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expressly provided for herein) and shall remain in Escrow pending the Closing (as defined in Paragraph 4(c) hereof) or earlier termination of this Agreement; provided, however, that if Optionee exercises the first Extension Option (as defined in Paragraph 2(b), then the Initial Deposit shall be released from Escrow and paid to Owner concurrently with Optionee's exercise of such Extension Option. If Optionee does not provide the Notice to Proceed prior to the expiration of the Feasibility Period, Owner and Optionee hereby authorize Escrow Holder to immediately release the Initial Deposit (and all of the interest earned thereon) to Optionee at the expiration of the Feasibility Period without any additional documentation required from the parties. Owner releases Escrow Holder from all liability in connection with the release of the Initial Deposit to Optionee in accordance with the preceding sentence, and following such release of the Initial Deposit, neither party shall have any further rights or obligations hereunder (other than those arising from a party's breach of this Agreement or otherwise as expressly provided herein). The Initial Deposit shall be credited to the Purchase Price. (d) Additional Deposits. If this Agreement is not terminated during or at the end of the Feasibility Period, and if Optionee exercises any of its Extension Options as provided in Paragraph 2(b), then concurrently with the exercise of any such Extension Option, Optionee shall deposit into Escrow additional payments (each, an "Additional Deposit ") in accordance with the terms and conditions of Paragraph 2(b). The Additional Deposits shall constitute good and adequate consideration for the extension of the Option and once released to Owner shall not be refundable to Optionee (even if Optionee never exercises the Option) except in the event of a breach or default by Owner or the failure of a condition to Closing pursuant to Paragraph 10. (e) Deposits Defined. As used in this Agreement, the term "Deposits" means the Initial Deposit and each Additional Deposit, if any, that Optionee deposits in Escrow as provided in Paragraph 2(b) below. Each Deposit shall be either an "Applicable Deposit" or a "Non Applicable Deposit." The Initial Deposit and each Applicable Deposit, if any, made by Optionee that is designated as an Applicable Deposit in the Table referred to in Paragraph 2(b) shall be deemed "Applicable Deposits" and shall be credited to the Purchase Price at the Closing. Each Additional Deposit, if any, that is made by Optionee and that is designated as a Non - Applicable Deposit in the Table referred to in Paragraph 2(b) shall be deemed a "Non - Applicable Deposit" and shall not be credited to the Purchase Price. 2. Option Term; Exercise of Option. (a) Option Term. The term of the Option shall commence upon the date that this Agreement has been executed and delivered by both Owner and Optionee, as evidenced by the last date set forth below the signatures of Owner and Optionee hereto (the "Execution Date "), and shall expire on December 27, 2010 (the "Initial Option Term "), unless earlier exercised or extended pursuant to Paragraph 2(b) below. As used in this Agreement, the term "Option Term" means the Initial Option Term plus each Extension Period with respect to which Optionee has exercised an Extension Option pursuant to Paragraph 2(b). (b) Extension of Option Term. Notwithstanding Paragraph 2(a) or any other provision of this Agreement to the contrary, but subject to Paragraph 4(d) below, Optionee shall have the right to extend the Initial Option Term up to twelve (12) times (each, an "Extension Option ") for twelve (12) consecutive periods of approximately one -month each (each, an Option Agreement 20 Chemical 10.05. 2010 v.5 3