First Option Period Clause Samples
The First Option Period clause defines a specific timeframe during which one party, typically a buyer or lessee, has the exclusive right to exercise an option, such as purchasing property or extending a lease. This period is clearly set out in the agreement, and the option must be exercised within these dates to be valid; for example, a tenant may have the first six months of a lease to decide whether to purchase the property. The core function of this clause is to provide certainty and exclusivity, ensuring that the option holder has a guaranteed window to make their decision without competition or risk of losing the opportunity.
First Option Period. If ▇▇▇▇▇▇▇ gives a notice in accordance with clauses 4.5 or 4.8 exercising the first option given to it under clause 4.3, then the Period of Supply for the Original Capacity under this Contract will be extended for a period of 1 year and:
(a) the Capacity End Date for the Original Capacity (as defined in clause 4.1) is amended to 08:00 hours on that date; and
(b) this clause 4.6 (relating to the exercise of the Option) will have no effect after 08:00 hours on the date originally specified in the Access Request Form as the Capacity End Date.
First Option Period. Twenty Five Thousand Dollars ($25,000.00) per year, payable in twelve (12) equal monthly installments of Two Thousand Eighty Three Dollars and Thirty-Three Cents ($2,083.33), payable on the first day of each calendar month commencing on the first day of the First Option Period, if any.
First Option Period. If an Event of Default by Tenant shall not then exist, Tenant shall have the right to extend the Initial Term of this Lease for a period of five (5) years ("First Option Period"). The First Option Period shall commence on the day following the date on which this Lease otherwise terminates according to the provisions of Paragraph 2, and shall terminate at midnight on the last day of the sixtieth (60th) month thereafter. Tenant shall exercise the right to the First Option Period by delivering written notice to Landlord not later than six (6) months prior to the expiration of the Agreed Initial Term of this Lease.
First Option Period. Five (5) years beginning at the expiration date of the initial term.
First Option Period. The initial term of the Option (the "FIRST OPTION PERIOD") shall commence on the Effective Date and shall expire on May 31, 2005. Upon and subject to the terms of this Agreement, Optionee may acquire all or any part of the Option Property at any time prior to the expiration of the First Option Period, and thereafter, so long as the Option has not expired or terminated.
First Option Period. So long as there is no Event of Default, as defined herein, under this Lease, Tenant will have the option to extend the Term for five additional one year terms (a “Renewal Term” or collectively the “Renewal Terms”) on the same terms, covenants, and conditions of this Lease. Tenant will exercise its option to renew the Lease, if at all, by giving Landlord written notice (the “Option Notice”) at least sixty (60) days but not more than ninety (90) days prior to the expiration of the initial Term or Renewal Term.
First Option Period. If GSK’s Development Election for the applicable Licensed Product was made during the First Option Period pursuant to Sections 4.3.1(a) or 4.3.2(a) (or GSK is deemed to have done so pursuant to Section 6.2.1(a)(iii)): (A) the royalty rate for all Licensed Products shall [ * ]; and (B) the royalty rate for the individual Licensed Product so accepted during the First Option Period shall be as follows: [ * ]
First Option Period. Within two (2) business days after the Effective Date, Developer shall deliver to First American Title Company (“Escrow Holder” or “Title Company”), whose address is 1▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇, Attention: D▇▇▇ ▇▇▇▇▇ Five Hundred Thousand Dollars ($500,000.00) in good funds (“First Payment”).
(a) The First Payment shall be deposited by Escrow Holder in an interest-bearing account with a federally insured state or national bank located in California.
(b) All interest accrued on the First Payment shall be credited to Owner as part of the consideration for the execution of this Agreement and for Developer’s opportunity to investigate the Option Parcel during the First Option Period. Owner shall provide Escrow Holder with its Federal Tax Identification Number and such other information as Escrow Holder may request in connection with establishing the account. If Developer, in its sole discretion, does not extend the Option Term beyond the First Option Period as provided in Section 4.2, then this Agreement and the rights of Developer hereunder shall automatically terminate as of the end of the First Option Period. In such event, Escrow Holder shall return the First Option Payment to Developer, shall pay all interest accrued thereon to Owner, and shall return the unrecorded Memorandum and Quit Claim to Owner.
First Option Period. If GSK exercises its Development Election for a Development Candidate (including a Development Candidate that was an Independent Candidate) during the First Option Period for such Development Candidate pursuant to Section 4.3.1(a) or 4.3.2(a) (or GSK is deemed to have done so pursuant to Section 6.2.1(a)(iv)), then: (A) the royalty rate for all Licensed Products shall [*]; and (B) the royalty rate for the individual Licensed Product so accepted during the First Option Period shall be as follows: [*]
First Option Period. Twenty-five (25) years beginning at the expiration date of the initial twenty-four (24) year Term.