Additional Option Consideration. Commencing as of the Option Payment Date and continuing on the first day of each calendar month thereafter during the Option Period, Buyer shall pay to Seller, as a portion of the Option Consideration, the sum of Ninety-Five Thousand Dollars ($95,000) per month (collectively, the “Additional Option Consideration”). Notwithstanding anything to the contrary set forth herein, in the event that Buyer fails to pay Seller any installment of the Additional Option Consideration within five (5) days after written notice from Seller that the same is overdue, the Option and the Option Agreement shall be deemed terminated pursuant to Section 2.4 and Seller shall have the rights set forth in Section 2.4 as a result of such termination.
Additional Option Consideration. As additional consideration for the grant of the Option for each Property and as a condition to the continuing effectiveness of the Option and Builder’s right to purchase the Homesites on such Property, the applicable Builder Party shall pay all “Expenses” (as defined in Section 6.1 below) otherwise payable or attributable to the applicable Property which are due and payable during the Option Term for such Property (regardless of whether such Expenses relate to periods prior to the date of this Agreement), and perform at Builder’s expense all maintenance, insurance and other obligations contained in this Agreement during the Option Term for such Property. The Expenses shall include reasonable third party costs (including reasonable third party attorney’s fees) properly incurred by Owner in connection with: (a) Owner’s due diligence for the acquisition of a Future Property and preparation of the related Addendum, in an amount not to exceed Ten Thousand Dollars ($10,000) per Property (the “Property Expense Limit”); and (b) the review of documents or materials which after the Effective Date are submitted by Builder to an Owner Party for review and/or approval; provided, however, that: (i) if a Property does not satisfy the requirements of the Program Criteria and is nonetheless acquired by an Owner Party pursuant to this Agreement, the Property Expense Limit shall be increased to Twenty Five Thousand Dollars ($25,000); and (ii) Expenses shall not in any event include consultant fees, market studies, appraisals or similar types of expenses that are undertaken or incurred following the Effective Date. Except in the event of a Default by Owner Parties, all additional Option consideration paid by Builder pursuant to this Section 1.8 shall be nonrefundable to Builder and shall not be applied to the Takedown Prices of the Homesites.
