Common use of Option to Xxxxxxxxxx Clause in Contracts

Option to Xxxxxxxxxx. 0. Subject to the provisions of Section 12 hereof, if the Purchaser named in this Agreement fails to complete all building footings or substantially complete the building on each Lot in the manner and within the time limits determined by Section 11 hereof and fails within thirty days’ notice of such default to substantially complete the building, for one hundred and twenty days thereafter, the Vendor shall have an irrevocable option to repurchase each lot on which the Purchaser is in default hereunder for the original price for each Lot, less: (i) ten percent; (ii) any agent’s commissions paid or incurred by the Vendor;

Option to Xxxxxxxxxx. 0. Subject to the provisions of Section 12 hereof, if the Purchaser named in this Agreement fails to complete all building footings or substantially complete the building on each Lot in the manner and within the time limits determined by Section 11 13 hereof and fails within thirty days’ notice of such default to substantially complete the building, for one hundred and twenty days thereafter, the Vendor shall have an irrevocable option to repurchase each lot on which the Purchaser is in default hereunder for the original price for each Lot, less: (i) ten percent; (ii) any agent’s commissions paid or incurred by the Vendor;