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12 -27 -2000 10:45AM FROM SWEENEY LAW FIRM 2945289 P. 4 <br />1. Option. If any of the conditions' set .forth in Paragraph 16 herein are not met to <br />Buyer's satisfaction, within one (1) year froni the date of this Agreement, Owner hereby agrees <br />to grant to Buyer, and the successors and assigns of Buyer, the exclusive right and option to <br />purchase the Property (the "Option "). The term of the Option shall be from the date hereof until <br />April 1, 2002. This'option maybe exercised.betweeri 20 and <br />April 1, 2002. If Buyer does not exercise thus Option in a: timely manner, this Agreement shall <br />be null and void and neither party shall have any further rights or claims against the other. <br />2. Exercise of Option. This Option shall be deemed fully exercised if written notice of <br />election of purchase is' given to. Owner, or its successors or assigns, on or before midnight o£ <br />April 1, 2002. Service of such notice shall be Sufficient if timely given to Owner, or its <br />successors or assigns, as provided in this Agreement. The date notice is given shall be <br />hereinafter referred to as the "Exercise Date ": <br />3. Agreement Not to Encumber. Owner will not sell, lease, mortgage, transfer or <br />otherwise encumber any of their, interest in the Property in any manner during the Option period, <br />without the prior written consent of Buyer: Owner also agrees not to construct improvements or <br />make other alterations to the Property other than those that are considered normal maintenance <br />and repair, without the prior written consent of Buyer. <br />4. Purchase Price and Warranty Deed. If this Option is exercised, the purchase price to <br />be paid by the Buyer for the Property shall be One Dollar and 50/100 per square foot <br />'($1.50 /sq.ft.) with square footage of the Property to be•deterntined by a registered land surveyor <br />mutually agreeable to Owner and Buyer. The total purchase price shall be paid in cash to the <br />Owner on the Date of Closing. Owner 'than, pu the Date of Closing, execute and deliver to <br />Buyer a marketable Warranty Deed conveying to Buyer the Property free and clear of all liens, <br />2 <br />page 46 <br />