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. r+ + I <br /> • REAL ESTATE PURCHASE OPTION <br /> This Real Estate Purchase Option ("Option") is made this 17th day of October 1994, by and <br /> between Community Investment Corporation of Decatur, Inc. (CICD), an Illinois not-for-profit <br /> corporation ("Buyer") and Nick G. Striglos, ("Seller") and is subject to the following terms and <br /> conditions: <br /> 1. OPTION TO PURCHASE: Seller, in consideration of$500.00 ("Deposit") paid by <br /> Buyer, the receipt and sufficiency of which is hereby acknowledged, hereby grants Buyer the <br /> exclusive option to purchase the following described real estate: <br /> Lot 1, EXC E 1 1/2' of S 21' W18', Blk 9 & W18' of Central Add Lot 13 Blk <br /> 1. Town of Decatur. <br /> COMMONLY KNOWN AS: 134 East Prairie <br /> 2. PURCHASE PRICE. The purchase price for the real estate shall be FIFTY-SIX <br /> THOUSAND DOLLARS ($56,000) which shall be paid at the time of closing of the purchase <br /> of the real estate. <br /> 3. DURATION AND EXERCISE OF OPTION. This Option shall remain in effect and <br /> be subject to Buyer's exercise until Midnight October 16, 1995 ("Expiration La�e";. irus <br /> ti n shall be x r i <br /> Op o e e c sed if and when Buyer mails written notice to Seller of such exercise on <br /> or before the Expiration Date. Upon exercise, this Option shall constitute a contract of sale of <br /> the real estate on the terms and conditions set forth herein. In the event that this Option is not <br /> exercised, the Deposit shall be retained by Seller. <br /> If this Option is exercised and Buyer subsequently fails to purchase the Premises, for any <br /> reason other than Seller's default, the Deposit shall be retained by Seller as liquidated damages <br />