Common use of Time and Manner of Exercise of Option Clause in Contracts

Time and Manner of Exercise of Option. The Option may be exercised by Mommers at any time following the date of this Agreement and on or prior to the second anniversary of the date of this Agreement. The Option shall be exercised by Mommers by delivering to North Tyneside written notice of exercise of such Option. Upon the exercise of such Option, North Tyneside and Mommers shall, as soon as practicable but in no event no later than 10 business days following written notice of such exercise, enter into an asset purchase agreement or other transfer documents