I receive $1000 a month and am due another $21,400 if/when the tenants exercise the option.

The exercise is valuable if you have the opportunity to use those proceeds to create maximum equity on one or more of the purchases for purposes of tapping the equity for future acquisition or to have the security of at least one property owned unemcumbered. 

My option agreements state that any other agreement between myself and the optionee , if any, must be performing in order for optionee to be able to exercise their option to purchase.  

We are not trying to pinch pennies for the exercise and we want them to look nice to advertise our company.Do people generally have to supply logo designs in a certain format for the designers or will any standard format do?

If there is a redemption period, you might find that the state or local law will permit other creditors to exercise the rights of redemption.In some states (such as my state of PA), acquiring a property via a tax sale purchase will typically be a "subject to" type of transaction: you take over the property "subject to" all existing liens remaining in place (except that you have paid off the taxes with your purchase money) - they aren't wiped out without a special judicial action.Other than that, Bill is correct - you did not agree to anything via contract, so you are not obligated.

You could simply call it a 3/2 and say the extra room is an office or exercise room if that is what rents better. 

It is monetary compensation to the seller in exchange for a due diligence period, the said compensation is non-refundable if the option is exercised and if not exercised it is credited to the price of the property at the closing.

But, it was great exercise (just walking) and I learned about

Also, the municipality cannot penalize the tenant or the property owner for the tenant exercising their right to refuse, i.e. fine, fee or condemn the property simply for the failure of the tenant to give permission. 

Besides, in my market, law schools have students constantly making calls to landlords trying to get them to violate fair housing and they press charges as an exercise.