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STATE OF NORTIt CAROLINA <br />COUNTY OF CABARRUS <br /> <br />OPTION TO PURCHASE <br />(ANrD CONTRACT OF SALE) <br />[25-ACRE TRACT - WITH BUILDING] <br /> <br /> THIS OPTION TO PURCHASE (AND CONTRACT OF sALE) (the "Option") made <br />and entered into as of the 8th day of September, 1992, between CABARRUS COUNTY, a <br />governmental subdivision of the State of North Carolina, ("Seller") and FAISON CAPITAL <br />DEVELOPM'i*NT, INC., a North Carolina corporation ("Faison") and .CAMBRIDGE <br />PROPERTIES INCORPORATED, a North Carolina corporation ("Cambridge") (Faison and <br />Cambridge being collectively referred to as "Buyer"); <br /> <br /> WITNrESSETH, that Seller, for and in consideration of the sum of Twenty Thousand and <br />No/100 Dollars ($20,000.00) (the "Option Money") to it in hand paid by Buyer, the receipt and <br />sufficiency of which are hereby acknowledged, does hereby give and grant, subject to the terms <br />and conditions set forth in this Option, unto Buyer, its successors, assigns or representatives, <br />the exclusive right and option to purchase all of that certain tract or parcel of land consisting of <br />approximately 24 acres, together with all improvements thereon and appurtenances thereto, <br />bounded by Cabarrus Avenue, U.S. 601, Union Cemetery Road and the southerly margin of a <br />transmission line easement to Duke Power Company in the City of Concord, County of <br />Cabarrus, State of North Carolina, described in tax records in the office of the Tax Supervisor <br />for Concord/Cabarrus County, North Carolina, as all of tax parcel number 5620-02-6168 and <br />paxt of tax parcel number 5620-01-9776, and being shown outlined in red on the map attached <br />hereto as Exhibit A and incorporated herein by reference (the "property"). <br /> <br />The terms and conditions of this Option are as follows: <br /> <br /> 1. Term: Extensions. 'lids Option shall be for an initial period of sixty (60) days <br />and shall exist and continue until midnight on the 7th day of November, 1992, unless extended <br />as herein provided. Buyer shall have the right to extend the term of this Option for two (2) <br />successive periods of sixty (60) days each by giving Seller written notice of Buyer's election to <br />extend such term prior to the expiration of the then applicable term of this Option and paying <br />Seller at the time each such extension is exercised an additional Twenty Thousand and No/100 <br />Dollars ($20,000.00) as Option Money. <br /> <br /> 2. Exercise. At any time during the temi of this Option, Buyer may exercise this <br />option by written notice personally delivered to Seller or deposited in the United States mail, <br />postage prepaid, registered or certified mail, return receipt requested, addressed to Seller as <br />follows: <br /> <br />09643 <br /> <br /> <br />