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STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br />OPTION TO PURCHASE REAL ESTATE <br />THIS OPTION TO PURCHASE REAL ESTATE (this "Agreement') is made as of this _ <br />day of , 2010, by and between, AUGSBURG COMMUNITIES, LLC, a North <br />Carolina Limited Liability company with a•mailing address of (hereinafter referred <br />to as the "Seller "), and CABARRUS COUNTY, a political subdivision of the State of North <br />Carolina with a mailing address of ( "County "). <br />BACKGROUND STATEMENT <br />A. Seller is the sole owner in fee simple of that certain parcel of land containing <br />approximately 62 acres and located east of Mt. Pleasant Road in the City of Mt. Pleasant, Cabarrus <br />County, North Carolina, and depicted on the Exhibit A map attached hereto and by reference <br />incorporated herein (the "Property "). <br />B. The Property possesses relatively natural, scenic, open space and riparian buffer lands <br />for the purposes of watershed and wildlife habitat protection and for recreational and educational use <br />(hereinafter referred to collectively as "Conservation Values "), which Conservation Values Seller and <br />COUNTY intend to preserve by transferring the Property to County. <br />C. Seller has agreed to grant to County the right and option to acquire the Property on the <br />terms and conditions set forth in this Agreement. <br />STATEMENT OF AGREEMENT <br />NOW, THEREFORE, In consideration of the mutual covenants of the parties and an option fee <br />in the amount of Five Hundred and No /100 Dollars ($500.00) (together with any additional option fees <br />made by COUNTY, the "Option Fee "), the receipt and sufficiency of which are hereby acknowledged, <br />Seller and COUNTY agree as follows: <br />1. Grant of Option Seller hereby grants and gives to COUNTY, its successors and <br />assigns, the exclusive right and option (the "Option "), exercisable during the "Term" (as defined below), <br />to purchase the Property upon the terms and conditions set forth in this Agreement. <br />2. Term The term of the Option (the "Term ") shall commence on the date of this <br />Agreement (the "Effective Date "), and shall expire at midnight on January 15, 2011. <br />AOaxdg" number 1 <br />F -13 <br />