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200505932 RECIPROCAL OPTIONS THIS AGREEMENT made this day of ' r: e " �, `. ' , 2004. by and between Sean D. Gellatly and Jacqueline R Gellatly, husband and wife, of Hall County, Nebraska (hereinafter called "Gellatly "), and Back -Bar Farm Co. of Nebraska, a Nebraska corporation (hereinafter called "Back- Bar "), (said Gellatly and Back -Bar hereinafter being sometimes called "Owners ") , WHEREAS, Gellatly owns the real property set forth on Exihibit "A" attached hereto and made and made a part hereof by reference, which property consists of 6.601 acres, more or less, and WHEREAS, Back -Bar owns the real property described on Exhibit "B" attached hereto and made a part hereof by reference, consisting of 37.3 acres, more or less, and WHEREAS, Gellatly property aforesaid is bounded on the west, north and east by the real property aforesaid owned by Back -Bar, and Gellatly and Back -Bar have a mutual and common interest in preserving such real property for purposes compatible with the limited residential and recreational use of such land in such manner as to substantially preserve and maintain the present environment of such real property, which is favorable to preservation and enhancement of wildlife, and WHEREAS, the Owners of such real property deem it to be mutually advantageous to each other to have reciprocal options to buy such real property from each other as hereinafter more particularly set forth, NOW, THEREFORE, in consideration of the mutual covenants and agreements of the parties hereto, said parties hereby agree as follows: 1