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4 <br />with a closing and final payment on or before October 31, 2000. Durham County may <br />defer closing and final payment on the remaining 85 acres of the property, as shown. in <br />Exhibit B. with a written notice given to the Seller as to this deferral on or before May 31, <br />2000. This deferred closing would occur and final payment by Durham County would be <br />made on or before July 31, 2001. <br />e) The Foundation agrees to allow the Buyers access to the property for inspecting, <br />planning, design, and fumd raising purposes. <br />f) The Buyers agree to involve the Foundation in future publicity and public relations events <br />concerning the property to a level as mutually agreed to by the Foundation and the <br />Buyers. <br />g) A Phase I Environmental Study will be conducted by the Buyers, and at Buyers expense, <br />to be completed on or before May 31, 2000. Should the Phase I Environmental Study <br />reveal conditions which disqualify the Buyers from receiving Clean Water Trust.Fund <br />grans for the property, then the option payment specified in paragraph "a" shall be <br />refunded to the Buyers. <br />h) Orange County agrees to pay for and complete by May 1, 2000 the survey required to <br />prepare the descriptive exhibit to the binding Purchase Agreement showing the <br />approximate 135 acre tract, and the 26 acre tract contained therein, totally located in <br />Orange County, identified in this Letter of Intent. <br />i) Durham. County agrees to pay for and complete by May 1, 2400 the survey rewired to <br />prepare the descriptive exhibit to the binding Purchase Agreement showing the <br />approximate 255 acre tract, and the 85 acre tract contained therein, totally located in <br />Durham County, identified in this Leiter of Intent. <br />j) This is a letter of intent and no party is bound until a definitive Option to Purchase and <br />binding Purchase Agreement are executed by all necessary parties. <br />k) if Orange County does not exercise its option and Durham County does exercise its <br />op'iion, then an access and road agreement must be negotiated and agreed upon prior to <br />executing the binding Purchase Agreement between Durham County and TrianglC <br />Community Foundation. Should the parties fail to reach agreement on an access and road <br />agreement, then the portion of the option payment specked in paragraph "a" attributable <br />to Durham County shall be refunded to Durham County. <br />1) If Durham County does not exercise its option, then the Orange County option, unless <br />other-se agreed to by Orange County and the Foundation, is null and void and the <br />Portion of the option payment specified in paragraph. "a" attributable to Orange Cou:.ty <br />sltall be refunded to Orange County. <br />m) The Foundation shall deliver at closing a General Warranty Deed to each Buyer. The title <br />