The Option Extension Agreement is utilized when parties wish to extend the duration of an existing option agreement under Philippine law. This document type is particularly relevant when the original option period is approaching expiration but parties need additional time to complete their evaluation or meet certain conditions. It's commonly used in real estate transactions, business acquisitions, and development projects where the option holder requires more time to exercise their rights. The agreement must conform to Philippine legal requirements, including the Civil Code and relevant property laws. It typically includes details about the extension period, any additional consideration, conditions for exercise, and whether any terms of the original option agreement are being modified. The document is essential for preserving rights and ensuring continuity of the option arrangement while maintaining legal compliance in the Philippine jurisdiction.
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1. Parties: Identification of all parties to the agreement, including the original option grantor and grantee
2. Background: Recitals explaining the original option agreement and the parties' intention to extend it
3. Definitions: Key terms used in the agreement, including references to defined terms in the original option agreement
4. Extension of Option: Clear statement of the extension of the option period, including the new expiration date
5. Consideration: Details of any additional consideration paid for the extension
6. Exercise of Option: Confirmation of how the option may be exercised during the extended period
7. Incorporation of Original Agreement: Provision confirming that all other terms of the original option agreement remain in full force and effect
8. Representations and Warranties: Current representations about authority to extend and validity of original agreement
9. Governing Law: Confirmation that Philippine law governs the agreement
10. Execution: Signature blocks and execution formalities
1. Modified Terms: Include if any terms of the original option agreement are being modified as part of the extension
2. Additional Conditions: Include if new conditions are being added for the extended option period
3. Registration: Include if the extension needs to be registered (particularly for real property options)
4. Tax Provisions: Include if there are specific tax implications that need to be addressed
5. Broker/Agent Provisions: Include if a broker or agent is involved in arranging the extension
6. Force Majeure: Include if specific events that might affect the extended option period need to be addressed
1. Original Option Agreement: Copy of the original option agreement being extended
2. Extension Payment Details: Schedule detailing any payments required for the extension
3. Modified Terms Schedule: If applicable, detailed listing of any terms being modified from the original agreement
4. Property Details: If the option relates to property, updated property descriptions and details
5. Corporate Authorizations: Copies of any corporate approvals required for the extension
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