Personal Nature of Option Sample Clauses

Personal Nature of Option. The options to extend this Lease are personal to Tenant and may not be assigned by Tenant, either separately or in connection with an assignment of this Lease except as part of an assignment of this Lease in accordance with section 18c above. Except as noted in the preceding sentence, upon any assignment of this Lease, the right to exercise the options to extend shall terminate. The right to exercise the options to extend shall also terminate upon the termination of this Lease or of Tenant’s right of possession and the option to extend may not be exercised at any time that Tenant is in default; provided, if the option to extend shall have been exercised prior to a termination for default, then the calculation of damages upon such termination shall include damages with respect to the Extended Term.
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Personal Nature of Option. The option to renew this Lease is personal to Tenant and may not be assigned by Tenant, either separately or in connection with an assignment of this Lease, but will be assigned as part of this Lease to an Affiliate Assignee to whom this Lease is assigned. The right to exercise the option to renew shall terminate: (i) upon any other assignment of this Lease or any sublease of all or part of the Premises; or (ii) upon any Event of Default by Tenant or the termination of this Lease or of Tenant’s right of possession.
Sample 1
Personal Nature of Option. The option to extend this Lease is conditioned upon (i) Tenant not being in default beyond applicable notice and cure periods at the time it exercises such option, and (ii) this Lease not having been assigned and no sublease having been executed, except only an assignment or sublease for which Landlord’s prior written consent either was obtained or was not required.
Sample 1
Personal Nature of Option. Upon any assignment of this Lease or any sublease of all or part of the Premises, other than a Permitted Transfer (as defined below), the right to exercise the option to renew shall terminate. The right to exercise the option to renew shall also terminate upon the termination of this Lease or of Tenant’s right of possession; provided, if the option to renew shall have been exercised prior to the termination for an Event of Default, then the calculation of damages upon such termination shall include damages with respect to the Renewal Term. The option to renew may not be exercised at any time that an Event of Default exists.
Sample 1

Related to Personal Nature of Option

  • NATURE OF OPTION The Option is not intended to meet the requirements of Section 422 of the Internal Revenue Code of 1986, as amended, relating to “incentive stock options”.

  • Nature of Grant In accepting the grant, the Participant acknowledges, understands and agrees that:

  • Nature of the Award In accepting the Award, you acknowledge, understand and agree that:

  • Nontransferability of Options The Option and this Agreement shall not be assignable or transferable by Optionee other than by will or by the laws of descent and distribution. During Optionee's lifetime, the Option and all rights of Optionee under this Agreement may be exercised only by Optionee (or by his guardian or legal representative). If the Option is exercised after Optionee's death, the Committee may require evidence reasonably satisfactory to it of the appointment and qualification of Optionee's personal representatives and their authority and of the right of any heir or distributee to exercise the Option.

  • Nontransferability of Option This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be exercisable only by the Participant.

  • OPTIONS PERSONAL TO ORIGINAL LESSEE Each Option granted to Lessee in this Lease is personal to the original Lessee named in Paragraph 1.1 hereof, and cannot be voluntarily or involuntarily assigned or exercised by any person or entity other than said original Lessee while the original Lessee is in full and actual possession of the Premises and without the intention of thereafter assigning or subletting. The Options, if any, herein granted to Lessee are not assignable, either as a part of an assignment of this Lease or separately or apart therefrom, and no Option may be separated from this Lease in any manner, by reservation or otherwise.

  • Nature of Award In accepting the award, Employee acknowledges that:

  • Xxxxx of Option The Plan Administrator of the Company hereby grants to the Optionee named in the Notice of Grant attached as Part I of this Agreement (the "Optionee") an option (the "Option") to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per share set forth in the Notice of Grant (the "Exercise Price"), subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 15(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms and conditions of the Plan shall prevail. If designated in the Notice of Grant as an Incentive Stock Option ("ISO"), this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, if this Option is intended to be an Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d) it shall be treated as a Nonstatutory Stock Option ("NSO").

  • Term and Exercise of Option (a) The term of this Option shall commence on the Grant Date set forth above and shall continue until the Expiration Date set forth above, unless earlier terminated as provided herein.

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