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200212607 3. Purchase Price. The purchase price shall be the appraised value of the property as determined by the Hall. County Assessor's Office on the date that the GRANTEE exercises the Option herein. GRANTEE shall pay the balance of the purchase price to GRANTOR at closing, which should occur no later than 90 days after GRANTOR exercises the Option herein and concurrently thereto, delivery of the Deed of Conveyance from GRANTOR to GRANTEE. 4. Conveyance. GRANTOR shall convey marketable title to GRANTEE by good and sufficient Warranty Deed, subject to any patent reservations, existing roads, prior reservations or conveyances of mineral and royalty interests which appear of record the date hereof, to existing easements of record or of actual use. 5. Possession. GRANTEE presently is in possession of the subject premises under a Lease for a term of March 1, 2001, through February 28, 2006, both dates inclusive. This Option is subject to the said Lease Agreement between the parties hereto and any attempts by GRANTOR to sell this property before the expiration of this Option shall require GRANTOR to give notice of said offer to sell to GRANTEE, but GRANTEE still retains all rights to purchase the same under the terms of this Option Agreement and will not release the same prior to the exercise or the expiration of this Option by GRANTEE unless GRANTOR and GRANTEE reach agreement as to compensation to be paid by GRANTOR to GRANPF.E for release of GRANTEE's rights herein. 6. Taxes. GRANTOR shall pay all real estate taxes assessed for the year immediately prior to the date of exercise of the Option and all prior years. The parties shall pro rate taxes for the year in which the Option is exercised according to the date of closing when GRANTEE assumes possession as Buyer. 7. Title. At the time of exercise of the Option, the parties shall mutually agree to reflecting marketable title of record in GRANTOR, DONALD STANGE, subject to the exceptions stated herein. GRANTEE shall have 14 days thereafter within which to examine such commitment and to furnish GRANTOR a copy of a written opinion showing defects which may impair marketability of title, if any. GRANTOR shall thereafter place title in a marketable condition, subject to the exceptions herein, in a reasonable titre; provided, however, that if GRANTOR has not placed title in a marketable condition and provided GRANTEE proof thereof by the time of closing, the parties shall cause the purchase price to be held in escrow with Five Points Bank, or such other bank as the parties may mutually approve, as escrow agent pending completion of title curative work. Title standards approved by the Nebraska State Bar Association to the date of examination of title shall serve as a guide to marketability of title. B. Closing. The closing shall be held at such time and place as the parties shall agree. 'ZZI