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88- 105067 OPTION AGREEMENT Whereas. on the ~ day of 3u/.Je... ,1988. Dic:k L. Dowd and Mary Ann Dowd (Dowd), leased c:ertain real estate to Randy Loftis and Charlene Loftis (Loftis), a c:opyof whic:h lease is attached hereto as Exhibit A, and Whereas, Dowd ......ishes to grant to Loftis an option to purchase the real estate under certain conditions. and Therefore, in consideration of the sum of One Dollar ($1) and other good and valuable consideration, receipt of which is acknowledged, Dowd hereby grants to Loftis an option to purchase the real estate described as: Lots Five (5), 5i. (6). 5even (7) and Eight (8), 810c:k Twenty One (21), Original Town, Aida. Hall County, Nebraska on the following terms ann conditions: 1. The option is c:ontingent upon the following: A. The lease must have remained in effect and good standing until Dec:ember of 1998. B. The option must be eMercised in writing not later than June 1. 1998, but the sale of the real estate shall not c:Iose until Dec:ember 31, 1998. 2. If the option is exercised. the parties shall enter into a standard real estate purchase agreement. The purchase pric:e shall be the appraised value of the property. To asc:ertain the appraised value. each party hereto shall retain at their eKpense, one appraiser, and the appraisers shall jointly arrive at a value. In the event that the appraisers shall not agree, the appraisers shall retain a third appraiser, the eKpense of whom will be shared equally ~y the parties. who shall appraise th. real estate and the values set by each appraiser shall be added together and divided by three, whic:h average value shall be binding upon the parties. The purchase price may be paid in cash or certified check upon closing, or at the option of Dowd, with a do~n payment and then upon a long term real estate purchase contract. 3. This option may be recorded by either party, and is binding upon and shall inure to the benefit of the respective h~irs, successors apd assigns of the parties hereto, but this agreement shall not be assigned by the optionees without the express written consent of the optionors.