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Prepared by: D. MICHAEL PARKER <br />Return to: D. MICHAEL PARKER, P.O. Box 100, Hillsborough, NC 27278 <br />NORTH CAROLINA <br />ORANGE COUNTY <br />OPTION TO PURCHASE AGREEMENT <br />THI,,S OPTION TO PURCHASE AGREEMENT, made and entered into <br />this the /�> day of April, 1999 by and between ELIZABETH W. <br />MATHESON (UNMARRIED) , Party of the Fizst Part (hereinafter referred <br />to as "Grantor ") and THE ORANGE COUNTY BOARD OF EDUCATION, Party of <br />the Second Part (hereinafter referred to as "Grantee"); <br />WITNESSETH: <br />THE GRANTOR, for a valuable consideration, the receipt of <br />which is hereby acknowledged, does hereby grant, bargain, sell and <br />convey unto the Grantee the option to purchase the property <br />hereinafter described upon the terms and conditions hereinafter set <br />forth. <br />The real property which the Grantee has the option to <br />purchase pursuant to this Option to Purchase Agreement is that <br />certain tract or parcel of land located in Hillsborough Township, <br />Orange County, North Carolina and bounded on the North by <br />Interstate 40, on the west by Verlie C. Mangum, on the south by <br />Irma Crawford and on the east by Interstate 40 and Louise M. Cecil <br />and containing forty four and eight- tenths acres (44.8 acres) , more <br />or less, and being all the property described in the deed recorded <br />in Deed Book 197, Page 1069 of the Orange County Registry which <br />lies south of the right of way acquired by the North Carolina <br />Department of Transportation for the construction of Interstate 40. <br />Saic_;r }­-Derty is all of the parcel identified on the Orange County <br />land records as PIN #9863 -19 -8293 and on the Orange County Tax <br />records as 4.42.A.3. <br />THE TERMS AND CONDITIONS OF THIS OPTION ARE AS FOLLOWS: <br />1. The purchase price for this option is FIVE THOUSAND <br />AND 00 /100 DOLLARS ($5,000.00). The Grantor acknowledges receipt <br />of the purchase price for this option. Any payment made for the <br />purchase of this option and the payment for the extensions hereto, <br />if any, shall be applied to the purchase price as set forth in <br />paragraph 3 below. <br />2. The Grantee shall have until the 4th day of July, <br />1999 at 5:00 P.M. in which to exercise said option and tender the <br />purchase price as set forth in paragraph 3 below. In the event <br />that the Grantee fails to exercise that option or fails to tender <br />the purchase price as set forth above, then and in said event, this <br />option shall be null and vcid and of no effect; provided, however, <br />this option may be extended by amendment if signed by the Grantor. <br />3. That the purchase price for the said tract or parcel <br />