Common use of Put/Call Rights Clause in Contracts

Put/Call Rights. 16.2.1 WPHC shall have the option (the "Call Option") to acquire the Interest of Xxxx in the Company, including his right to receive any distributions related to any periods prior to and including the Option Closing Date: (i) on and after the Final Closing for the Option Price, or (ii) on or after the Construction Loan Outside Date, for $100.00 if the Construction Loan Closing has not occurred by the Construction Loan Outside Date for any reason whatsoever, or (iii) at any time for $100.00 if Xxxx fails to timely cure any default by Xxxx under this Agreement. The exercise by WPHC of the Call Option described in item (i) of this Section is conditioned on WPHC performing its obligation to make the Final Closing Capital Contribution when and as required under this Agreement. To exercise its Call Option, WPHC shall provide written notice of exercise to Xxxx. 16.2.2 Xxxx shall have the right to cause WPHC to acquire the Interest of Xxxx in the Company, including his right to receive any distributions related to any periods prior to and including the Option Closing Date, at Final Closing for the Option Price (the "Put Option") by providing written notice to WPHC of Xxxx'x intention to exercise the Put Option, provided that all the Final Closing Funding Conditions have been satisfied. 16.2.3 If the Call Option or Put Option is exercised, Xxxx shall forthwith upon request of WPHC execute an Assignment of Interest in the form of Exhibit Q or Exhibit R, as applicable, attached hereto, wherein Xxxx shall assign its Interest in the Company free and clear of all liens, security interests and competing claims. Xxxx shall execute such other instruments of transfer and of due authorization, execution and delivery and of the absence of any such liens, security interests or competing claims as WPHC may reasonably request. Xxxx shall have no duty, obligation or right to continue as Manager of the Company after such transfer of its Interest.

Put/Call Rights. 16.2.1 WPHC shall have the option (the "Call Option") to acquire the Interest of Xxxx Feld in the Company, including incluxxxx his right to receive any distributions related to any periods prior to and including the Option Closing Date: (i) on and after the Final Closing for the Option Price, or (ii) on or after the Construction Loan Outside Date, for $100.00 if the Construction Loan Closing has not occurred by the Construction Loan Outside Date for any reason whatsoever, or (iii) at any time for $100.00 if Xxxx Feld fails to timely cure any default xxxxult by Xxxx Feld under this Agreement. The exercise Thx xxercise by WPHC of the Call Option described in item (i) of this Section is conditioned on WPHC performing its obligation to make the Final Closing Capital Contribution when and as required under this Agreement. To exercise its Call Option, WPHC shall provide written notice of exercise to XxxxFeld. 16.2.2 Xxxx Feld shall have hxxx the right to cause caxxx WPHC to acquire the Interest of Xxxx Feld in the Company, including his xxx right to receive any distributions related to any periods prior to and including the Option Closing Date, at Final Closing for the Option Price (the "Put Option") by providing written notice to WPHC of Xxxx'x Feld's intention to exercise the Put thx Xxx Option, provided that all the Final Closing Funding Conditions have been satisfied. 16.2.3 If the Call Option or Put Option is exercised, Xxxx Feld shall forthwith upon request of requexx xf WPHC execute an Assignment of Interest in the form of Exhibit Q or Exhibit R, as applicable, attached hereto, wherein Xxxx Feld shall assign its Interest in xx the Company free and clear of all liens, security interests and competing claims. Xxxx Feld shall execute such other instruments ixxxxuments of transfer and of due authorization, execution and delivery and of the absence of any such liens, security interests or competing claims as WPHC may reasonably request. Xxxx Feld shall have no duty, obligation obligxxxxn or right to continue as Manager of the Company after such transfer of its Interest.

Put/Call Rights. 16.2.1 WPHC shall have the option (the "Call Option") to acquire the Interest of Xxxx Feld in the Company, including his right to receive any distributions related distributioxx xelated to any periods prior to and including the Option Closing Date: (i) on and after the Final Closing for the Option Price, or (ii) on or after the Construction Loan Outside Date, for $100.00 if the Construction Loan Closing has not occurred by the Construction Loan Outside Date for any reason whatsoever, or (iii) at any time for $100.00 if Xxxx Feld fails to timely cure any default by Xxxx Feld under this Agreement. The Xxe exercise by WPHC of the Call Option described xxxcribed in item (i) of this Section is conditioned on WPHC performing its obligation to make the Final Closing Capital Contribution when and as required under this Agreement. To exercise its Call Option, WPHC shall provide written notice of exercise to XxxxFeld. 16.2.2 Xxxx Feld shall have the right to cause WPHC to acquire xx xcquire the Interest of Xxxx in the Company, including his right to receive any distributions related distributioxx xelated to any periods prior to and including the Option Closing Date, at Final Closing for the Option Price (the "Put Option") by providing written notice to WPHC of Xxxx'x Feld's intention to exercise the Put Option, provided that all the Final Xxxxx Closing Funding Conditions have been satisfied. 16.2.3 If the Call Option or Put Option is exercised, Xxxx Feld shall forthwith upon request of WPHC execute an Assignment of Interest Xxxxrest in the form of Exhibit Q or Exhibit R, as applicable, attached hereto, wherein Xxxx Feld shall assign its Interest in the Company free and clear of all liensxxxns, security interests and competing claims. Xxxx Feld shall execute such other instruments of transfer and of due authorizationauxxxxization, execution and delivery and of the absence of any such liens, security interests or competing claims as WPHC may reasonably request. Xxxx Feld shall have no duty, obligation or right to continue as Manager of xx the Company after such transfer of its Interest.

Put/Call Rights. 16.2.1 WPHC shall have the option (the "Call Option") to acquire the Interest of Xxxx Feld in the Company, including his right to xx receive any distributions related to any periods prior to and including the Option Closing Date: (i) on and after the Final Closing for the Option Price, or (ii) on or after the Construction Loan Outside Date, for $100.00 if the Construction Loan Closing has not occurred by the Construction Loan Outside Date for any reason whatsoever, or (iii) at any time for $100.00 if Xxxx Feld fails to timely cure any default by Xxxx under Feld uxxxx this Agreement. The exercise by WPHC of WPXX xf the Call Option described in item (i) of this Section is conditioned on WPHC performing its obligation to make the Final Closing Capital Contribution under Section 8.3.1 hereof when and as required under this Agreement. To exercise its Call Option, WPHC shall provide written notice of exercise to XxxxFeld. 16.2.2 Xxxx Feld shall have the right to cause xxxxe WPHC to acquire acquixx the Interest of Xxxx Feld in the Company, including his right to receive recexxx any distributions related to any periods prior to and including the Option Closing Date, at Final Closing for the Option Price (the "Put Option") by providing written notice to WPHC of Xxxx'x Feld's intention to exercise the Put Option, provided proxxxxx that all the Final Closing Funding Conditions have been satisfied. 16.2.3 If the Call Option or Put Option is exercised, Xxxx Feld shall forthwith upon request of WPHC execute an executx xx Assignment of Interest in the form of Exhibit Q or Exhibit R, as applicable, attached hereto, wherein Xxxx Feld shall assign its Interest in the Company free xxxx and clear of all liens, security interests and competing claims. Xxxx Feld shall execute such other instruments of transfer traxxxxr and of due authorization, execution and delivery and of the absence of any such liens, security interests or competing claims as WPHC may reasonably request. Xxxx Feld shall have no duty, obligation or right to continue tx xontinue as Manager of the Company after such transfer of its Interest.

Put/Call Rights. 16.2.1 WPHC shall have the option (the "Call Option") to acquire the Interest of Xxxx Feld in the Company, including incluxxxx his right to receive any distributions related to any periods prior to and including the Option Closing Date: (i) on and after the Final Closing for the Option Price, or (ii) on or after the Construction Loan Outside Date, for $100.00 if the Construction Loan Closing has not occurred by the Construction Loan Outside Date for any reason whatsoever, or (iii) at any time for $100.00 if Xxxx Feld fails to timely cure any default xxxxult by Xxxx Feld under this Agreement. The exercise Thx xxercise by WPHC of the Call Option described in item (i) of this Section is conditioned on WPHC performing its obligation to make the Final Closing Capital Contribution under Section 8.3.1 hereof when and as required under this Agreement. To exercise its Call Option, WPHC shall provide written notice of exercise to XxxxFeld. 16.2.2 Xxxx Feld shall have hxxx the right to cause caxxx WPHC to acquire the Interest of Xxxx Feld in the Company, including his xxx right to receive any distributions related to any periods prior to and including the Option Closing Date, at Final Closing for the Option Price (the "Put Option") by providing written notice to WPHC of Xxxx'x Feld's intention to exercise the Put thx Xxx Option, provided that all the Final Closing Funding Conditions have been satisfied. 16.2.3 If the Call Option or Put Option is exercised, Xxxx Feld shall forthwith upon request of requexx xf WPHC execute an Assignment of Interest in the form of Exhibit Q or Exhibit R, as applicable, attached hereto, wherein Xxxx Feld shall assign its Interest in xx the Company free and clear of all liens, security interests and competing claims. Xxxx Feld shall execute such other instruments ixxxxuments of transfer and of due authorization, execution and delivery and of the absence of any such liens, security interests or competing claims as WPHC may reasonably request. Xxxx Feld shall have no duty, obligation obligxxxxn or right to continue as Manager of the Company after such transfer of its Interest.