Common use of OPTION CONSIDERATION Clause in Contracts

OPTION CONSIDERATION. As consideration for this Option to Purchase agreement, the Buyer/s/ Tenant/s shall pay the Seller/ Landlord/ Landlady a non-refundable fee of ______________________________________(in words) _______________________ receipt of which is hereby acknowledged by the Seller/Landlord. This amount shall be credited to the purchase price at closing if the Buyer/s/Tenant/s timely exercises the option to purchase, provided that the Buyer/s/Tenant/s: (a) is not in default of the Lease Agreement, and (b) closes the conveyance of the Property. The Seller/Landlord/Landlady shall not refund the fee if the Buyer/s/Tenant/s defaults in the Lease Agreement, fails to close the conveyance, or otherwise does not exercise the option to purchase.