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<br />1. Option Granted. Shudy hereby grants to the City the exclusive right and <br />option to purchase the Property for the total purchase price of One Million. Three <br />Hundred Thousand and No/I 00 ($1,300,000.00). <br />2. Option Payment. As consideration for the grant of this option, the City <br />has contemporaneously paid to Shudy the sum of $2000.00. <br />3. Exercise of Option. This option, if not sooner exercised, shall expire at <br />5:00 p.m., Central Standard Time, on September 10, 2007. The sole method of <br />exercising the option shall be by the City affixing its authorized signature to a purchase <br />agreement which is satisfactory to both the City and Shudy, and delivering said Purchase <br />Agreement to Shudy at the address listed below. The expiration time for the exercise of <br />the option may be extended in one-month increments only in a writing executed by the <br />City and Shudy. <br />4. Utilization of Option Consideration. During the above-described option <br />period, the City may unilaterally terminate the option. In the event the City exercises its <br />option, the option payment shall be applied to the purchase price of the Property. <br />5. Purchase Agreement. The City and Shudy agree to negotiate in good faith <br />for the timely drafting and execution of the Purchase Agreement and collateral <br />documents. Upon execution of this option, Shudy agrees to provide to the City, no later <br />than June 22, 2007, an architectural and construction plan setting forth the manner in <br />which the improvements to the Property will be completed in addition to the cost of <br />constructing the improvements, and any other information the City may request in <br />writing. <br /> <br />. I <br /> <br />2 <br />