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• • <br /> <br />• ? price; thus, said $10,000.00 is considered purel y and solely <br /> for the original option and the right to determi ne the <br /> <br />4.. marketability and suitability of the land herein granted. <br /> In the event the Optionee fails to exercise said option, as <br /> herein provided, the additional $7,000.00 shall also vest <br /> absolutely in Opt ionor, and neither party shall have any <br /> further rights un der this agreement. <br /> All ad valorem taxes assessed against said real <br />property for the year in which said option is exercised <br />shall be prorated between the parties as of the date of <br />delivery of said deed; however, if said taxes are not <br />I <br />ascertainable at the time of delivery of said deed the <br />amount of the prior year's taxes shall then be used as the <br /> basis for proration. <br /> Within a ten (10) day period following the delivery <br /> of said deed, Optionor shall deliver to Optionee an Owner's <br /> Title Policy of Title Insurance, upon the form prescribed by <br /> the State Board of Insurance, dated as of the date of closing <br /> and issued to Optionee in the amount of the total sales <br /> price guaranteeing Optionee's title to be good and indefeas- <br /> ible subject only to taxes for the year of sale (prorated as <br /> above stated), any shortages in area or boundary lines, and <br /> the following reservation in favor of Optionor: An undivided <br /> one-half (1/2) royalty (being equal to not less than an <br /> <br /> undivided one-sixteenth (1/16th) of all the oil, gas and/or <br /> other minerals in, to and under or that may be produced from <br /> the above-described real property, to be paid or delivered <br /> to Optionor, as their own property, free of cost forever. <br /> Said interest hereby reserved is a Non-Participating Royalty <br /> and Optionor shall not participate in the Bonuses paid for <br />' any oil, gas or other mineral lease covering said land, nor <br /> <br /> will Optionor participate in the money rentals which may be <br /> paid to extend the time within which a well may be begun <br /> under the terms of any lease covering said land. It shall <br /> not be necessary for Optionor to join in the execution of <br /> any lease covering said Royalty interest, and the Optionee <br />Page 3