Agenda - 06-21-1988 - Laserfiche WebLink

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' • . = 160 not commenced within a period of four (4) years, that the sellers will have an option to repurchase said land for the purchase price of THREE HUNDRED FIFTEEN THOUSAND DOLLARS ($315,000.00) less whatever parcel may be sold to Orange County as hereinafter set forth for the purpose of expanding an existing lot used by Orange County for emergency services hereinafter referred to. The sellers and the buyer agree that if the subject property is used for purposes other than for the construction of an elementary school site, this paragraph of this agreement will E become operative and will give the sellers the option to repurchase said land at said price. The sellers and the buyer agree%that this provision shall not be merged into a general 0 ! warranty deed conveying the property from the sellers to the buyer, but will, remain in full force and effect for a period of 0 • four (4) years following the date of the general warranty deed executed by the sellers to the buyer conveying title to the • herein described property. In the event that the buyer has not d commenced construction of an elementary school building on the ‹ • subject property within a period of four years from the date of • this deed, then the sellers shall give the buyer notice in 5 writing of their intent to exercise the option herein within a period of thirty (30) days following the expiration of the said four (4) year period and the sellers will then have a period of sixty (60) days thereafter (ninety days after the expiration of the four year period) within which to tender the purchase price and close the reconveyarice of the said land. That the Orange County Board of County Commissioners is executing this Agreement for the purpose of waiving their first opportunity to purchase as set forth in North Carolina General Statutes 5 115C-518. IEfern"--