Common use of First Option Clause in Contracts

First Option. Before transferring or disposing of all of its Joint Venture Interest (or any interest therein), the Proposing Transferor shall serve a Transfer Notice on the other Shareholder stipulating the Prescribed Price. Upon receipt of a Transfer Notice, the other Shareholder shall have the right and first option for a period of thirty (30) days to purchase all of the Joint Venture Interest at the Prescribed Price.

First Option. Before transferring or disposing of all of its Joint Venture Interest (or any interest therein)Interest, the Proposing Transferor shall serve a Transfer Notice on the other Shareholder Member stipulating the Prescribed Price. Upon receipt of a Transfer Notice, the other Shareholder Member shall have the right and first option for a period of thirty (30) days to purchase all of the Joint Venture Interest at the Prescribed Price.

First Option. Before transferring or disposing of all of its Joint Venture Interest (or any interest therein), the Proposing Transferor shall serve a Transfer Notice on the other Voting Shareholder stipulating the Prescribed Price. Upon receipt of a Transfer Notice, the other Voting Shareholder shall have the right and first option for a period of thirty (30) days to purchase all of the Joint Venture Interest at the Prescribed Price.