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option on the Lands during the Option Period. Should Optionee elect to exercise its <br />option to acquire a lease within the Option Period, Optionee shall notify Optionor in <br />writing of that election by depositing the notice of election into any U. S. Post Office <br />receptacle with sufficient postage, addressed to Optionor, and tender to Optionor, in the <br />form ora bank draft or check, payable to Optionor, the amount orS10.00 (the "Option <br />Payment"). Upon placing the written notice and Option Payment in the mail to Optionor, <br />Optionee is authorized to place of record, in the county where the Lands are located, the <br />Option Lease attached as Exhibit "A," which has been executed by Optionor, as Lessor. <br />The written notice and tender must take place within the Option Period for this Option to <br />be deemed to have been timely exercised. <br /> <br /> In the event Optionee does not tender the Option Payment on or before the <br />expiration of the Option Period, this option shall terminate and the Option Lease shall be <br />null and void and of no further force and effect. Should Optionee choose not to exercise <br />its option, it will return the well to the Optionor free of'any tools, equipment, or wire rope <br />left by Optionee as a result of Optionee's workover and testing procedUres. Optionee <br />shall only be responsible to plug and abandon the well upon exercising this option and <br />recording the Option Lease attached hereto. <br /> <br /> All of the terms, covenants, obligations and considerations of this agreement shall <br />extend to and be binding upon Optionor and its heirs, successors and/or assigns. <br /> <br /> The Effective Date of this Option Agreement shall be the date upon which the <br />Optionor's signature is placed below in acknowledgment and acceptance' of the terms and <br />conditions stated herein. <br /> City ofLakewood, Optionor <br /> <br />By: <br /> <br />Effective Date: <br /> <br />APPROVED: <br /> <br />LAKEWOOD CITY LAW DIRECTOR <br /> <br />Attachment: Non-Drilling 0il and Gas Lease <br /> <br />This instrument was prepared by: <br />Konald A. Gibson & Associates, Inc. <br />322S4 Country Club Drive <br />Avon Lake, Ohio 44012 <br />(440) 933-2099 <br /> <br />Page 2 <br /> <br /> <br />