Common use of Contingent Option Clause in Contracts

Contingent Option. It is a condition precedent of the MOS (Lot B7) that the ▇▇▇▇▇▇▇ hereby grants an irrevocable option to SASB to purchase Lot B7 and SASB shall be deemed to have exercised the option to purchase Lot B7 immediately upon approval for the conversion/exchange of Lot B7 into the Converted Titles (defined herein) thereto has even obtained subject to the provisions of the Land Ordinance (Sabah Cap. 68), the Town and Country Planning Ordinance (Cap. 141) or any other relevant laws as amended from time to time, and Subject further to the following conditions: (a) The consideration for the purchase and transfer of Lot B7 upon conversion into CL or Town Lease (hereinafter referred to as (“the Converted Title”) shall be the total rental paid and received by ▇▇▇▇▇▇▇ up to the date of the Converted Title being issued; (b) All costs and expenses incurred in the development and enhancing the value of Lot B7 including the premium for conversion, survey fees, legal fees and other costs incidental thereto in relation to either convert Lot B7 or to secure the consent of the transfer under Section 17 of the Land Ordinance (Sabah Cap. 68) directly and indirectly incurred pursuant to such transfer shall be wholly borne by SASB; (c) Upon issuance of the Converted Titles from Lot B7, the Said Solicitors (defined herein) shall hereby be irrevocably authorized to cause the transfer of the Converted Titles into the name of SASB or its nominee in accordance with the terms herein; and (d) For the purpose of effectuating the transfer of the Converted Titles into the name of the SASB, ▇▇▇▇▇▇▇ hereby expressly agree and undertake to execute the memorandum of transfer and/or shall simultaneous with the execution of the Sublease (B7) deliver duly executed memorandum of transfer in with irrevocable instruction to legal Firm of Messrs ▇▇▇▇▇▇▇▇▇ & Co, ▇▇. ▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ Building (Next to Karamunsing Complex), Karamunsing, 88100, Kota Kinabalu, PO box 13834, 88844, Kota Kinabalu (“Said Solicitors”) to cause the lodgment and registration of the transfer of the Converted Titles into the name of SASB or its nominees within a reasonable time after issuance and delivery of the Converted Titles to SASB Solicitors as envisaged herein. (e) In the event that the transfer of the Converted Titles into the name of SASB or its nominees as envisaged under the preceding Clause 6(d) of the JVA for Lot B7 cannot be effected due to conditions imposed in the draft Converted Titles in relation to the fulfilment, inter alia, of building covenants, ▇▇▇▇▇▇▇ hereto hereby expressly agree and undertake to execute an Irrevocable Power of Attorney to SASB with full powers including powers to execute the memorandum of transfer and all other relevant documents for the effectual transfer of the Converted Titles into the name of SASB or its nominees including the execution of a trust deed with ▇▇▇▇▇▇▇’s declaration that she is holding Lot B7 as bare trustee for SASB.

Contingent Option. It is a condition precedent of the MOS (Lot B7C5) that the ▇▇▇▇▇▇▇ hereby grants an irrevocable option to SASB to purchase Lot B7 C5 and SASB shall be deemed to have exercised the option to purchase Lot B7 C5 immediately upon approval for the conversion/exchange of Lot B7 C5 into the Converted Titles (defined herein) thereto has even obtained subject to the provisions of the Land Ordinance (Sabah Cap. 68), the Town and Country Planning Ordinance (Cap. 141) or any other relevant laws as amended from time to time, and Subject further to the following conditions: : (a) The consideration for the purchase and transfer of Lot B7 C5 upon conversion into CL or Town Lease (hereinafter referred to as (“the Converted Title”) shall be the total rental paid and received by ▇▇▇▇▇▇▇ up to the date of the Converted Title being issued; (b) All costs and expenses incurred in the development and enhancing the value of Lot B7 C5 including the premium for conversion, survey fees, legal fees and other costs incidental thereto in relation to either convert Lot B7 C5 or to secure the consent of the transfer under Section 17 of the Land Ordinance (Sabah Cap. 68) directly and indirectly incurred pursuant to such transfer shall be wholly borne by SASB; (c) Upon issuance of the Converted Titles from Lot B7C5, the Said Solicitors (defined herein) shall hereby be irrevocably authorized to cause the transfer of the Converted Titles into the name of SASB or its nominee in accordance with the terms herein; and (d) For the purpose of effectuating the transfer of the Converted Titles into the name of the SASB, ▇▇▇▇▇▇▇ hereby expressly agree and undertake to execute the memorandum of transfer and/or shall simultaneous with the execution of the Sublease (B7C5) deliver duly executed memorandum of transfer in with irrevocable instruction to legal Firm of Messrs ▇▇▇▇▇▇▇▇▇ & Co, ▇▇. ▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ Building (Next to Karamunsing Complex), Karamunsing, 88100, Kota Kinabalu, PO box 13834, 88844, Kota Kinabalu (“Said Solicitors”) to cause the lodgment and registration of the transfer of the Converted Titles into the name of SASB or its nominees within a reasonable time after issuance and delivery of the Converted Titles to SASB Solicitors as envisaged herein. (e) In the event that the transfer of the Converted Titles into the name of SASB or its nominees as envisaged under the preceding Clause 6(d) of the JVA for Lot B7 cannot be effected due to conditions imposed in the draft Converted Titles in relation to the fulfilment, inter alia, of building covenants, ▇▇▇▇▇▇▇ hereto hereby expressly agree and undertake to execute an Irrevocable Power of Attorney to SASB with full powers including powers to execute the memorandum of transfer and all other relevant documents for the effectual transfer of the Converted Titles into the name of SASB or its nominees including the execution of a trust deed with ▇▇▇▇▇▇▇’s declaration that she is holding Lot B7 as bare trustee for SASB.

Contingent Option. It is a condition precedent of the MOS (Lot B7C2) that the ▇▇▇▇▇▇▇ hereby grants an irrevocable option to SASB to purchase Lot B7 C2 and SASB shall be deemed to have exercised the option to purchase Lot B7 C2 immediately upon approval for the conversion/exchange of Lot B7 C2 into the Converted Titles (defined herein) thereto has even obtained subject to the provisions of the Land Ordinance (Sabah Cap. 68), the Town and Country Planning Ordinance (Cap. 141) or any other relevant laws as amended from time to time, and Subject further to the following conditions: (a) The consideration for the purchase and transfer of Lot B7 C2 upon conversion into CL or Town Lease (hereinafter referred to as (“the Converted Title”) shall be the total rental paid and received by ▇▇▇▇▇▇▇ up to the date of the Converted Title being issued; (b) All costs and expenses incurred in the development and enhancing the value of Lot B7 C2 including the premium for conversion, survey fees, legal fees and other costs incidental thereto in relation to either convert Lot B7 C2 or to secure the consent of the transfer under Section 17 of the Land Ordinance (Sabah Cap. 68) directly and indirectly incurred pursuant to such transfer shall be wholly borne by SASB; (c) Upon issuance of the Converted Titles from Lot B7C2, the Said Solicitors (defined herein) shall hereby be irrevocably authorized to cause the transfer of the Converted Titles into the name of SASB or its nominee in accordance with the terms herein; and (d) For the purpose of effectuating the transfer of the Converted Titles into the name of the SASB, ▇▇▇▇▇▇▇ hereby expressly agree and undertake to execute the memorandum of transfer and/or shall simultaneous with the execution of the Sublease (B7C2) deliver duly executed memorandum of transfer in with irrevocable instruction to legal Firm of Messrs ▇▇▇▇▇▇▇▇▇ & Co, ▇▇. ▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ Building (Next to Karamunsing Complex), Karamunsing, 88100, Kota Kinabalu, PO box 13834, 88844, Kota Kinabalu (“Said Solicitors”) to cause the lodgment and registration of the transfer of the Converted Titles into the name of SASB or its nominees within a reasonable time after issuance and delivery of the Converted Titles to SASB Solicitors as envisaged herein. (e) In the event that the transfer of the Converted Titles into the name of SASB or its nominees as envisaged under the preceding Clause 6(d) of the JVA for Lot B7 C2 cannot be effected due to conditions imposed in the draft Converted Titles in relation to the fulfilment, inter alia, of building covenants, ▇▇▇▇▇▇▇ hereto hereby expressly agree and undertake to execute an Irrevocable Power of Attorney to SASB with full powers including powers to execute the memorandum of transfer and all other relevant documents for the effectual transfer of the Converted Titles into the name of SASB or its nominees including the execution of a trust deed with ▇▇▇▇▇▇▇’s declaration that she is holding Lot B7 C2 as bare trustee for SASB.