Common use of Consideration and Grant of Option Clause in Contracts

Consideration and Grant of Option. In consideration of the payments herein set forth from Optionee to Optionor, Optionor hereby grants to Optionee an option to purchase Lot 7 in the Replat of Mill Race Industrial Park (a copy of the draft of the Replat is attached hereto marked at Exhibit A) which is located in the Xxxxxxxxxx County Economic Development area in Xxxxxxxxxx County, Illinois (herein referred to as the “Property”), together with all easements and appurtenances thereto, for the price and within the time specified herein. This Real Estate Option Agreement is contingent upon Optionor obtaining all necessary government approval and the filing of the Replat of Mill Race Industrial Park in accordance with the Replat which is attached hereto. In the event the Replat is not approved, this Option Agreement shall be null and void and any monies paid to Optionor by Optionee shall be refunded to Optionee.