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

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~i 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. 19. 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 Trinity; or Triangle Land Conservancy, 1101 Haynes Street, Suite 205, Raleigh, North Carolina 27604, c/o Jeff Masten, on behalf of the Optionee. 20. BINDING EFFECT. This Option becomes effective when signed by Trinity and shall then apply to and bind Trinity and Trinity's successors, and assigns. 21. ENTIRE AGREEMENT. This Option constitutes the entire agreement between the parties. No representations, warranties, or promises pertaining to this Option or any Option 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. 22. SEVERABILITY. If any provision of this Option is found to be invalid, the remainder of the provisions of this Option, and the application of such provision to persons or circumstances other than those as to which it is found invalid, shall not be affected. thereby. 23. NO WAIVER. No provision of the Option shall be deemed amended or waived unless such amendment or waiver is set forth in a writing signed by the Optionee. No act or failure to act by the Optionee shall be deemed a waiver of its rights hereunder, .and no waiver in any one circumstance or of any one provision shall be deemed a waiver in other circumstances or of other provisions. 24. ASSIGNMENT. The Optionee has the right to assign this Option, subject to approval by Trinity. Said approval shall not be unreasonably withheld. In the event of such assignment, the assignee will have all the rights, powers, privileges and duties held by the Optionee pursuant to this Option. 25. MISCELLANEOUS. a. In the event Trinity decides not to exercise its Option to Purchase the fee interest in the Property, Optionee shall have the right of first refusal to take assignment of the Option to Purchase the Property from Trinity, subject to approval by the Owner. Optionee shall notify Trinity in writing of its desire to take assignment of the Option within five (5) days of receiving the notice described in paragraph 2.b. above. Trinity shall then deliver to Optionee a fully executed Assignment- of the Option to Purchase in recordable format within five (5) days of receiving said notice, provided the Assignment must be made prior to the expiration date of the Option to Purchase.