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7 <br />STATE OF NORTH CAROLINA <br />COUNTY OF ORANGE <br />OPTION AGREEMENT <br />THIS OPTION AGREEMENT (hereinaft referred to as the "Option") is made and <br />entered into as of this i day of ~~ by and between TRINITY SCHOOL <br />OF DURHAM AND CHAPEL HILL, INC., a nonprofit corporation organized under <br />the laws of the State of North Carolina (hereinafter referred to as the "Owner") and <br />TRIANGLE LAND CONSERVANCY, a nonprofit corporation organized under the <br />Laws of the State of North Carolina and having its principal offices in Raleigh, North <br />Carolina (hereinafter referred to as the "Optionee"). <br />WITNESSETH <br />In consideration of $500.00 and other good and valuable consideration, the receipt and <br />adequacy of which are hereby acknowledged, and of the agreements contained in this <br />Option, Owner does hereby grant and convey to the Optionee, and its successors and <br />assigns, the exclusive right and option to purchase in fee simple absolute, upon the terms <br />and conditions hereinafter set forth, a tract of land containing approximately 14.683 <br />acres, together with all .buildings and improvements thereon, and being a portion of that <br />certain tract or parcel of land located in Orange County, North Carolina, containing 18.67 <br />acres, more or less, and which is more particularly described as follows: <br />Being an 18.67 acre, more or less, tract or parcel of land further described <br />in a deed recorded in Deed Book 1852, Page 237, Orange County Registry <br />and depicted and/or described on a Plat recorded in Plat Book~93 Page 1, <br />Orange County Registry. PIN: 0800096887. Reference to said deed and <br />plat are hereby made for a more particular description. <br />Said 14.683 acre, tract or parcel of land is hereinafter referred to as the "Property" and is <br />depicted as "Tract 1" on Exhibit A attached hereto and incorporated herein by reference. <br />The exact dimensions and boundary lines of the Property shall be determined by a survey <br />performed by a registered surveyor prior to the Closing. . <br />The following terms, provisions, and conditions are further agreed to: <br />1. EXPIRATION DATE AND 1l~IETHOD OF EXERCISE. This Option shall remain <br />in effect for two (2) months from the date that thi Option has been executed by the <br />Owner and shall expire at 5:00 p.m. on' the day of ~~, ZO 0~,. This <br />Option shall be exercised upon posting, by certified mail, a written notice to the <br />Owner at the notice address set forth in paragraph 15 of this Option. Exercise shall <br />be deemed timely if such written notice is maned on or before the date first set forth <br />in this paragraph. <br />2. OPTION PRICE. The price for this Option is five hundred and no/100 dollars <br />($500.00) ("Option Price"), to be paid by Optionee upon the signing by Optionee of <br />