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THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE AS FOLLOWS: <br />1. PURCHASE PRICE: The purchase price for the Property shall be SEVENTY TWO <br />THOUSAND AND 00/100 DOLLARS ($72,000). The purchase price shall be paid by payment <br />in cash at the closing. <br />2. TITLE: Title will be delivered to Buyer at closing by a Special Warranty Deed <br />from Duke University, made to Orange County, North Carolina, which shall be fee simple <br />marketable title, free of liens, encumbrances, easements, restrictions, rights and conditions, <br />including, but not limited to, any promissory note, mortgage, deed of trust, real estate contract, <br />right of first refusal, or option to buy, other than current property taxes and rights, reservations, <br />covenants, easements, conditions, and restrictions of record as of the effective date of this <br />Agreement that do not materially affect the value of the Property or unduly interfere with <br />Buyer's intended use of the Property, which exceptions must be approved in writing by Buyer <br />("Permitted Exceptions"). The Property description in the deed shall conform to the survey of <br />the Property to be prepared as prescribed in paragraph 4(a) of this Agreement. <br />3. REPRESENTATIONS. WARRANTIES AND COVENANTS OF SELLER: <br />Seller makes the following representations and warranties to Buyer as of the effective date of this <br />Agreement and again as of the Closing Date: <br />(a) Title. At the Closing Date, Seller shall have good, marketable, and indefensible <br />fee simple title to the Property subject only to the Permitted Exceptions, and Seller is aware of no <br />other matters that adversely affect title to the Property. <br />(b) Leases. There are no leases, licenses, or other agreements granting any person or <br />persons the right to use or occupy the Property or any portion thereof except as described in <br />paragraph 3(d) of this Agreement. <br />2 <br />