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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal><font size=2 color="#1f497d" face=Calibri><span style='font-size:11.0pt;color:#1F497D'>I think you are correct. Giving notice of intent to exercise is probably a condition the optionee has to fulfill in order to exercise the option, but fulfilling it does not bind the optionee. Payment does. I think your client is free to decline to exercise the option.<o:p></o:p></span></font></p><p class=MsoNormal><font size=2 color="#1f497d" face=Calibri><span style='font-size:11.0pt;color:#1F497D'><o:p> </o:p></span></font></p><div><p class=MsoNormal><font size=4 color="#1f497d" face=Arial><span style='font-size:13.0pt;font-family:"Arial",sans-serif;color:#1F497D'>Rod Harmon</span></font><font color="#1f497d"><span style='color:#1F497D'><o:p></o:p></span></font></p><p class=MsoNormal><b><font size=4 color="#1f497d" face=Arial><span style='font-size:13.0pt;font-family:"Arial",sans-serif;color:#1F497D;font-weight:bold'> </span></font></b><font color="#1f497d"><span style='color:#1F497D'><o:p></o:p></span></font></p><p class=MsoNormal><b><font size=4 color="#1f497d" face=Arial><span style='font-size:13.0pt;font-family:"Arial",sans-serif;color:#1F497D;font-weight:bold'>RODNEY T. HARMON</span></font></b><font color="#1f497d"><span style='color:#1F497D'><o:p></o:p></span></font></p><p class=MsoNormal><b><font size=2 color="#1f497d" face=Arial><span style='font-size:11.0pt;font-family:"Arial",sans-serif;color:#1F497D;font-weight:bold'> Attorney at Law</span></font></b><font color="#1f497d"><span style='color:#1F497D'><o:p></o:p></span></font></p><p class=MsoNormal><font size=2 color="#1f497d" face=Arial><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D'> P.O. Box 1066</span></font><font color="#1f497d"><span style='color:#1F497D'><o:p></o:p></span></font></p><p class=MsoNormal><font size=2 color="#1f497d" face=Arial><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D'> Bothell, WA 98041</span></font><font color="#1f497d"><span style='color:#1F497D'><o:p></o:p></span></font></p><p class=MsoNormal><font size=2 color="#1f497d" face=Arial><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D'> Tel: (425) 402-7800</span></font><font color="#1f497d"><span style='color:#1F497D'><o:p></o:p></span></font></p><p class=MsoNormal><font size=2 color="#1f497d" face=Arial><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D'> Fax: (425) 458-9096</span></font><font color="#1f497d"><span style='color:#1F497D'><o:p></o:p></span></font></p><p class=MsoNormal><font size=2 color="#1f497d" face=Arial><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D'> <a href="http://www.rodharmon.com"><font color="#0563c1"><span style='color:#0563C1'>www.rodharmon.com</span></font></a></span></font><font color="#1f497d"><span style='color:#1F497D'><o:p></o:p></span></font></p><p class=MsoNormal><font size=2 color="#1f497d" face=Arial><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D'> <a href="mailto:rodharmon@msn.com"><font color="#0563c1"><span style='color:#0563C1'>rodharmon@msn.com</span></font></a></span></font><font color="#1f497d"><span style='color:#1F497D'><o:p></o:p></span></font></p><p class=MsoNormal style='margin-top:6.0pt'><font size=2 color="#1f497d" face=Calibri><span style='font-size:11.0pt;color:#1F497D'><o:p> </o:p></span></font></p></div><p class=MsoNormal><font size=2 color="#1f497d" face=Calibri><span style='font-size:11.0pt;color:#1F497D'><o:p> </o:p></span></font></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><font size=2 face=Calibri><span style='font-size:11.0pt;font-weight:bold'>From:</span></font></b> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com] <b><span style='font-weight:bold'>On Behalf Of </span></b>Rob Tulloch<br><b><span style='font-weight:bold'>Sent:</span></b> Wednesday, March 16, 2016 1:53 PM<br><b><span style='font-weight:bold'>To:</span></b> 'WSBA Real Property Listserv' <wsbarp@lists.wsbarppt.com><br><b><span style='font-weight:bold'>Subject:</span></b> [WSBARP] Option Agreement<o:p></o:p></p></div></div><p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'><o:p> </o:p></span></font></p><div><div><p class=MsoNormal><font size=3 color="#1f497d" face=Arial><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D'>Am I correct that sending a “notice of intent to exercise an option” to purchase does not bind the optionee unless and until she exercises the right as set forth in the agreement? In this instance, the agreement requires notice several months in advance of when “[t]he right to exercise the option will become effective.”<o:p></o:p></span></font></p><p class=MsoNormal><font size=3 color="#1f497d" face=Arial><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D'><o:p> </o:p></span></font></p><p class=MsoNormal><font size=3 color="#1f497d" face=Arial><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D'>The optionee does not want to proceed even though she sent a timely notice of intent to exercise, having concluded that she does not want the property.<o:p></o:p></span></font></p><p class=MsoNormal><font size=3 color="#1f497d" face=Arial><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D'><o:p> </o:p></span></font></p><p class=MsoNormal><font size=3 color="#1f497d" face=Arial><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D'>I have not been able to identify any cases on point.<o:p></o:p></span></font></p><p class=MsoNormal><font size=3 color="#1f497d" face=Arial><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D'><o:p> </o:p></span></font></p><p class=MsoNormal><font size=3 color="#1f497d" face=Arial><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D'>Thanks.<o:p></o:p></span></font></p><p class=MsoNormal><font size=3 color="#1f497d" face=Arial><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D'><o:p> </o:p></span></font></p><p class=MsoNormal><font size=3 color="#1f497d" face=Arial><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D'>Rob Tulloch<o:p></o:p></span></font></p><p class=MsoNormal><font size=3 color="#1f497d" face=Arial><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D'>Port Angeles<o:p></o:p></span></font></p></div></div></div></body></html>