The Notice of Intent to Exercise Option is used when a party wishes to formally activate rights granted to them under a previous option agreement. This notice, governed by English and Welsh law, must be precisely drafted to ensure it effectively triggers the option and complies with any requirements specified in the original agreement. It typically includes the exercise date, reference to the original agreement, and confirmation of any conditions being met. This document is crucial as it often represents the transition from a conditional right to a binding commitment.
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1. Date and Parties: Current date and full details of both the sender and recipient of the notice
2. Reference Line: Clear reference to the original option agreement including date and parties
3. Notice Statement: Formal and unequivocal declaration of intention to exercise the option
4. Option Details: Specific details of the option being exercised, including relevant terms from original agreement
5. Execution: Signature block and details of the party giving notice
1. Conditions Precedent: Statement confirming that all pre-conditions have been met (if applicable)
2. Completion Details: Proposed completion date and any specific arrangements (if timing is flexible)
3. Payment Provisions: Details of any payments required as part of exercising the option
1. Schedule 1 - Original Option Agreement: Copy of the original option agreement being referenced
2. Schedule 2 - Authority Documentation: Evidence of authority to serve notice (for corporate entities or agents)
3. Schedule 3 - Conditions Evidence: Documentation proving that any required conditions have been satisfied
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