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<br />NORTH CAROLINA OPTION TO PURCHASE
<br />This Option to Purchase made on 1~. ? Z~~ `, between TRTANGLE COM1VlITNITY
<br />FOiJNDATION, hereinafterrefened to as Seller, to O UNTY OF ORANGE, NORTH CAROLINA, hereinafter
<br />referred to as Buyer. ~
<br />VJITNESSETH, that thc Seller, for and in consideration of the sum of ELEVEN THOUSAND AND
<br />NO/100s DOL~,ARS ($11,000.00) (hereinafter referred to as "Option Mone}~~ to them in hand paid by the Buyex,
<br />receipt of which is hereby acknowledged, does hereby give and grant imto the Buyer, their heirs, assigns, or
<br />representatives, the exclusive right and option to purchase all of that certain plot, piece, or parcel of land together
<br />with all improvements thereon, located in the County of Orange, State of North Cazolina, and more particulariy
<br />described as that portion of the 390.91 acre tract described on Exhibit A which is located entirely in Little River
<br />Township, Orange County, North Cazolina (hereinafier referred to as the Property"). At the time of the excrcise
<br />of this option, Buyer may exercise its option to purchase, aitematively, the entire plot, piece, or pazcel of land, less
<br />and except that 26 acre tract shown on Exhibit B, under the same terms as conditions.
<br />The terms and conditions of this option are as follows:
<br />Term, This option sha11 exist and continue unti15:04 P.M. EST on Mav 31. 2000.
<br />2. Exercise. At any time during the option peziod, Buyer may exercise tYris oprion by hand delivery or deposit
<br />of written notice by certified or registered mail, retum receipt requested, to Seller at the following address:
<br />Mr. Fred Stang
<br />Triangle Community Foundation
<br />100 Park Offices, Suite 209
<br />P. O. Box 12834
<br />Research Triangle Park, North Carolina 277Q9
<br />Contract Upon Exercise. Upon exercise, the tezms of purchase and sale shall be as set forth on Exhibit C
<br />attached hereto, and incorporated herein by reference.
<br />4. Application of Option Money. The consideration paid for this option, above set forth shall be applied to
<br />the purchase pzice at closing, if this option is exercised. If this option is not exercised, the Option Money
<br />will be retain.ed by Se11er, except as provided in S.A. below.
<br />Other Conditions.
<br />A. The parties hereto aclmowiedge that Durhazn County, North Carolina will enter into an Option to
<br />Purchase all of the Tract descnbed on Exhibit "A" which is located entireIy in Durham County,
<br />North Carolina. If Durham Coimty does not exercise the aforesaid option, then this Option, unless
<br />otherwise agreed to by Orange County and the Seller, will be null and void and the Option Money
<br />stl~ll be refizuded to Orange County.
<br />B. A Phase I Environmental Study will be conducted by the Buyer, at Buyer's expense, and shall be
<br />completed on or before 5:00 p.m. May 31, 2000. If the Phase I Environmental Study reveals
<br />conditions which disqualify the Buyer from receiving Clean Water Trust Fund grants for the
<br />property, then the Option Money shall be refunded to Buyer and the Option shall be terminated.
<br />C. Buyer a~ees to pay for and complete by May 1, 2000 the survey required to prepare the exhtbit to
<br />the Offer to Purchase and Contract, which survey will locate prxisely the property being purchased.
<br />If Buyer eleets not to purchase the 26 acre tract, then Buyer agrees that the survey will locate
<br />precisely the 26 acre tract, essentially along the lines shown on Exhibit " B".
<br />D. Buyer must notify Seller of its intent to omit the 26 acre tract from the purchase by 5:00 p.m. on
<br />May 31, 2000. •
<br />E. The Seller agrees to allow the Buyer access to the Property for inspecting, planning, design and fund
<br />raising purposes.
<br />F. The Buyer agrees to involve the Seller in future publicity and public relations events conceming the
<br />Property to a level mutually agreed upon by the Seller and tbie Buyer.
<br />N.C. Bar Asooc. form No. 8~ 1977
<br />• PrimeC DY Mreement wfN Ma N.C. Bar Atsee. YW3
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