Model Film Agreement Contract

The Option may be exercised only by written notice delivered to Owner, with accompanying payment during the Option Period. In the event Purchaser commences principal photography of the Picture at any time during the Option Period, the Option shall be deemed to have been exercised as of the first date of principal photography, and the Purchase Price shall be paid to Owner immediately thereafter.

Commentary

The Option may be formally exercised in writing (which is preferable), or by action, where the Purchaser starts principal photography during the option period. In the latter case, the Option is deemed to have been exercised as of the first day of principal photography, and the Purchase Price is due to the Owner as set out in the agreement.