Common use of Secondary Option to Purchase Clause in Contracts

Secondary Option to Purchase. If a Limited Partner fails to exercise a Primary Option granted to him to purchase the Percentage Interest proposed to be transferred, each remaining Limited Partner who is granted and who exercises a Primary Option may, within ten days after the expiration of the 30-day option period provided for above, exercise an option to purchase the Percentage Interest with respect to which such Limited Partner has failed to exercise his Primary Option (hereinafter the Option Interest). In the case of a single remaining Limited Partner, his option shall be to purchase all of the Option Interest. In the case of two or more remaining Limited Partners, each such remaining Limited Partner’s option shall be to purchase the portion of the Option Interest which bears the same proportion to the total Option Interest as the Percentage Interest owned by each such remaining Limited Partner at the time of receipt of the notice provided for above bears to the total Percentage Interest then owned by all such remaining Limited Partners; provided that all such remaining Limited Partners may, by agreement among themselves, determine the proportions in which some or all of their number may exercise the option granted in this Section. The purchase option granted by this Section is referred to as the Secondary Option.

Secondary Option to Purchase. If a Limited Partner Member fails to exercise a Primary Option granted to him to purchase the Percentage Interest proposed to be transferred, each remaining Limited Partner Member who is granted and who exercises a Primary Option may, within ten days after the expiration of the 3035-day option period provided for above, exercise an option to purchase the Percentage Interest with respect to which such Limited Partner Member has failed to exercise his Primary Option (hereinafter "the Option Interest"). In the case of a single remaining Limited PartnerMember, his option shall be to purchase all of the Option Interest. In the case of two or more remaining Limited PartnersMembers, each such remaining Limited Partner’s Member's option shall be to purchase the portion of the Option Interest which bears the same proportion to the total Option Interest as the Percentage Interest owned by each such remaining Limited Partner Member at the time of receipt of the notice provided for above bears to the total Percentage Interest then owned by all such remaining Limited PartnersMembers; provided that all such remaining Limited Partners Members may, by agreement among themselves, determine the proportions in which some or all of their number may exercise the option granted in this Sectionparagraph. The purchase option granted by this Section paragraph is referred to as a the "Secondary Option."

Secondary Option to Purchase. If a Limited Partner member fails to exercise a Primary Option granted to him to purchase the Percentage Interest proposed to be transferred, each remaining Limited Partner Member who is granted and who exercises a Primary Option may, within ten (10) days after the expiration of the 30thirty-five (35) day option period provided for above, exercise an option to purchase the Percentage Interest with respect to which such Limited Partner member has failed to exercise his Primary Option (hereinafter "the Option Interest"). In the case of a single remaining Limited PartnerMember, his option shall be to purchase all of the Option Interest. In the case of two or more remaining Limited PartnersMembers, each such remaining Limited Partner’s Member's option shall be to purchase the portion of the Option Interest which bears the same proportion to the total Option Interest as the Percentage Interest owned by each such remaining Limited Partner Member at the time of receipt of the notice provided for above bears to the total Percentage Interest interest then owned by all such remaining Limited Partners; members, provided that all such remaining Limited Partners Members may, by agreement among themselves, determine the proportions in which some or all of the their number may exercise the option granted in this Sectionparagraph. The purchase option granted by this Section paragraph is referred to as the "Secondary Option".

Secondary Option to Purchase. If a Limited Partner Member fails to exercise a Primary Option granted to him to purchase the Percentage Interest proposed to be transferred, each remaining Limited Partner Member who is granted and who exercises a Primary Option may, within ten days after the expiration of the 30-day option period provided for above, exercise an option to purchase the Percentage Interest with respect to which such Limited Partner Member has failed to exercise his Primary Option (hereinafter the Option Interest). In the case of a single remaining Limited PartnerMember, his option shall be to purchase all of the Option Interest. In the case of two or more remaining Limited PartnersMembers, each such remaining Limited PartnerMember’s option shall be to purchase the portion of the Option Interest which bears the same proportion to the total Option Interest as the Percentage Interest owned by each such remaining Limited Partner Member at the time of receipt of the notice provided for above bears to the total Percentage Interest then owned by all such remaining Limited PartnersMembers; provided that all such remaining Limited Partners Members may, by agreement among themselves, determine the proportions in which some or all of their number may exercise the option granted in this Section. The purchase option granted by this Section is referred to as the Secondary Option.