Option Rights Sample Clauses

Option Rights. All options granted to Tenant and contained in the Lease, if any, including, without limitation, the right of first offer contained in Section 1.3 of the original Lease, any right to extend the term or expand the Premises are hereby deleted and are of no force or effect.

Option Rights. (a) The parties currently anticipate that the Property will be conveyed to the Developer for the purchase price Three Hundred Twenty-Five Thousand Dollars and No/100 ($325,000.00), subject to satisfaction of contingencies specified in the Contract. As noted in Section 6 hereof, the City and EDA may not sell, or negotiate for the sale of, any portion of the Property to any other person or entity during the term of this Agreement. As consideration for such exclusive rights, the agrees to pay the following amounts (referred to as the “Option Payments”) on the following dates: $162,500.00 On or before January 31, 2026. $162,500.00 On the date of closing of the sale by the EDA and purchase by the Developer of the Property Failure by Developer to make any timely Option Payments as described in this Section will be an event of default permitting termination of this Agreement by the Authority under Section 12 hereof. (b) If a Contract is executed within the terms of this Agreement, and the Property is conveyed to the Developer in accordance with its terms, the Option Payments paid to date shall be applied against the purchase price of the Property. (c) If for any reason the Contract is not negotiated and executed within the term of this Agreement or any mutually approved extension thereof, or if this Agreement is terminated pursuant to Section 12 hereof (other than due to breach by the City or the EDA), or if the Contract is terminated pursuant to its terms for any reason (other than due to breach by the City or the EDA) before closing on conveyance of the Property to the Developer, then the City and the EDA shall retain all Options Payments made to the Authority to date. The Developer shall have no rights or interest in any interest earnings on the Option Payments or in the amount retained by the City and EDA under this Section. The substantial terms of this section shall be incorporated in any Contract entered pursuant to this Agreement.

Option Rights. University grants Sponsor a first right to negotiate a worldwide, royalty-bearing, exclusive license to University Intellectual Property or to University’s rights in Joint Intellectual Property (the “Option Right”). Sponsor’s right commences when University notifies Sponsor pursuant to Section 5.3 and expires ninety (90) days later (“Option Period”). Sponsor may exercise the Option Right by written notice to Tech Licensing during the Option Period. If Sponsor does not exercise the Option Right during the Option Period, University may license its commercial rights under the relevant Intellectual Property to any third parties. If Sponsor exercises the Option Right, Tech Licensing and Sponsor shall negotiate in good faith a license agreement with commercially reasonable terms. If the Parties fail to execute a license to University Intellectual Property or to University’s rights in Joint Intellectual Property within six (6) months after Sponsor’s exercise of the Option Right, University has no further obligation to Sponsor for that Intellectual Property.

Option Rights. Tenant warrants and represents that it has no right or option of any nature whatsoever, whether pursuant to the Lease or otherwise, to purchase the Premises or the Property, or any portion thereof, or any interest therein, but to the extent that Tenant has had or hereafter acquires any such right or option, Tenant hereby acknowledges that such right or option is made subject and subordinate to the Loan Documents pursuant to this Agreement and is hereby waived and released against Lender.

Option Rights. Except as provided below, the Option shall be valid for a term commencing on the Grant Date and ending 10 years after the Grant Date (the "EXPIRATION DATE").

Option Rights. Pursuant to the terms of the Ground Lease, Lessor has an option to purchase the Relevant Assets under certain terms and conditions.

Option Rights. WSU hereby grants to Sponsor an option to negotiate a license to WSU’s ownership interest in Project Intellectual Property (Option Rights). WSU shall notify Sponsor of such Intellectual Property within thirty (30) days of WSU Office of Commercialization’s receipt of WSU Invention Disclosure forms from WSU inventors. Sponsor shall, within ninety (90) days of receipt of such notification from WSU (the Option Period), inform WSU in writing its intent to negotiate a license. Any such license shall be negotiated in good faith and shall contain terms standard for agreements between universities and industry including, without limitation, clauses providing for payment of reasonable royalties and reimbursement of all past, present, and future expenses incurred in the preparation, filing, prosecution, issuance, and maintenance of Intellectual Property rights. In the event that WSU and Sponsor do not execute a written license agreement within sixty (60) days following Sponsor’s exercise of the option (the “Negotiation Period”), WSU shall be free to negotiate with and to enter into license agreements, including exclusive license agreements, with third parties.

Option Rights. If a Member becomes a Bankrupt Member, then the other Member(s) shall thereupon have the right and option to purchase the entire Interest of the Bankrupt Member pursuant to the terms of Sections 10.1, 10.2, 10.3, and 10.4 of this Agreement. The Bankrupt Member shall send notice of the applicable Event of Bankruptcy to the other Member(s) within ten (10) days after the occurrence thereof. To exercise its option, a Member must provide written notice thereof to the other Member(s) within ninety (90) days after the first to occur of the following: (i) the effective date of the Bankrupt Member’s notice, and (ii) the date upon which such Member otherwise becomes aware of the applicable Event of Bankruptcy. Such notice must indicate the portion of the Bankrupt Member’s Interest that such Member desires to purchase; provided, however, that if there is more than one Member with such purchase right, then such Members will have the right to purchase the Bankrupt Member’s Interest pro rata in accordance with their respective Percentage Interests.

Option Rights. Each Party shall have the independent, unrestricted right to license to third parties any such Joint Invention without accounting to the other Party, except that with respect to each such Joint Invention, MIT hereby grants PARTNER an option to negotiate in good faith with MIT for an exclusive, royalty- bearing, worldwide license under MIT’s interest in the Joint Invention to develop, make, have made, offer for sale, sell, have sold, export and import products and services in a mutually defined field of use on terms that are commercially reasonable to the industry and shall include, among other terms, the reservation of rights for MIT and other not-for-profit institutions to practice the Joint Invention for educational and research purposes, and grant the U.S. Government a non-exclusive, nontransferable, irrevocable, paid-up license to practice such Joint Invention or have the Joint Invention practiced throughout the world by or on behalf of the Government for research or other Government purposes.