Common use of Commencement of Option Clause in Contracts

Commencement of Option. Kite Realty shall have the right to exercise the Option at any time after the date upon which the Property reaches 85% occupancy until the expiration of the Option pursuant to Section 1.3. Notwithstanding the foregoing, in the event the Kite IPO is not consummated prior to January 1, 2005, this Agreement shall become null and void and no party shall have any liability to the other parties hereunder with respect to the transactions contemplated hereby.

Commencement of Option. Kite Realty shall have the right to exercise the Option at any time after the date upon which consummation of the Property reaches 85% occupancy Kite IPO until the expiration of the Option pursuant to Section 1.3. Notwithstanding the foregoing, in the event the Kite IPO is not consummated prior to January 1, 2005, this Agreement shall become null and void and no party shall have any liability to the other parties hereunder with respect to the transactions contemplated hereby.