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This option is given on the following terms and conditions. <br /> <br /> SECTION ONE <br /> PRICE AND TERMS OF PAYMENT <br /> <br /> The purchase price for the Subject Property shall be Twenty Three Thousand Five <br />Hundred Twenty Dollars ($23,520.00) which shall be paid, on exercise of this option by <br />Purchaser, as follows: Cash on the Closing Date. <br /> <br /> SECTION TWO <br /> PERIOD OF OPTION AND EXTENSION <br /> This option may be exercised by giving notice thereof to Seller at 15708 Judicial Road, <br />Burnsville, MN 55337, at any time during the primary period from the date of this instrument until <br />12:00 o'clock A.M., November 1, 1994; or during the extension period, if the option is <br />extended as herein provided, until 12:00 o'clock A.M ..... N/A , 1994. The option may be <br />so extended by Purchaser giving Seller written notice of extension prior to the termination of the <br />primary period, and paying to Seller at the time of the notice, the additional consideration of <br /> N/A Dollars ($. N/A ). <br /> <br /> SECTION THREE <br /> <br /> TITLE <br /> If the option is exercised, Seller shall, within 60 days after the delivery to Seller of the <br />notice of exercise, secure and submit to Purchaser, for examination by its attorneys, evidence of <br />marketable title in the Subject Property by Abstract of Title or a Commitment for Title Insurance <br />issued by a qualified title insurance company doing business in the State of Minnesota. Within 15 <br />days thereafter Purchaser shall give notice in writing to Seller of any defects in or objections to the <br />title as so evidenced, and Seller shall clear the title of the defects and objections so specified. <br /> If Seller fails to clear title to the extent herein required or to submit evidence of his ability to <br />do so prior to the Closing Date, and such failure continues for 60 days after the date of exercise of <br />the option, Purchaser may clear title to the extent so required and charge the cost of clearing to <br />Seller or, at its option, may terminate the contract by giving 30 days notice to Seller. <br /> Title to be conveyed as herein provided shall be marketable title, free and clear of all liens, <br />encumbrances, special assessments pending and certified, restrictions, and easements and by Seller <br />delivering to Purchaser a general Warranty Deed. <br /> <br />Page 2 of 5 <br /> <br /> <br />