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98328429 <br />RECORDING REQUESTED BY: ) <br />WHEN RECORDED MAIL TO: ) <br />OPTION AGREEMENT <br />THIS OPTION AGREEMENT is made on August ??1998, between THOMAS K. <br />McMANUS, JR., and JANET ANNt <br />MANUS ("Optionors") and CITY OF SAN <br />LEANDRO ("Optionee"). <br />1. RECITALS. Optionors and Optionee acknowledge and agree that: <br />On March 17, 1997, the Optionee passed and adopted Resolution No. 97-28, <br />authorizing the acquisition of easements in certain land and directing the filing <br />of eminent domain proceedings. In consideration of said resolution and <br />settlement of the eminent domain action pertaining to the easements., filed on <br />April 14, 1997, and in light of the Optionee's desire to purchase an option for <br />the possible acquisition of the entire one -acre parcel owned by Optionors, from <br />which the easements were condemned, the Optionee and Optionors entered <br />into this Option Agreement. Execution of this Option Agreement is intended <br />by the parties hereto to settle any and all claims pertaining to the aforesaid <br />eminent domain proceedings. The parties also agree that the Property is being <br />acquired under threat of eminent domain. <br />2. DEFINITIONS. The following definitions shall apply throughout this Option <br />Agreement. <br />2.1 Fair Market Value: The fair market value of the Property. <br />2.2 Initial Option: The initial option to purchase the Property granted <br />herein. <br />2.3 Additional Option: The additional option to purchase the Property <br />granted herein, which may extend the term of the initial option. <br />