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-3- <br />letter to GWTOR, setting out that thoption is exercised, <br />then, in that event, this purchase shall be concluded on or <br />before December 28, 1977. <br />. IV. <br />Upon closing of this transaction, GRANTOR agrees to furnish <br />to GRANTEE, at the time of execution of GRANTOR'S Deed, an <br />Owner's Title Policy issued by Southern Title Company of Houston, <br />at its offices at Houston, Texas, covering such properties for <br />the amount of the purchase price in the usual and customary <br />form for title policies in Harris County, Texas, with the <br />usual standard printed exceptions, and subject to the matters <br />noted in Paragraph I, (1) through (8), both inclusive, hereof; <br />provided, however, it is understood and agreed that the title <br />insurance will not include the 0.511 acre tract. <br />M <br />. All taxes for the calendar year immediately prior to the <br />calendar year of closing shall be paid by GRANTOR, and all taxes <br />for the current year of closing shall be prorated as of date of <br />closing. <br />VI. <br />In the event GRANTEE does not exercise the right, privilege <br />and option herein granted to it, on or before 12:00 o'clock Noon, <br />October 31, 1977, then all rights and privileges granted to it here- <br />under shall automatically terminate and shall be of no force and <br />effect, and the option money paid under this option agreement to <br />GRANTOR shall be forfeited to GRANTOR, and the GRANTEE shall have <br />no further right to such sum, and in such event both Parties <br />hereto shall be released from any and all further obligations <br />• hereunder. Time shall be of the essence, including the time of <br />closing the transaction on or before December 28, 1977, after <br />the exercise of such option. Should GRANTOR fail to deliver its <br />Special Warranty Deed and to furnish GRANTEE an Owner's Title <br />