Model Film Agreement Contract


Effectiveness of Exhibits

Concurrently with the execution hereof, Owner will execute the Short Form Option attached hereto as Exhibit "A".  Owner will also execute the Short Form Assignment which is attached hereto as Exhibit "B", which is undated, and it is agreed that if Purchaser shall exercise the Option and pay the Purchase Price (but not otherwise) then the signature of Owner to said Exhibit A shall be deemed to be effective and said Exhibit A shall constitute a valid and binding agreement and assignment and shall be deemed to have been executed and shall be deemed to be effective as of the date of exercise of the Option, and Purchaser is hereby authorized and empowered to date such instrument accordingly.  If Purchaser does not exercise the Option, Purchaser shall promptly return all copies of such Assignment to Owner.

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This provision requires the Owner to sign the attached Short Form Option (Exhibit A) and Short Form Assignment (Exhibit B) to the agreement at the same time they sign the option agreement itself, and once the Purchaser pays the Purchase Price, these documents shall become effective and assign rights to the Purchaser as they state. These Exhibits also need to be carefully reviewed to make sure that they only state what is in the Option Agreement itself, so no additional rights are inadvertently transferred to the Purchaser.