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Knox shall purchase the property pursuant to the terms of paragraph 5, above, the one of them initiating the action shall give written notice to the other and to David E. Philippi of the action that is to he taken. Zn the event that The Overland National Bank desires to exercise the option granted to it in paragraph 6, above, The Overland National Bank shall give written notice to Kenneth B. Knox and to David E. Philippi of its intent to exercise said option. The notice shall be sent by certified United States mail with return receipt requested. 8. within 45 days after the valid service of a notice pursuant to the terms of paragraph 7, immediately preceding, the sale from David E. Philippi to Kenneth B. Knox shall be closed and consummated upon the following terms and conditions: (a) The closing date shall be within 45 days after the date of the mailing of the notice. (b! Upon closing, Kenneth B. Knox shall be entitled to the exclusive possession of the property. (c) Upon closing, Kenneth B. Knox shall pay to David E. Philippi, Naomi L. Philippi, and The Overland National Bank the purchase price in full in the amount of 5122,500.00, less the amount of any credits therefrom which Kenneth H. Knox is entitled to claim pursuant to the terms of this Agreement. (d) David E. Philippi and Naomi L. Philippi, husband and wife, each in his and her own right and as spouse of the c~thPr; do heVob.. ~ ~ ~--~ ! uy^rc-2 ~<.u~. upc:~x! c'r,e c:ivsing o~ the purchase by Kenneth B. Knox the property will be transferred to Kenneth B. Knox free-and clear of all liens and encumbrances excepting those which Kenneth B. Knox agrees to assume. Kenneth B. Knox will assume, up to a maximum of 5122,500.00, one-half (?~) of any unpaid taxes, one-half (~) of the unpaid balance of principal and interest upon any then existing mortgage which Philippi and Knox have jointly placed upon the premises and one-half (~) of any other liens which Philippi and Knox jointly place against the premises. David E. Philippi shall be required to remove any and all liens and encumbrances against his undivided one-half (fig) interest in the property which are not assumed by Kenneth B. Knox pursuant to the terms of this subparagraph. (e) Within l0 days after the notice of sale has been given by the appropriate party, David E. Philippi shall at his expense, furnish a legible abstract of title extended to date by a registered abstracter, which abstract shall show marketable title tc an undivided one-half (~) interest in the premises to be vested in David E. Philippi, subject only to encumbrances which Knox will be assuming under the terms of the sale as provided herein. (f) At closing, David E. Philippi and Naomi L. Philippi, husband and wife, each in his and her awn right and as spouse of the other, shall convey the undivided one-half (~) interest in the real €:state to Kenneth B. Knox by warranty Deed, free and clear of all special assessments, liens, taxes, and other encumbrances whatsoever which are not specifically tiding assumed by Kenneth B. Knox according to the terms of this Agreement. (g) In the event that the abstract does not shave marketable title of the one-half (~) interest to be vested in David B. Philippi, Dither free and clear of all liens and encumbrances, or subject to liens and encumbrances which Kenneth B. Knox agrees to assume and which can be paid off at closing, but the aggregate of which do not exceed the purvhasa price hereunder, then David E. Philippi and Naomi L. Philippi shall, nev~srtheless, at the option of Kenneth B. -2-