An option to purchase (“Option”) is granted
on _________________________ by
_______________________________________________________________________________________________, the “Seller,” to __________________________________, the “Buyer.” Seller, intending to bind Seller, Seller’s heirs, successors and assigns, in consideration of the sum of _________________ Dollars ($______________________) (the “Option Money”) paid to Seller by Buyer, receipt of which is acknowledged, grants to the Buyer, Buyer′s heirs, successors, assigns or representatives, the exclusive right and option to purchase all of that certain parcel of land, together with all improvements located thereon (collectively, the “Property”), in the Township of _____________________, County of Erie, Commonwealth of Pennsylvania, and more particularly described as follows:
Street Address: ________________________________________________________________________
Legal Description: ________________________________________________________________________
________________________________________________________________________ on the terms and conditions set forth below:
1. Option Period: This Option shall exist and continue from the date hereof until ___________ o’clock ___.M. on ____________________________ (“Option Period”). TIME IS OF THE ESSENCE WITH RESPECT TO THE OPTION PERIOD AND EXERCISE.
2. Exercise: At any time during the Option Period, Buyer may exercise this Option by giving Seller a written notice thereof signed by the Buyer, which exercise is effective upon (a) hand delivery, (b) completed facsimile transmission, or (c) prepaid deposit of the notice with an overnight commercial delivery service or in certified mail, return receipt requested, at the following address:
Seller requests, but does not require, a copy be sent to:
Phone:_______________ Fax: ________________________
3. Contract Upon Exercise: Upon exercise of this Option, the terms of purchase and sale shall be as set forth on the completed standard “Agreement to Purchase Real Estate," which is attached as Exhibit A and incorporated herein by reference.
4. Application of Option Money: If this Option is exercised, the Option Money shall _____ shall not _____ be applied to the purchase price at Closing. If this Option is not exercised, the Option Money shall be retained by Seller.