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,___ --- 1 � ��-n- �.a04i0 � for higher edacatien and therea�ter on Septemb�r � or each ysar � until the final paymen�. If any payment of principal or interest under the promissory note is not paid when the same is due and . payable, Seller may declare the entire unpaid princi.pal balance Forthwith due and payable; and the unpaid principal shall bear ' ' default interest from the date of default at the rate of thirteen ' per cent (138) per year. Buyer shall have the right to prepay ' ! the unpaid balance of the promissory note at any time without i penalty as to interest. In the event of nonpayment of principal ! and interest when due or default by the Buyer in any obligation ; bindinq upan Buyer under this Option for Purchase of Real Estate, . time being of the essence; and if such default has not been i remedied within ten �10) days after written nata.ce of such ; default has been given to Buyer, the Seller may pursue all legal f remedies available to Seller, including, but nat limited to, the following: A. To declare the entire principal balance with . accrued interest then owing to be forthwith due and payable and to commence foreclosure or other appropriate remedies under the � Deed of Trust referred to in paragraph 3 hereof; { , B. To thereafter charge the default rate of interest I referred to in this paragraph until such default is remedied; and : ; ! � C. Ta proceed to pay any delinquent taxes or � ;.� �� insurance premiums or incur reasonable expenses for keepinq the ' �"� premises in good condition or to meet any other obligations � = -1 binding upon Buyer as set forth in this Option far Purchase of - - --- - ___ - � Real Estate. Any such amounts are forthwith due and repayable by , � the Buyer and shall bear interest at the default rate until pai.d, ; and such repayment is secured by this Option for Puxchase of Real . - - ; Estate and the Deed of Trust referred ta in paragraph 3 hereof. . � I Waiver of any one default shall not constitute waiver of any j other default. � 1 � 3. Deed of Trust. The promissory note referred tv in { paragraph 2 s a e secured by a Deed of Trust, which Deed of ; Trust shall be a first lien on the real property and shall be ; delivered by Suyer to Seller on the Closing Date. � ; t�. � 4. Expiration Date. This option shall be void and of no � � further force or effect whatsoever unless it is exercised prior i: to 5:00 o'clock p.m. on March 1, 1991, (hereinafter referred to ` ��= as the "Expiration Date") . '' ` � 5. Exercise of Option. This option may be exercised by � the Buyer giving Seller written notice to Seller's Superiatendent ? of Schools or President of the Board of Education at any time on � or before the Expiration Date. ; 6. Failure to Exercise Option. If the Buyer does not � , exercise this option on or before the Expiration Date, the : consideration paid for the option shall be retained by the Seller -2- �-- _-_ - ' � , I - - - �- � . � � � � �. - � �