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7 <br /> 3 . The purchase price for the property is TWO HUNDRED <br /> EIGHTY THOUSAND AND 00/100 DOLLARS ($280, 000 . 00) . The purchase <br /> price shall be paid, at the option of Orange County, by (1) <br /> payment in full and in cash at the closing. or (2) payment in cash <br /> at the closing of the greater of $50, 000 . 00 or the CWMTF grant <br /> amount and the execution of a promissory note secured by a first <br /> lien deed of trust on the Property which promissory note will <br /> provide for the payment of the balance of the purchase price in <br /> two equal annual installments. If an installment purchase is <br /> elected by Orange County, the first installment of principal and <br /> interest will be due on the first anniversary of the closing. The <br /> second and final installment of principal and interest will be <br /> due on the second anniversary of the closing. Installment <br /> payments shall include interest on' the unpaid balance at the rate <br /> -- of 5% per annum. Neither the promissory note nor the deed of <br /> trust will prohibit or provide a penalty for prepayment of any <br /> amount of the unpaid principal balance. The Property will be <br /> conveyed at the closing by special warranty deed from Duke <br /> University to Orange County. Any and all payments made for the <br /> purchase of this option and any extensions hereto shall be <br /> applied to the purchase price. <br /> 4 . Duke University has made application to Orange County <br /> for a change in the Orange County Land Use Element designation of <br /> the Property from public interest to a Land Use Element <br /> designation permitting the use of the Property for one or more <br /> single-family residences. Orange County has not acted on that <br /> Land Use Element change application. It is not anticipated that <br /> 3 <br />