Common use of Memorandum of Option to Purchase Clause in Contracts

Memorandum of Option to Purchase. Concurrent with Owner’s execution of this Agreement, Owner shall execute a memorandum of option substantially in the form of Exhibit __ (“Memorandum of Option”) attached hereto and incorporated herein by this reference. The County shall cause the Memorandum of Option to be recorded in the Official Records of the County where the Property is located. In the event County elects not to exercise the Option during the Option Term, County shall execute and cause a quitclaim deed to be recorded in the Official Records of the County where the Property quitclaiming all its rights to acquire fee title to the Property to Owner to remove the Memorandum of Option encumbrance.

Memorandum of Option to Purchase. Concurrent with Owner’s execution of this Agreement, Owner shall execute a memorandum of option substantially in the form of Exhibit __ (“Memorandum of Option”) attached hereto and incorporated herein by this reference. The County shall cause the Memorandum of Option to be recorded in the Official Records of the County where the Property is located. In the event County elects not to exercise the Option during the Option Term, County shall execute and cause a quitclaim deed to be recorded in the Official Records of the County where the Property quitclaiming all its rights to acquire fee title to the Property to Owner to remove the Memorandum of Option encumbrance.

Memorandum of Option to Purchase. Concurrent with Owner’s execution of this Agreement, Owner shall execute a memorandum of option substantially in the form of Exhibit __ (“Memorandum of Option”) attached hereto and incorporated herein by this reference. The County State shall cause the Memorandum of Option to be recorded in the Official Records of the County where the Property is located. In the event County State elects not to exercise the Option during the Option Term, County State shall execute and cause a quitclaim deed to be recorded in the Official Records of the County where the Property quitclaiming all its rights to acquire fee title to the Property to Owner to remove the Memorandum of Option encumbrance.