Common use of Option Exercised Clause in Contracts

Option Exercised. If, within 15 days after receiving the acquiring Participant’s notice, the Management committee notifies the acquiring Participant of its election to accept a proportionate interest for all Participants in the Acquired Rights equal to their respective Participating Interests, the acquiring Participant shall convey to the other Participant such a proportionate undivided interest therein. The Acquired Rights shall become a part of the Property for all purposes of this Agreement. The other Participant shall promptly pay to the acquiring Participant a proportionate share of the latter’s actual out-of-pocket staking or acquisition costs.

Option Exercised. If, within 15 30 days after receiving the acquiring Participant’s notice, the Management committee Committee notifies the acquiring Participant of its election to accept a proportionate interest for all Participants in the Acquired Rights equal to their respective Participating Interests, the acquiring Participant shall convey to the other Participant Participants such a proportionate undivided interest therein. The Acquired Rights shall become a part of the Property Properties for all purposes of this Agreement. The other Participant Participants shall promptly pay to the acquiring Participant a their proportionate share of the latter’s actual out-of-pocket staking or acquisition costs.

Option Exercised. If, within 15 30 days after receiving the acquiring Participant’s noticesuch Notice, the Management committee Committee notifies the acquiring Participant Manager of its election to accept a proportionate interest for all Participants in the Acquired Rights equal to their respective Participating Interests, the acquiring Participant Manager (or, if applicable, the other Participant) shall convey to the other Participant Participants such a proportionate undivided interest therein. The Acquired Rights shall become a part of the Property Properties for all purposes of this Agreement. The other non-acquiring Participant shall promptly pay to the acquiring Participant a its proportionate share of the latter’s actual out-of-pocket staking or acquisition costs.