Options are Non-Transferable Sample Clauses
Options are Non-Transferable. The option to extend the Term is granted by Landlord to Tenant personally, and shall not be exercised or assigned, voluntarily or involuntarily, by or to anyone other than Tenant, a Permitted Transferee (as defined below) or any assignee of this Lease pursuant to an assignment consented to by Landlord. Except as provided in the preceding sentence, any assignment of the option to extend the Term without Landlord’s prior written consent shall be void, and at Landlord’s election shall constitute an Event of Default under this Lease.
Options are Non-Transferable. The Option may not be assigned, transferred, pledged, or hypothecated in any way whether by operation of law or otherwise (except for the laws of descent and distribution). The Option may be exercised (to the extent vested) only by the Grantee (or in the event of the Grantee’s incompetency by the Grantee’s guardian or legal representative) during the Grantee’s lifetime and, after the Grantee’s death, may be exercised only by the Grantee’s designated Beneficiary or, in the absence of such designation, by the Grantee’s legal representative or other successor in interest.
Options are Non-Transferable. The Option may not be assigned, transferred, pledged or hypothecated in any way whether by operation of law or otherwise (except by will, or if the Independent Director dies intestate, by the laws of descent and distribution). The Option may be exercised only by the Optionee (or in the event of the Optionee's incompetency by the Optionee's legal representative) during the Optionee's lifetime and, after the Optionee's death, may be exercised only by the Optionee's legal representative or by the Optionee's beneficiaries.