By Optionor. As an integral part of the consideration for this Agreement, Optionor further covenants:
By Optionor. In the event Optionor defaults in the performance or compliance with any of the obligations, covenants or agreements to be performed or any of the conditions to be complied with by Optionor under the terms and provisions of this Agreement or if any of the representations or warranties of Optionor contained herein are untrue at the close of escrow and not waived by Optionee, Optionee shall, as Optionee's sole and exclusive remedy, be entitled to, (i) initiate an action against Optionor for the specific performance by Optionor of the Initials 8 Initials /s/ PL /s/ PWK ------ ------- terms and provisions of this Agreement, or (ii) terminate this Agreement by giving written notice of such termination to Optionor and Escrow Holder, whereupon Escrow Holder shall promptly refund to Optionee all Deposit monies paid hereunder and Optionor shall promptly reimburse Optionee for the actual, and reasonable, expenses incurred by Optionee in Optionee's exercise of its efforts to satisfy conditions inserted for the benefit of Optionee. /s/ Xxxx Xxxxx /s/ Xxxxxxx X. Xxxxxxxx --------------------------- -------------------------- Optionor Optionee
By Optionor. Optionor represents and warrants to Optionee, as of the Effective Date and as of the Closing Date, which representations and warranties shall survive the Close of Escrow for a period of one (1) year, as follows:
By Optionor. (1) Optionor is a development-stage company.
By Optionor. Except as provided herein Optionor may ----------- not sell, assign, transfer, hypothecate, pledge or otherwise encumber, in any manner, prior to the Expiration Date, this Option Agreement or any of the Option Shares or Distributions. Any attempt to sell, assign, transfer, hypothecate, pledge or otherwise encumber this Option Agreement, any interest therein or any such shares or Distributions and any levy of execution, attachment, or similar process on the Option Shares or such Distributions shall be null and void. Subject to the foregoing, this Option shall be binding on and inure to the benefit of the heirs, executors, and personal representatives of Optionor.
By Optionor. Optionor may use Optionee’s name in connection with Optionor’s publicity related to Optionor’s intellectual property and commercialization achievements.
