Option Payments. GEC shall pay the City option payments of One Hundred Thousand and 00/100 Dollars ($100,000.00) per year (each, an “Option Payment” and, collectively, “Option Payments”) including for each extension term with respect to which GEC and the Tribe has exercised its rights. The first Option Payment shall be made by GEC within three (3) business days after the Effective Date. Provided this Option Agreement has not been previously terminated in accordance with the terms and provisions herein, additional Option Payments of One Hundred Thousand and 00/100 Dollars ($100,000.00) each shall be made by GEC no later than the first (1st) anniversary of the Effective Date and each subsequent anniversary thereof, until exercise or expiration of the Option Term.
Appears in 3 contracts
Sources: Option to Purchase, Intergovernmental Agreement, Intergovernmental Agreement