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OPTION AGREEMENT THIS OPTION AGREEMENT (the "Agreement "), entered into as of November 14, 2013 (the "Effective Date "), by and between the City of South Bend Redevelopment Commission ( "Seller ") and the St. Joseph County Public Library ( "Buyer "). FOR AND IN CONSIDERATION of Fifty Two Thousand Five Hundred Thirty Four Dollars ($52,534.00) ( "Option Payment ") and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller irrevocably grants to Buyer or its assigns, the first and exclusive option (the "Option ") to purchase, in accordance with the terms and conditions hereinafter contained, the real estate located in St. Joseph County, Indiana and more particularly described in Paragraph 1 below, together with all easements, rights and appurtenances attached thereto and all improvements thereon (all of which is hereinafter referred to as the "Real Estate "), for the amount specified in Paragraph 2 below (the "Purchase Price "). 1. The Real Estate. The Real Estate consists of the approximately 1 acre of land depicted and/or generally described on Exhibit "A" attached hereto and incorporated herein. 2. Purchase Price. (a) The Purchase Price shall be the sum of One Hundred Sixty Three Thousand Two Hundred and 00 /100 Dollars ($163,200.00). (b) Upon closing, the Option Payment shall be applied as a credit to the Purchase Price. The balance of the Purchase Price shall be paid in cash to Seller from Buyer at closing. (c) Except as provided herein, payment of the Purchase Price by Buyer shall relieve Buyer and its successors or assigns from the obligation to pay any additional sums, including, but not limited to, costs of relocating Seller and Seller's tenants to an alternate site. (d) If the Buyer does not exercise the Option, the Option Payment shall be retained by Seller as full and final consideration for the this Option Agreement. 3. Term. Buyer's right to exercise the Option shall commence on the Effective Date hereof and shall expire on December 31, 2018 ( "Expiration Date "), such period constituting the "Approvals Period." Notwithstanding the foregoing, Buyer and Seller may agree in writing to maintain the Option in effect beyond the Expiration Date ( "Extension Period "). The Approvals Period and such Extension Period are referred to herein as the "Option Period ". In the event that Buyer and Seller do not agree in writing to maintain the Option in effect beyond the Expiration Date, then this Agreement and the Option granted hereby will be considered terminated and each party hereto shall be released from any duty hereunder except as otherwise provided herein.