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<br /> Option on Real Estate
<br /> KNOW ALL MEN BY THESE PRESENTS,that REGIONS BANK, AS TRUSTEE UNDER LAND
<br /> TRUST NO.2395,("Trustee")Macon County, Decatur,Illinois, for and in consideration of the sum of
<br /> Two thousand five hundred dollars($2,500.00)in hand,paid by REYNOLDS DEVELOPMENT LLC, 111
<br /> East Decatur Street, Decatur, Illinois ("RDLLC")does hereby agree to hold until the 15`�day of
<br /> December,2006,at 5:00 p.m.,time being of the essence and an important part of this Option,subject to.the
<br /> order of said RDLLC or its assign,the following described real estate:
<br /> Lot Thirteen(13)of the Resurvey of Snyder's Addition and Lots 1,2,and 3,Block 2 of Central
<br /> Addition,as per Plat recorded in Book 149 Page 303 of the records in the Recorder's Offtce of
<br /> Macon County, Illinois: (Premises)City of Decatur,County of Macon,State of Illinois;
<br /> ("Premises")
<br /> or to transfer the said real estate at any time,within the time above described to the said RDLLC, or such
<br /> person,persons or other entity("assigns"),as he or they may direct by a good and su�cient Trustee's Deed
<br /> with retease of all homestead and dower rights at and for the price of Two I-Iundred Seventy Five Thousand
<br /> dollars($275,000.00),good and lawful money of the United States of America,payable at the time of
<br /> closing.
<br /> Trustee shal] grant RDLLC or its assigns access to the Premises for inspection,subject to prior reasonable
<br /> notification.
<br /> In the event that RDLLC or its assigns of the Option shall decide to purchase the said property at the above
<br /> price and terms within the said time,then and in that case,the said amount paid for this option shal]be
<br /> credited upon the said purchase price,but in the event RDLLC or its assigns hereof do not conclude the
<br /> purchase above named within the time prescribed,then and in that case,the said amount paid for this
<br /> Option shall be retained by the Trustee in full satisfaction for holding the property subject to the said order
<br /> for the said time.
<br /> It is understood and agreed that the Trustee is to furnish a commitment for a title insurance policy in the
<br /> amount of the purchase price with ten(10)days after this Option is exercised,showing good and
<br /> merchantable title in the Trustee,and that conveyance shall be made free and clear of all encumbrances
<br /> whatsoever,except any lien of current real estate taxes,coal and/or mineral rights if now reserved or
<br /> conveyed of record and easements and building and use restrictions now of record. Said commitment shall
<br /> be replaced with a title policy in the amount of the purchase price at closing.
<br /> Provided,however,that in case there should be any delay on the part of the Trustee in perfecting the title to
<br /> the above property for more than(10)ten days after notice of the election of RDLLC or its assigns thereof
<br /> to purchase the said property then and in that case RDLLC or its assigns hereof reserves the right to cancel
<br /> this Option and receive back the consideration hereafter,or to extend the time until the said titte is
<br /> perfected.
<br /> Dated, at Decatur, Illinois this 11 th day of October 2006.
<br /> `�E�Tp,r15'1�A.IIC -��,I Qu�"��
<br /> RDLLC ��� Trustee ,�LvsroFF�.K
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