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5 <br />identified as a part of Orange County P.I.N. 9891-41-6408, Orange County tax <br />map 7.16A...3A. <br />THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE AS FOLLOWS: <br />1. PURCHASE PRICE: The purchase price for the Property shall be SEVENTY <br />TWO THOUSAND AND 00/100 DOLLARS ($72,000). The purchase price shall be paid by <br />payment in cash at the closing. <br />2, TITLE: Title will be delivered to Buyer at closing by a Special Warranty Deed <br />from Duke University, made to Orange County, North Carolina, which shall be fee simple <br />marketable title, free of liens, encumbrances, easements, restrictions, rights and conditions, <br />including, but not limited to, any promissory note, mortgage, deed of trust, real estate <br />contract, right of first refusal, or option to buy, other than current property taxes and rights, <br />reservations, covenants, easements, conditions, and restrictions of record as of the effective <br />date of this Agreement that do not materially affect the value of the Property or unduly <br />interfere with Buyer's i ntended use of the Property, which exceptions must be approved in <br />writing by Buyer ("Permitted Exceptions "). The Property description in the deed shall <br />conform to the survey of the Property to be prepared as prescribed in paragraph 4(a) of this <br />Agreement. <br />3. REPRESENTATIONS WARRANTIES AND COVENANTS OF SELLER: <br />Seller makes the following representations and warranties to Buyer as of the effective date of <br />this Agreement and again as of the Closing Date: <br />(a) Title. At the Closing Date, Seller shall have good, marketable, and indefensible <br />fee simple title to the Property subject only to the Permitted Exceptions, and Seller is aware of <br />no other matters that adversely affect title to the Property. <br />