Option to Purchase
THIS AGREEMENT made as of Date of Signing of Option Agreement between Name of Person Granting Option, of Address of Person Granting Option (the “Optionor”) and Name of Person Receiving Option, of Address of Person Receiving Option (the “Optionee”).
IN CONSIDERATION of the payment by the Optionee to the Optionor of the sum of two dollars ($2.00) and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Optionor hereby grants to the Optionee an option (the “Option”) to Describe subject matter being Optioned (ie. a Blue 1999 Honda Civic bearing V.I.N. __________) (the “Optioned Goods”) owned by the Optionor, upon and subject to the following terms and conditions: 1. Exercise Price. The purchase price for the Optioned Goods (the “Purchase Price”) upon exercise of the Option shall be Purchase Price for Optioned Goods after Option is Exercised (ie. $10,500): Option Exercise Period. The Option may be exercised by the Optionee at any time from the date hereof until Last day for Exercising Option (ie. July 10, 2002) (the “Termination Date”) and shall terminate on the Termination Date unless exercised by the Optionee prior thereto. Exercise of Option. The Optionee shall, for the purposes of exercising the Option, give to the Optionor notice in writing thereof (the “Notice”), accompanied by a certified cheque or bank draft payable to the Optionor in the amount of the Purchase Price. Transfer of Optioned Goods. Upon compliance by the Optionee of all of the terms and conditions of this Agreement and upon receipt by the Optionor of (i) the Notice, and (ii) payment of the Purchase Price, the Optionor shall sell and transfer to the Optionee the Optioned Goods and as evidence thereof, the Optionor shall execute in favor of the Optionee a Bill of Sale, together with such other documents to evidence the sale and transfer as the Optionee reasonably requests. Non-Assignability of Option. The Option is personal to the Optionee. Accordingly, the Optionee may not sell, assign or otherwise transfer the Option or any of its rights under this Agreement without the prior written consent of the Optionor, which consent may be unreasonably or arbitrarily withheld. Entire Agreement. This Agreement expresses the entire agreement between the parties concerning the subject matter hereof and supersedes all previous agreements, whether written or oral, between the parties respecting the subject matter hereof.
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Successors and Assigns. This Agreement shall be binding upon the parties hereto and their respective heirs, executors, administrators and successors and permitted assigns. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of State of Optionor (ie. Washington).
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IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
Witness
Name of Person Granting Option
Witness
Name of Person Receiving Option