Common use of Option Expiration Clause in Contracts

Option Expiration. Upon the Commencement of Construction of the Project, the Repurchase Option shall terminate. Until such time, the Repurchase Option shall be binding upon and shall inure to the benefit of the respective successors in interest to the Parties hereto and permitted assigns. Upon the termination of the Repurchase Option, City shall cause to be issued a Notice of Termination of Repurchase Option.

Option Expiration. Upon the Commencement Completion of Construction of the ProjectConstruction, the Repurchase Option shall terminate. Until such time, the Repurchase Option shall be binding upon and shall inure to the benefit of the respective successors in interest to the Parties hereto and permitted assigns. Upon the termination of the Repurchase Option, City at the request of Developer, Agency shall cause to be issued a Notice of Termination of Repurchase Option.

Option Expiration. Upon the Commencement Completion of Construction each phase of construction of the Project and Improvements up to and including the final phase of construction of the Project, the Repurchase Option shall terminate. Until such time, the Repurchase Option shall be binding upon and shall inure to the benefit of the respective successors in interest to the Parties hereto and permitted assigns. Upon the termination of the Repurchase OptionOption for each phase of the Project and if requested by Developer, City Agency shall cause to be issued issue a Notice of Termination of Repurchase Option.