Common use of Option Extension Clause in Contracts

Option Extension. The Option Period may be extended for up to three successive 30-day periods upon Optionee’s delivery of a written notice of extension to Optionor in the form attached hereto as Exhibit B (the “Option Extension Notice”) and the payment by Optionee to Optionor of one hundred thousand U.S. dollars (US$100,000) for each 30-day extension (each, an “Option Extension Payment,” and collectively with the Initial Option Payment, the “Total Option Payment”) not less than 10 days prior to the expiration of the then-current Option Period.