O-2016-3617 Closing W Madison St.

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OPTION AGREEMENT THE STATE OF TEXAS KNOW ALL PERSONS BY THESE PRESENTS: COUNTY OF HARRIS Tl6 This OPTION AGREEMENT is entered into this ) ? day of Mb tom' , 2015 by and between WALTER E. JOHNSON, (hereinafter collectively called "GRAN'T'OR') and SOUTHWESTERN BELL TELEPHONE COMPANY, a Delaware Corporation, (hereinafter called "GRANTEE"). WITNESSETH: WHEREAS, GRANTOR intends to acquire from The City of La Porte, all that certain tract or parcel portion of the 80' wide Madison Street Right -of -Way, situated in the Johnson Hunter Survey, Abstract Number 35, Harris County, Texas, being the 10' wide by 141' long portion of the 80' wide Madison Street Right -of -Way, situated between Lot 1, Block 92 and Lot 16, Block 101, of the Town of La Porte, according to the map or plat thereof recorded in Volume 58, Page 463 of the Deed Records of Harris County; Harris County, Texas; (the "Properly"). WHEREAS, GRANTEE currently has certain aboveground and underground telecommunications facilities (the "Facilities") located within the Property and desires to obtain an easement for such Facilities; and WHEREAS, GRANTOR has agreed to convey an easement to GRANTEE for the use of the Facilities within the Property (the "Easement") pursuant to an easement agreement in the form of the Southwestern Bell Telephone Company Easement attached as Exhibit A hereto (the "Easement Agreement"); and WHEREAS, GRANTOR cannot convey the Easement to GRANTEE until the City of La Porte conveys title to the Property to GRANTOR and such instrument conveying title to the Property (the "Deed") is recorded in the Official Public Records of Real Property of Harris County, Texas; and WHEREAS, GRANTOR is willing to grant to GRANTEE an option to acquire the Easement pursuant to the Easement Agreement immediately after the recording of the Deed. LP -00115-M SWBT Option Agreement Block 92 & 101