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,. ~ • <br />' OPTION AGREEMENT <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 the sum of $10,000.00 paid by Buyer to <br />Seller, which sum is not refundable but shall be credited to the <br />purchase price for the Property in the event this option to <br />purchase.is exercised, and for other valuable consideration, the <br />' receipt and sufficiency of which are acknowledged, the parties <br />agree as follows: <br />1. Grant of Option. <br />Seller offers to sell and convey to Buyer and grants to Huyer <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 the 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 shall. 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 to 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 />' <br /> Buyer's option to purchase shall be exercised by the delivery <br /> Co Seller at Seller' s address below of two copies of the Contract <br /> duly executed by Buy er, and with one duly executed copy to John E. <br /> Weitzel at P. O. Box 100, Timnath, Colorado 80597. The $10,000.00 <br />' ' 1 <br />I" <br />• ~' <br />1 <br />