Reso 1996-016 to 020 - Laserfiche WebLink

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4. PERIOD. Shell may exercise the Option by giving Seller notice at any time within One Hundred and Fifty (150) days of the date of execution of this Agreement. 5. ESCROW. Shell's notice exercising the Option shall designate First American Title Guaranty Company, 1850 Mt. Diablo Blvd., Walnut Creek, CA 94596, Attn: Kat Van Steenhuyse ("Escrow Agent") for completion of the purchase; and within thirty (30) days after the date on which Shell gives that notice ("Exercise Date"), Seller shall deliver to Escrow Agent a recordable grant deed which will convey the Premises to Shell or Shell's nominee in fee simple, free of all tenancies, liens, encumbrances, restrictions and defects of title except current property taxes not in default, and those exceptions which, in Shell's sole option, are deemed acceptable in accordance with the provisions of Article 7. On or before the date of closing, Shell shall deposit with Escrow Agent the Purchase Price, less all consideration paid for the Option and for any extension thereof. 6. SPECIAL PROVISIONS 6.1 SURVEY/SITE ASSESSMENT. During the period of this Agreement and within sixty (60) days after Shell has exercised this Option, Shell, its agents or contractors, shall have the right to enter upon the premises for the purpose of conducting a topographical survey and a site assessment of the Premises. The site assessment may include, but not be limited to, subsurface soil and water tests, as well as the testing of any underground storage tanks and related equipment upon the Premises. Shell, its agents or contractors, shall also have the right to make inquires of governmental agencies concerning potentially hazardous substances on the Premises without any liability on the part of Shell, its agents or contractors, to Seller as a result thereof. If, in Shell's sole opinion, any survey, governmental inquiry, or site assessment reveals conditions which are unsatisfactory to Shell, Shell may either (a) provide Seller with the option to perform, at Seller's expense, within Forty Five (45) days after notice from Shell, such action as Shell may reasonably require to correct the unsatisfactory condition, or (b) withdraw from this transaction in accordance with the provisions of Article 10 hereof. In the event such corrective action cannot be completed to Shell's satisfaction within the aforementioned time, Shell and Seller may elect to (a) extend the time for the corrective action to be completed, or (b) close escrow in accordance with Article 9 hereof, following which Shell will provide access to the Premises in order for Seller to complete the required corrective action. In the event (a) Seller elects not to conduct such corrective action as required by Shell, (b) Shell and Seller cannot reach an agreement regarding an extension of time for completion of corrective action, or (c) the corrective action as completed by Seller pursuant hereto is unsatisfactory to Shell: Shell may elect (1) to perform or complete, as the case may be, such corrective action, in which event the parties will renegotiate the Purchase Price and/or other terms of this Agreement prior to Shell's performance of such corrective action, or (2) to withdraw from this transaction in accordance with the provisions of Article 10 hereof. In the event of such withdrawal, no costs incurred under this Article shall be reimbursed to either party. Option Agreement Page 2 of 10