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I -2- 84 _ G02'S2~ r (vi) $12,500.00 principal, plus interest, at 10 percent per annum on the unpaid principal balance, payable on January 2, 1987. (vii) $12.,500.00 principal, plus interest, at< 10 percent per annum on the unpaid principal balance, payable on January 2, 1988, (viii) $12,500.00 principal, plus interest, at 10 percent per annum on the unpaidprincipa4 balance, payable on January 2, 1989. D. If First Party so elects, the principal payments beginning January 2, 1986, shall be made in mont:h~ ly installments of principal and interest at" 10 percent per annum on the unpaid principal bal~~ ance, payable on the second day of each month' thereafter through and including December 2. 1990~ If First Party elects to receive monthly payments rather than annual payments, First Party shall notify Second Party, in writing, on or before January 1, 1986, of such election. 5. If this option is exercised, the Closing Date January 2, 1981. Within 10 days after receipt of notice of exer- cise, First Party shall furnish Second Party with an Abstract of Title, certified to date, showing marketable title in the premises vested in First Party. Second Party shall then have 10 days with~c. in which to inform First 'drty, in ,<<iting, of any title defects' which Second Party claims are disclosed in the abstract. If any meritorious defects are claimed, First Party shall have the option of curing said defects within a reasonable time, and the Closing Date shall not be delayed, or First Party may declare the option void and return the Sl,OOO.OO option consideration to Second Party. 6. First Party shall pay all real estate taxes up to and including 1980. Second Party shall pay all real estate taxes for 1981 and following years. 7. This Option and Agreement is not assignable by any Party without the prior written consent of the other Party. Con- sent shall not be unreasonably withheld. 8. Second Party acknowledges that he has inspected the above described premises and improvements and accepts the same in their present condition, and the Parties agree that there have been L no warranties concerning the premises made by tht' First Party or any agents of the First Party.