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98328429 <br />elect to purchase the Property, Optionor shall retain all monies that have been <br />paid by Optionee, which would include the initial $62,500, and possibly the <br />additional aforementioned $25,000. <br />5. INITIAL OPTION TERM. The initial term of the Option shall commence as <br />of the date of this Option Agreement and shall expire on February 1, 1999. <br />6. ADDITIONAL OPTIONAL TERM. The additional term of the Option <br />shall commence as of the date of expiration of the Initial Option Term, if <br />payment of the additional option price is made to Optionors by Optionee, and <br />shall expire exactly 90 days following such date. <br />7. METHOD OF EXERCISE. <br />7.1 Notice of Exercise. To exercise this Option, Optionee must, within the <br />relevant option period, notify Optionors in writing of its intent to <br />exercise. <br />7.2 Sale Prohibited During Option Terms. Optionors may not sell the <br />Property during the relevant option terms. <br />8. PURCHASE PRICE. <br />8.1 Fair Market Value. Upon exercise of the Option, the purchase price <br />for the Property shall be the Fair Market Value, which has been <br />established based on appraisals and is agreed upon to be $530,000. <br />8.2 Payment of Purchase Price. The purchase price, adjusted by the <br />credits described in Section 4, shall be paid all in cash at close of escrow. <br />9. CLOSING. <br />9.1 Escrow. Upon exercise of the Option, Optionors and Optionee shall <br />establish an escrow agent chosen by Optionee. Optionors and Optionee <br />shall execute all deeds, instructions, and other instruments required by <br />the escrow agent in order to close the sale and purchase of the Property <br />in accordance with this Option Agreement. <br />3 <br />