OPTION AGREEMENT

When dealing with the purchase of a site without planning permission,
Concept2 Homes will carry out a detailed and confidential appraisal of the
planning prospects, assess the market value and then make a clear offer in the
form of an Option Agreement.

The Option Agreement is normally for a minimum period of 12 months with a
six-month right to appeal. This allows Concept2 Homes to attempt to obtain
planning permission, paying all costs involved at our own risk.

As soon as planning permission is achieved, the Option is exercised, the land
purchased and the proceeds paid to the owner before any work commences
on site.