Legal Notice of Option

LEGAL NOTICE OF OPTION

This Legal Notice of Option (this Notice) is given as of the day of , by Optionor: (entity type: Individual Corporation Limited Liability Company ) whose principal address for notices is ; to Optionee: , whose principal address for notices is .

RECITALS

WHEREAS, on or about day of , , the parties entered into an Option Agreement, or other agreement granting an option right (the Agreement) concerning the property described as .

WHEREAS, Optionee elects to exercise the option described in the Agreement and Optionor acknowledges receipt of this formal Notice of Option in accordance with the Agreement's notice and exercise provisions.

WHEREAS, the parties desire to record in writing certain terms relevant to the exercise, closing and effect of the option.

NOW, THEREFORE

For good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties hereby agree as follows:

1. NOTICE OF EXERCISE

Optionee hereby elects to exercise the option granted under the Agreement with respect to the Property and gives notice of such exercise effective on the date specified in this Notice. Optionee's exercise is intended to be a binding and irrevocable election upon satisfaction of the conditions set forth in Section 3 below.

2. OPTION DETAILS

Property: .

Exercise Price: $ payable as provided in the Agreement.

Option Term: Commences on day of , and expires on day of , , unless earlier terminated pursuant to the Agreement.

3. METHOD AND EFFECT OF EXERCISE

Exercise Procedure: Optionee's exercise shall be effective upon Optionor's receipt of this Notice (or receipt by the notice address designated in Section 7) and payment of any required deposit or consideration described in the Agreement. Optionee shall deliver any required funds by wire, certified funds, or other method specified in the Agreement.

Conditions to Exercise: This Notice is subject to the fulfillment or waiver of any conditions precedent set forth in the Agreement, including but not limited to title, inspection, and financing conditions. Optionor shall promptly cooperate to satisfy any such conditions at Optionee's reasonable request.

4. CLOSING

Closing Date: The closing of the transaction contemplated by the exercise of the option shall occur on the date provided in the Agreement or, if no date is specified, within days after satisfaction of all conditions precedent.

Adjustments: Closing adjustments for taxes, utilities, rents, prorations, and other customary items shall be made in accordance with the Agreement and applicable law.

5. REPRESENTATIONS AND WARRANTIES

Optionor represents and warrants that: (a) it has full right, power and authority to grant and transfer the option and to sell or convey the Property; (b) to its knowledge there are no undisclosed liens, encumbrances or leases affecting the Property other than those disclosed in writing to Optionee; and (c) there is no pending litigation that would prevent the conveyance contemplated by the Agreement.

Optionee represents and warrants that it has the authority to exercise the option and that the individual signing on Optionee's behalf is authorized to bind Optionee to this Notice and to the Agreement.

6. COVENANTS

Cooperation: Each party shall take all actions reasonably necessary to effectuate the exercise and to close the transaction, including executing and delivering documents customarily required to transfer title and to remove or satisfy encumbrances.

7. NOTICES

All notices required or permitted under this Notice shall be in writing and delivered to the addresses set forth below (or to such other address as a party designates by written notice):

Delivery by hand, nationally recognized overnight courier, or certified mail shall be effective upon receipt. Delivery by email may be used for preliminary communications but shall not constitute a legally effective notice unless expressly permitted by the Agreement and acknowledged in writing by the receiving party.

8. REMEDIES

The parties acknowledge that a material breach of the exercise provisions or failure to close as required by the Agreement may cause irreparable harm for which monetary damages would not be an adequate remedy. Accordingly, each party shall be entitled to seek injunctive relief or specific performance in addition to any other remedy available at law or in equity.

9. GOVERNING LAW

This Notice shall be governed by and construed in accordance with the laws of the state specified below without regard to its conflicts of laws principles.

10. ENTIRE AGREEMENT

This Notice, together with the Agreement and any exhibits or amendments expressly incorporated herein, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior negotiations, proposals and agreements, whether written or oral, relating to the exercise of the option.

11. SEVERABILITY

If any provision of this Notice is held to be invalid, illegal or unenforceable by a court of competent jurisdiction, the remaining provisions shall remain in full force and effect, and the invalid provision shall be reformed only to the extent necessary to make it valid, legal and enforceable while preserving the parties' intent.

12. AMENDMENTS; WAIVER

No amendment, modification or waiver of any provision of this Notice shall be effective unless in writing and signed by both parties. The failure of a party to enforce any provision shall not be deemed a waiver of future enforcement of that or any other provision.

13. COUNTERPARTS

This Notice may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Signatures delivered by electronic transmission shall be sufficient to bind a party.

14. ADDITIONAL PROVISIONS

Sign Now