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3. Purchase Price. If the Option is exercised, the purchase <br />price of the Property shall be the sum of One Dollar ($1.00) and <br />other valuable consideration, the receipt of which Seller <br />acknowledges as of the date of this Agreement, such that, upon <br />exercise, Buyer shall not be required to deliver any consideration <br />to Seller whatsoever. <br /> <br /> 4. Seller's Representations. In connection with the Option <br />and, if exercised, the sale and purchase contemplated hereby, <br />Seller hereby represents to Buyer: <br /> <br /> (a) Seller has good, marketable, insurable, fee <br />simple title to the Property, free and clear of any and <br />all liens, security interests, encumbrances, and other <br />restrictions (whether existing of record or otherwise); <br /> <br /> (b) No options or contracts have been granted to <br />others to purchase or to rent any interest in the <br />Property or any part thereof and Seller has the exclusive <br />~ight of possession of the Property, except that Seller <br />may grant to one or more others a non-exclusive easement <br />and right-of-way thereon; <br /> <br /> (c) Seller will in good faith make full and timely <br />performance of all her obligations and undertakings <br />pursuant to this Agreement; <br /> <br /> (d) Seller will not cause or permit any ~action~:tO ......... <br />be taken that will cause any-of the foregoing <br />representations to be untrue as of the date .the Option-is <br />exercised and/or the closing ~ate specified wi~h respect <br />to the sale and purchase of the Property. <br /> <br /> 5. ApDlication of Option Payment. Seller again acknowledges <br />that Seller has already received full consideration for the <br />exercise of this Option such that, upon exercise, if any, Buyer <br />shall not be required to deliver any consideration to Seller <br />whatsoever. <br /> <br /> 6. Closinq Requirements. If the Option is exercised, the <br />sale and purchase shall be closed at 10:00 a.m. on the 10th day <br />after the exercise of the option (or, if a Saturday, Sunday or <br />legal holiday, the next business day thereafter) in the law offices <br />of Hartsell, Hartsell & Mills, P. A., 77 McCachern Boulevard, S.E., <br />Concord, North Carolina 28025 (or at some other mutually agreeable <br />time and place) and the closing requirements shall be as follows: <br /> <br /> (a) Title. At closing, Seller shall deliver to <br />Buyer or its assigns, a Right-of-Way and Easement for the <br />Property, subject only to the exception set forth herein. <br />No documentary stamps need be affixed. The Property <br />shall be conveyed to Buyer free and clear of all liens <br />and encumbrances, claims, easements, rights-of-way, <br />leases, restrictions and taxes, except other and <br /> <br /> <br />