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Prepared by: D. MICHAEL PARKER <br /> Return to: D . MICHAEL PARKER, P .O. Box 100 , Hillsborough, NC 27278 <br /> NORTH CAROLINA <br /> ORANGE COUNTY <br /> OPTION TO PURCHASE AGREEMENT <br /> THI,SOPTION TO PURCHASE AGREEMENT, made and entered into <br /> this the � day of April , 1999 by and between ELIZABETH W. <br /> MATHESON (UNMARRIED) , Party of the Fi'l st- Part (hereinafter referred <br /> to as "Grantor" ) and THE ORANGE COUNTY BOARD OF EDUCATION, Party of <br /> the Second Part (hereinafter referred to as "Grantee" ) ; <br /> WITNESSETH: <br /> THE GRANTOR, for a valuable consideration, the receipt of <br /> which is hereby acknowledged, does hereby grant, bargain, sell and <br /> convey unto the Grantee the option to purchase the property <br /> hereinafter described upon the terms and conditions hereinafter set <br /> forth. <br /> The real property which the Grantee has the option to <br /> purchase pursuant to this Option to Purchase Agreement is that <br /> certain tract or parcel of land located in Hillsborough Township, <br /> Orange County, North Carolina and bounded on the North by <br /> Interstate 40, on the west by Verlie C. Mangum, on the south by <br /> Irma Crawford and on the east by Interstate 40 and Louise M. Cecil <br /> and containing forty four and eight-tenths acres (44 . 8 acres) , more <br /> or less, and being all the property described in the deed recorded <br /> in Deed Book 197 , Page 1069 of the Orange County Registry which <br /> lies south of the right of way acquired by the North Carolina <br /> Den_=rtment of Transportation for the construction of interstate 40 . <br /> Said_pri7,perty is all of the parcel identified on the Orange County <br /> land records as PIN 49863-19-8293 and on the Orange County Tax <br /> records as 4 . 42 .A. 3 . <br /> THE TERMS AND CONDITIONS OF THIS OPTION ARE AS FOLLOWS : <br /> 1 . The purchase price for this option is FIVE THOUSAND <br /> AND 00/100 DOLLARS ($5, 000 . 00) . The Grantor acknowledges receipt <br /> of the purchase price for this option. Any payment made for the <br /> purchase of this option and the payment for the extensions hereto, <br /> if any, shall be applied to the purchase price as set Forth in <br /> paragraph 3 below. <br /> 2 . The Grantee shall have until the 4th day of July, <br /> 1999 at 5 : 00 P.M. in which to exercise said option and tender the <br /> purchase price as set forth in paragraph 3 below. In the event <br /> that the Grantee fails to exercise that option or fails to tender <br /> the purchase price as set forth above, then and in said event, this <br /> option shall be null and void and of no effect ; provided, however, <br /> this option may be extended by amendment if signed by the Grantor. <br /> 3 . That the purchase price for the said tract or parcel <br />