Common use of Option Fee Clause in Contracts

Option Fee. No later than three (3) calendar days after the ---------- execution of this Agreement by Optionor and Optionee, Optionee shall pay to Optionor the sum of One Hundred Dollars ($100) (the "OPTION FEE"). The Option Fee is non-refundable (except as otherwise expressly provided in this Agreement); provided that, the Option Fee shall be credited against the Purchase -------- ---- Price (as defined in Section 3 below) payable at Closing (as defined in Section --------- ------- 4(a) below). ----