2000 S ERCD - Little River Regional Park and Natural Area Exercise of Option to Purchase

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COP,( STATE OF NORTH CAROLINA OFFER TO PURCHASE AND CONTRACT COUNTY OF ORANGE THIS OFFER TO PURCHASE AND CONTRACT ("Agreement"), made and entered into this, the 3(sr day of M,, , 2000,by and between the COUNTY OF ORANGE, NORTH CAROLINA, hose address is P. O. Box 8181, Hillsborough, North Carolina 27278, hereinafter called "Buyer"; and TRIANGLE COMMUNITY FOUNDATION, a North Carolina non-profit, with its address at 100 Park Offices, Suite 209, P. O. Box 12834, Research Triangle Park, North Carolina 27709, hereinafter called "Seller". WITNESSETH: WHEREAS,Buyer desires to purchase and Seller desires to sell certain real property located in Orange County, North Carolina, which said real property is more particularly described as that portion of the 390.91 acre tract located entirely in Little River Township, Orange County, North Carolina, described on Exhibit "A" attached hereto; and WHEREAS, the parties desire to set forth their agreement with respect to said purchase; NOW,THEREFORE,in consideration ofthe mutual covenants herein contained and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows: 1. AGREEMENT TO BUY AND SELL: Buyer agrees to purchase and Seller agrees to sell and convey that plot, piece or parcel of land described as that portion of the 390.91 acre tract described on Exhibit "A" which is located entirely in Little River Township, Orange County, North Carolina (hereinafter referred to as the "Property") in accordance with the terms and conditions set forth herein. 1. RIGHT TO REDUCE ACREAGE PURCHASED:Buyer reserves the right to reduce the total acreage purchased by approximately 26 acres. The 26 acres which may be removed from the purchase will be essentially as shown on Exhibit"B" attached hereto and will be more specifically described by survey performed at Buyer's cost and completed on or before May 1, 2000. Buyer must notify Seller of its intent to reduce the acreage purchased on or before 5:00 p.m. on May 31, 2000. 2. PURCHASE PRICE: The purchase price for the Property shall be Twenty- Six Hundred and No/100s Dollars ($2,600.00) per acre and shall be paid at closing. The exact acreage shall be determined by the afore-referenced survey of the Property. The Option Money shall be applied to the purchase price at closing. 3. TITLE: Title will be delivered to Buyer at closing by a Special Warranty Deed, and shall be fee simple marketable title, free of all encumbrances, except for ad