Common use of Option to Repurchase Clause in Contracts

Option to Repurchase. Optionee acknowledges that it intends to construct and operate an ethanol production facility on the Property. Notwithstanding anything contained in the Agreement to the contrary, any Deed to Optionee shall contain a restriction that if substantial construction shall not be begun within twenty-four (24) months of the date of the Deed to Optionee, and completion of such construction diligently pursued thereafter, the Optionor shall have the option to repurchase the described premises at the original Purchase Price paid by Optionee. Optionor may exercise such option by giving written notice to Optionee within thirty (30) days of the completion of the twenty-four (24) month period and Closing shall occur within thirty (30) days of the date of such notice. Said Deed from Optionor to Optionee shall contain a further restriction that the Property shall not be subdivided or sold as less than one entire contiguous tract without the express written consent of the City of Sikeston, which said consent shall not be unreasonably withheld.