Morton

Plaintiff Pearl B. Smith and defendant administratrix’ deceased Virgil P. Bohannan were the owners as joint tenants of a parcel of real property. They entered into a written agreement dated September 19, 1966, entitled “Option for Sale and Purchase of Real Property.” The agreement recited that $1,500 having been paid therefor, Bohannon granted to Smith “an option to purchase the [subject] real property" on terms and conditions therein stated.

We set forth the substance of the agreement’s terms and conditions as relevant to the issue of this appeal.

Paragraph 1, entitled “Option to Purchase,” provided: “Seller [Bohannon] hereby gives and grants to Buyer [Smith] the exclusive right and option for and during the period” of the next five years to purchase “all of Seller’s right, title and interest” in the real property.

Paragraph 2, called “Exercise of Option,” provided for the exercise of the option any time during its five-year.term, by written notice by mail or hand delivery to the seller.

Paragraph 3 (“Purchase Price and Payment”) related that the “total gross purchase price” was the sum of $25,000 to be paid as “hereinafter set forth. . . . Buyer shall pay each month…