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3 <br /> EXCHANGE AGREEMENT <br /> THIS EXCHANGE AGREEMENT (the "Agreement") is made and entered into as of the latest date <br /> executed (the "Effective Date") by and between WILLIAM ALLEN HOLLOWAY, and wife, DONNA R. <br /> HOLLOWAY (collectively,"Holloway")and ORANGE COUNTY,N.C.,("County"). <br /> WITNESSETH: <br /> WHEREAS, Holloway owns certain real property in Orange County containing approximately 6.4 <br /> acres having PIN 9864-49-0515 (the"Holloway Lot"); <br /> WHEREAS, County owns certain real property in Orange County containing approximately 8.89 <br /> acres having PIN 9864-39-8253 ("County Lot"); <br /> WHEREAS, Holloway desires to exchange, sell, and convey to County that certain portion of the <br /> Holloway Lot labeled"Land Swap Area 1"as generally shown on Exhibit A attached hereto("Tract I"); and <br /> WHEREAS, County desires to exchange, sell, and convey to Holloway that certain portion of the <br /> County Lot labeled"Land Swap Area 2"as generally shown on Exhibit A attached hereto("Tract 2"); and <br /> WHEREAS, the County desires to purchase a temporary construction and permanent sewer and <br /> utility easements over the Holloway Lot to provide utilities to the County Lot and specifically to facilitate the <br /> connection of the County's sanitary sewer line with the existing Gravity Sewer line located on a property <br /> adjacent to the Holloway Lot as generally shown on Exhibit A attached hereto (collectively the "Scwer <br /> Basement"); and <br /> WHEREAS, immediately following the exchange, Holloway agrees to remove certain fencing and <br /> allow the County to install access gates as generally shown on Exhibit A(the"Fence Realignment"),and <br /> WHEREAS,the County agrees to protect certain existing vegetation on the County Lot running along <br /> and with the existing driveway located on the Holloway Lot after closing as shown on Exhibit A (the "County <br /> Protected Vegetative Area");and <br /> WHEREAS, Holloway agrees to protect certain existing vegetation located along the southern border <br /> of Tract 2 after closing as shown on Exhibit A subject to the right to install fencing within the designated area <br /> in the future(the"Holloway Protected Vegetative Area") <br /> NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is <br /> hereby acknowledged, Holloway does hereby contract and agree to sell and convey, and the County does <br /> hereby agree to purchase, Tract 1 along with the Sewer Easement, and County does hereby contract and agree <br /> to sell and convey, and Holloway does hereby agree to purchase, Tract 2 all upon the terms and conditions <br /> hereinafter set forth: <br /> 1. Consideration; Closing. Holloway will convey Tract I and the Sewer Easement to the <br /> County in exchange for the conveyance of Tract 2 by the County to Holloway, As additional consideration <br /> hereunder, Holloway agrees to protect vegetation pursuant to the Holloway Protected Vegetative Area in <br /> exchange for the County's obligation to protect the County Protected Vegetative Area. Closing shall take <br /> place on or before the date (the"Closing Date") that is seven (7)days after the Town of Hillsborough rezones <br /> Tract I to a designation requested by the County and the time for appealing the rezoning decision has expired. <br /> The closing shall take place at the offices of County's counsel, or such other place that is mutually agreeable to <br /> the parties. Holloway shall deliver exclusive possession of Tract 1 to County at closing, and County shall <br /> �r <br />