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refrigeration, ventilation, garbage disposal, recreation or other services on the Land (all of which are collectively referred to as the "Improvements" and, together with the Land and the Appurtenances, the "Real Property "); and (iv) Owner's interest in any tangible or intangible personal property owned by Owner and used in the ownership, use and operation of the Land, the Appurtenances and Improvements, including, without limitation, (i) the right to use any trade name now used in connection with the Real Property, (ii) all of Owner's right, title and interest in and to all plans and specifications relating to the Real Property, (iii) all existing warranties and guaranties (express or implied) relating to the Real Property, (iv) Owner's rights under any agreements relating to maintenance and service of the Real Property and other rights relating to the ownership, use and operation of the Real Property (the "Contracts "), (v) Owner's rights under that certain Standard Industrial /Commercial Lease Single- Tenant Lease -Net between Owner (as the landlord) and Airgas - Northern California and Nevada, Inc.( "Tenant "), dated September 24, 2007 (the "Lease "), (vi) the Property Documents (as defined in Paragraph 10(b)), and (vii) all other intangible rights or claims that run with or relate to the Real Property (collectively, the "Personal Property" and, together with the Real Property, the "Property "). Notwithstanding the foregoing, Optionee shall not be deemed to have assumed any obligations of Owner under any Contract or other agreement unless Optionee expressly assumes such obligations in writing. (b) Non - Refundable Option Payment. As good and adequate consideration for the grant of the Option, within one (1) business day following the Opening of Escrow (as defined in Paragraph 4(a)), Optionee shall deposit into Escrow (as defined in Paragraph 4(a) hereof) with First American Title Company (the "Escrow Holder ") at its office at 901 Mariners Island Boulevard, Suite 380, San Mateo, California, 94404 (attention: Karen Matsunaga, telephone (650) 638 - 9106), a cash sum equal to Two Thousand Dollars ($2,000) (the "Option Payment "). Owner acknowledges that the Option Payment constitutes good, adequate and reasonable consideration for the grant of the Option, taking into account, among other things, the Purchase Price (as defined in Paragraph 3(a)) for the Property, the appraised value of the Property, and the length of the Option Term (as defined in Paragraph 2(a)). In addition, Owner acknowledges that Optionee will incur additional costs and expenses in evaluating the Property during the Feasibility Period (as defined in Paragraph 10(a)) and that Optionee's expenditure of such funds constitutes additional and adequate consideration for the grant of the Option. Following the Opening of Escrow the Option Payment shall not be refundable under any circumstances and shall immediately be released to Owner from Escrow. The Option Payment shall be credited to the Purchase Price. (c) Refundable Initial Deposit. In addition to the Option Payment, concurrent with the deposit of the Option Payment into Escrow, Optionee shall deposit into Escrow (as defined in Paragraph 4(a) hereof) with Escrow Holder a cash sum equal to Forty -Eight Thousand Dollars ($48,000) (the "Initial Deposit "). While in Escrow, the Initial Deposit shall be held in an interest - bearing account by the Escrow Holder for the benefit of Optionee. The Initial Deposit and any interest earned thereon while in the Escrow shall be applicable to the Purchase Price (as defined below). If Optionee provides the Notice to Proceed (as defined in Paragraph 10(a) hereof) prior to the expiration of the Feasibility Period, the Initial Deposit shall become non - refundable (except if Owner defaults on its obligations herein or as otherwise expressly provided for herein) and shall remain in Escrow pending the Closing YP ) p g g( as defined in Option Agreement 50 Chemical 10.5.2010 v. 8 2