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158 <br /> iron stake, corner with Wade McDonald; running thence <br /> with McDonald North 89° 46' 56" East 1036.63 feet to an <br /> iron stake, corner with Orange County; running thence <br /> with Orange County South 2° 40' 22" East 447.53 feet to <br /> an iron stake set in the center of the right-of-way to <br /> New Hope Church Road; running thence with the center of <br /> the right-of-way to New Hope Church Road the following <br /> courses and distances: along the arc of a circle to the <br /> left having a radius of 942.67 feet, a distance of <br /> 414.49 feet to an iron stake; and South 35° 51' 05" <br /> west 595.56 feet to the place and point of beginning <br /> and being designated as Lot-B, containing 20.46 acres, <br /> more or less, according to plat of survey entitled <br /> PROPOSED SCHOOL SITE PLAN FOR ORANGE COUNTY BOARD OF <br /> EDUCATION dated July 9, 1987 by Alois Callemyn, Land <br /> Surveyor. <br /> 2. The agreed upon purchase price for the purchase of <br /> said land to be paid by the buyer to the sellers is THREE HUNDRED <br /> ° DOLLARS ($315 SAN <br /> TH <br /> FIFTEEN OUD D ($315,000.00) , said <br /> , purchase price shall <br /> ° <br /> be paid upon compliance with all the terms and conditions of this <br /> agreement herein and delivery of a general warranty deed, free <br /> ° <br /> d and clear of all encumbrances, save and except routine utility <br /> easements, the right-of-way for N.C. Highway 86 and New Hope <br /> ° <br /> Church Road and the conditions and terms set forth in this <br /> agreement. <br /> 3. The closing shall take place in the office of the <br /> rc <br /> Orange County Board of Education, Hillsborough, North Carolina, <br /> or at such other place as may be designated by the buyer. <br /> 4. The buyer and the sellers acknowledge that the <br /> property hereinabove described along with other contiguous <br /> property which may be purchased by the Orange County Board of <br /> Education is for the purpose of construction of an elementary <br /> school building. The sellers and the buyer agree that in the <br /> event an elementary school building is not constructed on the <br /> land within a period of four (4) years or if such construction is <br /> 2 <br />