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1111 <br />0 <br />nog 13 Pr,sE 172 <br />NORTH CAROLINA <br />OPTIOx TO PURCHASE <br />LEE COUNTY <br />19_, <br />This option to Purchase made this day of <br />between the County of Lee and The Lee County Board of Education, <br />hereinafter referred to jointly as Seller, to Historic Pre- <br />servation Foundation of North Carolina, Inc. a non-profit <br />corporation organized under the laws of The State of North Carolina <br />and having its principal office in Raleigh, N.C., hereinafter <br />referred to as Buyer. <br />W I T N E 8 8 E T H: <br />1. Grant of option. In consideration of a sum of one Dollar <br />($1.00) and other valuable consideration, the Seller has given <br />and does hereby give the Buyer an exclusive Option to <br />Purchase, upon the terms and conditions hereinafter set forth, <br />the real property hereinafter referred to as the Property and <br />described as follows: <br />See attachment <br />2. Term of option. This option shall expire at 12:00 noon, 6 <br />months days from the execution of this document. The Seller <br />will grant four (4) three 3 month extensions to the Buyer <br />provided that certification is given to the Seller that a <br />developer has the project under active consideration and that <br />progress is being made towards the eventual purchase and <br />renovation of the Property. <br />3. Method of Exercise. This option may be exercised by the <br />Buyer by delivering to the Seller, not later than the date <br />specified in Paragraph 2, a written notice stating that Buyer <br />exercises the option and fixing a date for the conveyance of <br />the Property to the Buyer. Such date shall be not less than <br />five (5) days/nor more than three (3) months after the <br />delivery of such notice. <br />4. Acceptable Title. Seller warrants that the title to the <br />Property is free and clear of all liens and encumbrances, <br />except real property taxes and assessments for the current <br />year, and convenants and restrictions of record. If the <br />evidence of title resulting from a title search discloses any <br />defects in light of and pursuant to the herein stated <br />warranty, the Seller shall have thirty (30) days after receipt <br />of notification of such defects to cure said defects. If the <br />Seller is unable to perfect the title to the Property within <br />the allotted time period, the Buyer shall be refunded the <br />consideration given to the Seller for the grant of this <br />option. <br />n <br />V <br />