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200801582 than October 1, 2009 (the "Construction Commencement Date"), then Developer shall have the option to repurchase the Real Property. Developer's option to repurchase the Real Property shall commence on the Construction Commencement Date and expire on the earlier of (i) one hundred eighty (180) days following the Construction Commencement Date or (ii) the date upon which the Owner initiates good faith vertical construction of the Holiday Inn Express pursuant to a building permit issued by the City of Grand Island, Nebraska. The period of time during which Developer may exercise its option to purchase the Real Property after an Option Event is herein referred to as the "Option Period". Notwithstanding the foregoing, any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of God, inability to obtain services, labor, or materials or reasonable substitutes therefor, governmental actions, civil commotions, fire or other casualty, and other causes beyond the reasonable control of the Owner (collectively, "Force Majeure") shall extend the Construction Commencement Date for a period equal to any delay caused by a Force Majeure. 2. Exercise of the Option. Developer may exercise its option to re-purchase the Real Property under Section 1.1 hereof by delivering written notice of such intent, together with an earnest money deposit of Twenty Five Thousand and 00/100 Dollars ($25,000.00) in cash or certified check made payable to the Escrow Agent (as hereinafter defined), within the Option Period. Owner shall have a period of thirty (30) days after receipt of such notice to initiate construction of the Holiday Inn Express, in which event Developer shall no longer have the option to repurchase the Real Property and the earnest money deposit shall be immediately released to Developer. The failure of Developer to exercise an option within the Option Period and in accordance with the requirements herein shall result in such option expiring. No claim or event shall cause such option to be extended or reinstated. 3. Purchase Price. The Purchase Price shall be determined as follows: 3.1 Section 1.1 Purcha~e. If the option detailed in Section 1.1 is exercised, the purchase price of such Real Property shall be equal to the Purchase Price of the Real Property as set forth in the Purchase Agreement. 3.2 Reduction at Closing. As detailed in Section 4, any liens or deeds of trust or mortgages on the Real Property shall be discharged by the Owner, and to the extent sufficient to discharge such liens, deeds of trust or mortgages, shall be paid from the proceeds payable by Developer hereunder. 4. Closing; Payment of Liens and Encumbrances. The purchase of Owner's interest in the Real Property shall be consummated through an escrow established at a title insurance company (the "Escrow Agent") selected by the Owner. The purchase price shall be payable in cash or wired funds. Title to the Real Property shall be conveyed by Owner to Developer by special warranty deed, subject to all real estate taxes, installments of special assessments, 2