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Prepared by: D. MICHAEL PARKER
Return to: D . MICHAEL PARKER, P .O. Box 100 , Hillsborough, NC 27278
NORTH CAROLINA
ORANGE COUNTY
OPTION TO PURCHASE AGREEMENT
THI,SOPTION TO PURCHASE AGREEMENT, made and entered into
this the � day of April , 1999 by and between ELIZABETH W.
MATHESON (UNMARRIED) , Party of the Fi'l st- Part (hereinafter referred
to as "Grantor" ) and THE ORANGE COUNTY BOARD OF EDUCATION, Party of
the Second Part (hereinafter referred to as "Grantee" ) ;
WITNESSETH:
THE GRANTOR, for a valuable consideration, the receipt of
which is hereby acknowledged, does hereby grant, bargain, sell and
convey unto the Grantee the option to purchase the property
hereinafter described upon the terms and conditions hereinafter set
forth.
The real property which the Grantee has the option to
purchase pursuant to this Option to Purchase Agreement is that
certain tract or parcel of land located in Hillsborough Township,
Orange County, North Carolina and bounded on the North by
Interstate 40, on the west by Verlie C. Mangum, on the south by
Irma Crawford and on the east by Interstate 40 and Louise M. Cecil
and containing forty four and eight-tenths acres (44 . 8 acres) , more
or less, and being all the property described in the deed recorded
in Deed Book 197 , Page 1069 of the Orange County Registry which
lies south of the right of way acquired by the North Carolina
Den_=rtment of Transportation for the construction of interstate 40 .
Said_pri7,perty is all of the parcel identified on the Orange County
land records as PIN 49863-19-8293 and on the Orange County Tax
records as 4 . 42 .A. 3 .
THE TERMS AND CONDITIONS OF THIS OPTION ARE AS FOLLOWS :
1 . The purchase price for this option is FIVE THOUSAND
AND 00/100 DOLLARS ($5, 000 . 00) . The Grantor acknowledges receipt
of the purchase price for this option. Any payment made for the
purchase of this option and the payment for the extensions hereto,
if any, shall be applied to the purchase price as set Forth in
paragraph 3 below.
2 . The Grantee shall have until the 4th day of July,
1999 at 5 : 00 P.M. in which to exercise said option and tender the
purchase price as set forth in paragraph 3 below. In the event
that the Grantee fails to exercise that option or fails to tender
the purchase price as set forth above, then and in said event, this
option shall be null and void and of no effect ; provided, however,
this option may be extended by amendment if signed by the Grantor.
3 . That the purchase price for the said tract or parcel
of land is NINE THOUSAND AND 00/100 DOLLARS ($9, 000 . 00) per acre .
That said purchase price shall be paid in cash at the time of the
exercise of the said option and closing of the transaction with
conveyance by General Warranty - Deed from the Grantor to the
Grantee . Any and all payments made for the purchase of this option
and any extensions hereto shall be applied to the said purchase
price .
4 . The Parties hereto acknowledge the property which is
described above is expected to be ustd :.,y the Grantee as the site
of a public school to be constructed thereon by the Grantee .
During the option period, the Grantor agrees to cooperate with the
Grantee in all testing, investigations, applications and permits
which may be necessary to determine the suitability of the said
property for the construction of a public school , provided, that
the Gran-Lee shall indemnify and hold the Grantor harmless for all
acts of the Grantor in furtherance of the Grantee' s projected plans
for the said property. The Grantor agrees that the Grantee, its
agents or employees may go upon the property for the purpose of
inspecting, testing and analyzing the site in connection with the
proposed construction on the site at any time prior to the closing,
provided that this option has not expired.
5 . There must be no restrictions, easements, zoning or
other governmental regulations which would prevent the reasonable
use of the above-described tract or parcel of land for the purpose
of construction of a public school . The Grantor warrants that
there are no encumbrances or special assessments either pending or
confirmed for sidewalk paving, water, sewer or other improvements
on or adjoining the property. In the event that such restrictions,
easements, zoning or other governmental regulations which would
prohibit or restrict the use of the subject property as a public
school, the Grantor, upon request of the Grantee, will assist in
the ' remo* val of any such impediments to use .
6 . In the event that the Grantee exercises the option
herein set forth, upon closing the Grantor shall pay for the
preparation of a deed, for the preparation and recording of all
documents necessary to convey marketable fee simple title free of
liens and encumbrances and for the excise tax required by law.
Grantee shall pay for recording the deed, survey of subject
property and for all other closing costs . Grantor agrees to
furnish at closing an affidavit and indemnification agreement in
form satisfactory to Grantee showing that all labor and materials ,
if any, furnished to the property within a 120 day period prior to
the date of closing have been paid for and agreeing to indemnify
Grantee against any and all loss resulting from any cause or claim
arising therefrom.
7 . The deed of conveyance to be executed by the Grantor
is to be made to the Orange County Board of Education. Possession
shall be delivered at closing.
8 . Ad valorem taxes on the real property shall be pro-
rated on a calendar year basis to the date of closing. Any ad
valorem taxes on personal property for the entire year shall be
paid by the Grantor. Any late listing penalties shall be paid by
the Grantor.
9 . Any and all deeds of trust , liens or other charges
against the property not assumed by the buyer must be paid and
canceled by the Grantor prior to or at closing. Upon request,
Grantor shall furnish an affidavit and indemnification agreement in
a form satisfactory to buyer sho�` .nt-j that all labor and/or
materials, if any, furnished to the property within one hundred
twenty (120) days prior to the date of closing have been paid and
agreeing to indemnify Grantee against all loss from any cause or
claim arising therefrom.
10 . Upon request from the Grantee or its counsel , D .
Michael Parker, Grantor agrees to exercise her best efforts to
deliver to Grantee as soon as reasonably possible following the
signing of this agreement , copies of any title information in
possession of or available to Grantor, including, but not limited
to, title insurance policies, attorney' s opinions on title,
surveys, covenants, deeds, notes, and deeds of trust and easements
relating to the real property described above . Grantor further
agrees, upon request from the Grantee or its counsel, D. Michael
Parker, to provide any information requested by buyer regarding
title to the above described property, including any information
relating to family history which may be necessary to establish
title in the Grantor.
11 . This option between Grantor and Grantee may not be
assigned without the express prior written consent of both parties
and. in the event that such prior written consent is secured, all
con-It-, ons herein set forth between the Grantor and the Grantee
shall see binding upon any assignee, its heirs, successors and
assigns .
12 . This option shall be binding and shall enure to the
benefit of the parties, their heirs, successors and assigns .
13 . The Grantor and Grantee agree that a Memorandum of
this Option in form satisfactory to Grantee shall be executed and
may be recorded but that this option to purchase agreement shall
not be recorded in the Office of the Orange County Register of
]Deeds .
14 . Any provision contained herein which by its nature
and effect, if required to be observed, kept or performed after
closing shall survive the closing and shall remain binding upon and
for the benefit of the parties hereto until fully observed, kept or
performed.
15 . The Grantee, upon exercise of the Option set forth
herein, shall inform the Grantor of a closing date, closing to
occur at a place designated by the attorney for the Grantee .
16 . This option contains the entire agreement of the
parties and there are no representatives, inducements or other
provisions other than those expressed in writing. Any changes,
additions or deletions hereto must be in writing and signed by all
parties .
IN WITNESS WHEREOF, the Grantor has hereunto set her
hand and seal and the Grantee has caused this instrument to be
signed by its Chairperson, attested by its Secretary and its
corporate seal affixed hereto, all the :lay and year written above .
17 (� (SEAL)
�L ('(Aj"D a-"
ELIZABETH W. MATHESON (UNMARRIED)
STATE OF STH CARO LINA
N
0
COUNTY F ff7t7l
Notary
I Public of the
aforesaid qX6, State, do hereby certify that ELIZABETH W.
MATHESON,-** %,personally appeared before me this day and
acknowlidge du% tecution of the foregoing instrument .
co
W0Q n ha::-id and notarial t his the day of
April L I C
% NOT Y Puffi-C
A�
My commiss"j'qp
...4,q,, S : �3( /
THE ORANGE COUNTY BOARD OF EDUCATION,
By:_hy4l� / /Z=::�,� _(SEAL)
CHAIRPERSON I
ATTEST:4 (CORPORATE SEAL)
SECRE ARY
STATE OF NORTH CAROLINA
COUNTY OF Ora it 8✓
I , pa y,;C "& M. Cole acs Notary Public of the
County and State aforesaid, certify that Randy Bridges personally
came before me this day and acknowledged that he Secretary c:E THE
ORANGE COUNTY BOARD OF EDUCATION, a North Carolina Corporation, and
that by authority duly given and as the act of the corporation, the
foregoing instrument was signed in its name by Delores Simpson, its
Chairperson, sealed with its corporate seal and attested by him as
its Secretary.
Witness my hand and notarial seal, this the day of
April , 1999 .
NOTARY PUBLIC
My commission expires : t/ 2-002-