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

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this Option. If the Option is exercised, the entire Option Price will be applied to the total Purchase Price for the Property. In the event the Optionee does not exercise the Option or does not close on the purchase of the property because of a title defect or other reason allowed by 'the terms of this Option, then the Option Price will be returned to the Owner in full. 3. PURCHASE PRICE. The total Purchase Price for the Property shall be the sum of seventy-five thousand and no/100 dollars, ($75,00.00 ). 4. CLOSING. A Closing of the sale of this property under this Option shall be held within not less than five (5) nor more than sixty (60) days of the exercise of this Option; provided, however, in the event of objections to title or condition of land at Closing, and diligent efforts on Owner's part to cure said objections, a Closing shall be held within a reasonable time following the removal of said objections. 5. CONDITION PRECEDENT. The parties agree that Owner is, in good faith, and using all best and reasonable efforts, negotiating a contract with Mortgage Realty Inc., a North Carolina corporation, to purchase all of the rights, title and interest in and to that certain tract or parcel of land being 16.61 acres, more or less, and more particularly described in a deed recorded in Deed Book 1989, Page 554, Orange County Registry, and having the identifying PIN: 0800095229 (herinafter referred to as the "Mortgage Realty Property"). Owner and Optionee further agree that the Closing of the sale of the Property under this Option is conditioned upon Owner's purchase in fee of the Mortgage Realty Property. If the sale of the Property under this Option does not close because this Condition Precedent is not met, then Owner shall refund to Optionee the Option Price in full, plus any expenses incurred by Optionee for due diligence work including but not limited to, title search, legal expenses, survey costs, and Phase I environmental assessments. 6. EVIDENCE OF TITLE. Upon exercise of this Option, the Optionee will have title to the Property examined, and if applicable, obtain a preliminary title insurance commitment on the Property. The title examination and/or commitment must evidence the Owner's ability to deliver title at Closing as set forth below. All costs necessary to procure the title examination and, if applicable, the title commitment and final title insurance policy to be issued at Closing, shall be the responsibility of the Optionee. 7. ACCEPTABLE TITLE. Owner represents and warrants to Optionee that Owner has the right, power and authority to enter into this Option and to sell the Property in accordance with the terms hereof, and Owner has granted no option to any other person to purchase the Property. At Closing, the Owner shall. convey good, insurable and marketable title to the property together with all rights belonging to the Property, including insurable legal access, all mineral rights and all water rights, to the Optionee in fee simple, free and clear of all liens, encumbrances, restrictions, rights, or exceptions except those of record that are acceptable to the Optionee.