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5. FAILURE TO EXERCISE OPTION If the City of Lakewood does not exer- <br /> cise this option as herein provided, this option shall then terminate and <br /> the sum of One Dollar ($1.00) paid by the City of Lakewood shall be retained <br /> by James and Marcia Pfaff free of all claims of the option, and neither party <br /> shall have any further rights or claims against the other and James and <br /> Marcia Pfaff shall be free to sell the subject real property to any person, <br /> firm or corporation they see fit. <br /> <br /> 6. ASSIGNMENT This Option Agreement shall not be assigned without <br /> <br /> the express written consent of both parties hereto. <br /> <br /> 7. MISCELLANEOUS PROVISIONS <br /> <br /> A. This Option Agreement shall be construed under the applicable <br /> provisions of Ohio law. The parties hereto agree to comply with all <br /> provisions of the Uniform Property Acquisition Act <br /> <br /> B. This Option Agreement represents the entire Agreement between <br /> the parties and no oral understanding in existence prior to the <br /> execution of this Agreement shall have any force or effect. <br /> C. Time is of the essence of this Agreement <br /> <br /> 8. MUNICIPAL APPROVAL This Option shall not be va]id until the Council <br />of the City of Lakewood has adopted legislation approvin9 this Agreement pur- <br />suant to all applicable provisions of the Ordinances of the City of Lakewood. <br />A certified copy of the ordinance shall be sent to the Sellers. <br /> <br /> Done at Lakewood, Ohio, on this <br /> WITNESSES <br /> <br />~~_..~,, . <br /> <br />WITNESSES <br /> <br />day of , 1980. <br /> <br />CITY OF LAKEWOOD <br /> <br /> fA~nthony~'. S i nagra, Mayor <br /> <br />James A. Pfaff <br /> <br />Marcia M. Pfaff <br /> <br />-2- <br /> <br /> <br />