It doesn’t. Payment of the option fee is not a notice. Rather, the payment is a performance requirement if the buyer wants to have an option period. Paragraph 23 details the time for that performance, stating that if the buyer fails to pay the option fee to the seller within three days of the effective date of the contract, the buyer does not have an option period. Paragraph 23 emphasizes that time is of the essence and that strict compliance with the time for performance is required.
Source: TAR
