2006 010 Ordinance - Laserfiche WebLink

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price is not accepted as the Purchase Price, the party not in agreement with the first appraisal shall get its own appraisal and the Purchase Price shall be the average of the two appraisals if they are within ten percent (10%) of each other. If the two appraisals are not within ten percent (10%) of each other, a third appraisal paid by both the Optionor and Optionee equally shall establish the Purchase Price. Section 4. No Application of Consideration to Purchase Price. If Optionee purchases the property described in this Option, and under the terms and conditions in Exhibit "A", the consideration paid for this Option shall not be applied to the Purchase Price. Section 5. Exercise of Option. Optionee may exercise this Option at the end of the three-year period hereunder by giving Optionor written notice, signed by Optionee, and four (4) signed copies of the Purchase Agreement, attached hereto as Exhibit "A", along with an appraisal setting forth the acceptable Purchase Price, and heretofore signed by Optionor before the time set for expiration. Within thirty (30) days after receipt of notice, and in accordance with the terms of Exhibit "A", Optionor shall deliver to Optionee, against payment of the Purchase Price, a General Warranty Deed to the property. Tender of the Purchase Price, as established by Section 3, less any amount already paid by Optionee and to be credited by Optionee, excluding sums paid as consideration under this Agreement shall constitute a sufficient tender. Optionor may exercise this option at any time during the three-year period hereunder by giving Optionee written notice, signed by Optionor, and four (4) signed copies of the Purchase Agreement, attached hereto as Exhibit "A", along with an -2-