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The sum of $b00.00 per month payable during Lhe
second year of this le~se to be paid in quarterlq
instalments. ~
The sum of $500.00 per month payable during the
third year of this lease to be paid in quarterly
inatalments.
The sum of $1,000.00 per month payable during the
fourth year of this lease to be paid in quarterly
instalments. .
The sum of $1,000.00 per month payable during the
_ fifth year of this lease to be paid in quarterly
instalments. ~
The firs~ pa~ment to be made on the effective date of this agreemen~
arid quarterly instalments as above described in each succeeding quarter.
OPTION TO PURCHASE:
FOR AND IN CONSIDERATION of the mutual covenants by a~d between
the parties aforesaid and in flirther consideration of One Dollar
($1.00) and o~her valuable consideration paid to the Lessor, the .
Lessor covenants and agrees, and does hereby grant the option to
purchase all of the aforesaid propertp to the Lessee on the following
terms and conditions. ~
, The opt.ion~ is hereby granted the Lessee to purchase all of
the above deacribed property; said option to be effective for one
year from date of this agreement and to be exercised within a sixty-d~y
t
; period prior to termination of the first year of this lease agreement
f by writtEm notice of such election to purchase served upon Leasor.
E Upon the exercise of the purchase option aforesaid the Lessor
agrees and covenants to sell to the Lessee the aforesaid propertp at
. ~
THREE HUNDRED DOLLARS ($300.00) per acre; the sum of tr,renty-niae per cent
~
(29y~) to be paid by cash at closing and the balance of purchase price ~
. ~
, to be paid by promissory note bearing interest at 6;~ annually, said
note payable within a ten-year period and bearing annual instalments
of principal and intere st; the first instalment to begin one year ~
~ from closing. Said note to be secured by purchase money first mortgage
on the herein described property~ iaZ alternative cash purchase price
at closing.
Upon the exercise of the option to purchase all monies heretofore
paid as rental shall be applied toward the purchase price.
Upon the exercise of option to purchase survey of the above
property rrill be conducted to determine total acreage to be conveyed.
~ Costs of survey to be divided end paid one-hslf by each party.
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