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<br />1. <br /> <br />Grant of Option. <br /> <br />Optionor hereby grants to Optionee <br /> <br />the exclusive right and option ("Option"), for a limited time, to <br /> <br />acquire title to the Property for use principally as a public <br /> <br />fire station under the terms and conditions set forth herein. <br /> <br />2. <br /> <br />Option <br /> <br />during <br /> <br />Period. <br /> <br />The <br /> <br />period <br /> <br />( "Option <br /> <br />Per iod" ) <br /> <br />which Optionee <br /> <br />shall be entitled to exercise its Option shall <br /> <br />commence on the date of recording of Optionor's Final Map, <br /> <br />and <br /> <br />shall expire on the tenth (lath) anniversary of the commencement <br /> <br />date of the Option Period, unless sooner terminated as provided <br /> <br />herein. <br /> <br />3. <br /> <br />Consideration. <br /> <br />This Option is granted in consideration <br /> <br />of Optionee's approval of Optionor's Final Map. <br /> <br />4. <br /> <br />Exercise of Option. <br /> <br />Provided Optionee is not in breach <br /> <br />of this Option Agreement, it may exercise the Option during the <br />Option Period by giving written notice of exercise to the <br />Optionor at the address set forth in paragraph 10 below. <br /> <br />5. <br /> <br />Expiration of Termination of Option. <br /> <br />I f Optionee has <br /> <br />not exercised the Option in accordance with the terms hereof, <br /> <br />upon expiration of the Option Period <br /> <br />(i) <br /> <br />Optionee's <br /> <br />right <br /> <br />to <br /> <br />acquire title to the Property shall automatically and immediately <br /> <br />terminate <br /> <br />without <br /> <br />notice, <br /> <br />( ii) <br /> <br />Optionee <br /> <br />shall <br /> <br />execute <br /> <br />and <br /> <br />acknowledge <br /> <br />in recordable <br /> <br />form and deliver to Optionor wi thin <br /> <br />fifteen (15) days following the end of the Option Period a deed <br /> <br />quitclaiming <br /> <br />Optionor <br /> <br />all <br /> <br />Optionee's <br /> <br />right, <br /> <br />title <br /> <br />and <br /> <br />of <br /> <br />to <br /> <br />interest in and to the Property and (iii) <br /> <br />in all other respects <br /> <br />2 <br /> <br />(Z; <br />tI1 <br />0 <br />-J <br />(Z; <br />(,J <br />a'} <br />N <br /> <br />œ <br />Cor. <br />0 <br />~ <br />N <br />0 <br />c.: <br />... <br />