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WITNESSETH:
<br />OPTION AGREEMENT
<br />201405065
<br />This Option Agreement is made an entered into this /S day of June, 2014 by and
<br />between Donald C. Rasmussen and Barbara M. Rasmussen (hereinafter "Rasmussen ", whether
<br />one or more), and Michael Panowicz (hereinafter referred to as "Panowicz ").
<br />WHEREAS, Rasmussen is the owner of the following described property, to wit:
<br />The Northwest Quarter (NW 1 /4) of the Southwest Quarter (S W 1 /4) of
<br />Section Fifteen (15), Township Twelve (12) North, Range Eleven (11),
<br />West of the 6th P.M., Hall County, Nebraska ( "the farm ground "); and
<br />The Southwest Quarter (SW1 /4) of Section Five (5), Township
<br />Twelve (12) North, Range Eleven (11), West of the 6 P.M.,
<br />Hall County, Nebraska ( "the pasture land ").; and
<br />WHEREAS, Rasmussen leases to Panowicz both tracts of land, pursuant to separate
<br />agreement; and
<br />WHEREAS, Rasmussen, periodically in the past, has sought assistance from Panowicz in
<br />meeting their obligations, and Panowicz has, in the past, extended credit to the Rasmussen
<br />which, as of the date of this Agreement, total 80,871.00 and
<br />WHEREAS, Rasmussen, in acknowledgment and consideration of the advances made by
<br />Panowicz on their behalf, desire to grant an option to Panowicz to purchase the above - described
<br />property, giving credit to Panowicz for the $80,871.00 against the ultimate purchase price; and
<br />WHEREAS, Panowicz has agreed, during the pendency of his Leases from Rasmussen, to
<br />pay the real estate taxes on both tracts, and agrees to pay to Rasmussen up to, but not to exceed,
<br />$12,000.00 per year to assist Rasmussen in meeting their obligations, but never more than
<br />$3,000.00 at one time, and never more than $3,000.00 per calendar quarter.
<br />WHEREAS, the parties desire to reduce their understanding to writing, intending to be
<br />bound thereby.
<br />NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree as
<br />follows:
<br />1. Incorporation of Recitals. The recitals above made are incorporated into the body of this
<br />Agreement and are made a material part hereof by this reference.
<br />2. Grant of Option. For and in consideration of the past sums advanced by Panowicz to
<br />Rasmussen, and further in consideration of the possible advances up to $12,000.00
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