2006 NS Contract - Assignments Triangle Land Conservancy for Acquisition Real Property Trinity School

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{~ STATE OF NORTH CAROLINA COUNTY OF ORANGE OPTION. AGREEMENT THIS OPTION AGREE ENT (herein fte referred to as the "Option") is made and entered into as of this day of .-~ by and between TRINITY SCHOOL OF DURHAM AND CHAPEL HILL, INC., a nonprofit corporation organized under the laws of the State of North Carolina (hereinafter referred to as "Trinity") and TRIANGLE LAND CONSERVANCY, a nonprofit corporation organized under the laws of the State of North Carolina and having its principal offices in Raleigh, North Carolina (hereinafter referred to as the "Optionee"). WITNESSETH WHEREAS Mortgage Realty, Inc., a North Carolina corporation ("Owner") is the current owner of all of that certain tract or parcel of land containing 16.61 acres more or less and being situated in Orange County, North Carolina and having the PIN # 0800095229 and being more particularly described below (the "Property"); and WHEREAS Trinity would like to acquire all of the rights and title in and to all of the Property from the Own nd T ' 't caner have entered into that certain Option Agreement dated ~ption to Purchase") pursuant to which the Owner granted to Trinity the exclusive right and option to purchase the Property; and WHEREAS Optionee wants to acquire an Option to Purchase a portion of the Property from Trinity and Trinity wants to grant said Option; NOW THEREFORE, in consideration of five hundred and no/100 dollars ($500.00) and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and of the agreements contained in this Option, Trinity does hereby grant and convey to the Optionee, and its successors and assigns, the exclusive right and option to purchase in fee simple absolute, upon the terms and conditions hereinafter set forth, a tract of land containing approximately 10.8 acres, together with all buildings and improvements thereon, and being a portion of that certain tract or parcel of land located in Orange County, North Carolina, containing 16.61 acres, more or less, and which is more particularly described as follows: Being a 16.61 acre, more or less, tract or parcel of land further described in a deed recorded in Deed Book 1989, Page 554, Orange County Registry and depicted and/or described on a Plat recorded in Plat Book _ Page _, Orange County Registry. PIN: 0800095229. Reference to said deed and plat are hereby made for a more particular description. Said 10.8 acre, tract or parcel of land is hereinafter referred to as the "Option Property" and is depicted as "Tract 2" on Exhibit A attached hereto and incorporated herein by