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A. $1,000.00 Initial Option Fee which will be held and disbursed in accordance with <br />Agreement and if Buyer purchases any of the identified Lots, the Initial Option Fee <br />will be credited against the purchase price of the last Lots in the development. <br />B. Buyer agrees, subject to extension for delays in Seller's performance of its <br />obligations under this Agreement, that it must exercise its option rights on any or <br />all of the 4 Lots in the development as follows: <br />Lot 3, Block 2, Brookman 3rd Addition — by March 15th, 2011, with projected <br />closing on or before June 1, 2011. <br />Lot 2, Block 2, Brockman 3rd Addition — by March 15th, 2011, with projected <br />closing on or before June 1, 2011. <br />Lot 1, Block 2, Brookman 3rd Addition — by March 15th, 2011, with projected <br />closing on or before January 2nd, 2012. <br />Lot 1, Block 1, Brookman 3rd Addition — by March 15th, 2011, with projected <br />closing on or before January 2nd, 2012. <br />This option may be exercised as to one, more than one, or all of the Lots and will <br />not terminate by excercise of the option right as to less than all of the Lots. <br />2• FAILURE TO EXERCISE OPTION: Buyer shall have no obligation to <br />purchase any Lot under this Agreement, it being agreed by the parties hereto that <br />this is an Option Contract and not a purchase agreement. <br />3. MANNER OF PAYMENT: If Buyer exercises any option right to purchase a <br />Lot, the entire purchase price for any Lot or Lots shall be payable in cash or other <br />terms, as mutually determined and agreed upon. The purchase price for each Lot <br />shall be payable on the date ("Closing Date") the purchase of such Lot is closed. <br />4. CLOSING: The Closing Date for each Lot shall be a date specified by Buyer in <br />the notice delivered by Buyer to inform Seller that Buyer, or its Successor or <br />Assigns is exercising its option with respect to such Lots, which date shall be no <br />later than ninety (90) days after the date of such notice unless otherwise stated <br />herein, or such date is extended by the mutual agreement of Seller and Buyer. On <br />any Closing Date, Seller shall execute and deliver to Buyer the following: <br />2 <br />