Common use of Option Exercised Clause in Contracts

Option Exercised. If, within 21 days after receiving the acquiring Participant’s notice, the other Participant notifies the acquiring Participant of its election to accept a proportionate interest in the acquired interest equal to its Participating Interest, the acquiring Participant shall convey to the other Participant, by special warranty deed, such a proportionate undivided interest therein. The acquired interest shall become a part of the Properties for all purposes of this Agreement immediately upon the notice of such other Participant’s election to accept the proportionate interest therein. Such other Participant shall promptly pay to the acquiring Participant its proportionate share of the latter’s actual out-of-pocket acquisition costs to the acquiring Participant.

Option Exercised. If, within 21 30 days after receiving the acquiring Participant’s 's notice, the other Participant notifies Participants notify the acquiring Participant of its their election to accept a proportionate interest in the acquired interest equal to its their Participating InterestInterests, the acquiring Participant shall convey to the other Participant, by special warranty deed, Participants such a proportionate undivided interest therein. The acquired interest shall become a part of the Properties Property for all purposes of this Agreement immediately upon the notice of such other Participant’s Participants election to accept the proportionate interest therein. Such other Participant Participants shall promptly pay to the acquiring Participant its their proportionate share of the latter’s 's actual out-of-pocket acquisition costs to the acquiring Participantcosts.

Option Exercised. If, within 21 30 days after receiving the acquiring Participant’s 's notice, the other Participant notifies the acquiring Participant of its election to accept a proportionate interest in the acquired interest equal to its Participating Interest, the acquiring Participant shall convey to the other Participant, by special warranty deed, Participant such a proportionate undivided interest therein. The acquired interest shall become a part of the Properties Property for all purposes of this Agreement immediately upon the notice of such other Participant’s 's election to accept the proportionate interest therein. Such other Participant shall promptly pay to the acquiring Participant its proportionate share of the latter’s 's actual out-of-pocket acquisition costs to the acquiring Participantcosts.

Option Exercised. If, within 21 30 days after receiving the acquiring ----------------- Participant’s 's notice, the other Participant notifies the acquiring Participant of its election to accept a proportionate interest in the acquired interest equal to its Participating Interest, the acquiring Participant shall convey to the other Participant, by special warranty deed, such a proportionate undivided interest therein. The acquired interest shall become a part of the Properties for all purposes of this Agreement immediately upon the notice of such other Participant’s 's election to accept the proportionate interest therein. Such other Participant shall promptly pay to the acquiring Participant its proportionate share of the latter’s 's actual out-of-pocket acquisition costs to the acquiring Participantcosts.

Option Exercised. If, within 21 30 days after receiving the acquiring Participant’s 's notice, the other Participant notifies the acquiring Participant of its election to accept a proportionate interest in the acquired interest equal to its Participating Interest, the acquiring Participant shall convey to the other Participant, by special warranty deed, such a proportionate undivided interest therein. The acquired interest shall become a part of the Properties Property for all purposes of this Agreement immediately upon the notice of such other Participant’s 's election to accept the proportionate interest therein. Such The other Participant shall promptly pay to the acquiring Participant its proportionate share of the latter’s 's actual out-of-pocket acquisition costs to the acquiring Participantcosts.

Option Exercised. If, within 21 30 days after receiving the acquiring Participant’s 's notice, the other Participant notifies the acquiring Participant of its election to accept a proportionate interest in the acquired interest equal to its Participating Interest, the acquiring Participant shall convey to the other Participant, by special warranty deed, such a proportionate undivided interest therein. The acquired interest shall become a part of the Properties for all purposes of this Agreement immediately upon the notice of such other Participant’s 's election to accept the proportionate interest therein. Such other Participant shall promptly pay to the acquiring Participant its proportionate share of the latter’s 's actual out-of-pocket acquisition costs to the acquiring Participantcosts.

Option Exercised. If, within 21 30 days after receiving the acquiring Participant’s 's notice, the other Participant notifies the acquiring Participant of its election to accept a proportionate interest in the acquired interest equal to its Participating InterestInterest in the Exploration or Production Area of which the acquired interest would be a part, the acquiring Participant shall convey to the other Participant, by special warranty deedappropriate conveyance, such a proportionate undivided interest therein. The acquired interest shall become a part of the Properties for all purposes of this Agreement immediately upon the notice of such other Participant’s 's election to accept the proportionate interest therein. Such other Participant shall promptly pay to the acquiring Participant its proportionate share of the latter’s 's actual out-of-pocket acquisition costs to the acquiring Participantcosts.