Option Deposit. On or before the Effective Date, Optionee shall deliver to Optionor as an option deposit an amount equal to $750.00 multiplied by the total number of actual/estimated Lots within the Option Property as set forth in column 1 on Exhibit "F". If after all of the Governmental Approvals are obtained for any Phase in a Project, the number of Lots within such Phase is determined to be more or less than the applicable amount shown on Exhibit "F", then the deposit shall be adjusted accordingly and the parties shall make such payment(s) to each other as are necessary to reflect such adjustment.
Option Deposit. The third sentence of Section 1.3 of the Option Agreement shall be deleted and replaced with the following: "The Option Deposit, together with interest calculated thereon at the rate of nine percent (9%) per annum (calculated from the date of such deposit until August 1, 2001) shall be applied to the Purchase Price in the event that Buyer exercises the Option pursuant to Section 1.5 herein."
Option Deposit. In consideration for the option to purchase the Option Aircraft, Buyer has paid a refundable deposit of $50,000 per Option Aircraft concurrent with the execution of the Agreement. Upon the exercise of an option, Seller shall apply the respective deposit to the progress payment due at option exercise for such Option Aircraft and such deposit shall be deemed nonrefundable. In the event Buyer does not exercise an Option Aircraft, Seller shall promptly refund the $50,000 deposit without interest.
Option Deposit. AtHome shall, upon the execution of this Agreement by Owner and AtHome, deposit with Owner the sum of Five Hundred Thousand Dollars ($500,000.00) (the "Option Deposit"), as both consideration for Owner's willingness to grant the Build to Suit Options, and as security for AtHome performance of its obligations under the Build to Suit Options. As and when AtHome validly and timely exercises any of the Build to Suit Options in accordance with the provisions of this Agreement, Owner shall refund to AtHome that portion of the Option Deposit that equals Five Hundred Thousand Dollars ($500,000.00) multiplied by a fraction, the numerator of which shall be the amount of square feet of Rentable Area to be located in the Proposed Building (as defined below) that is the subject of the Build to Suit Option then being exercised, and the denominator of which shall equal Four Hundred Ten Thousand (410,000); provided, however, that in no event shall AtHome be entitled to receive a refund in excess of the total remaining amount of the Option Deposit then being held by Owner; provided further, that if the total aggregate amount of Rentable Area approved by the City of Redwood City for the First Option Building, the Second Option Building and the Third Option Building (as those terms are defined below) is less than Four Hundred Ten Thousand (410,000) square feet, the denominator of such fraction shall equal the greater of (a) the total aggregate amount of Rentable Area approved by the City of Redwood City for the First Option Building, the Second Option Building and the Third Option Building, or (b) Three Hundred Eighty-Five Thousand (385,000) square feet. Notwithstanding anything to the contrary set forth above, in no event shall Owner be required to refund more than Five Hundred Thousand Dollars ($500,000.00) to Tenant pursuant to this Paragraph 2. If AtHome fails to exercise any Build to Suit Option in accordance with the provisions of this Paragraph 2, or if any Build to Suit Option terminates as set forth in this Paragraph 2, then (i) AtHome shall immediately reimburse Owner for any and all costs, expenses and fees incurred by Owner to third parties in the process of carrying out any and all actions described or permitted under this Paragraph 2 (including without limitation causing Architect to work on the conceptual plans, the Preliminary Plans and/or the Final Plans
Option Deposit. Within 5 Business Days (as defined below) after the Opening of Escrow, Buyer shall deposit into Escrow (as defined below) the sum of $50,000 (“Initial Deposit”). Within 5 Business Days after the Due Diligence Termination Date (as may be extended), Buyer shall deposit into Escrow the balance of the Option Price over and above the Initial Deposit (the “Second Deposit”), an amount of $3,290,000. As used in this Agreement, the term “Deposit” means, collectively, the Initial Deposit and the Second Deposit actually deposited into Escrow, together with any and all interest and dividends earned thereon. Escrow Agent shall, at Buyer’s option and expense, promptly place the Deposit in a segregated federally insured, interest-bearing account, subject to immediate withdrawal. The entire Deposit shall apply to the Option Price. Escrow Agent (or Seller, if the Deposit was released to Seller pursuant to Section 2.2), shall be obligated to return the Deposit (or a portion thereof, as specified) to Buyer if there is a Seller default, a failure of a Buyer’s Closing Condition (as defined in Section 5.1 below), or any other termination or cancellation pursuant to this Agreement that specifically provides that the Deposit (or a portion thereof) is returned to Buyer.
