Option to Purchase Agreement Sample Clauses
An Option to Purchase Agreement is a contractual provision that grants one party the exclusive right, but not the obligation, to buy a specific asset or property within a defined period and under predetermined terms. Typically, the agreement outlines the purchase price, the duration of the option, and any conditions that must be met before the option can be exercised; for example, a tenant may be given the option to purchase the leased property after a certain period. This clause provides flexibility and security to the option holder, allowing them to secure the opportunity to purchase while mitigating the risk of immediate commitment.
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Option to Purchase Agreement. A separate Option to Purchase agreement shall be executed by the Parties as of the Effective Date of this Agreement, the form of which is attached hereto as Exhibit T, providing for a mutual option in the City and Developer for the purchase by the Developer or approved assigns, of the Market Street Garage and Skywalk in an amount equal to the Purchase Option Price. The Mayor and Clerk are authorized and directed to execute such Option to Purchase Agreement with such changes as may be approved by the City Manager and the Developer and as to form by the City Attorney. A copy of the Option to Purchase Agreement or memorandum evidencing the Option to Purchase shall be recorded in the real estate records of Sedgwick County, Kansas, immediately after the Effective Date hereof. In the event that the Option to Purchase is not exercised within the time period prescribed in the Option to Purchase Agreement, the Developer and/or City shall thereafter execute and deliver to the other Party a release of the mutual Option to Purchase, or such other documentation as may be reasonably necessary in a form available to be recorded in the real estate records of Sedgwick County, Kansas, to evidence such release of the Option to Purchase. If the either Party fails to deliver such release within 30 days of the expiration, the other Party may unilaterally thereafter execute and record an appropriate a document evidencing the failure of either Party to exercise the Option to Purchase.
Option to Purchase Agreement. A duly executed and acknowledged counterpart of the Option to Purchase Agreement.
Option to Purchase Agreement. Attachment No. 20 to the DDA, Option to Purchase Agreement (Housing), is hereby amended by deleting Recital C in its entirety and replacing it with the following: “Pursuant to that certain Disposition and Development Agreement entered into between the Agency and Optionor (as “Owner” therein) dated as of May 22, 2008, and all amendments thereto, (the “Agreement”), Optionor has agreed to construct an approximately 65 unit affordable housing complex with ground floor retail and related parking facilities (the “Project”).”
Option to Purchase Agreement. The Developer shall enter into, or shall cause the execution of, an Option Agreement with the Commission pertaining to the sale of its current facility at ▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, South Bend, Indiana concurrently with the execution of this Agreement.
Option to Purchase Agreement. The Option Agreement is in full force and effect and Bazooka has made the initial payment of US$50,000 to the Claim Holders in accordance with Section 1 (a) of the Option Agreement;
Option to Purchase Agreement. THIS IS A LEGALLY BINDING CONTRACT. YOU ARE ADVISED TO SEEK THE ADVICE OF LEGAL COUNSEL PRIOR TO SIGNING IT. This OPTION TO PURCHASE AGREEMENT (hereinafter called the “Option Agreement”) is entered into by and between and/or assignee, with an address of , Telephone ( ) - (hereinafter called the “Owner”); and Street Address City State Zip Code Home Phone Mobile Phone (hereinafter called the “Optionee” whether one or more).
Option to Purchase Agreement. The Option is granted in accordance with the Option to Purchase Agreement executed by and between City and Optionee concerning the Option Property, dated , 20 (the “Option to Purchase Agreement”). This Memorandum of Option is prepared for the purpose of recordation and shall not alter or affect in any way the rights and obligations of City and Optionee under the Option to Purchase Agreement. In the event of any inconsistency between this Memorandum and the Option Agreement, the terms of the Option to Purchase Agreement shall control. In witness whereof, the Parties have entered into this Agreement as of the Effective Date. [SIGNATURES APPEAR ON FOLLOWING PAGE] “City” CITY OF MANTECA, a municipal corporation By: