RE:RE:Montalva Having not seen an actual option agreement I can only speculate but I'll base this on the premise of a typical option agreement. Most agreements are based on giving a non refundable deposit (option fee) but must be executed within a certain time frame.
In real estate an option agreement can be for the purchase of land, either at a predetermined price or at market value while the buyer performs planning permissions. This is why I have always wondered what the original option agreement between Tower Investment's lawyers actually stipulated.
If Strasser is actually out and the timeframe has expired then he gets the option fee (non-refundable deposit) and can sell the water rights that he had previously purchased. I would imagine the same goes for Paul Morris if he signed the same option agreement.
Again, seeing as the company has not posted the agreement on Sedar then we can only speculate.