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under them, to the interest and all obligations secured by them, and
for all renewals, replacements and extensions of time. Provided,
however, the mortgagee named in such mortgage or mortgages shall
recognize the Lease of Lessee in the event of foreclosure if Lessee .
is not in default under the terms of this Lease..
20. QUIET ENJOYMENT. If the Lessee shall perform all and
singular of the covenants herein imposed upon them, Lessor shall,
. subject to the reservations and conditions of this Lease, warrant and
defend Lessee in the quiet enjoyment and peaceful possession of the
premises demised hereby for the term hereof.
21. OPTION TO PURCHASE. Lessor hereby gives the Lessee the
right and option to purchase the demised premises and all structures
and improvements thereon at any time during the term of this Lease or
any extension or renewal thereof for the sum of One Hundred Ten
Thousand Dollars ($110,000.00).
In-the event a part of the premises herein demised is
condemned, Lessee shall receive a credit against the purchase price
to the extent Lessor shall have been compensated for the condemned
portion of land. Such credit shall in no event exceed one'half (1/2)
of the amount of damages awarded to Lessor.
The Lessee shall notify the Lessor of their intention to
exercise this option to purchase by giving the Lessor a written
notice of election at or before midnight of the day on which the
option term expires. Additionally, at the time of notifying the
Lessor of their election to purchase, the Lessee shall pay to the
Lessor as a deposit Twenty Thousand Dollars ($20,000.00). The balance
of the purchase price, after giving credit for the Five Thousand
Dollar ($5,000.00) security deposit paid under the Lease, is Eighty-
- Five Thousand Dollars ($85,000.00) and sr~l:. be payable monthly.for
ten (10) years at 10% interest. The Lessee shall have the right to
prepay this note and mortgage at any time without penalty. Upon pay-
ment of the purchase price as required in this option, the Lessor
shall deliver a good and sufficient warranty deed to the premises
Initialed essors Initialed by Lessees
on 1979. on 1979.
B~~K316 P~~E~?00
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