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before close of business on December 27, 2010, Optionee shall (i) notify Escrow Holder and <br /> Owner that Optionee elects to exercise the first Extension Option, (ii) instruct Escrow Holder to <br /> release to Owner the Initial Deposit, and (iii) deposit into Escrow for immediate release to Owner <br /> the Additional Deposits in the amount set forth in the Table that corresponds to the first <br /> Extension Period. In order to exercise the second (and each subsequent) Extension Option, <br /> Optionee shall (x) notify Escrow Holder and Owner on or before the commencement of the <br /> applicable Extension Period that Optionee elects to exercise the Extension Option corresponding <br /> to such Extension Period and (y) deposit into Escrow for immediate release to Owner the <br /> Applicable Deposit or the Non - Applicable Deposit, as the case may be, that corresponds to each <br /> such Extension Period, in accordance with the Table below: <br /> Extension Period Applicable Deposit Non - Applicable Total Deposits <br /> Deposit <br /> 12/27/2010 through $54,000 (comprised of $27,000 $81,000 <br /> 1/31/2011 the Initial Deposit of <br /> $48,000, plus an <br /> Additional Deposit of <br /> $6,000) <br /> 2/1/2011 through $0.00 $13,500 $13,500 <br /> 2/28/2011 <br /> 3/1/2011 through $0.00 $13,500 $13,500 <br /> 3/31/2011 <br /> 4/1/2011 through $0.00 $13,500 $13,500 <br /> 4/30/2011 <br /> 5/1/2011 through $0.00 $13,500 $13,500 <br /> 5/31/2011 <br /> 6/1/2011 through $13,500 $0.00 $13,500 <br /> 6/30/2011 <br /> 7/1/2011 through $13,500 $0.00 $13,500 <br /> 7/31/2011 <br /> 8/1/2011 through $13,500 $0.00 $13,500 <br /> 8/31/2011 <br /> 9/1/2011 through $13,500 $0.00 $13,500 <br /> 9/30/2011 <br /> 10/1/2011 through $13,500 $0.00 $13,500 <br /> 10/31/2011 <br /> Option Agreement 70 Chemical <br /> 10.05.2010 v.5 <br /> 4 <br />