2006-02-22 CC Packet - Laserfiche WebLink

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thereof. Sellers 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) on August 15, 2005 (the "Option Term"). 6. EXERCISE OF OPTION. Buyer may give written notice to Sellers of its intent to acquire the Property before the Option Term expires. In the event that Buyer exercises its option to purchase the Property, the parties shall negotiate a purchase agreement in accordance with the terms of this Option. The purchase agreement will provide for earnest money in the amount of $15,000, which shall be deposited with an escrow agent satisfactory to both parties, such earnest money to be applied to the purchase price at closing. 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 Sellers shall retain the Option Payment. 8. PURCHASE PRICE. Buyer shall pay to Sellers $650,000 for the Property. If the Buyer intends to proceed with the acquisition, the Buyer shall send to Sellers a Notice of Intent to Acquire on or before the end of the Option Term. Closing on the purchase of the Property shall be completed within sixty (60) days of the date the Notice of Intent to Acquire is sent to Sellers. 9. TITLE TO BE CONVEYED. Sellers shall convey the Property to Buyer at Closing by warranty deed, free and clear of all liens, encumbrances, conditions, easements, restrictions and other conditions except for the following: a. Building and zoning laws, ordinances, state and federal regulations; 2 1~