§ 119. Options to purchase property or awards. A municipality or
authority may at any time secure options in its own name or in the name
of nominees to purchase property or any interest therein or awards in
condemnation made or to be made therefor. No consideration need be given
or paid by a municipality or authority to the person, firm, or
corporation giving the option. The option granted to the municipality or
authority to purchase such real property or award shall not be withdrawn
or cancelled during the period named therein. Any such option may be
extended by the optionor for a period or periods beyond the period named
therein. The option shall be in such form that acceptance thereof by the
municipality or authority within the time limited therein, or within any
extended period, will create a binding contract for the sale of the real
property or award described therein.