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OPTION A1JD SXLE AGREEMENT Far valuable consideration, the receipt whereof is hereby aeknowl-edged and the adequacy of which is hereby irrevocably accepted, the parties hereto do hereby promise, covenant and agree as follows: 1. David E. Philippi and Kenneth B. Knox each presently own an undivided one-half (~) interest in the real estate which is legally described on Exhibit "A", attached hereto and made a part hereof by this reference. 2. David E. Philippi has applied to The Overland National Bank of Grand Island, Nebraska, for a Small Business Administration guaranteed loan in the amount of $50,000.00 for the repayment of which his undivided one-half (~) interest in the real estate shall be part of the security. 3. The Overland National Sank will make said loan to David E. Philippi only if Kenneth B. Knox will agree, as provided herein, to purchase Philippi's undivided one-half (~) interest in the real estate in the event that Philippi defaults upon his loan. Kenneth B. Knox, has, in turn agreed to accept and perform that conditional obligation of purchase provided that, in consideration therefor, he is given and granted the outright option to purchase which is also provided herein. 4. David E. Philippi and Naomi L. Philippi, husband and wife, each in his and her own right and as spouse of the other, do hereby grant to Kenneth B. Knox the option to purchase David E. Philippi's undivided one-half (~) interest in the real e5tdte WI`31Lit i5 uea'Crib8d vii uinaii.uit "A", attached .icrety aiad made a part hereof by this reference. The option to purchase shall be effective from the date hereof and shall continue until the payment in full of the Century Chrysler-Plymouth, Inc. $50,000.00 Overland National Bank SBA guaranteed loan. In no event shall the option continue to be effective for a period beyond April 18th, 14613, which is the maturity date of the said Overland National Bank SBA guaranteed loan. 5. Kenneth B. Knax does hereby, in consideration for the granting to him of the foregoing option, promise to The Overland National Bank of Grand Island, Nebraska, that in the event that the solely owned corporation of David E. Philippi, being Century Chryslur-Plymouth, Inc., defaults upon its $50,x00.00 SBA guaranteed note to The Overland National Bank to the extent that The Overland National Sank is required to take over and liquidate the automobile inventory of Century Chrysler-Flymouth, Inc, and the other tangible personal property which stands as security for said loan, then Kenneth B. Knox will purchase David E. Philippi's undivided one-half {~) interest in the real estate which is described on Exhibit "A" attached hereto and made a part hereof. 6. In the event the solely owned corporation of David E. Philippi being Century Chrysler-Plymouth, Inc. defaults upon its $54,000.00 SBA guaranteed note to The Overland National Bank and in the event that Kenneth B. Knox fails to properly exercise the option granted herein and/or fails to otherwise complete the purchase of David E. Philippi's one-half (y) interest in the real estate, Kenneth B. Knox and !Marilyn M. Knax, husband and wife, each in his and her own right and as spouse of the other, do hereby grant to The Overland National Bank of Grand Island, Nebraska, the option to purchase Kenneth B. Knox's undivided one-half (~) interest in the real estate which is de seribed on Exhibit "A", attached hereto and made a part hereof by this reference. 7. In the event that Kenneth B. Knox desires to exercise the option granted to him in paragraph 4, above ar, in the event that The Overland National Bank desires that Kenneth B. _1_