Optionee definition
Examples of Optionee in a sentence
As full consideration for this Due Diligence Period, Optionee shall pay Owner the non-refundable sum of US$50,000 within 24 hours of execution of this Agreement (“Initial Option Consideration”), receipt and sufficiency of which is hereby acknowledged by Owner.
No other rights, remedies or damages of any nature will be available to Owner or payable by Optionee.
Owner shall indemnify Optionee against any loss, damage, cost or expense that Optionee shall incur or suffer as a result of the breach, untruth or inaccuracy of any promise, agreement, covenant, warranty or representation made by Owner herein and for the benefit of Optionee.
In the event Optionee fails to exercise this Option before the Expiry Date, Owner shall be entitled to keep the full amount of the Consideration paid pursuant to Section 1 above.
Included in the rights granted hereunder, Optionee shall have an exclusive 45-day period to conduct further due diligence on the Property (“Due Diligence Period”).