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<br />PROPERTIES INCORPORATED, a North Carolina corporation ("Cambridge") (Faison and
<br />Cambridge being collectively referred to as "Buyer");
<br /> WITNESSETH, that Seller, for and in consideration of the sum of Twenty
<br />Thousand and No/lO0 Dollars ($20,000.00) (the "Option Money") to it in hand paid
<br />by Buyer, the receipt and sufficiency of which are hereby acknowledged, does
<br />hereby give and grant, subject to the terms and conditions set forth in this
<br />Option, unto Buyer, its successors, assigns or representatives, the exclusive
<br />right and option to purchase all of that certain tract or parcel of land
<br />consisting of approximately 24 acres, together with all improvements thereon and
<br />appurtenances thereto, bounded by Cabarrus Avenue, U.S. 601, Union Cemetery Road
<br />and the southerly margin of a transmission line easement to Duke Power Company
<br />in the City of Concord, County of Cabarrus, State of North Carolina, described
<br />in tax records in the office of the Tax Supervisor for Concord/Cabarrus County,
<br />North Carolina, as all of tax parcel number 5620-02-6168 and part of tax parcel
<br />number 5620-01-9776, and being shown outlined in red on the map attached hereto
<br />as Exhibit A and incorporated herein by reference (the "property"). The terms and conditions of this Option are as follows:
<br /> 1. Term: Extensions. This Option shall be for an initial period of
<br />sixty (60) days and shall exist and continue until midnight on the 7th day of
<br />November, 1992, unless extended as herein provided. Buyer shall have the right
<br />to extend the term of this Option for two (2) successive periods of sixty (60)
<br />days each by giving Seller written notice of Buyer's election to extend such term
<br />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
<br />and No/lO0 Dollars ($20,000.00) as Option Money.
<br /> 2. Exercise. At any time during the term of this Option, Buyer may
<br />exercise this Option by written notice personally delivered to Seller or
<br />deposited in the United States mail, postage prepaid, registered or certified
<br />mail, return receipt requested, addressed to Seller as follows:
<br /> Cabarrus County
<br /> c/o Fletcher Hartsell, Esq.
<br /> Hartsell, Hartsell & Mills
<br /> Post Office Box 368
<br /> Concord, North Carolina 28026-0368
<br />or to such other address as Seller may designate in writing to Buyer. Notices
<br />to Buyer shall be in writing and either personally delivered to Buyer or
<br />deposited in the United Sates mail, postage prepaid, registered or certified
<br />mail, return receipt requested, addressed to Buyer as follows:
<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 /> With copy to:
<br /> Cambridge Properties Incorporated
<br /> 2915 Providence Road
<br /> Suite 300
<br /> Charlotte, North Carolina 28211
<br /> Attention: Mr. George L. Maloomian
<br />or such other address as Buyer may designate in writing to Seller.
<br /> At the time Buyer elects to exercise this Option, Buyer shall deposit with
<br />Seller an amount which, when added to the Option Money already deposited with
<br />Seller, shall equal five percent (5l) of the purchase price due Seller pursuant
<br />to Paragraph 4.01 of this Option. Such additional money shall be treated as
<br />Option Money and shall be applied to the purchase price due Seller at closing.
<br /> 3. Application of Option Money. If this Option is exercised by Buyer, all
<br />sums paid as Option Money shall be applied against the purchase price due Seller
<br />at the closing of the sale as set forth below. If Buyer gives Seller written
<br />notice of Buyer's election not to exercise this Option at any time during the
<br />initial 60-day term, Seller shall refund Five Thousand and No/100 Dollars
<br />($5,000.00) of the Option Money to Buyer immediately upon Seller's receipt of
<br />such notice and Seller shall retain the balance of the Option Money. Thereafter,
<br />if this Option is not exercised, all sums paid to Seller as Option Money shall
<br />be retained by the Seller except as otherwise expressly provided herein. In the
<br />event this Option is exercised and any of the conditions hereto are not
<br />satisfied, or in the event of any breach of this Option by Seller, then the
<br />Option Money shall be returned to Buyer together with interest thereon at the
<br />rate paid on demand savings accounts by NationsBank of North Carolina, N.A.
<br />("NationsBank") at its Charlotte, North Carolina offices. In the event this
<br />Option is exercised and Buyer breaches any conditions or obligations hereto to
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