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Section 9. Notices. <br />All notices provided for here in this Option and Right of First Refusal shall be <br />deemed duly given when deposited in the United States mail with pr.oper and sufficient <br />postage affixed, properly addressed to the party for whom intended at the party's above <br />listed address, or when delivered personally to that party. <br />Section 10. Time is of the Essence. <br />Time is of the essence of this Agreement. <br />Section 11. Bindinq Effect. <br />This Option shall bind and inure to the benefit of the parties to it, and to their <br />respective heirs, successors and assigns. <br />IN WITNESS WHEREOF, the parties have executed this instrument in duplicate <br />at the place and on the date first above mentioned. <br />WITNESS <br />WITIVESS <br />OPTIONOR: <br />JrN R. COTTON <br />? F: COTTON <br />OPTIONEE: <br />VILLAGE OF MAYFIELD <br />BRUCE G. RINKER, Mayor <br />WILLIAM BUCKHOLTZ, <br />President of Council <br />-4-