I have revised the option form consistent (except where noted) with comments  sent by Herman and Lisa, and have attached a redline version.
Herman, I  dealt with your comment regarding the defn of Optionee by tinkering a little  with the 1st paragraph.
I also construed your comment regarding Enron's  right to terminate the option to NOT preclude termination if our counterparty  is in default.
Please confirm that this is acceptable.
Lisa, I did not change the notice info since the first entity will the the  project co, with ENA Legal receiving a copy.
Please advise if you have any comments.
Kay

Rev option form