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<br />NORTH CAROLINA OPTION TO PURCHASE
<br />This Option to Purchase made on ~ 2 ~ ~ between TRLANGLE COMMiJNIT'
<br />FOUNI1rATION, hereinafter referred to as Seller, to C LINTY OF ORANGE, NORTA CAROLINA, hereinafti
<br />referred to as Buyer.
<br />WITNESSETH, that the Seller, for and in consideration of the sum of ELEVEN THOUSAND AN
<br />NO/100s DOLLARS ($11,000.00) (hereinafter referred to as "Option Money's to them in hand paid by the Buye
<br />receipt of which is hereby acknowledged, does hereby give and grant unto the Buyer, their heirs, assigns, c
<br />representatives, the exclusive right and option to purchase all of that certain plot, piece, or parcel of land togethE
<br />with all improvements thereon, located in the County of Orange, State of North Carolina, and more particular]
<br />described as that portion of the 390.91 acre tract described on Exhibit A which is located entirely in Little Itivf
<br />Township, Orange County, North Carolina (hereinafter referred to as the Property'. At the time of the exerci:
<br />of this option, Buyer may exercise its option to purchase, alternatively, the entire plot, piece, or parcel of land, le:
<br />and except that 26 acre tract shown on Exhibit B, under the same terms as conditions.
<br />The terms and conditions of this option are as follows:
<br />Term. This option shall exist and continue unti15:00 P.M. EST on May 3.1.2000..
<br />2. Exercise. At anytime during the option period, Buyer may exercise this option by hand delivery or depos
<br />of written notice by certified or registered mail, return receipt requested, to Seller at the following address
<br />Mr. Fred Stang
<br />Triangle Community Foundation
<br />100 Park Offices, Suite 209
<br />P. O. Box 12834
<br />Research Triangle Park, North Carolina 27709
<br />3. Contract Upon Exercise. Upon exercise, the terms of purchase and sale shall be as set forth on Exhibit
<br />attached hereto, and incorporated herein by reference.
<br />4. Application of Option Money. The consideration paid for this option, above set forth shall be applied i
<br />the purchase price at closing, if this option is exercised. If this option is not exercised, the Option Mone
<br />will be retained by Seller, except as provided in S.A. below.
<br />5. Other Conditions.
<br />A. The parties hereto acknowledge that Durham County, North Carolina will enter into an Option ~
<br />Purchase all of the Tract described on Exhibit "A" which is located entirely in Durham Count;
<br />North Carolina If Durham County does not exercise the aforesaid option, then this Option, unle:
<br />otherwise agreed to by Orange County and the Seller, will be null and void and the Option Mone
<br />shall be refunded to Orange County.
<br />B. A Phase I Environmental Study will be conducted by the Buyer, at Buyer's expense, and shall 1:
<br />completed on or before 5:00 p.m. May 31, 2000. If the Phase I Environmental Study revea
<br />conditions which disqualify the Buyer from receiving Clean Water Trust Fund grants for tl•
<br />_ property, then the Option Money shall be refunded to Buyer and the Option shall be ternrinated.
<br />C. Buyer agrees to pay for and complete by May 1, 2000 the survey required to prepare the exhibit 1
<br />the Offer to Purchase and Contract, which survey will locate precisely the property being purchase.
<br />If Buyer elects not to purchase the 26 acre tract, then Buyer agrees that the survey will loca~
<br />precisely the 26 acre tract, essentially along the lines shown on Exhibit " B".
<br />D. Buyer must notify Seller of its intent to omit the 26 acre tract from the purchase by 5:00 p.m. o~
<br />May 31, 2000.
<br />E. The Seller agrees to allow the Buyer access to the Property for inspecting, planning, design and fur
<br />raising purposes.
<br />F. The Buyer agrees to involve the Seller in future publicity and public relations events concerning th
<br />Property to a level mutually agreed upon by the Seller and the Buyer.
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