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7 <br />3. The .purchase price for the property is TW0 HUNDRED <br />EIGHTY THOUSAND AND 00/100 DOLLARS ($280,000.00). The purchase <br />price shall be paid, at the option of Orange County, by (1) <br />payment in full and in cash at the closing: or `(2) payment in cash <br />at the closing of the greater. of $50,000.00 or the CWMTF grant <br />amount and the execution of a promissory note secured by a first <br />lien deed of trust on the Property which promissory note will <br />provide for the payment of the balance of the purchase price in <br />two equal annual installments. If an installment purchase is <br />elected by Orange County, the first installment of principal and <br />interest will be due on the first anniversary of .the closing. The <br />second and final installment of principal and interest will be <br />due on the second anniversary of the closing. Installment <br />payments shall include interest on the unpaid balance at the rate <br />-- of 5~ per annum. Neither the promissory note nor the deed of <br />trust will prohibit or provide a penalty for prepayment of any <br />amount of the unpaid principal balance. The Property will be <br />conveyed at the closing by special warranty deed from Duke <br />University to Orange County. Any and all payments made for the <br />purchase of this option and any extensions hereto shall be <br />applied to the purchase price. <br />4. Duke University has made application to Orange County <br />for a change in the Orange County Land Use Element designation of <br />the Property from public interest to a Land Use Element <br />designation permitting the use of the Property for one or more <br />single-family residences. Orange County has not acted on that <br />Land Use Element change application. It is not anticipated that <br />3 <br />