Option to Purchase Upon Death of Spouse Sample Clauses

Option to Purchase Upon Death of Spouse. Upon the death of a spouse of a Member, who is survived by such Member under circumstances in which such deceased spouse has a marital or community property interest in the Interest held by such Member at the time of the deceased spouse's death, such Member shall have the option to purchase, and the personal representative and other successors in interest to such deceased spouse, if any (collectively, "Successors"), shall sell, if such option is exercised, the entire marital or community property interest which the deceased spouse has in the Interest at the time of the spouse's death. Such option shall be exercised by the surviving Member giving the spouse's personal representative written notice within six (6) months of the date of death of the spouse that the surviving Member has elected to exercise such option. If the surviving Member does not exercise such option within such option period, then the Company shall have the option to purchase from the Successors such marital, community or other property interest. Such option shall be exercised by the Company giving the Successors written notice within thirty (30) days from the expiration of such six (6) month period that it has elected to exercise such option. The interest purchased pursuant to this Section 8.7(b) shall be purchased at the Contract Price and on the Contract Payment Terms.
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Related to Option to Purchase Upon Death of Spouse

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