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11 <br />University .and Orange County shall be binding upon. any assignee, <br />its heirs, successors. and assigns: <br />14. .This option agreement shall be binding-and shall inure <br />to the benefit of the parties, their heirs, successors and <br />assigns. <br />15. Duke University and Orange County agree that a <br />memorandum of this. option agreement, in form satisfactory to <br />. Orange County, shall be executed and may be recorded in the <br />Orange County Registry. Alternatively, and at the election of <br />Orange County, this option agreement may be recorded in the <br />Orange. County Registry. <br />16. Any provision contained in this agreement which by its <br />nature and effect, if required to be observed, kept or performed <br />after closing shall survive the closing and shall remain binding <br />-~ upon and for the benefit of the parties hereto until fully <br />observed, kept or performed. <br />17. Orange County, upon exercise of the Option set forth in <br />this agreement shall inform Duke University of a closing date, <br />closing to occur at a place designated by the closing attorney <br />for Orange. County. <br />18. This option contains the entire agreement of the <br />parties and there are no representations, inducements or other <br />.provisions other than those expressed in writing. Any changes, <br />additions or deletions hereto must be in writing and signed by <br />all parties. <br />IN WITNESS WHEREOF, Duke University has caused this <br />instrument to be signed. its President or an Executive Vice <br />7 <br />