2006-02-22 CC Packet - Laserfiche WebLink

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thereof. Seller shall not renew or extend any lease of all or part of the Property without Buyer's prior written consent. 5. OPTION TERM. The term of the Option shall commence on the date first above written, and shall terminate at 5:00 p.m. Central Standard Time (CST) 180 days after that date (the "Option Term"). It is understood that Buyer has applied for a grant to assist with the purchase of the Property. In the event that applicant is successful in receiving approval of such grant within Option Term, Buyer shall have the right to extend the Option Term for an additional 180 days without further option payment. 6. EXERCISE OF OPTION/TERMS OF SALE. Buyer shall give written notice to Seller of its exercise of the Option before the Option Term expires. In the event of exercise of the Option by Buyer, Buyer and Seller agree to be bound by the terms and conditions for the sale of the Property, as set out in the attached Purchase Agreement. If this Option is exercised, the Closing on the sale of the Property ("Closing") shall be held on or before 180 days from the date of exercise of the Option. 7. FAILURE TO EXERCISE OPTION. If Buyer fails to give written notice of exercise of the Option before the Option Term expires, this Option shall automatically terminate, Buyer shall have no rights herein and Seller shall retain the Option Payment. 8. INSPECTION OF THE PROPERTY. During the Option Term, Buyer and Buyer's agents shall be entitled to enter upon the Property to perform soil tests, environmental tests, and such other inspections, tests and studies as Buyer deems necessary, all at Buyer's sole cost and expense. Buyer shall, prior to expiration of the Option Term, restore the Property to the condition as it exists as of the date hereof and indemnify, defend and hold Seller harmless from any and all claims, of whatever nature, arising out of or relating to any act or omission of Buyer 2 I~I