Common use of First Option Right Clause in Contracts

First Option Right. In consideration of Lessor contributing the leased land at no cost to Lessee and in consideration of the foregoing recitals and good and other adequate consideration, the receipt and sufficiency of which are hereby acknowledged and confirmed, Lessor hereby reserves for itself, and its successors and assigns, a First Option Right to either purchase the Residential Unit or to identify an Employee of Lessor (as defined in Section 5.1(A)) to purchase the Residential Unit subject to the foregoing terms and conditions (the “First Option Right”), as follows:

First Option Right. In consideration of Lessor contributing the leased land at no cost to Lessee and in consideration of the foregoing recitals and good and other adequate consideration, the receipt and sufficiency of which are hereby acknowledged and confirmed, Lessor hereby reserves for itself, and its successors and assigns, a First Option Right to either purchase the Residential Unit or to identify an Employee of Lessor (as defined in Section 5.1(A)) a purchaser to purchase the Residential Unit subject to the foregoing terms and conditions (the “First Option Right”), as follows: