upr000161 119

\ ing area of 53«> 861.5 square feet for purchase price of $26,930.75, plus any assessments for public improvements levied and assessed upon or assignable to the option parcel during the term thereof, which are chargeable to capital expenditures; Purchaser to have right to exercise said option by delivering to Land Company notice of its intention so to do, together with full amount of purchase price, provided Purchaser shall have received all nec­essary governmental approvals and shall have awarded contract for construction of a warehouse containing approximately 3l|,000 square feetp and office building containing a minimum of 3,000 square feet; upon exercise of said option Purchaser entitled to take possession pending delivery of deed; Land Company, provided Purchaser be not in fault under this Agreement, shall deliver to Purchaser a deed conveying the option parcel and shall furnish, without cost to Purchaser, policy of title insurance in the amount of the purchase price, showing title to said option parcel, except oil, gas and other minerals therein, to be vested in the Purchaser, subject to? (1) All unpaid taxes and assessments levied and assessed upon the option parcel subsequent to July 22, 195U; (2) Conditions, restrictions, reservations, easements ' and encumbrances of record, or which have been made or suffered upon the option parcel subsequent to July 22, 1951+; said deed excepting and reserving unto Land Company all minerals and all mineral rights, including oil and gas rights thereto, without right of entry; Purchaser, in consideration for said option, agreeing to pay all taxes and all assessments not charge­able to Capital Account, assignable to the option parcel; be, and the same is hereby, ratified, approved and confirmed. >3-