Failure to Exercise Option. To the extent that following termination of employment or service, the Option is not exercised within the applicable periods described above, all further rights to purchase shares pursuant to the Option shall cease and terminate.
Failure to Exercise Option. If Optionee fails for any reason to exercise the Option in the manner set forth herein, Optionee will have no further claim against or interest in the Easement Property or any of the Option Money Payments, unless Optionee is entitled to a refund of the Option Money Payments under another provision of this Option Agreement. In the event of the failure to exercise the Option, Optionee will provide Owner with any instruments that Owner reasonably deems necessary for the purpose of removing from the public record any cloud on title to the Easement Property that is attributable to the grant or existence of the Option.
Failure to Exercise Option. If Tenant does not exercise this Option in accordance with its terms and before the Expiration Date (or Extended Expiration Date, if applicable), this Option and the rights of Tenant hereunder will automatically and immediately terminate without notice. If Tenant fails to exercise this Option, Landlord will retain the sum paid as consideration for this Option.
Failure to Exercise Option. If Tenant shall fail to give Landlord written notice of Tenant’s exercise of the Extended Term on or before the applicable Notice Date, time being of the essence, Tenant shall have no right to extend this Lease for the Extended Term and this Lease shall terminate as provided in Article 3 of this Lease and Tenant shall vacate the Leased Premises on or before the Expiration Date in accordance with the provisions of this Lease.
Failure to Exercise Option. If the option is not exercised within the Option Period as to the Offered Shares, the Selling Shareholder may sell or transfer the Offered Shares within thirty (30) days thereafter to the prospective purchaser named in the Option Notice at a price and on terms no more favorable than described in the Option Notice.
Failure to Exercise Option. If the Option is not exercised in the manner provided in Section 3 above before the expiration of the Option Term, the Option shall terminate. Upon receipt of the written request of Homeowner, City shall cause a quitclaim deed terminating or releasing any and all rights City may have to acquire the Affordable Unit (the "Quitclaim Deed") to be recorded in the Official Records of Orange County, California.
Failure to Exercise Option. If the Other Party does not make the election aforesaid within that period of 30 days, the Acquired Rights shall not form part of the Property and the Acquiring Party shall be solely entitled thereto.
Failure to Exercise Option. Absent exercise of the option by all or a portion of the Remaining Members with respect to the entire Transfer Interest, any partial acceptance shall be invalid and, upon expiration of the option period provided to the Remaining Members in Section 10(c)(ii)(1) or (2), as the case may be, the Transferring Member may then transfer the Transfer Interest as proposed, provided (x) such transfer is completed within thirty (30) days thereafter, (y) such transfer does not occur on terms more favorable to the transferee than the terms upon which the Transfer Interest was offered to the Remaining Members, and (z) prior to completion of such transfer, the following shall be provided to the Board of Governors:
(a) A written agreement of the proposed transferee, in form and substance satisfactory to the Board of Governors, to be bound by this Agreement and all other agreements applicable to the Members, which shall include an agreement by the proposed transferee to execute any and all other documents that the Board of Governors may deem necessary or appropriate to effect and evidence such transfer and to confirm that the proposed transferee and the Transfer Interest are subject to and bound by this Agreement. If the proposed transferee does not provide such a written agreement, the proposed transferee shall retain the "financial rights" which relate to the Transfer Interest, but shall be deemed to have forfeited all "governance rights" which relate to the Transfer Interest.
(b) An opinion of counsel, satisfactory in form and substance to the Board of Governors, that the transfer will not terminate the Company or impair its ability to be taxed as a partnership and that the transfer constitutes an exempt transaction and does not require registration under applicable securities laws.
Failure to Exercise Option. If any of the Shares so offered for purchase by Shareholder in Group 1 are not accepted by Shareholders in Group 2 within the period of time prescribed herein, the provisions of this Agreement shall thereafter no longer apply to the offerors unaccepted shares; provided, however, that if the unaccepted shares are not sold to another party, then the provisions of this Agreement will continue to apply to such shares. If, however, a shareholder thereafter acquires any additional SBL or LSB shares, such shares shall be subject to all the provisions of this Agreement.
Failure to Exercise Option. Upon the expiration of the Term, (i) this Agreement shall terminate automatically and the Option shall be null and void and of no further force or effect without any further action by the Parties, (ii) the Company shall retain the Option Fee (subject to (A) the Option Fee being credited against the Purchase Price as set forth in Section 2.3 hereof, and (B) the Company’s obligation, if any, to refund the Option Fee as set forth in Section 2.2 of this Agreement) and (iii) the Company and Buyer shall have no further rights or obligations under this Agreement.
