OPTION EXERCISE AND PURCHASE AGREEMENT THIS OPTION EXERCISE AND PURCHASE AGREEMENT (“Agreement”) is entered into effective this _____ day of ___________, 20__, by and between ___________________ of ____________________________ (collectively “Seller”) and _________________________ (“Purchaser”). RECITALS WHEREAS, effective _____________ Seller entered an Exclusive Option Agreement (“Option Agreement”) with _____________. (“____________”) or its designee or assignee, for the right to exercise an option to purchase real property located at ________________________ and referenced as _______ County Parcel No. ____________ which contained approximately _____ acres total and which is more fully described in Exhibit A. (“Premises”). WHEREAS Purchaser desires to exercise its option to purchase the Premises and proceed to purchase the Premises pursuant to this Agreement and Seller desires to sell the Premises pursuant to this Agreement. NOW, THEREFORE, in consideration of the above recitals and the covenants and promises hereinafter set forth, Seller and Purchaser agree as follows: 1.0 INCORPORATION OF RECITALS. The above recitals are incorporated herein by this reference. 2.0 EXERCISE OF OPTION. Purchaser does hereby exercise its option to purchase the Premises and shall purchase the same upon the terms and conditions contained herein. 3.0 AMENDMENT OF TERMS. To the extent the terms of this Agreement are inconsistent with the terms contained in the Option Agreement, the Assignment or those contracts listed with the Assignment, the terms of this Option Agreement shall control. 4.0 PAYMENT TERMS.
(A). Purchaser shall pay to Seller at closing for the purchase of the Premises the following: (i) ____________ Dollars ($_____________). (B). The Purchase Price shall be paid as follows: (i). The Option Consideration and the Extension Consideration, as those terms were defined in the Option Agreement, in the total amount of ____________ Dollars ($____________) shall be applied against the Purchase Price; and (ii). Purchaser shall pay the balance of the Purchase Price, by depos