1999 S Manager - Purchase of Site for New Orange County High School

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of land is NINE THOUSAND AND 00/100 DOLLARS ($9, 000 . 00) per acre . That said purchase price shall be paid in cash at the time of the exercise of the said option and closing of the transaction with conveyance by General Warranty - Deed from the Grantor to the Grantee . Any and all payments made for the purchase of this option and any extensions hereto shall be applied to the said purchase price . 4 . The Parties hereto acknowledge the property which is described above is expected to be ustd :.,y the Grantee as the site of a public school to be constructed thereon by the Grantee . During the option period, the Grantor agrees to cooperate with the Grantee in all testing, investigations, applications and permits which may be necessary to determine the suitability of the said property for the construction of a public school , provided, that the Gran-Lee shall indemnify and hold the Grantor harmless for all acts of the Grantor in furtherance of the Grantee' s projected plans for the said property. The Grantor agrees that the Grantee, its agents or employees may go upon the property for the purpose of inspecting, testing and analyzing the site in connection with the proposed construction on the site at any time prior to the closing, provided that this option has not expired. 5 . There must be no restrictions, easements, zoning or other governmental regulations which would prevent the reasonable use of the above-described tract or parcel of land for the purpose of construction of a public school . The Grantor warrants that there are no encumbrances or special assessments either pending or confirmed for sidewalk paving, water, sewer or other improvements on or adjoining the property. In the event that such restrictions, easements, zoning or other governmental regulations which would prohibit or restrict the use of the subject property as a public school, the Grantor, upon request of the Grantee, will assist in the ' remo* val of any such impediments to use . 6 . In the event that the Grantee exercises the option herein set forth, upon closing the Grantor shall pay for the preparation of a deed, for the preparation and recording of all documents necessary to convey marketable fee simple title free of liens and encumbrances and for the excise tax required by law. Grantee shall pay for recording the deed, survey of subject property and for all other closing costs . Grantor agrees to furnish at closing an affidavit and indemnification agreement in form satisfactory to Grantee showing that all labor and materials , if any, furnished to the property within a 120 day period prior to the date of closing have been paid for and agreeing to indemnify Grantee against any and all loss resulting from any cause or claim arising therefrom. 7 . The deed of conveyance to be executed by the Grantor is to be made to the Orange County Board of Education. Possession shall be delivered at closing. 8 . Ad valorem taxes on the real property shall be pro-