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,"_ <br /> <br />OPTION AGREEMENT <br /> <br />' This Option Agreement- is entered into effective October 16, <br />1998 by Esther J. Weitzel., a.k.a. Esther Weitzel ("Seller") and <br />Connell Resources, Inc., a Colorado corporation, or assigns <br />("Buyer"). <br />Seller owns the real property, together with all improvements, <br />inclusions and appurtenances as described on Exhibit A, attached <br />and incorporated by reference (collectively referred to as the <br />"Property"). <br />Buyer desires to obtain an option to purchase the Property on <br />the terms set forth below. <br />In consideration of <br />Seller, which sum is not <br />purchase price for the <br />purchase is exercised, a <br />receipt and sufficiency <br />agree as follows: <br />the sum of $10,000.00 paid by Buyer to <br />refundable buC shall be credited to the <br />Property in the event this option to <br />nd for other valuable consideration, the <br />of which are acknowledged, the parties <br />1. Grant of Option. <br />Seller offers to sell and convey to Buyer and grants to Buyer <br />the exclusive and irrevocable option to purchase the Property <br />subject to the terms and conditions set forth below and in the form <br />of the Vacant Land/Farm and Ranch Contract to Buy and Sell Real <br />Estate which is attached as Exhibit B (the "Contract"). <br />2. Time for Exercise. <br />The Buyer's option to purchase Lhe property must be exercised <br />by the Buyer on or before October 15, 1999. However, by written <br />notice to extend the time and payment of an additional $10,000.00 <br />in good funds on or before October 15, 1999, at 6:00 p.m. mountain <br />time, which amount is also non-refundable, buyer shal]. have until <br />June 1, 2000 to exercise the option. The additional $10,000.00 if <br />paid shall also be a credit on the purchase price. If the option <br />to purchase is not exercised on or before October 15, 1999, or June <br />1, 2000 if the option is extended, this Option Co Purchase shall <br />automatically cease and terminate, neither party shall have any <br />further rights hereunder, and this Agreement shall be null and <br />void, all without further action or documentation by either party. <br />3. Manner. of Exercise. <br />Buyer's option Co purchase shall be exercised by the delivery <br />Lo Seller at Seller's address below of two copies of the Contract <br />duly executed by Buyer, and with one duly executed copy to John E. <br />Weitzel at i'. O. Box 100, Timnath, Colorado 8054%. The $10,000.00 <br />1 <br />(i ~ ~,~, <br />