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7 <br /> The approximately 37 acres of land and any and all improvements <br /> thereon, and which land is illustrated on the GIS map that is Exhibit A hereto. <br /> The Property is identified as being all of that portion of the land parcel lying and <br /> situated north of West Ten Road and south of Interstate 85/40, and having <br /> Orange County PIN 9844264137. <br /> THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE AS FOLLOWS: <br /> 1. PURCHASE PRICE: The purchase price for the Property shall be SEVEN <br /> HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($740,000) plus any amount due <br /> Seller as the result of the calculation made in Section 4(c) below for ad valorem taxes on the <br /> Property for the calendar year in which the Closing occurs. The purchase price shall be paid <br /> by payment in cash at the closing. <br /> 2. TITLE: Title will be delivered to Buyer at closing by a General Warranty Deed <br /> from Seller, made to Orange County, North Carolina, which shall be fee simple marketable <br /> title, free of liens, encumbrances, easements, restrictions, rights and conditions, including, but <br /> not limited to, any promissory note, mortgage, deed of trust, real estate contract, right of first <br /> refusal, or option to buy, other than current property taxes and rights, reservations, covenants, <br /> easements, conditions, and restrictions of record as of the effective date of this Agreement that <br /> do not materially affect the value of the Property or unduly interfere with Buyer's intended use <br /> of the Property, which exceptions must be approved in writing by Buyer ("Permitted <br /> Exceptions"). The deed conveying the Property shall be on a North Carolina Bar form <br /> General Warranty Deed. The Property description in the deed shall conform to the survey of <br /> the Property to be prepared as prescribed in Section 4(a) of this Agreement. <br /> 3. REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER: <br /> Seller makes the following representations and warranties to Buyer as of the effective date of <br /> this Agreement and again as of the Closing Date: <br /> 2 <br />