Common use of Right to Extend Option Clause in Contracts

Right to Extend Option. The Optionee shall have the right and option to extend the initial option for one (1) year, that is from May 16, 2007 through May 15, 2008. Said extension request shall be in writing and submitted to Owners no later than seven (7) days prior to the expiration of the option in place. If the right to extend the option is exercised, the option fee shall be retained by the Owners but shall not be applied to the purchase price if the extended option is exercised.

Right to Extend Option. The Optionee shall have the right and option to extend the initial option for one up to two (12) year, that is from May 16, 2007 through May 15, 2008additional ninety (90) day terms. Said extension request shall be in writing and submitted to Owners no later than seven (7) days prior to the expiration of the option in place. If the right to extend the option is exercised, the option fee shall be retained by the Owners but shall not be applied to the purchase price if the extended option is exercisedOwners.

Right to Extend Option. The Optionee shall have the right and option to extend the initial option for one up to two (12) year, that is from May 16, 2007 through May 15, 2008additional ninety (90) day terms. Said extension request shall be in writing and submitted to Owners no later than seven (7) days prior to the expiration of the option in place. If the right to extend the option is exercised, the option fee shall be retained by the Owners but shall not be applied to the purchase price if the extended option is exercisedOwners.