Option to grantor to repurchase. 1. The grantor, his [her] heirs and assigns, shall have the option to purchase the property conveyed by this deed from the grantee for _________ dollars at any time after one year from date. The above option shall be a first lien upon the above described property and shall be a covenant running with the land. 2. If the grantee is sued or goes into the hands of a receiver or into bankruptcy prior to the exercise of the above option, the grantor shall immediately have the right to exercise the option. 3. The grantee shall, at the time this deed is delivered, execute a deed to the grantor for the property described and place it in escrow at _________ trust company. 4. The grantor shall exercise his [her] option by giving _________ days' notice in writing of his [her] intention to do so to the grantee and at the expiration of the _________ day period by tender of _________ dollars to the escrow agent, _________ trust company, which shall deliver to the grantor the deed from the grantee to the grantor when the tender is made. If, however, the grantee is sued or goes into the hands of a receiver or into bankruptcy, the grantor may, immediately tender _________ dollars to _________ trust company, the escrow agent, which shall then deliver to the grantor the deed from the grantee to the grantor. 5. The _________ days' notice which the grantor shall give to the grantee prior to the exercise of the option shall be delivered by registered mail addressed to the grantee at the premises described.