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THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE AS FOLLOWS: <br />1. PURCHASE PRICE: The purchase price for the Property <br />shall be TWO MILLION FIFTY THOUSAND SIX HUNDRED AND 00/100 <br />DOLLARS ($2,050,600). 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 <br />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 taxes and <br />rights, reservations, covenants, easements, conditions, and <br />restrictions of record as of the effective date of this Agreement <br />that do not materially affecting the value of the Property or <br />unduly interfere with Buyer's intended use of the Property, and <br />those exceptions approved in writing by Buyer ( "Permitted <br />Exceptions "). <br />3. REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER: <br />Seller makes the following representations and warranties to <br />Buyer as of the effective date of this Agreement and again as of <br />the Closing Date: <br />(a) Title. At the Closing Date, Seller shall have good, <br />marketable, and indefeasible fee simple title to the Property <br />subject only to the Permitted Exceptions, and Seller is aware of <br />no other matters that adversely affect title to the Property. <br />K <br />