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OR II. EXERCISE OF FIRST OPTION: This right of first refusal or first option to purchase may only be exercised by Follmer within sixty (60) days from notification by Pearson that Pearson desires to sell the subject property. Pearson is obligated to provide such notice to Folimer prior to offering the subject property to a third party. TERMS OF PURCHASE: In the event Pearson elects to sell and Follmer desires to exercise his first refusal rights granted under the terms of this agreement, the terms of purchase shall be as follows: a) $95,000.00 cash payable at closing, 201405491 b) $1.00 more than any bona fide offer to purchase received by Seller from any third party, whichever is higher. IV. TITLE: Within fifteen (15) days after Folimer has exercised his right of first refusal, Pearson shall deliver to Folimer a Commitment for Title Insurance covering the property described above which shall reflect that marketable fee simple title to the subject property is vested in Pearson and that same is insurable by a title insurance company licensed to do business in the State of Nebraska. The Commitment for Title Insurance shall be subject only to taxes for the current year, easements, and rights of way of record, and prior mineral reservations. Should the Commitment for Title Insurance reflect any other exceptions to the title unacceptable to Folimer, Folimer shall notify Pearson in writing of any defects within fifteen (15) days (the title review period) and Pearson shall have a reasonable time (but not more than 25 days) in which to make the title good and marketable or insurable, and shall use due diligence in an effort to do so. If after using due diligence Pearson is unable to make the title acceptable to Follmer within such reasonable time, it shall be the option of Follmer either to accept the title in its existing condition with no further obligation on the part of Pearson to correct any defect, or to cancel this Agreement. If this Agreement is thus cancelled, all money paid by Follmer to the Pearson upon the execution of this Agreement or upon any extension shall be returned to Follmer, and this Agreement shall terminate without further obligation of either party to the other. If title is acceptable to Follmer, the Closing shall occur within fifteen (15) days after expiration of the "title review period ". At Closing Pearson shall convey title to Follmer by Warranty Deed subject only to exceptions acceptable to Folimer. V. OPTION OR FIRST REFUSAL MONEY: Upon execution of this agreement, Follmer has paid Pearson the sum of $10.00 as "First Refusal or Option Money ". The Option Money shall not be deducted from the purchase price of the property and is paid to Seller as consideration for and to make this agreement valid. Page 2 of 4