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202400937 4. Repair/Condition of Improvement. At all times during the term of this Severance Agreement, Lanny and the LLC shall, at their sole cost and expense, provide all maintenance and repair to the improvements so as to keep the same in proper condition and in a proper state of repair throughout the term of this Severance Agreement. 5. Real Estate Taxes. Lanny and the LLC hereby agree to pay the general real estate taxes for 2024 and all subsequent years during the term of this Severance Agreement and all special assessments, if any, attributable to the additional improvements and that portion of the subject real estate whereupon the improvements are situated. 6. Disposition or Removal of Improvements. (a) In the event that Lanny and the LLC desire to dispose of its interest in the improvements, Lorraine shall have an option to purchase said improvement from Lanny. If Lanny and the LLC desire to sell or otherwise dispose of his interest in the improvement or remove the improvements from the subject real estate, Lanny and the LLC shall notify Lorraine in writing of its desire to dispose of or remove the said improvements by United States certified mail, return receipt requested, or by personal delivery (the "Disposition Notice"). In the event that Lorraine desires to exercise her option to purchase the improvements, Lorraine shall notify Lanny and the LLC of her desire to purchase said improvements by written notification (the "Option Notice") to be mailed by United States certified mail, return receipt requested, or personally delivered to Lanny and the LLC within thirty (30) days of the receipt of the Disposition Notice. In the event that Lanny and the LLC receive a bona fide third party offer for the purchase of the improvements, then the purchase of the improvements by Lorraine shall be on the same terms and conditions as contained in the bona fide third offer. Otherwise, the purchase price for the new improvements shall be the then fair market value of the improvements to be agreed upon by the parties. In the event that the parties cannot agree as to the fair market value of the improvements within thirty (30) days of the receipt of the Option Notice, then Lanny and the LLC shall select an independent qualified appraiser and Lorraine shall select an independent qualified appraiser to value the new improvements and the average of the two appraisers' opinions as to the fair market value of the new improvements shall be determinative as to the purchase price for the same. The closing for the purchase of the improvements shall be held within thirty (30) days of the date the fair market value of the new improvements is finally determined as provided hereinabove and shall be subject to the customary terms and conditions for the sale of like property in Hall County, Nebraska. Upon the closing, Lorraine shall pay the purchase price in full to Lanny and the LLC; whereupon, Lanny and the LLC shall execute a Bill of Sale and Quitclaim Deed conveying all of its interest in the improvements and subject real estate to Lorraine, free and clear of all liens and encumbrances on or against the improvements or subject real as a result of the actions or inactions of Lanny and the LLC. (b) In the event, that Lorraine does not desire to exercise her option to purchase the improvements granted pursuant to this Section 5(a), Lanny and the LLC shall have the right to remove the improvements from the subject real estate at any time within one (1) year of the date of the Disposition Notice. If Lanny and the LLC elect to remove the improvements from the subject real estate within the aforesaid time frame, said removal shall be done in a careful and workmanlike manner with the subject real estate being returned to substantially the same condition as the subject real estate existed prior to the construction of the addition to the 3