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200807159 Store and open for business within twenty-four (24) months from the date of this Agreement (the "Construction Completion Date"), then Developer, for a period of one hundred eighty (180) days following the Construction Completion Date shall have the option to repurchase the Real Property. The period of time during which Developer may exercise its option to purchase the Real Property after the Option Event is herein referred to as the "Option Period". 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. 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 Purchase. 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, easements, restrictions, covenants and conditions of record, except that delinquent real property taxes and special assessments, and any mortgage or liens, including potential mechanic's liens or other liens outstanding on the Real Property, shall be discharged from the proceeds payable by Developer hereunder. Real property taxes becoming delinquent in the year of Closing shall be deemed current and shall be prorated as of the date of Closing. The costs of Closing and title shall be split equally between Developer and Owner at closing. 5. Termination. Upon termination of the option to purchase, Developer agrees to duly execute and deliver freely, without charge, to Owner a release (properly executed, acknowledged and in recordable form) of such option right in any interest of Developer in the Real Property arising out of such terminated option right. 2