Common use of Option Fees Clause in Contracts

Option Fees. Unless Grantee shall have otherwise elected to terminate this Option Agreement as set forth in Section 4 below, then commencing on the Effective Date and continuing on any extension of the First Option Term, Grantee shall make the payments to the Owner as set forth below (each payment an “Option Fee,” and collectively, “Option Fees”), in which case the Option Period shall continue accordingly. In addition to the foregoing, for clarity purposes, Xxxxxxx’s obligation to make the Option Fee payments shall terminate as of the date that Grantee exercises the option to lease the Property, in which event Grantee shall instead commence payment of the fees due under the Ground Lease Agreement in accordance therewith. All payments made pursuant to this Option Agreement shall be paid to the Owner on the Effective Date, or for any extension, on the date of the execution of the Option Term Extension. All payments made pursuant to this Option Agreement shall be non-refundable.

Option Fees. Unless Grantee shall have otherwise elected to terminate this Option Agreement as set forth in Section 4 below, then commencing on the Effective Date and continuing on any extension of the First Option Term, Grantee shall make the payments to the Owner as set forth below (each payment an “Option Fee,” and collectively, “Option Fees”), in which case the Option Period shall continue accordingly. In addition to the foregoing, for clarity purposes, Xxxxxxx’s obligation to make the Option Fee payments shall terminate as of the date that Grantee exercises the option to lease license the Property, in which event Grantee the Parties shall instead commence payment comply with the terms of the fees due under the Ground Lease Agreement in accordance therewithPPA and License Agreement. All payments made pursuant to this Option Agreement shall be paid to the Owner on the Effective Date, or for any extension, on the date of the execution of the Option Term Extension. All payments made pursuant to this Option Agreement shall be non-refundable.

Option Fees. Unless Grantee shall have otherwise elected to terminate this Option Agreement as set forth in Section 4 below, then commencing on the Effective Date and continuing on any extension of the First Option Term, Grantee shall make the payments to the Owner as set forth below (each payment an “Option Fee,” and collectively, “Option Fees”), in which case the Option Period shall continue accordingly. In addition to the foregoing, for clarity purposes, XxxxxxxGrantee’s obligation to make the Option Fee payments shall terminate as of the date that Grantee exercises the option to lease the Property, in which event Grantee shall instead commence payment of the fees due under the Ground Lease Agreement in accordance therewith. All payments made pursuant to this Option Agreement shall be paid to the Owner on the Effective Date, or for any extension, on the date of the execution of the Option Term Extension. All payments made pursuant to this Option Agreement shall be non-refundable.