Common use of Option to Sell and Purchase Clause in Contracts

Option to Sell and Purchase. Seller hereby grants Purchaser the exclusive Option to purchase the Property for the Purchase Price. The Option is effective as of the date Purchaser acquires all of the property pursuant to the Agreement of Purchase and Sale and shall expire at 5:00 p.m. on, July 18, 2000, if not validly exercised by Purchaser prior to such time. Upon Purchaser's valid exercise of the Option, this Agreement shall be deemed a contract between Seller and Purchaser whereby, on the Closing Date, Seller shall sell, convey, assign, transfer and deliver to Purchaser and Purchaser shall purchase, acquire and accept from Seller, the Property, for the Purchase Price and subject to the terms and conditions of this Agreement. Purchaser acknowledges that Seller may elect to transfer some or all of the Property to one or more affiliates of Seller prior to the Closing Date subject to the terms and conditions of this Agreement. In such event, Seller shall, upon the exercise of the Option by Purchase and in accordance with the terms and conditions of this Agreement, cause such affiliates to sell, convey, assign, transfer and deliver to Purchaser such portion(s) of the Property as may be transferred to such affiliate(s), In the event of any such transfers of some or all of the Property to any affiliate of Seller, Seller shall not be relieved of any of its obligations or liability hereunder. In the event of any such transfers of some or all of the Property to any affiliate of Seller, Seller shall not be relieved of any obligations or liability hereunder. From and after the date of any such transfer, the term "Seller" as used herein shall refer to both Corrections Corporation of America and the recipient of such transfer collectively, and to each such party individually.

Option to Sell and Purchase. Seller hereby grants Purchaser the exclusive Option to purchase the Property for the Purchase Price. The Option is effective as of the date Purchaser acquires all of the property pursuant to the Agreement of Purchase and Sale and shall expire at 5:00 p.m. on, July 18, 20002,000, if not validly exercised by Purchaser prior to such time. Upon Purchaser's valid exercise of the Option, this Agreement shall be deemed a contract between Seller and Purchaser whereby, on the Closing Date, Seller shall sell, convey, assign, transfer and deliver to Purchaser and Purchaser shall purchase, acquire and accept from Seller, the Property, for the Purchase Price and subject to the terms and conditions of this Agreement. Purchaser acknowledges that Seller may elect to transfer some or all of the Property to one or more affiliates of Seller prior to the Closing Date subject to the terms and conditions of this Agreement. In such event, Seller shall, upon the exercise of the Option by Purchase and in accordance with the terms and conditions of this Agreement, cause such affiliates to sell, convey, assign, transfer and deliver to Purchaser such portion(s) of the Property as may be transferred to such affiliate(s), In the event of any such transfers of some or all of the Property to any affiliate of Seller, Seller shall not be relieved of any of its obligations or liability hereunder. In the event of any such transfers of some or all of the Property to any affiliate of Seller, Seller shall not be relieved of any obligations or liability hereunder. From and after the date of any such transfer, the term "Seller" as used herein shall refer to both Corrections Corporation of America and the recipient of such transfer collectively, and to each such party individually.

Option to Sell and Purchase. Seller hereby grants Purchaser the exclusive Option to purchase the Property for the Purchase Price. The Option is effective as of the date Purchaser acquires all of the property pursuant to the Agreement of Purchase and Sale and shall expire at 5:00 p.m. on, July 18, 2000, if not validly option must be exercised by Purchaser (if at all) prior to such timethe expiration of the Option Period. Upon Purchaser's valid exercise of the Option, this Agreement shall be deemed a contract between Seller and Purchaser whereby, on the Closing Date, Seller shall sell, convey, assign, transfer and deliver to Purchaser and Purchaser shall purchase, acquire and accept from Seller, the Property, for the Purchase Price and subject to the terms and conditions of this Agreement. Purchaser acknowledges that Seller may elect to transfer some or all of the Property to one or more affiliates of Seller prior to the Closing Date subject to the terms and conditions of this Agreement. In such event, Seller shall, upon the exercise of the Option by Purchase Purchaser and in accordance with the terms and conditions of this Agreement, cause such affiliates to sell, convey, assign, transfer and deliver to Purchaser such portion(s) of the Property as may be transferred to such affiliate(s), . In the event of any such transfers of some or all of the Property to any affiliate of Seller, Seller shall not be relieved of any of its obligations or liability hereunder. In the event of any such transfers of some or all of the Property to any affiliate of Seller, Seller shall not be relieved of any obligations or liability hereunder. From and after the date of any such transfer, the term "Seller" as used herein shall refer to both Corrections Corporation of America and the recipient of such transfer collectively, and to each such party individually.both