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5 <br /> D. If the Option is exercised,Seller shall convey marketable fee-simple title to the described portion of <br /> the Property by a North Carolina General Warranty Deed, and this conveyance shall be subject to no <br /> exceptions or encumbrances other than ad valorem taxes for the year of closing(which shall be <br /> prorated between the parties to the date of closing), unviolated restrictive covenants and general <br /> utility easements and rights-of-way of record which do not materially affect the value or Buyer's <br /> intended use of the Property, and applicable governmental ordinances and other regulations. The <br /> Buyer shall be responsible for any necessary subdivision and costs directly associated with such <br /> subdivision. The Seller shall execute and deliver at closing with respect to the Property a title <br /> insurance lien waiver affidavit, and the Property shall be in substantially the physical condition at <br /> closing as that which existed on the date this Option to Purchase Real Property was executed. Buyer <br /> shall be responsible for the cost of recording the deed for the Property.Seller shall bear the cost of <br /> preparing the deed and any other instruments and the cost of recording any instruments under the <br /> terms of this Contract with respect to the Property. Buyer shall pay for the cost of any title <br /> insurance Buyer elects to purchase. Seller shall pay for Seller's reasonable attorneys'fees incurred <br /> in connection with the preparation of this Contract and the closing of the transactions contemplated <br /> hereby. Seller shall pay for the cost of the deed stamps to be affixed to the deed. Seller shall pay <br /> the cost of discharging any mortgage, lien, or title encumbrance other than those permitted <br /> hereunder. All other fees and costs shall be paid by Buyer or Seller in accordance with generally <br /> recognized local custom. <br /> This Option is contingent upon and subject to the following terms and conditions: <br /> 1. Term.This Option shall commence on the date the Seller obtains fee-simple ownership of the <br /> Property and continue until 5:00 P.M. EST on June 30, 2019. Should Seller fail to secure fee-simple <br /> ownership of the Property Seller shall reimburse to Buyer the One Thousand Dollar($1,000.00) <br /> consideration payment. Should Buyer purchase the described portion of the Property the <br /> consideration payment shall be credited toward the purchase price. <br /> 2. Exercise.At any time during the Option period, Buyer may exercise this Option by hand delivery or <br /> deposit of written notice by certified or registered mail, returned receipt requested,to Seller at <br /> address above. <br /> 3. Price. The agreed upon price of the described portion of the Property shall not exceed Ten <br /> Thousand Dollars($10,000.00) per acre. <br /> 4. Closing. If the Option is exercised by the Buyer as provided in paragraph 2 above,the sale of the <br /> described portion of the Property shall occur at a closing which shall be held at a time and place <br /> designated by Buyer, but in any event within sixty(60)days after the date of the Option Exercise <br /> Notice. <br /> 5. Board Approval. Purchase and Exercise of the Option is subject to and may not occur without <br /> approval by the Board of County Commissioners of Orange County. <br /> SIGNATURE PAGE TO FOLLOW <br />