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OPTION/PURCHASE AGREEMENT
This option/purchase agreement (“Agreement”) is effective as of _______________, 20__ by and between ________________, whose address is _______________ (“Owner”) and _______________________, whose address is ________________ (“Producer”) for the option and possible purchase of certain rights in and to “______________________”, a ______ written by _________ (“Work”).
1. CONTINGENCIES: Producer’s obligations hereunder are subject to delivery by Owner of a chain-of-title to the Work, satisfactory to Producer in its sole discretion.
2. OPTION: In consideration of _________________ (US $________.00) (the “Initial Option Payment”), Owner grants to Producer the exclusive and irrevocable option (“Option”) to purchase the “Granted Rights” (defined below) in the Work on the terms and conditions contained herein. The Option shall commence on the date hereof and shall continue for a period of ______ (__) months following the date of execution and delivery of this Agreement to Producer (the “Initial Option Period”), as such may be extended, The Initial Option Period may be extended for an additional ______ (__) months (the “First Extension Period”), commencing upon the expiration of the Initial Option Period,
