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201405065 annually to be advanced by Panowicz to Rasmussen pursuant to the terms hereof, Rasmussen hereby gives and grants to Panowicz, his successors and assigns, for a term commencing on the date of the execution of this Agreement and expiring at 11:59 P.M. on September 30, 2024, the exclusive and irrevocable right and option to purchase the real estate above - described situated in Hall County, Nebraska, together with all easements, rights, and appurtences attached thereto, and all improvements thereon, under the following terms: For both tracts of real estate, Rasmussen and Panowicz agree that each of them (i.e. Rasmussen and Panowicz) shall retain the services of individual appraisers, and the appraiser selected by Rasmussen, and the appraiser selected by Panowicz, shall appraise both the farm ground and the pasture land, and the purchase price that Panowicz shall pay for the farm ground, and the purchase price to be paid with respect to the pasture land, shall be the average of the appraisal values as determined by Rasmussen's appraiser and Panowicz's appraiser. 3. Manner of Exercising Option. This option shall be deemed validly and effectively exercised if notice of the exercise thereof is given in such form as is reasonably calculated by Panowicz to inform Rasmussen of his exercise and it is either mailed by certified mail to Rasmussen at 8220 N. Bluff Center Road, Cairo, NE 68824, or such other address as Rasmussen shall notify Panowicz, on or before the expiration date of such option, or delivered in person to Rasmussen (to either Donald C. Rasmussen or Barbara M. Rasmussen) on or before the expiration date. Notice of such exercise which is given by mail shall be deemed effective upon deposit into the mail as aforesaid. 4. Terms Applicable to Sale. In the event the option herein granted is exercised as aforesaid, the purchase and sale of the real estate with respect to which the option herein granted has been exercised and the contract of sale and the purchase arising from such exercise shall be subject to the following terms and conditions: a. Rasmussen's title to the real estate shall be (and Rasmussen hereby represents and warrants to Panowicz that the same is) good, merchantable and marketable fee simple title, free and clear of any liens, encumbrances, highways, rights of ways, easements, licenses, restrictions, leases, tenancies, mineral leases, or any other agreements (with the exception of a Deed of Trust against the real estate which Panowicz owns by virtue of his prior acquisition of the Deed of Trust, via assignment, from Pathway Bank); b. That there are no Federal, State or local laws, ordinances or rules which would, in Panowicz's judgment prohibit, prevent, delay, interfere or any manner make it undesirable or unfeasible for Panowicz to use the real estate for purposes of row crop farming or pasturing livestock;