Non-Exercise of Option. If the Option is not exercised within the time and in the manner set forth in Section 2.3 , the Option and this Agreement shall be null and void and no longer binding upon the parties.
Non-Exercise of Option. In the event Optionee does not exercise the option to purchase the Property, the consideration paid to Optionor pursuant to Paragraph 2 above shall be forfeited and remain the property of Optionor.
Non-Exercise of Option. With respect to each Research Target, if AbbVie does not provide Morphic an Exercise Notice on or before the expiration of the applicable Option Period for such Research Target (or as otherwise provided in Section 3.1.2) or notifies Morphic in writing prior to the expiration of such Option Period that AbbVie will not be exercising its Option for such Research Target, then the Option with respect to such Research Target shall terminate immediately and Morphic shall have the right to Exploit products Directed to such Research Target (including granting rights with respect thereto to Third Parties) without any further obligation to AbbVie under this Section 3.1.
Non-Exercise of Option. Whenever, under the terms of this Agreement, the Corporation and Founders have an option to purchase Warrant Shares and elects not to exercise the option, said Warrant Shares shall nevertheless remain subject to all of the terms of this Agreement.
Non-Exercise of Option. If the Sandoz Parties elect not to exercise the Non-U.S. Option pursuant to Section 3.4.1 within the Non-U.S. Option Period, or elect to exercise the Non-U.S. Option with respect to only a portion of the Non-U.S. Territory, on a country-by-country basis, Momenta shall be free to begin discussions or negotiations and/or enter into any contract, agreement, understanding or arrangement with Third Parties relating to the Development and/or Commercialization of the Product in the Non-U.S. Territory or, if applicable, the portion of the Non-U.S. Territory as to which the Sandoz Parties did not exercise the Non-U.S. Option. EXECUTION COPY
Non-Exercise of Option. In the event LLS does not concurrently exercise both options mentioned in Section 2,2 and 2.3, the rights granted to LLS as per the terms of Section 2.1 shall automatically terminate on October 31, 2011.
Non-Exercise of Option. Buyer’s Notice of waiver of the Option or Buyer’s failure to pay any one of the Option Payments prior to its due date will constitute an irrevocable waiver of the Option by Buyer and the parties thereafter will be released from the terms of this Agreement except as otherwise expressly set forth herein.
Non-Exercise of Option. If the Option is not exercised by the end of the Option Period, the Option shall be extinguished and this Agreement shall be of no further force and effect.
Non-Exercise of Option. If the Option is not exercised within the time and in the manner set forth in section 2.3, the Option and this Agreement will be null and void and no longer binding upon the parties and the Option Fee will be paid to the Owner. The Optionee shall immediately execute and deliver to the Owner a release of all claims and discharge of the Option. The Owner shall be entitled to keep the shares representing the Option Fee free and clear of all claims as liquidated damages.
Non-Exercise of Option. If the District is satisfied, acting in its sole discretion, that the Developer has complied with its obligations under Section 16 of the Housing Agreement and does not exercise the Option,, the Option and the provisions of Article 2 of this agreement will be null and void and no longer binding on the parties and the District will execute such instruments as may be reasonably necessary to discharge this agreement from title to the Land upon receipt of such instruments from, and prepared by and at the cost of, the Owner.
