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. , , <br /> 6. In the event of the exercise of the option, the sum of <br /> Fourteen Thousand Dollars ($14,000) shall be credited toward the <br /> purchase price. The aforesaid option price funds shall not be <br /> refundable to CICD in any event, whether said option is exercised <br /> or not. <br /> 7 . CICD understands and agrees that there are outstanding <br /> leases on all of said property except for 259-261 North Water <br /> Street, all of said leases or options contained in said leases <br /> being for a term beyond the option period. Any purchase of said <br /> real estate by CICD hereunder will be subject to the terms of said <br /> leases. <br /> 8. In the event during the term of this Option Agreement the <br /> OWNERS receive a bona fide purchase offer which the OWNERS desire <br /> to accept, the OWNERS may give CICD written notice of the same and, <br /> upon receipt of the notice the option period of CICD shall be <br /> shortened to 30 days from the receipt of such notice. If CICD <br /> exercises its option to purchase within said 30 day period, closing <br /> shall take place 120 days after the exercise of said option. If <br /> CICD does not exercise its option to purchase after receiving <br /> notice of a purchase offer from the OWNERS, CICD shall not receive <br /> a repayment of any part of the option price. If any of the OWNERS <br /> receive a bona fide offer to lease all or a portion of the <br /> premises, the OWNERS shall be entitled to give CICD notice thereof <br /> and the option period shall be shortened to 30 days after receipt <br /> of such notice. In the event CICD fails to exercise its option <br /> within said 30 day period, all option rights of CICD hereunder <br /> shall terminate and CICD shall be entitled to be repaid the option <br /> price notwithstanding the provisions hereinabove set forth in <br /> Paragraph 6. In the event CICD exercises its option within said 30 <br /> day period, CICD shall have 120 days within which to close the <br /> purchase. <br /> 9. In the event of the exercise of the option hereunder by <br /> CICD, the parties agree that they shall both be bound to carry out <br /> the sale of the above real estate on the following terms: <br /> -4- <br />