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f � � . ! . I _- ��`° �.��iQ r OPTION FOR PURCHAS� OF' REAL ESTATE ---- - :• OPTxON granted this �`�' day of �.�=c - , 1989, by HALL COUNTY SCHOOI, DISTRICT NO. 2 of Grand Islalad, Nebraska� . (hereinafter referred to as the "Selles") to COLLEGE PARK AT , GRAND ISLAND, A Nebraska Nonprofit Corporation, (hereinafter referred to as the "Buyer") . ' 1. Grant of Option. Seller, in consic3eration of the sum of Five Hundred Dollars ($500.00) paid by Buyer, receipt of which is hereby acknowledged, grants to Buyer the exclusive option to � purchase, upon the following terms and conditions, a certain ; parael of undevelo�ed real �roperty (hereinafter referred to as the "real property") located in Hall County, Nebraska, legally ' described as follows: The Southwest Quarter ot the Southwest . Quarter (SW}SW}) of Section Twenty-Nine (29) � and all �hat portion of fractional Section ' . Thirty (30) , lying West of and abutting said Southwest Quarter of the Southwest Quarter (SW}SW�) of said Section Twenty-Nine (29) , a11 in Township Eleven (11) North, Range Nine ; (9) West of the 6th P.M. . excepting those � �! 1 portions thereof previously conveyed for road ?.: ; purposes and subject to any public roads and � � power lines in Hall County, Nebraska, ' j�-- _. : containing anproximately 33.37 acres, more or _ _� _....- ---_ ._- less. � — � 2. Purchase Price. The purchase price of the real . property is One Hundred Thirty-Three 'i�housand Fi.ve Hundred -- - + Dollars ($133,500.00) , payable by the Buyer as follows: _ � A. The consideration of Five Hundred Dollars 1 (�500.003 for this Option for Purchase of Real Estate shall be �� i credited to the purchase price as a downpayment upon the exercise ,� of this option by Buyer; ��"� ` B. The balance of One Hundred Thirty-Three Thousand � j Dollars (�133,000.00) shall be paid by delivery of a promisscry . �� � note. No amounts under the promissory note shall be payable . • until September 1 of the year following the completion of the ; ; center for higher education described in Paragraph 18 hereof. �; -�= i Interest at the rate of eleven per cent (11$) per year shall . accumulate £rom the Closing Dat� to September 1 of the year .- � preceding the completion of the center for higher edueation. The � balance o£ principal and accumulated interest as of September 1 ; of the year preceding the completion of the center for higher educatian, together with interest at the rate of eleven pex cent (118) per year from and after September 1 of the year preceding ; iche conepletion of the center for higher education, shall be � payable in seven (7) equal annual installments beginning on ' September 1 of the year €ollowing the completion of the center -1- f==--__- - � � � � �..�- L � � � _ . ,. � --_ �� �. L_ w! :df�. s.._, � nr'�,je ��,,Sr., ' +. _.0