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r BQ~~~. OPTION TO PURCHASE A rr^ARM HOUSE LOT OPTION TO PURCHASE A FARM HOUSE LOT made February ~~, 1980, by MILTON O. SCHULTS, an individual, hereinafter called the optionor. 1, Grant of Option. For and in consideration of the sum of TEN AND NO,~100 DOLLARS {$10.00), receipt of which is hereby acknowledged, the optionor hereby grants to his son, STEPHEN MILTON SCHULTZ, hereinafter called the optionee, if he is living and competent to exercise such option at the time such option is exercisable as hereinafter provided, and if he is not, then to CHERYL LYNN SCHULT2, optionee's wife, a first right and privilege to purchase the fallowing described farm lot: The house yard as it is fenced around the house occupied and owned by my son, Stephen Milton Schultz, including the foundation and property under the house, located in the Southeast Quarter {SEAS) of Section Thirty-six {36}, Township Ten {10), North, Range Niae t4), West of the 6th P.M., in Hall county, Nebraska, This option {or right of first refusal) is exercisable by the aptionees only in the event that the optionor or his legal repre- sentatives either desire or attempt to sell, convey, or otherwise dispose of the above described property to an individual ether than the optionees. The above described real estate is a farm lot urn which the optionees have situated their home and this aptia_n iy granted to protect the oDtionees' interest therein. The ogtiaa is binding upon the optionor, his estate, heirs, assigns and legal representatives. 2. Period of Option. This option may be exercised at any tine the parties agree or at any time the optionor, his estate, heirs, assigns or legal representatives either desire or attempt to sail, convey, ar otherwise dispose of the property to an individual other than the optionee, but only according to the terms under which it is granted. 3. Method of Exercise. This option may be exercised by a statement in writing signed by the optionee and delivered to the optionor personally ar his legal representative. Alternatively, sueh statement may be sent by registered mail, postage prepaid, addressed to Milton O. Schultz, at his last known address, and the delivery of such statement shall be deemed to be complete twenty- -i-