2006-02-22 CC Packet - Laserfiche WebLink

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4. RESTRICTION ON TRANSFER. Seller agrees that, during the Option Term, the Seller will not sell, lease, mortgage, conveyor otherwise encumber the Property or any part 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 run concurrent with Option Transaction #1 and for 30 days thereafter. 6. EXERCISE OF OPTION/TERMS OF SALE. If and only under the condition that Seller does not exercise its option to purchase lands under Option Transaction # 1, Buyer may exercise its rights to purchase lands pursuant to this agreement. 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, Seller agrees to execute and deliver to Buyer within 30 days, a quit claim deed for the Property. The purchase price shall be $100,000. 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 ofthe 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 or Buyer's agents on the Property. Buyer shall not permit any mechanic's liens to be filed against the Property, and shall immediately discharge or obtain releases of any such mechanic's 2 I~