Common use of Term of Exercise Clause in Contracts

Term of Exercise. This Agreement shall remain in full force and effect until it expires on December 31, 2015, unless extended (the “Option Period”). VGS, in its discretion, may extend the expiration of the Option Period to December 31, 2017, by providing written notice of such extension to the Grantor on or before December 31, 2015, accompanied by a second Option Payment in the amount described in Section 3 above. VGS may terminate this Agreement at any time and for any reason during the Option Period, provided such termination shall not entitle VGS to a refund of the Option Payment. This Agreement shall automatically terminate at closing (as described in Section 9, below) upon receipt by VGS of the fully executed and acknowledged warranty deed and related documents from Grantor, in form satisfactory to VGS.

Term of Exercise. This Agreement shall remain in full force and effect until it expires on December 31, 2015, unless extended (the “Option Period”). VGS, in its discretion, may extend the expiration of the Option Period to December 31, 2017, by providing written notice of such extension to the Grantor on or before December 31, 2015, accompanied by a second Option Payment in the amount described in Section 3 above. VGS may terminate this Agreement at any time and for any reason during the Option Period, provided such termination shall not entitle VGS to a refund of the Option Payment. This Agreement shall automatically terminate at closing (as described in Section 9, below) upon receipt by VGS of the fully executed and acknowledged warranty deed Easement and related documents from Grantor, in form satisfactory to VGS.