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<br />SECTION FOUR <br />PURCHASE OPTION <br /> <br />A Lessor Raby D. Williams Jr. and Alan D. Davidson, in consideration of $10,000 <br />paid to Lessor by Lessee, as down payment to be credited toward the purchase price, <br />agree to sell to Lessee, at Lessee's option, the following property now owned by Lessor, <br />namely: 5117 Gall Boulevard, Zephyrhills, Pasco County, Florida. and described more <br />particularly as follows: <br /> <br />Legal Description <br />11-26-21-0010-18500-0070 <br />Assessed in Section 11, Township 26 South, <br />Range 21 East <br />Pasco County, Florida <br /> <br />CITY OF ZEPHYRHILLS PB 1 PG 54 LOTS 7-12 <br />INCL BLOCK 185 OR 4749 PG 1099 <br />And all buildings, signage, fencing, additions thereon, subject to the following terms <br />and conditions: <br /> <br />1. This option is to continue for 60 days from the date of lease termination or new- <br />lease termination. <br /> <br />2. The price to be paid for the property, if this option is exercised, is $385,000, this <br />amount decreased by the down payment given at the commencement of the <br />lease, in the amount of $10,000, and decreased by $600 of each monthly lease <br />payment. Lessee's payments of taxes, insurance, finance fees, late fees, <br />improvements, permits, will not be deducted from the purchase price. <br /> <br />3. Proof of payment of mortgage and related charges on a monthly basis needs 0 be <br />supplied from Lessee to Lessor no later than the 26th of each month, proof is a <br />copy of the check drawn and acopy of a certified receipt provided by the post <br />office. <br /> <br />4. The $10,000 down payment is not refundable to Lessee if Lessee does not <br />exercise its option to purchase. The $10,000 is refundable to Lessee if Lessor <br />violates the lease agreement in a material way. <br /> <br />5. After payment is made in full to Lessor and/or Lessor's mortgage company, <br />Lessor agrees to execute and deliver to Lessee a bill of sale and deed conveying <br />the property to Lessee, and to deliver possession of the premises described <br />herein to Lessee or his assigns, in as good condition as it now is, reasonable wear <br />and tear excepted, and free of all liens and encwnbrances. <br /> <br />Page 2 of 10 <br /> <br />- <br />