Term and Exercise of Option. (a) The term of this Option shall commence on the Grant Date set forth above and shall continue until the Expiration Date set forth above, unless earlier terminated as provided herein.
Term and Exercise of Option. The Option may be exercised by the Operating Partnership at any time from and after the date hereof through 5:00 p.m. on December 31, 1997 (the "OPTION TERMINATION DATE"); provided, that if on the Option Termination Date the Operating Partnership or the Grantor is prohibited by applicable law, or the Operating Partnership or the Grantor is subject to a stay, order, injunction, or similar limitation or any pending or threatened action or proceeding to enjoin, restrain, prohibit or assess substantial damages in respect of the exercise by the Operating Partnership of the Option, then the Option may be exercised by the Operating Partnership during the 10 business day period commencing on the first business day following the removal of each such prohibition, stay, order, injunction, action, proceeding or similar limitation in effect at that time. Subject to the foregoing, if the Operating Partnership does not exercise the Option by the Option Termination Date, such Option shall be deemed terminated and shall be of no further force or effect and the Grantor shall have no further obligations hereunder. 2 1.3
Term and Exercise of Option. Subject to the provisions of this Agreement:
Term and Exercise of Option. Subject to earlier termination, acceleration or cancellation of the Option as provided herein, the term of the Option shall be for that period of time also set forth on the Certificate (the "Option Period") and, subject to the provisions of this Agreement, the Option shall be exercisable at such times and as to such number of shares as determined on the schedule set forth on the Certificate.
Term and Exercise of Option. The Purchase Option may be exercised beginning from and after the Effective Date through 5:00 p.m. on the 18 month anniversary of the Effective Date (the “Option Termination Date”). The Optionees may only exercise the Purchase Option by delivering a written purchase notice (“Purchase Notice”) substantially in the form of Exhibit B to the Grantors on or before the Option Termination Date. If Optionees do not deliver a Purchase Notice on or before the Option Termination Date, the Purchase Option shall be deemed terminated and shall be of no further force and effect, and the Grantors shall have no further obligations hereunder.
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.
Term and Exercise of Option. Optionee may exercise the Option at --------------------------- any time from and after the Redemption Date and on or before 6:00 p.m pacific coast time on the earlier of (x) the date which is one hundred and sixty-five (165) days after the Redemption Date and (y) August 31, 2002 (the "OPTION ELECTION PERIOD") by giving Optionor no less than ten (10) business days' written notice of exercise (the "OPTION ELECTION NOTICE"); provided that, -------- ---- notwithstanding the foregoing, Optionee's right to give an Option Election Notice and to purchase the Remainder Notes pursuant to its option shall be suspended during any period of time while there exists an "Investment Loan Borrower Credit Event" (as defined in Exhibit B attached hereto). The Option --------- Election Notice shall include (i) the proposed closing date, which shall not be less than ten (10) business days after the delivery thereof nor more than twenty (20) business days after the delivery thereof, and (ii) the Optionee's calculation of the Fair Market Value (as defined in Section 3 below) of the --------- Remainder Notes based on the proposed closing date. In the event that the Option is not exercised on or before the expiration of the Option Election Period, or the transaction has not closed within twenty (20) business days after the expiration of the Option Election Period for any reason other than the default of the Optionor, then the Option shall become null and void and of no further force or effect, and the parties hereto shall be released from all further liabilities and obligations hereunder with respect to the Option (except as otherwise expressly provided herein).
Term and Exercise of Option. The conditions with respect to the term and exercise of the Option shall be as set forth in subsection (c) of Section 7 of the NDSOP.
Term and Exercise of Option. 3 6.1. Term.................................................................3 6.2. Option Period and Limitations on Exercise............................3 6.3. Limitations on Exercise of Option....................................4 6.4.
Term and Exercise of Option. The Purchase Option may be exercised at any time from and after the date hereof through 5:00 p.m. on the earlier of (i) December 31, 2004 or (ii) the “Cessation Date” (as such term is defined in Section 2.4 hereof) (the earlier of such dates, the “Option Termination Date”). The Purchase Option can be exercised only by the giving of notice by Optionee to such Grantor. If Optionee does not exercise the Purchase Option by the Option Termination Date, the Purchase Option shall be deemed terminated and shall be of no further force and effect and such Grantor shall have no further obligations hereunder. Embassy Suites Hotel Denver-International Airport
