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DocuSign Envelope ID:50609158-4DEE-4EE3-AE21-E12F930FEE19 <br /> 1. OPTION TERM AND OPTION PAYMENT <br /> 1.01 The lease option period commences on the Effective Date and continues for a <br /> period of twelve (12) months (the "option Period"). For the sum of One Hundred <br /> and No/100 Dollars ($100.00) (the "Option Payment"), as nonrefundable option <br /> consideration which shall be paid by LESSEE to LESSOR within ten (10) days of the <br /> Effective Date, LESSOR and LESSEE agree to the terms set forth in this Agreement. <br /> 2. NOTICE REQUIRED TO EXERCISE OPTION <br /> 2.01 At any time during the Option Period, LESSEE may exercise its option by delivering <br /> notice to LESSOR pursuant to Section 11 below. <br /> 3. LEASE TERMS <br /> 3.01 Prior to the expiration of the Option Period, LESSOR shall deliver a ground lease <br /> agreement incorporating the terms of this Agreement and other commercially <br /> reasonable lease terms (the "Ground Lease Agreement")for the Leased Premises <br /> for review and full execution by LESSOR and LESSEE. <br /> 3.01 Prior to the expiration of the Option Period, LESSEE shall prepare a legal <br /> description and survey of the Leased Premises, at its own expense. This legal <br /> description and survey shall be incorporated into the Ground Lease Agreement. <br /> The final area to be leased by LESSEE will be determined as a surveyed parcel and <br /> site plan to be agreed upon by LESSOR and LESSEE <br /> 3.02 LESSEE shall agree to pay to LESSOR an annual rental payment beginning at eight <br /> hundred seventy-four dollars ($874) per acre per year with one and half percent <br />