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1) GRANTEE4It~romissory note in the S~_f $575,000.00, dated the date of closing, bearing interest at the rate of 4.5% per annum; payable in accordance with the amortization schedule attached hereto as Exhibit "A", incorporated by reference herein, and made a part hereof for all purposes. GRANTEE reserves the right to prepay any amount of principal or interest on the promissory note, at any time, without prepaYment penalty; 2) certified copy of the City of La Porte ordinance authorizing the issuance of said promissory note, in form attached hereto as Exhibit "B", incorporated by reference herein, and made a part hereof for all purposes; 3) opinion letter from McGinnis, Lochridge & Kilgore, Bond Counsel of San Antonio, Texas, in form attached hereto as Exhibit "C", incorporated by reference herein, and made a part hereof for all purposes. VIII. In the event GRANTEE does not exercise the right, privilege and option herein granted to it, on or before 12:00 Noon, January 31, 1995, then all rights and privileges granted to it hereunder shall automatically terminate and shall be of no force and effect and the option money paid under this option agreement to GRANTOR shall be forfeited to GRANTOR, and the GRANTEE shall have no further right to such sum, and in such event both Parties hereto shall be released from any and all further obligations hereunder. IX. In the event this Option is exercised and the GRANTOR is unable to furnish to GRANTEE the owner's title policy provided for in Paragraph V hereof, then in that event the option money, receipted for herein, shall be returned to GRANTEE, and both parties shall be released herefrom; except, that GRANTOR shall use his best efforts to furnish such title policy, and GRANTEE may waive any objection, if any, to the title, and close the transaction. ~ ~ ,py