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S <br />THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE AS FOLLOWS: <br />1. PURCHASE PRICI3: The purchase price for the Property <br />shall be FIFTY-FOUR THOUSAND AND 00/100 DOLLARS ($54,000) plus <br />any amount due Seller as the result of the calculation made in <br />Section 4(c) of this Agreement. The purchase price shall be paid <br />by payment in cash at the closing. <br />2. TITLE: Title will be delivered to Buyer at closing by <br />a General Warranty Deed made to the County of Orange, North <br />Carolina, which shall be fee simple marketable title, free of <br />liens, encumbrances, easements, restrictions, rights and <br />conditions, including; but 'not limited to, any promissory note, <br />mortgage, deed of trust, real .estate contract, right of first <br />refusal, or option to buy, other than current property ta.~ces and <br />rights, reservations, covenants, easements, conditions, and <br />restrictions of record as of the effective date of this <br />Agreement that do not materially affect the value of the <br />Property or unduly interfere with Buyer's intended use of the <br />Property, and those exceptions approved in writing by Buyer <br />("Permitted Exceptions"). The description of the Property that <br />will be used in the deed from the Seller to the Buyer will be <br />obtained from a survey of the Property to be obtained and paid <br />for by the Buyer. <br />2 <br />