the option. If Owner shall fail to execute, acknowledge or deliver to Purchaser any agreements, assignments or other instruments to be executed, acknowledged and delivered by Owner hereunder within five business days from Owner’s receipt thereof, then Purchaser is hereby irrevocably appointed Owner's attorney-in-fact with full right, power and authority to execute, acknowledge and deliver the same in the name of and on behalf of Owner, Owner acknowledging that the authority and agency given Purchaser is a power coupled with an interest.
EFFECTIVENESS OF EXHIBITS "A", "C" , “D” and “E”: Concurrently with the execution of this agreement Owner and Purchaser have executed Exhibits A (Literary Purchase Agreement), C (Assignment of Copyright), D (Director’s Agreement) and E (Appendix 1 to Director’s Agreement) which are undated, and it is agreed that if Purchaser shall exercise the option (including without limitation payment of the Purchase Price pursuant hereto, but not otherwise, the signature of Owner to Exhibits A and C shall be deemed to be effective and these Exhibits shall constitute valid and binding agreements effective as of the date of such exercise of such option, and Purchaser is hereby authorized and empowered to insert the date on such instruments accordingly. If Purchaser shall fail to exercise the option (including payment of the Purchase Price pursuant hereto), then Exhibits A, C , D and E shall be void and of no further force or effect whatever, and Purchaser shall not be deemed to have acquired any rights in or to the Property and, upon Owner’s request therefore, Purchaser shall promptly return to Owner all originals and copies of said exhibits. If Purchaser exercises the option, Purchaser will enter the date of exercise, execute and deliver to Owner copies of Exhibit A, C, D and E, dated as of the date of the exercise of the option, and Owner will, if so requested by Purchaser, execute and deliver to Purchaser additional signed copies of Exhibits A, C, D and E. Notwithstanding the failure or omission of either party to execute and/or deliver such additional documents, it is agreed that upon the exercise of the option by Purchaser (including payment of the Purchase Price pursuant hereto) all rights in and to the Property agreed to be transferred to Purchaser pursuant to the provisions of Exhibit A shall be deemed vested in Purchaser, effective as of the date of exercise of the option (including payment of the Purchase Price pursuant hereto).
RIGHT TO ENGAGE IN PREPRODUCTION AND PRODUCTION: Owner acknowledges that Purchaser may, at its own expense, during the Option Period undertake preproduction activities in connection with any of the rights to be acquired hereunder including, without limitation, the preparation and submission of treatments and/or screenplays based on the Property, approaching and contracting with actors and others for the purpose of the rendering services with respect to production of a production based upon the Screenplay and/or the Property. In connection with any such preproduction and production activities Purchaser may make reference to the name of the Property and the name of Owner. Notwithstanding the foregoing, Purchaser hereby covenants and agrees that the Property shall remain free of encumbrances and liens until exercise of the within option (including payment of the Purchase Price pursuant hereto). If Owner shall be ready, willing and able to perform at the times reasonably required by Purchaser, Owner shall be entitled to perform all rewrites and polishes of the Property
