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which platted streets have not been opened or used and have not .
been dedicated to or accepted by the public or by any govern- a
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mental au~hority. In the event that this Option shall not be `
exercised by TRUSTEE on at least 30 acres on or before 120 days
f'rom the date of this Agreement and'on at least 30 acres each
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year thereafter as above set ~arth, then this Option shall
terminate and be of no further effect, provided, however, that
if this Option is exercised on more than 30 acre~ in ar~y one
year, then the excess may, at the option of TRUSTEE, be applied
as part of ac~y future 30 acre per year minimum requirement under
this Ortion. In the e~ent that this Opt3on shall be terminated :
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Ly reason of faiZure of TRUSTEE to exercise same from time to time r`
as hereinabove provided, then said consideration of ONE THOUSAND
DOLLARS paid for this Option shall be retained by and shall
be the property of ALLEN. •
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In the even~~RUSTEE exercises the Option to purchases
TRUSTEE shall have tne choice of purchasin~ the first 30 acres
at ar~y loca ~ion that he may desire f ho~vever, a21 addi ~1ona1
purchases shall be conti~uous to acreage previously pu~chased
and access to a public-road as ~o any property which is not
purcnased by the TRUSTEE shall not be cut off.
2. rhe purchase price for all lands upon which this
Option is exercised sha21 be FOUR THOUSAND AND NO/100 DOLLARS
($4,OG0.00) per acre and shall be payable 60~ in cash at closing _
and the balance o£ ~+0~ by Purchase Money Note and Mortgage ~
bea=i~~; interest at o$ per annum with principal and in~erest
Nu;;auZe on or befor~ ei~;hteen months aFter_ date of closing.
Said ;~?o ~c and i4ortga~e shall provide for the prepayment of the -
rr::ole or any ~art thereo~ at ac~y time witnout penalty and shall
inc~ude a 30-day.grace period in the event of default. S3xty
~c: cenL of the 2and being purctzased, as selected by TRUSTE:,
~i.a ~1 bc excluded tror~ the i~torv~a~e at closin~ and shall be
cU::•~c;~cu at clo:;3n~, free ar.d c2ear of encumbra~ces . Said
::;~r~;~~e ~::all con~ain a release clause by V~hich t:~e
~ga~ce agrees to release 2and~ from the lien of ~he t~nrt~a ;e
- z ~ - eo~~ 193 22p3
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