Common use of Option to Lease Clause in Contracts

Option to Lease. Optionor hereby grants to Optionee an Option to Lease the Land (hereinafter "Option to Lease") , which Option to Lease shall be exercisable by Optionee for a period of nine (9) months after the execution of this Agreement (the "Lease Option Period") (i.e., the last date of the Lease Option Period will be November 13, 1997). The form of the Lease ("the Lease") which is to be the subject of the Option to Lease is attached hereto as Exhibit "2". The Lease Commencement Date shall not be later than the day following the end of the Lease Option Period, or any extension thereof. The Lease will not be effective until the Lease Jd / P.S. --------------------- initials / initials 1 Commencement Date, whether or not it is signed prior to the Lease Commencement Date, and the Lease shall be signed by Optionor (as Lessor) and Optionee (as Lessee) on or before the Lease Commencement Date.