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<br /> <br />4 <br />Prepared by: Geoffrey E. Gledhill <br />Return to: Geoffrey E. Gledhill, P.O. Drawer 1529, <br />Hillsborough, NC 27278 <br />NORTH CAROLINA <br />ORANGE COUNTY <br />OPTION TO PURCHASE AGREEMENT <br />THIS OPTION TO PURCHASE AGREEMENT, made and entered into <br />this the day of May, 1999 by and between DUKE UNIVERSITY, a <br />North Carolina corporation, hereafter "Duke University," and <br />ORANGE COUNTY, NORTH CAROLINA, a body politic and corporate, a <br />political subdivision of the State of North Carolina, hereafter <br />"Orange County"; <br />WITNESSETH: <br />Duke University, for a valuable consideration, the receipt <br />of which is hereby acknowledged, does hereby grant, bargain, sell <br />and convey unto Orange County the option to purchase the property <br />hereinafter referred to as "the Property" and upon the terms and <br />conditions hereinafter set forth. The Property is described as <br />follows: <br />The 62.652 acre tract of land identified as Parcel <br />Number 1 on the plat of property titled "Property of <br />Duke University," prepared by James R. Hudson, R.L.S., <br />which plat is recorded at Plat Book 43, Page 83, Orange <br />County Registry. The Property is further identified as <br />Orange County P.I.N. 9855-50-8167 and has an Orange <br />County tax map reference of 3.41..14. <br />THE TERMS AND CONDITIONS OF THIS OPTION ARE AS FOLLOWS: <br />1. The purchase price for this option is ONE HUNDRED AND <br />00/100 DOLLARS ($100.00). Duke University acknowledges receipt of <br />the purchase price for this option. Any payment made for the <br />purchase of this option and the payment for extensions hereto, if <br />1 <br />