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200400209 <br />The following provisions apply separately to each of Option <br />A and to Option B, each of which may be exercised without <br />necessarily exercising the other. <br />1. Even though Grantee has loaned Grantors money which is <br />secured by a Deed of Trust upon the real estate described in <br />Option A and in Option B, those Options shall each be considered <br />as separate and distinct from the Deed of Trust and under no <br />circumstances shall either Option A or Option B be construed as <br />granting only a security interest in the real estate. Instead, <br />each Option separately, having been given for valuable <br />consideration, shall be fully exercisable by Grantee or its <br />assigns without regard to the aforesaid Deed of Trust. <br />2. To exercise either Option A or Option B or both, <br />Grantee must mail written notice thereof to Grantors by certified <br />United States Postal Service mail with return receipt requested <br />and postmarked not later than May 15, 2008. <br />3. Within ten (10) days after receipt of the Grantee's <br />Notice of Exercise Grantors shall provide Grantee with a <br />commitment from a title insurance company acceptable to Grantee <br />showing that Grantors have marketable title to the real estate <br />subject only to easements now of record and otherwise free of all <br />liens, covenants and restrictions. If the title insurance <br />commitment shows any defects in title, Grantors shall have a <br />reasonable time to remove them and if Grantors do not do so, <br />Grantee may either do so and deduct the costs of doing so from <br />the amount of the purchase price due to Grantors or Grantee may <br />withdraw its exercise of the Option. Grantee shall pay the title <br />insurance premium. <br />4. The purchase shall be closed within thirty (30) days <br />after the mailing of Grantee's Notice of Exercise or as soon <br />thereafter as all defects in title have been cured. However, if <br />any part of the real estate is designated as "wetlands" then <br />prior to closing Grantee may take the steps necessary to <br />eliminate that designation. Grantors shall cooperate in that <br />process and the closing shall be continued until the designation <br />is removed. <br />5. At closing, (A) Grantee may pay the purchase price in <br />full in cash or may credit the purchase price against the amount <br />of any indebtedness then owing by Grantors to Grantee and pay the <br />balance, if any, in cash and (B) Grantors shall convey the real <br />estate described in the exercised Option to Grantee by Warranty <br />Deed free and clear of all liens and encumbrances except <br />easements now of record. <br />4 <br />