Agenda - 12-12-2006-5i - Laserfiche WebLink

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~~ until Closing and shall prevent and refrain from any use of the Property, for any purpose or in any manner, that would diminish its value or adversely affect the Optionee's intended use of the Property. By way of example and not limitation, Owner shall not change existing surface or other natural contours of the Property; shall not engage in any excavation, mining, road building or timbering activities on the Property and shall not engage in the dumping of waste or debris on the property. Risk of loss or damage by fire, vandalism or other casualty prior to payment of the purchase price and Closing shall remain with the Owner. In the event of any adverse change in the condition of the Property, whether said change is caused by Owner or by forces beyond Owner's control, the Optionee may elect to a) refuse to accept the property; b) accept the Property, or a portion thereof, in which case there may be an equitable adjustment of the purchase price based on a change in circumstances; or c) require restoration of the Property to its condition at the time this Option was granted. 16. RIGHT OF ENTRY AND INSPECTION. The Optionee and its agents and assigns shall have the right to enter upon the Property at reasonable times for surveying, conducting environmental inspections and assessments to detect hazardous or toxic substances, and other reasonable purposes related to this transaction. Based upon the results of the environmental inspections and assessments, or upon other conditions revealed to be unsuitable to the Optionee or its assigns, the Optionee may elect to refuse to accept the Property. . 17: REMEDIES. In addition to any other remedy specifically set forth in this Option, the Optionee has the right to enforce the provisions of this Option through an action for specific performance, injunctive relief, damages, contribution or any other available proceedings in law or equity. The election of any one remedy available under this Option shall not constitute a waiver of any other available remedies. 18. NOTICES. Any notice or demand under this Option shall be sent by registered or certified mail as follows: Trinity School of Durham and Chapel Hill, Inc., 4721 Erwin Road, Durham, North Carolina 27705, on behalf of the Owner; or Triangle Land Conservancy, 1101 Hayes Street, Suite 205, Raleigh, North Carolina 27604, c/o Jeff Masten, on behalf of the Optionee. 19. BINDING EFFECT. This Option becomes effective when signed by the Owner and shall then apply to and bind the Owner and Owner's heirs, executors, administrators, successors, and assigns. 20. ENTIRE AGREEMENT. This Option constitutes the entire agreement between the parties. No representations, warranties, or promises pertaining to this Option or any property affected by this Option have been made by, or shall be binding on any of the parties, except as expressly stated in this Option. This Option may not be changed orally, but only by an agreement signed by the parties against whom enforcement of any such change is sought. . 4