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20ooo~oss Option Event. The following shall be deemed to be an "Option Event": 1.1 Commencement of Construction. In the event Owner or its successors and assigns (collectively "Owner") does not commence construction of a retail building approved by Developer (the "Building") on or before the date which is one (1) year from the date of the acquisition of the Property by Owner, as evidenced by the recordation of the Deed to Owner (which date is referred to herein as the "Construction Commencement Date"), then Developer shall have the option, for a period of one (1) year following the Construction Commencement Date to repurchase the Property. Construction Commencement for purposes of this Section 1.1 shall mean the good faith vertical construction of the Building 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 Property after an Option Event is herein referred to as the "Option Period". 2. Exercise of the Option. Developer may exercise its option to re-purchase the Property under Section 1.1 hereof by delivering written notice of such intent, together with an earnest money deposit of Twenty Five Thousand and No/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 Feriod 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 l .l is exercised, the purchase price of the Property shall be equal to the Purchase Price of the Property as set forth in the Purchase Agreement. 3.2 Reducton_at Closing. As detailed in Section 4, any liens or deeds of trust or mortgages on the 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 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 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 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. 2