P29-Opening Recitals

                        
Objective Form

    THIS AGREEMENT is made and entered into this ______ day of
__________________, 19______, by and between _____________________,
a _________________________ corporation, having its principal
office at _____________________________ (hereinafter called
"Seller") and _____________________________,  a corporation
having its principal place of business at __________________________
(hereinafter called "Buyer").

                           WITNESSETH:

    For and in consideration of the sum of $____________, in hand
paid, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Seller does


grant unto the Buyer the right, privilege and option to purchase
all of that certain piece, parcel or tract of land, together with
such building(s) and improvements thereon and the appurtenances
thereto which are located in the city (town) of ________________
_______________________ County of ______________________________,
as are more specifically described in Section I hereof
(hereinafter referred to as the "Property" or the "Premises") on
the following terms and conditions.


Comment
    An option may be structured in a variety of ways.  It may be
a simple agreement which merely references the right to purchase
at a predetermined price, leaving the details of the purchase
agreement to be worked out later.  More commonly, among
sophisticated parties, the option gives a buyer the right to
purchase property at a predetermined price and upon terms which
are fully set out in the option agreement.  Finally, the terms of
the purchase agreement may be incorporated within an Exhibit to
the option agreement.  The objective format utilizes the second


method.  Thus, the parties agree that if the Buyer exercises the
option, it then has the right to purchase on the terms set forth
in the agreement.
    The differences between these methods are ordinarily those of
style rather than substance.


Alternatives
    Following is a simple option where the terms of the agreement
will be defined once the option is exercised.
         "In consideration of the sum of $_________, receipt of
         which is hereby acknowledged, the Seller does hereby
         grant the Buyer the option to purchase the property
         described herein for the sum of $_________ upon such 
         terms and conditions as are agreeable to the parties at 
         the time the said option is exercised."
    Following is an option referencing an Exhibited Purchase
Agreement:
         "...The Seller does grant unto the Buyer the right,
         privilege and option to purchase all of that certain...


         as are more specifically described in Exhibit A hereto
         upon the terms and conditions as are set forth in
         Exhibit A, attached hereto and incorporated by this
         reference herein."