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OPTION AGREEMENT <br /> Preamble <br /> This Option Agreement is made June 17, 2002, at Tracy, California, by <br /> i Lawrence J. Gerhart, as trustee for the Lawrence 3. Gerhart 1998 Living Trust, <br /> Sharon A. Gerhart, as trustee for the Sharon A. Gerhart 1998 Living Trust and, <br /> Leland Paul Gerhart and Leeanna G. Gerhart, trustees of the Leland and Leeanna <br /> Gerhart Family Trust, collectively referred to in this Agreement as "Optionors," and <br /> Linne Estates, LLC, a California Limited Liability Company, referred to in this <br /> Agreement as "Optionee." <br /> Recitals <br /> WHEREAS, Optionors are the.owners of certain real <br /> property situated in San <br /> Joaquin County, referred to in this Agreement as "the Property," designated as •+w� <br /> Assessor's Parcel Number 248-090-09 and more articular) described y in Exhibit <br /> ONE which is attached tohi <br /> t s Agreement and hereby incorporated by reference; <br /> and, <br /> WHEREAS, Optionee desires to acquire the exclusive right to purchase, <br /> without becoming obligated to purchase, the Property at an agreed price and under <br /> specified terms and conditions; <br /> NOW, THEREFORE, it is agreed as follows: <br /> k Grant of Option <br /> t <br /> 1. Optionors hereby grant to Optionee the exclusive right to purchase the <br /> r Property at a price and under the terms and conditions hereinafter set forth upon <br /> payment of $50,000.00 as consideration as hereinafter set forth. <br /> 2. This option will continue for a period to and including 5:00 p.m., 18 months <br /> from the date Optionee signs this Option Agreement. This period must be computed <br /> by excluding the first day and including the last, unless the last day is a holiday, and <br /> then it is also excluded. <br /> Consideration <br /> 3. This option is granted in consideration of Optionee's non-refundable <br /> .payment to Optionors of the sum of $ 50,000.00, payable by a certified or cashier's <br /> check drawn to the order of Optionors, subject to collection, receipt of which is <br /> hereby acknowledged. <br /> N To assure Optionors that the option payments are truly notrefundable, and <br /> l as an express condition to this Agreement, Optionee, for itself and its successors and <br /> r assigns, specifically waives the benefit of the rule of law announced by the California <br /> Supreme Court in the case of Freedman v. The Rector (1951) 37 Cal.2d 16, and <br /> represents to Optionors that Optionee and its successors and a i ns will of sgek <br /> restitution of the option payments called for in this Agreement. - w <br /> initials of Optionee) <br /> 1 <br />