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<br />4. Exercise of Option to Purchase. Purchaser may exercise the Option granted hereunder
<br />by giving Seller written notice of such exercise at any time within the period set out in Paragraph 2 of
<br />this Agreement. Said notice of the exercise shall be effective if given by certified mail, return receipt
<br />requested, to Seller at Seller's Notice Address. If exercised in this manner, notice of exercise of the
<br />Option shall be deemed to have been received by Seller two (2) days after deposit of the notice of
<br />exercise with the United States Postal Service (USPS) as established by an official USPS receipt.
<br />Alternatively, the Option may be exercised by personal delivery of said written notice within the time
<br />specified to Seller at Seller's Notice Address. If served in this manner, the notice of exercise of the
<br />Option shall be the date that personal delivery is made. Alternatively, the Option may be exercised by
<br />delivery of the written notice of exercise to Seller at Seller's Notice Address via a reputable overnight
<br />carrier such as FedEx. If exercised in this manner, notice of the exercise of the Option shall be deemed
<br />to have been received by Seller one (1) day after deposit of the notice of exercise with said overnight
<br />carrier. Upon exercise by the Purchaser of the Option, the parties shall, within thirty (30) days of the
<br />exercise of this Option, execute a written real estate purchase agreement containing the terms and
<br />conditions set forth in this Agreement.
<br />5. Purchase Price. The purchase price for the Property shall be Five Hundred Fifty -Four
<br />Thousand Nine Hundred Dollars and 00/100 ("the Purchase Price"), payable in immediately available
<br />funds at Closing.
<br />6. Seller's Right to Sell. Up until Closing, Seller shall not A fight to solicit and/or
<br />entertain any third party offers for purchase or other transfer of the Property.
<br />7. 1031 Exchange. In the event Seller desires to effect a tax-deferred exchange in
<br />connection with the conveyance of the Property, Purchaser agrees to cooperate in effecting such
<br />exchange; provided, however, that the exchanging party shall be responsible for all additional costs
<br />associated with such exchange, and provided further, that a non -exchanging party shall not assume any
<br />additional liability with respect to such tax-deferred exchange. Purchaser shall execute such additional
<br />documents, including assignment of this Agreement in connection therewith, at no cost to the non -
<br />exchanging party, as shall be required to give effect to this provision.
<br />8. Closing. The closing of this transaction (the "Closing") shall be held within thirty (30)
<br />days after the exercise of the Option granted hereunder, but no later than March 31, 2016, unless the
<br />Option Period is extended in accordance with the terms of Paragraph 4 herein. Closing shall occur at the
<br />office of Purchaser's counsel. At Closing, subject to the conditions hereafter stated, Seller shall deliver
<br />to Purchaser a Special Warranty Deed conveying to Purchaser fee simple title to the Property. The
<br />Purchaser shall be responsible for the costs of deed preparation, revenue stamps and rollback taxes, if
<br />any, due and owing on the subject property.
<br />9. Condition of Property. Purchaser shall have the right to inspect the condition of the
<br />Property and the title of the Property and to conduct and/or obtain such analyses, inspections and
<br />examinations of the Property, including, but not limited to, surveying, title examination, zoning
<br />investigations, architectural, engineering, environmental (including drilling, soil analysis, installation of
<br />groundwater testing wells and any other environmental analysis), topographical, geological, soil,
<br />marketing, feasibility, and other investigations, tests, borings, measurements, and inspections as
<br />Purchaser deems necessary or desirable with respect to Purchaser's intended use of the Property
<br />(collectively, the "Inspections"). Purchaser agrees to name Seller as an additional insured on a policy of
<br />general liability insurance prior to it or its agents accessing the Property during the Option Period for any
<br />(N0049514.DOCX; 1)
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