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be necessary to secure subdivision approval and a release of said Lots l and 2 from the existing first mortgage in favor of the Town ( and Country Hank - Newport. The Sellers are willing to assume the obligation, costs and risks, if any, in securing such subdivision approval and release, if the Purchasers exercise the option granted herein. To accomplish these purposes, the parties have entered into this Purchasers' Option. 2. Purchasers' Option. The Purchasers shall have the action to avoid paying the forty thousand dollars ($40,000.00) required to be paid by this Promissory Note on or before October 1, 1989, by delivering to Sellers, on o`r before October 1, 1389 a Written natiG2 that Purchasers wish to exercise this Option and are willing and able to execute a quit -claim deed and such other instruments of release or conveyance as may be reasonably necessary to release and convey all of Purchasers interest in the Option Property to Sellers. 3. Subdivision Approval and Costs. In the event Purchasers Exercise this Option and release and reconvey their interest in that portion of the Property included in Lots 1 and 2, then it shall be the obligation of Sellers, at their cost, to secure such subdivision approval as may be necessary to accomplish the subdivision Lots 1 and 2 from Lot 3 which will remain the property of the Purchasers. The Purchasers shall have no obligation or responsibility to .pay any costs or to participate in the securing said subdivision approval, except as follows: (a) In the event Sellers are required to improve and blacktop Isle Avenue North, as laid out in the said preliminary plat, as a condition of subdivision approval, then Purchasers shall share in the reasonable cost of such street improvements, including blacktopping, allocated on a front -foot basis. Specifically, the reasonable costs of said street improvements, including blacktopping, shall be divided and allocated to each of the properties having frontage an said street on a front -foot basis. The Purchasers' share of such costs shall be calculated an the basis of two hundred forty-six (246) feet (being the frontage for said Lot 3); the Sellers' portion will be calculated on the basis of the frontage of Lots 1 and 2; and, the landowners on the West side of said street would be allocated a portion of the costs based on the frontage on the west side of the street. The Sellers shall have the obligation to pay all of the' costs of such said street improvements, including blacktopping, whether or not Sellers are able to collect a portion of the costs thereof from the landowners on the West side of said street. Purchasers shall have no obligation to pay more than their pro rata share of such costs for the two hundred forty-six (246) feet of frontage allocated to said Lot 3. -2-