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County Registry. The Property is further identified as <br />Orange County P.I.N. 9844 -91 -1497 and has an Orange <br />County tax map reference of 3.45..14. <br />THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE AS FOLLOWS: <br />1. PURCHASE PRICE: The purchase price for the Property <br />shall be FIVE HUNDRED THIRTY -EIGHT THOUSAND SEVEN HUNDRED FORTY <br />AND 00/100 DOLLARS ($538,740). The purchase price shall be paid <br />by payment in cash at the closing of $107,748 and the execution <br />of a promissory note secured by a first lien deed of trust on the <br />Property which promissory note will provide for the payment of <br />the balance of the purchase price in 20 quarterly installments. <br />The first installment of principal and interest will be due on <br />September 1, 2001. The subsequent installments of principal and <br />interest will be due on a quarterly basis as shown on the <br />amortization schedule attached hereto as Exhibit C. Installment <br />payments shall include interest on the unpaid balance at the rate <br />of 5.0% per annum, per Exhibit C. Neither the promissory note nor <br />the deed of trust will prohibit or provide a penalty for <br />prepayment of any amount of the unpaid principal balance. The <br />promissory note and deed of trust will be in substantially the <br />form of Exhibits A and B hereto respectively. <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 />2 <br />