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Cabarrus County <br />c/o Fletcher Hartsell, Esq. <br />Hartsell, Hartsell & Mills <br />Post Office Box 368 <br />Concord, North Carolina 28026-0368 <br /> <br />or to such other address as Seller may designate in writing to Buyer. Notices to Buyer shall be <br />in writing and either personally delivered to Buyer or deposited in the United States mail, <br />postage prepaid, registered or certified mail, return receipt requested, addressed to Buyer as <br />follows: <br /> <br />Faison Capital Development, Inc. <br />121 West Trade Street <br />1900 Interstate Tower <br />Charlotte, North Carolina 28202-5399 <br />Attention: Mr. Paul B. Bell, Jr. <br /> <br />with copy to: <br /> <br />Cambridge Properties Incorporated <br />2915 Providence Road <br />Suite 300 <br />Charlotte, North Carolina 28211 <br />Attention: Mr. George L. Maloomian <br /> <br />or such other address as Buyer may designate in writing to Seller. <br /> <br /> At the time Buyer elects to exercise this Option, Buyer shall deposit with Seller an <br />amount which, when added to the Option Money already deposited with Seller, shall equal five <br />percent (5 %) of the purchase price due Seller pursuant to Paragraph 4.01 of this Option. Such <br />additional money shall be treated as Option Money and shall be applied to the purchase price <br />due Seller at closing. <br /> <br /> 3, Application of Option Money. If this option is exercised by Buyer, all sums <br />paid as Option Money shall be applied against the purchase price due Seller at the closing of the <br />sale as set forth below. If Buyer gives Seller written notice of Buyer's election not to exercise ,, <br />this Option at any time during the initial 60-day term, Seller shall refund Five Thousand ~ <br />No/100 Dollars ($5,000.00) of the Option Money to Buyer immediately upon Seller's receipt -- <br />of such notice and Seller shall retain the balance of the option Money. Thereafter, if this <br />Option is not exercised, all sums paid to Seller as option Money shall be retained by the Seller <br />except as otherwise expressly provided herein. In the event this Option is exercised and any of <br />the conditions hereto are not satisfied, or in the event of any breach of this Option by Seller, <br />then the option Money shall be returned to Buyer together with interest thereon at the rate paid -. <br />on demand savings accounts by NationsBank of North Carolina, N.A. CNationsBank") at its <br /> <br />C. 10~54~ -2- ~ <br /> <br /> <br />