Common use of Memorandum of Option to Purchase Clause in Contracts

Memorandum of Option to Purchase. Simultaneously with execution of this Option Agreement, the City, GEC and the Tribe shall execute and record among the Land Records of the Clerk’s Office of the Circuit Court of the City of Norfolk, Virginia, that Memorandum of Option to Purchase attached as Exhibit F (“Memorandum of Option Agreement”). In the event that this Option to Purchase is duly terminated pursuant to the provisions of this Option Agreement, the City, GEC and the Tribe shall execute and record among such Land Records, that Termination of Memorandum of Option to Purchase attached as Exhibit G (“Termination of Memorandum of Option Agreement”).