Common use of Expiry of Option Clause in Contracts

Expiry of Option. If the Option is not exercised prior to the expiry of the Option Period, the Option shall expire and the Optionee shall thereafter have no further option to purchase the Lands under this Agreement. If the Optionee has not exercised the Option prior to the expiry of the Option Period then provided that the Optionor has complied with its obligations under this Agreement the Optionor may retain the Option Price for its own use absolutely.