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6 v <br />any, shall be applied to the purchase price as set forth in <br />paragraph 3 below. <br />2. Orange County will make application to the Clean Water <br />Management Trust Fund (CWMTF) for funds to purchase the Property. <br />Orange County should know whether it will receive a grant from <br />CWMTF on or before December 31, 1999. The Eno River Association <br />is conducting a water quality study of the. Upper Eno Watershed <br />which study may affect the short term and long term use of the <br />Property. Orange County expects that study to be completed and it <br />to .receive the results of that study on or before December 31, <br />1999. Orange County has until the latter of twenty (20) days <br />-- <br />after its receipt of <br />application for grant <br />of the results of the <br />no later than January <br />to purchase contained <br />may be exercised by a <br />Zotification by CWMTF of the results of its <br />funds or twenty (20) days after its receipt <br />.Upper Eno Watershed study, but in no event <br />15, 2000, in which to exercise the option <br />in this agreement. The option to purchase <br />Notice to that effect either hand-delivered <br />to Jeffrey H. Potter, the Duke University representative in this <br />transaction, or mailed by certified mail to Duke University, <br />addressed to Jeffrey H. Potter, Director of Real Estate <br />Administration, Duke University, 402 Oregon Street, Durham, NC <br />27705. Delivery by mail shall be accomplished on the date the <br />Notice is mailed. In the event that Orange County fails to <br />exercise the option, then and in that event, this option shall be <br />null and void and of no effect; provided, however, this option <br />may be extended by amendment if the amendment. is signed by ..Duke <br />University. <br />2 <br />