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OPTION AND RIGHT OF FIRST REFUSAL <br />TO PURCHASE REAL ESTATE <br />This Option and Right of First Refusal is given this ak,??ay of March, 2006, by <br />JOHN R. COTTON and JOAN F. COTTON, 6826 Meadowood Drive, Mayfield Village, <br />Ohio 44143 ("Optionor") to the VILLAGE OF MAYFIELD, 6622 Wilson Mills Road, <br />Mayfield Village, Ohio 44134, County of Cuyahoga and State of Ohio ("Optionee"). <br />Section 1. Grant of Optionor. <br />In consideration of the sum of Eight Hundred Dollars ($800.00) per year, paid by <br />Opfionee to Optionor, Optionor grants to Optionee the exclusive right and option to <br />purchase, on the following terms and conditions, that real property at 6826 Meadowood <br />Drive, Mayfield Village, Ohio 44143, County of Cuyahoga, State of Ohio, also known as <br />Permanent Parcel No. 831-23-025, togetherwith improvements thereon (the <br />"Property"). Payment for year one shall be due and payable upon execution of this <br />Agreement. Payment for years two and three shall be paid so long as the real estate <br />has not been sold no later than January 3, 2007 and January 3, 2008, respectively. <br />Section 2. Option Period. <br />The term of this Option and Right of First Refusal shall be for three (3) years, <br />commencing as of the date set forth above and continuing until three (3) years <br />thereafter. <br />Section 3. Purchase Price of Propertv. <br />The full Purchase Price of the Property will be determined by an independent <br />appraisal of the Property. The party exercising this option will send their appraisal to <br />the other side in accordance with Section 5 hereunder. If the appraised price is <br />accepted as the Purchase Price, the matter shall proceed to closing. If the appraised <br />, .:, . <br />EXFi IBIT A