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d� <br /> J � <br /> the date of the Exercise;N se of escrow means the time that Seller's <br /> grant deed is filed far retia scrow Holder. Time is of the essence of this <br /> Agreement. if this escrovv°'fa o close as provided above, any party which has <br /> fully complied with the' jpris of this Agreement may at any time thereafter <br /> ve written notice t9 E6 <br /> g�ealder to tante[ this escrow. Escrow Halder shall <br /> comply with su °`��"'� out further consent from any other party to this <br /> escrow and shah gi or deposits and/or other documents to the party who <br /> is entitled o,-'^! °''' &rider the terms hereof. Cancellation off the escrow as <br /> Provided,he hall be without prejudice to whatever legaE__rights Buyer and <br /> Seller msy`.. gainst each other. 1Nhnever gives notice of cancellation to <br /> Escrrow iN01 may- , M,hall agree by such notice to hold Escrow Holder harmless and <br /> to Inde Escrow Holder for any loss or liability that it may incur by complying <br /> V..K .. <br /> -;notice. Any cost of such cancellation of escrow shall be paid for by <br /> whichever party initiates such cancellation. <br /> D_ O tion Consideration, At the time of execution of this Agreement <br /> by both Buyer and Seller, Buyer shall remit to Seller, outside of escrow, the total <br /> sum of $54,000 as option consideration ('Option Payment"). The Option <br /> Payment shall serve as the option consideration for the Option Term, shall be <br /> non-refundable to Buyer, and shall be credited against the Purchase Price for <br /> the Property. <br /> PURCHASE OF PROPERTY <br /> In the event that the option granted herein is timely and properly <br /> exercised by Buyer, the purchase and sale of the Property shall be <br /> consummated on the following terms and conditions: <br /> 1. Purchase Price. <br /> (a) The purchase price for the Property shall be equal to <br /> $32,000 per acre. The acreage of the property is agreed to be 8'.13 acres, <br /> subject to a possible adjustment based upon the lot split approved by the County <br /> of Sart Joaquin. The Purchase Price shall be $260,160. <br /> (b) Buyer agrees to pay, in addition to the Purchase Price set <br /> forth in (a) above an amount equal to $4,400 as the value of the 1989 year <br /> walnut crop, The total Purchase Price including the $4,000 shall be $264,160, <br /> (c) The Purchase Price shall be paid to Seller on the terms and <br /> conditions set forth in Article 2 below, <br /> 2. Payment of Purchase Price, The Purchase Price shall be paid by <br /> Buyer in the following manner: <br /> 3 <br /> 20 °d 922 Gez •clam Wd 8Z: 20 T00r_-8z-Naw <br />