Common use of RESTRICTIONS UPON TRANSFER Clause in Contracts

RESTRICTIONS UPON TRANSFER. (a) This Agreement and the Option granted hereunder shall not be assignable or transferable otherwise than by will or the laws of descent and distribution. In the event of any attempt to assign or to transfer this Agreement or the Option or any of the rights hereunder other than by will or the laws of descent and distribution, whether voluntarily or involuntarily, by operation of law or otherwise, this Agreement and the Option granted hereunder shall thereupon immediately terminate and be of no further force or effect and no interest or right hereunder shall vest in any other person.