Common use of Option to Sell Clause in Contracts

Option to Sell. In the event of the death of any Primary Owner the deceased Primary Owner’s personal representatives shall have the option to sell the deceased’s Share to the surviving Primary Owners such option to be exercised by notice in writing served within six months from the date of death or within one month after a grant of representation in respect of the estate of the deceased has been obtained if later or such later time as the parties to this agreement shall, by mutual agreement, determine and on the exercise of such option the surviving Primary Owners shall purchase the Share from the deceased Owner’s personal representatives.