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Page 8 11. (a) The Lessee may extend this renewal lease and all terms and conditions hereof for ten (10) renewal terms of five (5) years each. Each extension shall be accomplished by the Lessee giving the Lessor written notice at least sixty (60) days prior to the end of the renewal term then in existence of Lessee's election to extend the lease for the next succeeding renewal term. (b) The Lessee is hereby granted the additional option to purchase from the Lessor the fee simple title to the lands and the buildings and improvements thereon and the Lessor's machinery and equipment located thereon and therein at any time during the term of this renewal lease or any extension thereof. Such option to purchase may be exercised by the giving of written notice to the Lessor and by the payment to the Lessor of the sum of: $100,000 if purchased on or before January 1, 1985 87,000 if purchased between Jan 2, 1985 and Jan 1, 1990 75,000 if purchased between Jan 2, 1990 and Jan 1, 1995 60,000 if purchased between Jan 2, 1995 and Jan 1, 2000 140,000 if purchased between Jan 2, 2000 and Jan 1, 2005 25,000 if purchased between Jan 2, 2005 and Jan 11 2010 20,000 if purchased between Jan 2, 2010 and Jan 1, 2015 18,000 if purchased between Jan 2, 2015 and Jan 1, 2020 16,000 if purchased between Jan 2, 2020 and Jan 1, 2025 114,000 if purchased between Jan 2, 2025 and Jan 1, 2030 12,000 if purchased after Jan 2, 2030. There shall be allowed as a credit toward said purchase price the amount of any moneys received by the Lessor for any removed machinery and equipment as provided in paragraph 5 hereof and also the amount of all ad valorem taxes paid by the Lessee during the initial term of the Lease Agreement dated October 24 , 1960 or during the term of this lease or any extension thereof (except to the extent credit has already been taken under paragraph 13 hereof) which were assessed against the leased premises or any leasehold interest of the Lessee therein.