Common use of Option Payments Clause in Contracts

Option Payments. (i) Within two (2) Business Days after the Opening of Escrow, Optionee shall deposit with Escrow Holder the First Option Payment in immediately available funds. If Optionee terminates, or is deemed to have terminated, this Agreement at any time prior to the Option Acceptance Date in accordance with the terms of Section 4(a)(ii) hereof, then the First Option Payment shall be refunded to Optionee without necessity of any instruction from Optionors. If Optionee rejects, or is deemed to have rejected, one or more Eligible Properties during the Feasibility Period in accordance with the terms of Section 4(a)(ii) hereof, then the Project First Option Payment (or Project First Option Payments) applicable to such Eligible Property (or Eligible Properties) shall be refunded to Optionee without necessity of any instruction from Optionors. (ii) On the Option Acceptance Date, Optionee shall deposit with Escrow Holder the Second Option Payment in immediately available funds. From and after the Option Acceptance Date, at such time as a Property Under Contract becomes a Converted Property, Optionee shall deposit with Escrow Holder the Project Second Option Payment for such Converted Property in immediately available funds, and such Project Second Option Payment shall thereafter be treated as part of the Second Option Payment. Upon receipt of the Second Option Payment (whether on the Option Acceptance Date or at such time as a Property Under Contract becomes a Converted Property), Escrow Holder shall promptly disburse to each Optionor the applicable Second Option Payment and the applicable First Option Payment (other than that portion of the First Option Payment that is refundable to Optionee in connection with Optionee’s rejection of an Eligible Property in accordance with the terms of this Agreement), and such disbursed amount shall be nonrefundable, except as provided below. (iii) At Closing, the Option Payments previously distributed to Optionors shall be credited against the Option Price. (iv) The Option Payments disbursed to an Optionor in accordance with the terms of this Agreement shall be immediately returned by such Optionor to Optionee (a) in the event of such Optionor’s default under this Agreement, or (b) upon termination of this Agreement in accordance with the terms of Section 12 hereof.

Option Payments. (i) Within two (2) Business Days after the Opening of Escrow, Optionee shall deposit with Escrow Holder the First Option Payment in immediately available funds. If Optionee terminates, or is deemed to have terminated, this Agreement at any time prior to the Option Acceptance Date in accordance with the terms of Section 4(a)(ii) hereof, then the First Option Payment shall be refunded to Optionee without necessity of any instruction from OptionorsOptionor. If Optionee rejects, or is deemed to have rejected, one or more Eligible Properties during the Feasibility Period in accordance with the terms of Section 4(a)(ii) hereof, then the Project First Option Payment (or Project First Option Payments) applicable to such Eligible Property (or Eligible Properties) shall be refunded to Optionee without necessity of any instruction from OptionorsOptionor. (ii) On the Option Acceptance Date, Optionee shall deposit with Escrow Holder the Second Option Payment in immediately available fundsavailable. From and after the Option Acceptance Date, at such time as a Property Under Contract becomes a Converted Property, Optionee shall deposit with Escrow Holder the Project Second Option Payment for such Converted Property in immediately available funds, and such Project Second Option Payment shall thereafter be treated as part of the Second Option Payment. Upon receipt of the Second Option Payment (whether on the Option Acceptance Date or at such time as a Property Under Contract becomes a Converted Property), Escrow Holder shall promptly disburse to each Optionor the applicable Second Option Payment and the applicable First Option Payment (other than that portion of the First Option Payment that is refundable to Optionee in connection with Optionee’s rejection of an Eligible Property in accordance with the terms of this Agreement), and such disbursed amount shall be nonrefundable, except as provided below. (iii) At Closing, the Option Payments previously distributed to Optionors Optionor shall be credited against the Option Price. (iv) The Option Payments disbursed to an Optionor in accordance with the terms of this Agreement shall be immediately returned by such Optionor to Optionee (a) in the event of such Optionor’s default under this Agreement, or (b) upon termination of this Agreement in accordance with the terms of Section 12 hereof.

Option Payments. (i) Within two (2) Business Days after the Opening of Escrow, Optionee shall deposit with Escrow Holder the First Option Payment in immediately available funds. If Optionee terminates, or is deemed to have terminated, this Agreement at any time prior to the Option Acceptance Date in accordance with the terms of Section 4(a)(ii) hereof, then the First Option Payment shall be refunded to Optionee without necessity of any instruction from OptionorsOptionor. If Optionee rejects, or is deemed to have rejected, one or more Eligible Properties during the Feasibility Period in accordance with the terms of Section 4(a)(ii) hereof, then the Project First Option Payment (or Project First Option Payments) applicable to such Eligible Property (or Eligible Properties) shall be refunded to Optionee without necessity of any instruction from OptionorsOptionor. (ii) On the Option Acceptance Date, Optionee shall deposit with Escrow Holder the Second Option Payment in immediately available funds. From and after the Option Acceptance Date, at such time as a Property Under Contract becomes a Converted Property, Optionee shall deposit with Escrow Holder the Project Second Option Payment for such Converted Property in immediately available funds, and such Project Second Option Payment shall thereafter be treated as part of the Second Option Payment. Upon receipt of the Second Option Payment (whether on the Option Acceptance Date or at such time as a Property Under Contract becomes a Converted Property), Escrow Holder shall promptly disburse to each Optionor the applicable Second Option Payment and the applicable First Option Payment (other than that portion of the First Option Payment that is refundable to Optionee in connection with Optionee’s rejection of an Eligible Property in accordance with the terms of this Agreement), and such disbursed amount shall be nonrefundable, except as provided below. (iii) At Closing, the Option Payments previously distributed to Optionors Optionor shall be credited against the Option Price. (iv) The Option Payments disbursed to an Optionor in accordance with the terms of this Agreement shall be immediately returned by such Optionor to Optionee (a) in the event of such Optionor’s default under this Agreement, or (b) upon termination of this Agreement in accordance with the terms of Section 12 hereof.