the option to purchase, in amount(s) set forth in Section 2.01(d) (“Death Option”), all or any part of the Interests of the Deceased Owner and his Spouse, and the Deceased Owner and his Spouse and Representatives obligate and bind themselves to Transfer up to all of the Interests owned by or for the benefit of the Deceased Owner and his Spouse at the price determined pursuant to Section 3.01 and upon the terms and conditions contained in this Agreement. However, if less than all of the said Remaining Owners exercise the Death Option, then the Interests covered by the Death Option over which the Death Option is not exercised may be exercised in similar proportions by the said Remaining Owner(s) who purchase Interests pursuant to this Section 2.01(a), it being understood that only one (1) Remaining Owner may wind up exercising a Death Option for up to all of the Interests of the Deceased Owner and his Spouse.
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