Option Agreement Grants the right to purchase or lease assets in the future, specifying the option price, duration, and exercise conditions.
1.1. Option Rights
The Seller hereby grants to the Option Holder an exclusive and irrevocable right and option (the "Option") to purchase all or any part of the real property, together with all improvements thereon, legally described as [Property Description] (the "Property"), upon the terms and conditions set forth in this Agreement.
1.2. Option Price
The purchase price for the Property, if the Option is exercised, shall be [Option Price] (the "Option Price"), subject to any changes or adjustments as provided in this Agreement.
1.3. Option Duration
The Option shall be exercisable at any time during [Option Duration] (the "Option Period"), commencing on the date of this Agreement and terminating at 11:59 PM on the last day of the Option Period, unless the parties mutually agree, in writing, to extend the Option Period. In the event the Option Holder does not exercise the Option within the Option Period, the Option shall automatically and without notice be deemed to have expired and become null and void.
2.1. Exercise Notice
To exercise the Option, the Option Holder shall deliver to the Seller a written notice (the "Exercise Notice"), specifying the Option Holder's election to exercise the Option, the purchase price of the Property, and the proposed closing date, which date shall be no earlier than  days, and no later than  days, from the date of the Exercise Notice.
2.2. Payment of Exercise Price
Upon exercising the Option, the Option Holder shall pay the Option Price to the Seller by wire transfer of immediately available funds, cashier's check, or other method mutually acceptable to the parties within the timeframe specified in the Exercise Notice.
The closing of the sale of the Property pursuant to the exercise of the Option (the "Closing") shall occur on the date specified in the Exercise Notice, or such other date as the parties may mutually agree. At the Closing, the Seller shall deliver to the Option Holder a duly executed and acknowledged deed conveying the Property, free and clear of all encumbrances, except as otherwise provided in this Agreement, and the Option Holder shall pay the balance of the Option Price, as adjusted according to the terms of this Agreement.
The Seller and the Option Holder hereby represent and warrant to each other that:
This Agreement shall be governed by and construed in accordance with the laws of the United States. Any dispute arising out of or in connection with this Agreement shall be finally settled by arbitration in accordance with the Rules of the American Arbitration Association, by one or more arbitrators appointed in accordance with the said Rules.
5.1. Entire Agreement
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes all prior understandings and agreements, whether oral or written, between the parties relating to the subject matter hereof.
5.2. Amendments and Waivers
No amendment or waiver of any provision of this Agreement shall be valid unless in writing and signed by both parties hereto. No waiver by any party hereto of any breach of any provision of this Agreement shall be deemed a waiver of any other breach of the same or any other provision of this Agreement.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
The headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.
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In this Option Agreement, you will see the following sections:
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