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exercised, City agrees to compensate Owner for any damage that <br />may arise out of, or be incidental to such work. Should the <br />option be exercised, however, Owner hereby releases and waives <br />any and all claims for damages that may have arisen from, or be <br />incidental to, such work. <br /> <br /> 8. Exercise of Option - Written Notice. This option may be <br />exercised by City or its assigns, within the option period <br />hereinabove set forth, by mailing, telegraphing, or delivering in <br />person a written notice thereof to Owner at 121 Main Street, <br />Pleasanton, California. <br /> <br /> 9. Exercise of Option - Entry and Possession. At any time <br />within the option perio~ hereinabove set forth, City, its agents <br />or assignees may enter on the land and take such possession <br />thereof as may be necessary to carry out the development program <br />of City, it being understood that in such event City shall be <br />deemed to have thereby finally exercised this option. <br /> <br /> 10. Transaction to be Closed Through Escrow. If this option <br />is exercised, the sale transaction shall be consummated through <br />the services of an escrow agent. Escrow shall be opened within <br />thirty (30) days following exercise of the option in the manner <br />therein provided. Owner and City shall execute escrow <br />instructions consistent with the terms hereof and with the terms <br />of the sale contract to be entered into by them on exercise of <br />the option. Within 45 days after the opening of escrow, such <br />instructions, together with all necessary documents and payments <br />required hereunder, shall be deposited with the escrow agent. <br />Escrow fees shall be paid by City. <br /> <br /> Escrow shall close by December 31, 1987. If escrow cannot be <br />closed within such period, escrow shall be terminated at the <br />election of either party, and the contract between the parties <br />shall be deemed rescinded, and all amounts paid by or for the <br />account of City shall be returned to City, except $15,000.00 <br />which shall be withheld for monies owed to District by City for <br />the purchase of the property shown as B4 on the attached map, <br />marked Exhibit "B" and incorporated herein by this reference. <br /> <br /> 11. Statement of Relationship of Parties. The parties agree <br />that their relationship under this option shall be that of <br />optionor and optionee and that nothing herein contained shall be <br />deemed or interpreted to create between them the relationship of <br />principal and agent, employer and employee, vendor and purchaser, <br />or partners. <br /> <br /> 12. Risk of Loss. In case of loss or damage by fire or <br />otherwise to the improvements now existing on the premises <br />between the date hereof and the close of escrow if this option is <br />exercised, City shall have the privilege of (1) rescinding this <br />option and having all payments made hereunder returned to it; or <br />(2) exercising this option and completing the purchase as herein <br />provided, and receiving the benefit of any insurance proceeds <br />paid or to be paid for such loss or damage; or (3) exercising <br />this option and completing the purchase as herein provided, <br /> <br /> - 2 - <br /> <br /> <br />