OPTION TO PURCHASE

Property:

Buyer:

Seller:

Date of Option (reference):

Escrow:

In the event of any conflict between this Option and the Contract to which it is attached and referenced, the terms of this Option shall govern and control.

IN CONSIDERATION OF ___________________________ Dollars ($ __________), paid by the BUYER herewith, the receipt for which is hereby acknowledged by the SELLER,, the SELLER hereby gives and grants to BUYER, the exclusive option, right and privilege to purchase the following property:

 

, under the terms and conditions of the attached Purchase Contract or Agreement to Purchase Real Estate ("Contract"), which is incorporated by this Reference, with the closing not later than the date specified in the attached Contract.

This Option shall automatically expire at 4:59 PM, Mountain Standard Time, on ____________________, 200_.

By means or, and incorporated by, this reference, this Option { } is, or { } is NOT conditioned upon Buyer’s performance under an attached Lease; any default on the Lease shall constitute a default of, and shall automatically terminate, this Option.

Notice of Election to Purchase shall be given by BUYER by means of a signed copy of the "Exercise Of Option", below, delivered to SELLER at _______________________________________________________________ on or before the date of expiration, above. If the Option is not exercised on or before the date and time of expiration, the SELLER shall retain the consideration as liquidated damages, and this Option shall be null and void.

If this Option is timely exercised and BUYER’S purchase closes by the closing date stated in the Contract, the option consideration { } shall, or { } shall NOT apply toward the earnest money and purchase price.

Both parties have signed the Contract herewith. However, the Contract shall not be binding on the Buyer, and escrow shall not be opened, unless and until Buyer deposits the required Earnest Money and Exercises this Option. If the Option is not timely exercised, both this Option and the Contract shall automatically have not effect whatsoever and shall be null and void.

This document may be executed in counterpart and faxed to Rebecca Stack-Sandidge at 602-667-1086, receipt by whom shall constitute delivery and acceptance by all parties, and thereupon, a single and fully binding document.

BUYER (Optionee):

____________________________ Date: ________ Time: _________

SELLER (Optionor):

____________________________ Date: ________ Time: _________

Exercise of Option

You, the SELLER, are/is hereby notified that I/we, the BUYER, hereby elect to exercise my/our Option to Purchase the property in accordance with the terms and conditions of the Contract. referenced above.

BUYER (Optionee): ____________________________, Date: ____________ Time: _____________