OPTION TO PURCHASE PROPERTY
This option to Purchase Property is entered into between____________________________________________ (“Seller”), located at _______________________________and______________________________(“Buyer”),located at _____________________________ in consideration of and subject to the following terms andconditions.
1.GRANT OF OPTION
Seller grants and conveys to Buyer the exclusive and irrevocable option to purchase (the “Option”) thefollowing real estate property (the “Property”) located in _____________________________,(City) _________________,(State), and is legally described as: _________________________________________
Buyer pays Seller the sum of
Dollars ($____________________)(the “Option Money”), the receipt of which Seller acknowledges as consideration for the Option.
3. TERM, EXERCISE/NOTICE
A.TERM. Buyer’s right to exercise this Option shall commence on the above date and shall continue until _____________________________and including the _____________________________ day of __________________________________ (the “Option Period”).B.EXERCISE/NOTICE. This option shall be exercised by Buyer’s written notice to Seller of Buyer’sintention to purchase. The notice shall be deemed received when personally delivered, transmitted byfacsimile, sent by express courier or sent by United States mail, postage prepaid, certified and returnreceipt requested, addressed to Seller or the designated agent of Seller, as the case may be, at the addressset forth in this Option of any party prior to the expiration of the Option Period.Initials Buyers _______________ Initials Sellers __________________ Page 1 of 2