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Retention of Consideration <br /> <br /> 4. In the event this option or any extension thereof is not exercised, all <br />sums paid and services rendered to Optionor by Optionee will be retained by <br />Optionor in consideration of the granting of this option. <br /> <br /> Exercise of Option <br /> <br /> 5. If Optionee is not in breach of this Agreement, Optionee may exercise <br />this option by delivering to Optioner an unequivocal notice in writing stating that <br />Optionee is exercising its option to purchase the Property upon the terms and <br />conditions of this Agrement. <br /> <br /> Automatic Termination <br /> <br /> 6. If Optionee fails to exercise this option in accordance with its terms <br />and within the option period or any extension of it, then this option and the rights <br />of Optionee will automatically and immediately terminate without notice. <br />Thereafter, Optionee must properly execute, acknowledge, and deliver to <br />Optionors within five (5) calendar days from the date of a request by City, a quit <br />claim deed in favor of City quit claim deeding any interest that Optionee has, if <br />any, in the Property. <br /> <br />Agmt-146 3 <br />FXS:djh <br />F:/Shared/Redwood/Council <br />04/09/98 <br />FXS 4/13/98 <br /> <br /> <br />