Common use of Term and Exercise of Option Clause in Contracts

Term and Exercise of Option. (i) The option granted under Section 2A above shall terminate at the end of the Option Period. In order to exercise its option, Company must, prior to the end of the Option Period, both notify ISURF in writing that it is exercising its rights and provide to ISURF an acceptable development plan similar in scope to that outlined on Appendix B of this Agreement. The failure of Company to provide timely notice and an acceptable development plan shall be deemed a waiver of Company’s option. (ii) Company agrees to notify ISURF promptly at any time during the Option Period if Company has determined not to exercise the option granted under this Agreement. Company agrees to provide ISURF, in reasonable detail, the basis for such determination with said notice. The option granted under this Agreement shall terminate upon the giving of such notice by Company. (iii) Upon the expiration or termination of its option, Company shall have no residual rights or other rights in the Option Technology.