Exercise of First Option. Tenant may only exercise its First Option by written notice to Landlord served upon Landlord during the time period between twelve (12) months and six (6) months prior to the end of the original Term. Once such notice is served, the Term of the Lease shall automatically be modified so that the Term of the Lease shall end at 11:59 p.m. on the last day of the calendar month in which the twentieth anniversary of the Commencement Date occurs.
Exercise of First Option. The Venture may exercise the First Option by delivering to the Optionor Partner written notice (the “Election Notice”) of its election to exercise all or part of the First Option within thirty (30) days after the date that the Venture receives the First Option Notice. The Election Notice shall set forth the amount of the Offered Interests that the Venture agrees to purchase.
Exercise of First Option. Each Optionee shall have the option, exercisable until thirty days prior to the specified date of withdrawal (sixty days in the case of a withdrawal requiring more than ninety days’ notice), to elect to acquire his or her proportionate part (as hereinafter defined) of the shares of Series A Common with respect to which a notice of withdrawal has been submitted. Such acquisition may be by cash purchase or by exchange of shares of Common and/or Special Common. The notice of intent to exercise such option shall be delivered to the Trustees not less than thirty days prior to the specified date of withdrawal (sixty days in the case of a withdrawal requiring more than ninety days’ notice). The closing date of such transaction shall be the specified date of withdrawal. An Optionee’s proportionate part pursuant to this option shall be that number of shares which bears the same proportion to the total number of shares proposed to be withdrawn as the number of votes beneficially held by such Optionee at the time the notice of intent to withdraw is given bears to the total number of votes then beneficially held by all Optionees. An Optionee may elect to acquire less than his or her proportionate part of the shares proposed to be withdrawn.
Exercise of First Option. If Tenant wishes to exercise its Extension Option with respect to the first Option Term, Tenant shall deliver written notice to Landlord no less than ninety (90) days before the expiration of the initial Lease Term.
Exercise of First Option. The parties hereto agree and acknowledge that the decision to exercise the First Option shall be made by SA Wireless. If SA Wireless wishes to exercise the First Option, it shall notify the other Shareholders and the Company, and each Shareholder shall cause the Company to exercise the First Option in accordance with the provisions of Clauses 9(a) to (d)
Exercise of First Option. This right of first refusal or first option to purchase may only be exercised by Licensee within 30 days from notification by Licensor that Licensor has received a bona fide offer to purchase said Block of Business at the price offered by a third party. Such notification to Licensee shall include purchase terms. Licensor is further obligated to wait 30 days for a reply from Licensee, unless received earlier. Licensor shall have no further obligation of notification and Licensee has no further rights under this section even if said purchase is not consummated.
Exercise of First Option. Sprint agrees that it will exercise ------------------------ the First Option promptly following the satisfaction of the condition precedent set forth in Section 6.1.5 hereof, but in no event later than 30 days after the satisfaction of such condition precedent (it being understood that, notwithstanding Sprint's exercise of the First Option, the consummation of the transactions at the Option Closing relating to the First Option shall be subject to the provisions of Section 6.1).
Exercise of First Option. 4.1 In order to exercise the First Option, the Optionee must not be in breach of any term of this Agreement and must:
(a) pay to the Optionor $240,000 as follows:
(i) pay the Optionor a $20,000 by December 31, 2011;
(ii) pay the Optionor a further $20,000 by June 30, 2012;
(iii) pay the Optionor a further $20,000 by December 31, 2012;
(iv) pay the Optionor a further $30,000 by June 30, 2013;
(v) pay the Optionor a further $50,000 by December 31, 2013; and
(vi) pay the Optionor a further $100,000 by December 31, 2014;
(b) issue and deliver Shares to the Optionor, as follows:
(i) at the signing or the deemed signing of this Agreement, but not later than March 4, 2011, issue and deliver to the Optionor 3,000,000 Shares (which was done);
(ii) issue and deliver to the Optionor a further 2,000,000 Shares by December 31, 2011;
(iii) issue and deliver to the Optionor a further 2,000,000 Shares by December 31, 2012;
(iv) issue and deliver to the Optionor a further 3,000,000 Shares by December 31, 2013;
(v) issue and deliver to the Optionor a further 3,000,000 Shares by December 31, 2014; and
(vi) issue and deliver to the Optionor a further number of Shares being equal to 10% of the number of issued and outstanding shares in the capital of the Optionee at the time of the election under Section 7.1(a) or (b) or deemed election under Section 7.1, such Shares to be delivered:
(A) within five Business Days of such election or deemed election; and
(B) not later than March 31, 2015;
(c) incur further Exploration Expense of at least $4,000,000 as follows:
(i) incur Exploration Expense of at least $150,000 by March 31, 2012 (which is a firm commitment);
(ii) incur Cumulative Exploration Expense of at least $350,000 by December 31, 2012 (which is a firm commitment);
(iii) incur Cumulative Exploration Expense of at least $1,000,000 by December 31, 2013; and
(iv) incur Cumulative Exploration Expense of at least $4,000,000 by December 31, 2014;
(d) subject to Section 4.2, by February 28, 2013, cause the common shares of the Optionee to be fully listed on a Canadian Stock Exchange;
(e) do and pay for all things necessary in order for the drafting of a Pre-feasibility Report and have drafted and pay for a Pre-feasibility Report pertaining to the Property and deliver a copy of that Pre-feasibility Report to the Optionor, all by June 30, 2015;
(f) keep the Property in good standing until June 30, 2015; and
(g) deliver to the Optionor a Notice of Exercise of Option & Compliance Cert...
Exercise of First Option. ELECTION TO EITHER (A) PROCEED TO ATTEMPT TO EXERCISE THE SECOND OPTION OR (B) COMMENCE THE JOINT VENTURE FAILURE TO EXERCISE SECOND OPTION JOINT VENTURE AGREEMENT
7.1 Provided that the Optionee has exercised the First Option, the Optionee will not later than July 31, 2014, either:
(a) deliver to the Optionor a notice in writing (the “Election to Proceed to Second Option Notice”) that it has elected to proceed to attempt to exercise the Second Option; or
(b) deliver to the Optionor a notice in writing (the “Election to Enter Into the Joint Venture Notice”) that it has elected not proceed to attempt to exercise the Second Option but instead to join and participate in a joint operation for the purposes of further exploring the Property and if deemed warranted, of developing, constructing and operating a mine on the Property or a portion thereof (the “Joint Venture”).
7.2 In the event that the Optionee fails to deliver by the date set out in Section 7.1 either the Election to Proceed to Second Option Notice set out in Section 7.1(a) or the Election to Enter Into the Joint Venture Notice set out in Section 7.1(b), then the Optionee will be deemed to have delivered to the Optionor the Election to Proceed to Second Option.
7.3 In the event that the Optionee has delivered to the Optionor the Election to Proceed to Second Option Notice or has been deemed to have delivered to the Optionor the Election to Proceed to Second Option Notice and the Second Option expires without being exercised, then the Optionee will then be deemed to have delivered to the Optionor the Election to Enter Into the Joint Venture.
7.4 In the event that:
(a) the Optionee has delivered the Optionor the Election to Enter Into the Joint Venture Notice in accordance with Section 7.1(b);or
(b) the Optionee has been deemed to have delivered to the Optionor the Election to Enter into the Joint Venture Notice pursuant to Section 7.3, then the Optionee and the Optionor will be deemed to join in a Joint Venture. The Joint Venture shall be conducted in accordance with an agreement (the “Joint Venture Agreement”), the material terms of which are set out in “Part I – Exercise of the First Option Only” in the attached Schedule “C”.
7.5 In the event that the Second Option is exercised, then the Optionee and the Optionor will be deemed to join in a Joint Venture. The Joint Venture shall be conducted in accordance with an agreement (the “Joint Venture Agreement”), the material terms of which are set out in “...
Exercise of First Option. Upon the Optionee allotting and issuing the 35,000,000 Common Shares within the time period set out in Section 5.2, the Optionee will be deemed to have exercised the First Option and to have earned a twenty percent (20%) Interest in the Property.
