The term of the Option shall commence on the Effective Date and shall terminate at 6:00 p.m. Eastern time on May 1, 2016 (the “Option Period”), unless exercised as set forth herein. The Option may be exercised prior to the end of the Option Period by Purchaser’s (i) delivery to Seller of written notice of its intent to exercise the option (the “Exercise Note”) and (ii) depositing with First American Title Insurance Company (or other escrow agent to be agreed upon) the sum of One Million and 00/100 Dollars (the “Earnest Money Deposit”). The Earnest Money Deposit shall be non-refundable except in the event that Closing does not occur as a result of (i) Seller’s default under the Purchase Agreement (as defined below) or (ii) Seller’s inability to deliver good title to the Premises.