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Film Rights Option Agreement
Address of Rights Owner
This sets out the entirety of our agreement, which is governed by the laws of New York and may not be altered except in writing signed by us both, concerning a literary or other work currently known as _________________ ("the Property") more fully described in the annexed Literary Purchase Agreement ("Exhibit A").
1. For total consideration in the sum of _____________ U.S. Dollars ($U.S.______ ) receipt of which you acknowledge, you hereby grant to us, our assignees and licensees, the irrevocable and exclusive option, to be exercised if we so elect by furnishing you at the above address with written notice to that effect issued on or before (--) P.M. ______ time ______ 20 __, to enter into and thus activate Exhibit A with you as "Owner" and us as "Purchaser."
2. Our option may be extended for an additional period of ________________ upon our furnishing you with similarly addressed notice to that effect issued on or before expiry of the original option period accompanied by payment of further consideration in the sum ____________ of U.S. Dollars ($U.S. __________).
3. The option payment(s) will be credited as an advance or as advances against first payment specified in 10 of Exhibit A if the option in the original or extended form is timely exercised.
4. During the option period(s) we may but are not required to create or commission the creation of one or more teleplays, screenplays, or other adaptations of our choosing based on the Property, in any form or language for any medium with any writer(s) of our designation, and to record on tape or otherwise one or more derivative productions for "pilot" use, with the understanding that any resultant derivative will belong, as between us, solely to us notwithstanding their possible immobilization in the event we decline or fail timely to exercise our option(s) so that the underlying rights listed for transfer in Exhibit A remain unacquired.
5. Definitions of the Property in 2 and all your warranties and indemnities in 5 are brought forward and incorporated by reference as part of this Option Agreement but in all other respects Exhibit A, even if signed or initialled by either or both of us, shall not become binding or effective unless and until we signify by the furnishing of written notice our intention to exercise our option as above provided, and without that invocation Exhibit A reflects only contingent events and we are free of any express or implied obligation to exercise any option or to undertake or continue production once undertaken if we do ultimately exercise our option and make Exhibit A our agreement.
6. At any time and from time to time during the original and any extended option period and without limit thereafter if Exhibit A becomes effective, we may assign this Option Agreement and Exhibit A to anyone anywhere on terms solely of our choosing provided only that we shall remain liable for payment of any contractually agreed compensation to you if our transferee defaults in the payment, and we shall be relieved of all potential liability whatever if our assignment or license is to one of the following:
7. You agree to waive, insofar as consonant with its implementation, any right of droit moral or its equivalent, and to cooperate at our request in the accomplishment of any copyright formalities permitted and/or essential for protection. Throughout the original and any extended option period you undertake to maintain, protect, and avoid encumbering the copyright and any trademarks, service marks, and other rights in the Property in every country where protection is available.