Right of Option Clause Samples

A Right of Option clause grants one party the exclusive ability to make a specific decision or take a particular action within a defined period, often regarding the purchase, sale, or extension of an agreement. For example, it may allow a tenant to extend a lease for additional years or give a company the first opportunity to buy certain assets before they are offered to others. This clause ensures that the party holding the option has a clear, prioritized right, thereby providing certainty and control over future transactions or arrangements.
Right of Option. In case the persons mentioned in Article 11, paragraph 2, sentence 2 prefer to attach to the legislation of the represented Contracting State, the competent institution of the referred Contracting State issues them a form confirming that they attach to the legislation of the said Contracting State. The institution of the other Contracting State shall be informed immediately by sending of the attested copy of that form. The right of option can be used only once. With regard to those presently employed, the period of three months begins to run from the date when the Agreement comes into force. The posted personnel not being engaged locally will be subject to the legislation of the sending Contracting State.
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Right of Option. The right of option referred to in Article 9 of the Agreement must be exercised by giving notice within 6 months following the date of beginning the employment or, if the person employed already holds the employment on the date of coming into force of the Agreement, within 6 months of that date.
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Right of Option. It is expressly agreed between the Parties that they shall, no later than within one (1) month of service (by the party that acts first) of the valuer’s decision, draw up a new lease under the conditions set forth in said decision, unless the Lessee chooses not to renew the lease or the Lessor refuses to renew it. a) Where, within a period of one month, the Lessee waives the opportunity to renew the lease, the Lessee must notify the Lessor of such decision by means of an extrajudicial document. In that case, the Lessee may only vacate the premises upon the expiry of a six-month period following the date of notification by the Lessee of its decision to take advantage of this clause, by way of express derogation to the common practice under Article L.145-57 (2) of the Commercial Code. The Lessee shall continue to be bound during this period by all obligations under the lease, with rents, as a result, being set as provided for under Article 4.4. a) Where, within a period of one month, the Lessor refuses to renew the lease, the Lessor must notify the Lessee of such decision by means of an extrajudicial document.
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Right of Option. In the event the leasehold right is assigned, the Landlord shall have the option of recovering the premises free of any occupancy or substituting any assignee of its choosing on the deed of assignment, provided the Landlord or the assignee chosen by it pay the assigning leaseholder the same price as the one offered by the proposed acquirer. This right shall be binding on successive acquirers. To enable the Landlord to exercise its right of option, the Tenant shall inform it at least two months in advance, by registered letter with acknowledgement of receipt, of its intention to assign its leasehold right. The Tenant’s notification shall indicate, under penalty of nullity, the name and address of the proposed acquirer, the price and terms of payment and the conditions, place and day of the assignment. The Landlord must inform the Tenant by registered letter with acknowledgement of receipt of its decision within two months from this notification. In case the Landlord activates its right to take the place of or to substitute any assignee of its choosing, the assignment shall be finalized within one month from the date when the Landlord made known its decision.
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Right of Option. In the event the Lessee chooses to exercise its right of option(s), the monthly rent payable shall be adjusted to the standard rent in effect for users of the airport at that time or the fair rental value, whichever is greater. On the first anniversary of each option, and on each anniversary until expiration of each option period, the monthly rent shall be adjusted as set forth in Section 4.1.1 above, except that Lessee’s base year shall become 2012 (Option 1) and 2017 (option 2). In the event County and Lessee cannot agree upon the rental value before sixty (60) days prior to the commencement of each option period, the rental shall be determined as set out in this section and the following subsections: 4.2.1 At least sixty (60) days prior to the commencement of the period for which rent is to be established, County and Lessee shall each appoint an appraiser to appraise the fair rental value and/or rate of return of the premises as appropriate, using methods recognized in the real estate appraisal profession as appropriate for such appraisals. The Parties shall exchange completed appraisals within sixty (60) days following appointment of the appraisers. Each party shall bear all costs and expenses of the appraiser appointed by it. Failure to comply with any time limit established in this section or any of its subsections shall be an incident of default under this Lease. For purposes of this section, all appraisers shall be MAI members of the American Institute of Real Estate Appraisers, or any successor organization, should the American Institute cease to exist. 4.2.2 If the two appraisals contain fair rental value determinations which are within Ten Percent (10%) of each other, the fair rental value shall be the arithmetic average of the values in the two appraisals; 4.2.3 In the eve nt the two appraisals differ by more than Ten Percent (10%), the Parties shall, within ten
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Right of Option. Should Company introduce other products or devices as contemplated by recital paragraph "A", Distributor shall have the option of becoming Company's exclusive distributor of such other Products or devices within the Market.
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Right of Option. Application of Article 8, paragraph 4 of the Agreement (1) The employees referred to in Article 8, paragraph 4 of the Agreement who opted to be subject to the legislation of the Contracting Party of the diplomatic mission or consular post, shall submit the certificate provided by the competent institution of this Contracting Party to the institution of the other Contracting Party. (2) The preference of the employees referred to in Article 8, paragraph 4 of the Agreement is valid from the first day of the month following the date of notification to the competent institution.
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Right of Option. In the event that the right to lease is to be transferred – the Lessor shall benefit from a right of option, allowing him/her to take back the premises free from occupants, or to substitute the transferee for one of his choice for the transfer deed provided that the transferee chosen by him/her offers to pay the assignor an identical price to that proposed to the other interested candidate. This right shall remain binding for subsequent interested parties. To allow the Lessor to exercise his/her right of option, the Lessee shall inform the Lessor of his/her intention to transfer the right to lease, by registered letter with recorded delivery. The notification made by the Lessee must indicate, failure to do so would risk making the notification void, the name and the address of the acquiring candidate, the amount and methods of payment of the price as well as the conditions, place and day of the transfer. The Lessor must inform the Lessee of his decision within a timeframe of 2 months starting from this notification by registered and recorded letter. In the event that the Lessor decides to use his right to stand in for or substitute the transferee with any transferee of his choice, the transfer shall be put in order within a month, starting from the date that the Lessor makes his decision known.
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Right of Option. By express agreement between the Parties, they will, no later than at the expiry of a period of two (2) months following notification (which will be made by the most diligent Party) of the decision of the expert required to give their opinion on the amount of the rental value of the Leased Premises under the conditions of Article VI.5.2 above, draw up a new lease under the conditions set by the said decision, unless the LESSEE waives renewal or the LESSOR refuses renewal. i. If, within this two (2) month period, the LESSEE waives renewal of the Lease, it shall notify the LESSOR of its decision by extrajudicial act. In this case, the LESSEE undertakes to pay the LESSOR the rent referred to in Article XVI below, indexed annually in accordance with the conditions of the Lease, for a period of six months (6 months) from the date of notification to the LESSOR of its waiver of renewal, even if the LESSEE vacates the Leased Premises before the expiry of the aforementioned period of six months (6 months). ii. If, within this two (2) month period, the LESSOR refuses to renew the Lease, it will notify its decision to the LESSEE by extrajudicial act. In this case, the provisions of the French Commercial Code will apply (except for the option exercise period, which is extended to two (2) months in accordance with this Article).
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Related to Right of Option

  • ▇▇▇▇▇ of Option The Plan Administrator of the Company hereby grants to the Optionee named in the Notice of Grant attached as Part I of this Agreement (the "Optionee") an option (the "Option") to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per share set forth in the Notice of Grant (the "Exercise Price"), subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 15(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms and conditions of the Plan shall prevail. If designated in the Notice of Grant as an Incentive Stock Option ("ISO"), this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, if this Option is intended to be an Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d) it shall be treated as a Nonstatutory Stock Option ("NSO").

  • Grant of Option The Corporation hereby grants to Optionee, as of the Grant Date, an option to purchase up to the number of Option Shares specified in the Grant Notice. The Option Shares shall be purchasable from time to time during the option term specified in Paragraph 2 at the Exercise Price.

  • Exercise of Option The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Units within 45 days after the effective date (“Effective Date”) of the Registration Statement (as defined in Section 2.1.1 hereof). The Underwriters will not be under any obligation to purchase any Option Units prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company by the Representative, which must be confirmed in accordance with Section 10.1 herein setting forth the number of Option Units to be purchased and the date and time for delivery of and payment for the Option Units (the “Option Closing Date”), which will not be later than five (5) full Business Days after the date of the notice or such other time and in such other manner as shall be agreed upon by the Company and the Representative, at the offices of EG&S or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Units does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option, the Company will become obligated to convey to the Underwriters, and, subject to the terms and conditions set forth herein, the Underwriters will become obligated to purchase, the number of Option Units specified in such notice.

  • Expiration of Option Except as otherwise provided in Section 5 or 6 of the Management Stockholder’s Agreement, the Optionee may not exercise the Option to any extent after the first to occur of the following events: (a) The tenth anniversary of the Grant Date so long as the Optionee remains employed with the Company or any Service Recipient through such date; (b) The first anniversary of the date of the Optionee’s termination of employment with the Company and all Service Recipients, if the Optionee’s employment is terminated by reason of death or Disability; (c) Immediately upon the date of an Optionee’s termination of employment by the Company and all Service Recipients for Cause; (d) Thirty (30) days after the date of an Optionee’s resignation from employment with the Company and all Service Recipients without Good Reason (except due to death or Disability); (e) One hundred and eighty (180) days after the date of: (i) an Optionee’s resignation from employment with the Company and all Service Recipients for Good Reason; (ii) an Optionee’s Retirement; or (iii) an Optionee’s termination of employment by the Company and all Service Recipients without Cause (for any reason other than as set forth in Sections 3.2(b) or 3.2(g)), including upon nonrenewal of Optionee’s existing employment agreement by the Company or other applicable Service Recipient, in the event such termination listed in (i), (ii), or (iii) occurs prior to the fifth anniversary of the Closing Date; (f) The Extended Exercise Date in the event of (i) an Optionee’s resignation from employment with the Company and all Service Recipients for Good Reason; (ii) an Optionee’s Retirement; or (iii) an Optionee’s termination of employment by the Company and all Service Recipients without Cause (for any reason other than as set forth in Sections 3.2(b) or 3.2(g)), including upon nonrenewal of Optionee’s existing employment agreement by the Company or other applicable Service Recipient, and any such termination listed in (i), (ii), or (iii) occurs on or after the fifth anniversary of the Closing Date; (g) The Extended Exercise Date in the event of an Optionee’s Job Elimination; (h) Immediately upon the date of an Optionee’s breach of the provisions Section 22(a)(ii) of the Management Stockholder’s Agreement; or (i) At the discretion of the Company, if the Committee so determines pursuant to Section 9 of the Plan. Notwithstanding the foregoing, the time periods set forth in this Section 3.2 shall not begin to run with respect to Performance Options that vest in accordance with Section 3.1(a)(ii) above until the time at which the Board certifies the financial statements for the Company for the Fiscal Year immediately preceding the Fiscal Year in which, or for the Fiscal Year in which, termination of employment occurs.

  • Grant and Exercise of Option Provided that (i) no Default has occurred and is then continuing (ii) the creditworthiness of Tenant is then reasonably acceptable to Landlord and (iii) Tenant originally named herein or a Permitted Transferee remains in possession of the Leased Premises throughout the term immediately preceding the Extension Term (as defined below), Tenant shall have the option to extend the Lease Term for two (2) additional periods of five (5) years each (the "Extension Term(s)"). Each Extension Term shall be upon the same terms and conditions contained in the Lease except (x) this provision giving two (2) extension options shall be amended to reflect the remaining options to extend, if any, and (y) any improvement allowances or other concessions applicable to the Leased Premises under the Lease shall not apply to the Extension Term, and (z) the Minimum Annual Rent shall be adjusted as set forth below (the "Rent Adjustment"). Tenant shall exercise each option by delivering to Landlord, no later than twelve (12) months prior to the expiration of the preceding term, written notice of Tenant's desire to extend the Lease Term. Tenant's failure to timely exercise such option shall be deemed a waiver of such option and any succeeding option. Landlord shall notify Tenant of the amount of the Rent Adjustment no later than one hundred eighty (180) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within thirty (30) days after receipt thereof. If Tenant exercises its option to extend in accordance with the terms hereof, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of the Extension Term within thirty (30) days after Tenant's acceptance (or deemed acceptance) of the Rent Adjustment.