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TE~a . III II I III III <br />May c.:l 1':53 Na.ODU r.~~r <br />• <br />LEASE W[TH OPTION TO PURCHASE <br />This Lean/Option Agreement is made and entered into effective u of the 36 `" day <br />of aaer..w4e.~ , 2000, by and between Weldon E. and Betty Jean McCiune, Rt. 1, <br />Box 1325, Athens, TX 75751 ("Landlord", who is also the seller under the option granted herein) <br />and Emery Lynn Olin, 304 Main St., P. O. Box 1412, Ouray, COS 1427 ("Tenant", who is also <br />the buyer under the option granted herein). <br />1. Erased Premises Landlord hereby leases to Tenant and Tenant hereby rents from <br />Landlord on the terms end conditions expressed in this Leasel Option Agreement the vacant land <br />described In the attached Exhibit A located in the City and County of Ouray, Colorado (hueafler <br />"the Property"). <br />2. ~t{1 This Lease shall be for a period of one year beginning on the effective date set <br />forth above and ending al 12:D1 9.m, on the one year anniversary of said date. <br />3. ~i1e 1 Tettant agrees to pay Landlord as monthly rent the sum of Fivc Hundred Dollara <br />($500.00) each month for the duration of this lease. All rent payments shall be made to Landlord <br />on or before the 5ret day of each month at its address set forth about unless otherwise directed by <br />Landlord in writing. Any rent paymert not made to Landlord by the tenth of the matth shall be <br />deemed late and shall have assessed on it a late fee of 550. <br />In addition to the rent spooified herein, Tenant shell reimburse Landlord for one half of all <br />real estate loxes levied against the Property during the lease term. <br />4, Qption to Purchase For and consideration of the stun of Ten Thousand Dollars <br />($10,000.00) paid to Landlord by Tenant, the receipt and sufficiency of which is hereby <br />irrevocably acknowledged, Landlord hereby grants Tenant an option to purchase the Property at <br />any time during the term of the lease on the terms described below. Provided 't'enant is not in <br />default in his performance under this lease, Tenant shall have the aplion to purchase the properly <br />Crom Landlord for a price of One Hundred Thousand Dollars (5100,000.00)("the purchase <br />price'). Upon Tenant's exercise of this option, the Ten Thousand Dollar option payment and all <br />rent payments shell be applied to, and deemed partial payment of, the purchase price. <br />A. Notice of (ntrnt to Exucise: Tenant may exercise his option to purchase by gluing <br />Landlord written notice, on or before the expiration of the lease term, of his intent to exercise the <br />option. <br />B. Title Insurance: R'ithin twerny one days after receipt 6y Landlord of Tenant's notice <br />of intent to exercise the option, Landlord shall furnish or cause to be furnished to Tenant, at <br />Landlord's sole expense, a current commitment for owners title insurance policy issued by <br />