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TERMS AND CONDITIONS 201 500490 NOW, THEREFORE, in consideration of the foregoing Preliminary Statement which is incorporated in its entirety in this portion of this Agreement and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 1. Option Event. The following shall be deemed to be an "Option Event ": 1.1 Commencement of Construction. In the event Owner or his successors and assigns (collectively "Owner ") does not commence construction of a Candlewood Suites Hotel within sixteen (16) months following the date of this Agreement, as evidenced by the recordation of the Deed to Owner (which date is referred to herein as the "Construction Commencement Date "), then Developer shall have the option, for a period of one (1) year following the sixteen (16) month period subsequent to the Construction Commencement Date to repurchase the Property. Construction Commencement for purposes of this Section 1.1 shall mean the date on which the good faith diligent vertical construction of a Candlewood Suites Hotel begins pursuant to a building permit issued by the City of Grand Island, Nebraska. The period of time during which Developer may exercise its option to purchase the Property after an Option Event is herein referred to as the "Option Period ". 2. Exercise of the Option. Developer may exercise its option to re- purchase the Property under Section 1.1 hereof by delivering written notice of such intent, together with an earnest money deposit of Twenty Five Thousand and 00 /100 Dollars ($25,000.00) in cash or certified check made payable to the Escrow Agent (as hereinafter defined), within the Option Period. The failure of Developer to exercise an option within the Option Period and in accordance with the requirements herein shall result in such option expiring ( "Repurchase Option Expiration "). No claim or event shall cause such option to be extended or reinstated. 3. Purchase Price. The Purchase Price shall be determined as follows: 3.1 Section 1.1 Purchase. If the option detailed in Section 1.1 is exercised, the purchase price of the Property shall be equal to the Purchase Price of the Property as set forth in the Purchase Agreement. 3.2 Reduction at Closing. As detailed in Section 4, any liens or deeds of trust or mortgages on the Property shall be discharged by the Owner, and to the extent sufficient to discharge such liens, deeds of trust or mortgages, shall be paid from the proceeds payable by Developer hereunder. 4. Closing; Payment of Liens and Encumbrances. The purchase of Owner's interest in the Property shall be consummated through an escrow established at a title insurance company (the "Escrow Agent ") selected by the Owner. The purchase price shall be payable in cash or wired funds. Title to the Property shall be conveyed by Owner to Developer by special warranty 2