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<br />OPTI:ON AGREEMENT
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<br />made and entered into by and between HAROLD P.
<br />County, Texas, hereinafter called GRANTOR, and
<br />CITY OF LA PORTE, a municipal corporation, of Harris county, Texas,
<br />hereinafter called GRANTEE,
<br />
<br />STATE OF TEXAS {
<br /> {
<br />COUNTY OF HARRIS {
<br />This Agreement,
<br />PFEIFFER, of Harris
<br />
<br />W I: T N E SSE T H:
<br />
<br />I.
<br />
<br />For and in consideration of the sum of ONE HUNDRED THOUSAND
<br />
<br />DOLLARS ($100,000.00) in cash to me in hand paid by CITY OF LA
<br />
<br />PORTE, a municipal corporation, GRANTEE, of Harris County, Texas,
<br />
<br />receipt of which is hereby acknowledged; I, HAROLD P. PFEIFFER,
<br />GRANTOR, being the owner of the hereinafter described real property,
<br />do hereby give and grant to the said GRANTEE, its successors and
<br />assigns, an irrevocable option, effective until 12:00 o'clock Noon
<br />on January 31, 1995, to purchase the hereinafter described property,
<br />to-wit:
<br />
<br />Tract One: Lots 1-5, both inclusive, in Sailor's Cove
<br />Subdivision, a 2.209 acre tract, being a resubdivision of part
<br />of Lot 18, W.B. Lowrance Subdivision, recorded in Volume 83,
<br />Page 596, Harris County Deed Records - Beazley Homestead Tract,
<br />according to the map or plat of said Sailor's Cove Subdivision
<br />recorded April 6, 1994, under Harris County Clerk's file No.
<br />P779441.
<br />
<br />Tract Two: Lots 7 & 8, Bayshore Block, Bayshore Park
<br />Subdivision, according to the map or plat thereof recorded in
<br />Volume 10, Page 22, of the Map Records of Harris County, Texas.
<br />
<br />II.
<br />
<br />GRANTEE shall have the right, during the time set out in this
<br />Option Agreement, to purchase the hereinabove described property for
<br />the total sum of Six Hundred Seventy-five Thousand Dollars
<br />($675,000.00), of which the Option Money paid hereunder shall be a
<br />part.
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