Exercise of Second Option. Tenant may only exercise its Second 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 Term as modified by the exercise of the First Option. Once such notice is served, the Term of the Lease shall be automatically modified so that the Lease will end at 11:59 p.m. on the last day of the calendar month in which the twenty-fifth anniversary of the Commencement Date occurs.
Exercise of Second Option. If the Venture does not exercise its option to purchase all of the Offered Interests, each of the other Partners shall, pursuant to the Second Option, have the rights to collectively purchase all of the remaining Offered Interests. If the other Partners exercising the Second Option elect to purchase more Interests than are subject to the Second Option, each participating Partner will be entitled to purchase up to its pro rata share based on the respective Percentage of the participating Partner, of the remaining Offered Interests. Each participating Partner may exercise the Second Option by delivering to the Optionor Partner written notice of its election to exercise the Second Option within the ten (10) Business Day period immediately following the date of the Second Option Notice which notice shall specify the amount of the Offered Interests agreed to be purchased. If any participating Partner should elect to purchase less than its pro rata share of the remaining Offered Interests, the Optionor Partner shall give oral or written notice of the number of remaining Offered Interests available to each other eligible Partner, each of whom shall have five (5) Business Days after receipt of such notice to elect to purchase all of such remaining Interests. If the participating Partners elect to purchase more of the remaining Offered Interests than are available, each Partner participating in such re-offer shall have the right to purchase its pro rata share (based on the respective Percentages of such Partners participating in the re-offer, which shall be calculated by excluding the Interests of such non participating Partner) of such remaining Offered Interests. If, after such re-offer, the participating Partners shall fail to purchase all of the Offered Interests, the Second Option shall expire.
Exercise of Second Option. For a period of twenty-four (24) months following the date of this Agreement, Continental may exercise the Second Option by giving (i) one month's prior written notice to the Company and the then other shareholders of the Company, where notice of such exercise is given no later than September 10, 2006, or (ii) two months' prior written notice to the Company and the then other shareholders of the Company, where such notice is given after September 10, 2006 and no later than November 10, 2006. Within ten (10) Business Days of the Company's receipt of such notice and payment of the exercise price in accordance with Section 9, the Company shall, and the Investors shall procure that the directors designated by each shall, take all actions necessary (including without limitation, passing relevant Board or shareholder resolutions, increasing the number of authorized Ordinary Shares (if required), and notifying the Company's registered agent) in order to allot and issue the Second Option Shares to Continental and to update the Company's share register to reflect the issuance of the Second Option Shares to Continental. A copy of the updated share register shall be delivered to Continental forthwith.
Exercise of Second Option. If Tenant wishes to exercise its Extension Option with respect to the second Option Term, Tenant shall deliver written notice to Landlord no less than ninety (90) days before the expiration of the first Option Term. The parties shall have thirty (30) days after Landlord receives the option notice in which to agree on the rent for the second Option Term. If the parties agree on the rent for the second Option Term during that period, they shall promptly execute an amendment in accordance with Section 2.5.4. If the parties are unable to agree on the rent in accordance with Section 2.5.2.2 within that period, then within ten (10) days after the expiration of that period each party, at its cost and by giving notice to the other party, shall appoint a real estate appraiser with a California General Certification and at least five (5) years' full-time commercial appraisal experience in the area and market segment in which the Premises are located to appraise and set the rent in accordance with Section 2.5.2.2 for the second Option Term. If a party does not appoint an appraiser within ten (10) days after the other party has given notice of the name of its appraiser, the single appraiser appointed shall be the sole appraiser and shall set the rent for the second Option Term. If the two appraisers are appointed by the parties as stated in this Section, they shall meet promptly and attempt to set the rent. If they are unable to agree within thirty (30) days after the second appraiser has been appointed, they shall attempt to elect a third appraiser meeting the qualifications stated in this Section within ten (10) days after the last day the two appraisers are given to set the rent. If they are unable to agree on the third appraiser, either of the parties to this Lease by giving ten (10) days' notice to the other party can file a petition with the American Arbitration Association solely for the purpose of selecting a third appraiser who meets the qualifications stated in this Section. Each party shall bear half the cost of the American Arbitration Association appointing the third appraiser and of paying the third appraiser's fee. The third appraiser, however selected, shall be a person who has not previously acted in any capacity for either party. Within thirty (30) days after the selection of the third appraiser, a majority of the appraisers shall set the rent for the second Option Term. If a majority of the appraisers are unable to set the rent within the stipulated...
Exercise of Second Option. 5.1 In order to exercise the Second Option, the Optionee must not be in breach of any term of this Agreement and must:
Exercise of Second Option. Upon the Optionee satisfying the conditions in Section 5.3 within the time periods set out therein, the Optionee will be deemed to have exercised the Second Option and to have earned a fifty percent (50%) Interest in the Property.
Exercise of Second Option. 4.19 The Second Option is exercisable by Silver Dollar upon notice to First Majestic delivered within 30 days of the First Option Exercise Date and on or before the 60 month anniversary of the Effective Date (the "Second Option Exercise Notice").
Exercise of Second Option. 4.21 To the extent that Silver Dollar has exercised the First Option with respect to Newco in substitution to SVL Minerals, the Second Option shall also be exercisable with respect to Newco in substitution to SVL Minerals. Closing of Second Option
Exercise of Second Option. (a) The Second Option is exercisable by the Optionee:
Exercise of Second Option. Contango shall exercise the Second Option by delivering an Option Exercise Notice to Cheniere on or prior to the Second Option Expiration Date, which notice shall specify the exercise date of such option which shall occur prior to the Second Option Expiration Date. On the exercise date, a closing shall occur whereby (i) Contango shall deliver to Cheniere the payment set forth in Section 2.4(a) or 2.4(b) hereof, as applicable, and (ii) Contango shall then own a 20% partnership interest in Freeport, in accordance with the terms of this Agreement and the Partnership Agreement.
