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<br /> NORTH CAROLINA OPTION TO PURCHASE
<br /> This Option to Purchase made on fkq,�j ,3 0 2°a0 ,between TRIANGLE COMMUNITY
<br /> FOUNDATION,hereinafter referred to as Seller,to C UNTY OF ORANGE,NORTH CAROLINA,hereinafter
<br /> referred to as Buyer.
<br /> WITNESSETH, that the Seller, for and in consideration of the sum of ELEVEN THOUSAND AND
<br /> NO1100s DOLLARS($11,000.00)(hereinafter referred to as"Option Money")to them in hand paid by the Buyer,
<br /> receipt of which is hereby acknowledged, does hereby give and grant unto 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 Carolina, and more particularly
<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 Carolina(hereinafter referred to as the Property"). At the time of the exercise
<br /> of this option,Buyer may exercise its option to purchase,alternatively,the entire plot,piece,or parcel 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 /> 1. Term. This option shall exist and continue until 5:00 P.M. EST on Max 31, 2000.
<br /> 2. Exercise.At any time during the option period,Buyer may exercise this option by hand delivery or deposit
<br /> of written notice by certified or registered mail,return 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 27709
<br /> 3. Contract Upon Exercise.Upon exercise,the terms 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 price at closing, if this option is exercised. If this option is not exercised,the Option Money
<br /> will be retained by Seller, except as provided in 5.A.below.
<br /> 5. Other Conditions.
<br /> A. The parties hereto acknowledge that Durham County,North Carolina will enter into an Option to
<br /> Purchase all of the Tract described on Exhibit "A" which is located entirely in Durham County,
<br /> North Carolina. If Durham County 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 /> shall be refunded 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 agrees to pay for and complete by May 1,2000 the survey required to prepare the exhibit to
<br /> the Offer to Purchase and Contract,which survey will locate precisely the property being purchased.
<br /> If Buyer elects 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 concerning the
<br /> Property to a level mutually agreed.upon by the Seller and the Buyer.
<br /> N.C.Bar Assoc.Form No.8® 1977
<br /> - -Printed by Agreement with the N.C.Bar Assoc. 0003
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