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REAL ESTATE PURCHASE CONTRACT
<br /> 83, 85, 87, 89, and 91 Spring Street, SW—Cabarrus PIN 5620-97-1220
<br /> THIS REAL ESTATE PURCHASE CONTRACT (the "Contract') is made and entered
<br /> into as of the Effective Date (defined below) between LOUIS AUGUSTUS FENNELL and wife,
<br /> NANCY JEFFRIES FENNELL, as Co-Trustees of THE LOUIS AND NANCY FENNELL
<br /> LIVING TRUST, u/a dated June 29, 2015 (the "Seller"), and CABARRUS COUNTY, a body
<br /> politic and political subdivision of the State of North Carolina(the"Buyer").
<br /> RECITALS
<br /> A. Seller is the owner of certain real property lying and being in the Northeastern corner
<br /> of Corban Avenue, Southwest, and Spring Street, Southwest, in City of Concord, Cabarrus County,
<br /> North Carolina (Cabarrus County PIN 5620-97-1220), all as more particularly described in that
<br /> deed dated February 23, 2016, and recorded in Book 11834, Page 237, in the Cabarrus County
<br /> Registry, together with all improvements, and other rights, privileges, licenses, tenements,
<br /> hereditaments, easements, reversions, remainders, permits, credits, capacities, approvals, all other
<br /> development and other rights and entitlements appurtenant thereto, and all right, title and interest in
<br /> and to all oil, gas and mineral rights, and all streets, alleys, and rights of way, on, adjacent to,
<br /> abutting or serving the real property appurtenant thereto (all together,the "Property").
<br /> B. Buyer desires to purchase the Property upon the terms and conditions hereinafter set
<br /> forth.
<br /> NOW, THEREFORE, in consideration of the agreements contained herein, the Earnest
<br /> Money (defined below), and other good and valuable consideration, the receipt and sufficiency of
<br /> which are hereby acknowledged, the parties agree as follows:
<br /> 1. Property. Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller,
<br /> the Property.
<br /> 2. Earnest Money. Not later than three (3) business days after the Effective Date,
<br /> Buyer shall deposit with Investors Title Insurance Company ("Escrow Agent') the sum of Ten
<br /> Thousand and No/100 Dollars ($10,000.00) as earnest money (including interest thereon, the
<br /> "Earnest Money"). Escrow Agent shall hold the Earnest Money in an interest-bearing escrow
<br /> account with a federally-insured financial institution for the benefit of Buyer. The Earnest Money
<br /> shall be held and disbursed in accordance with the terms of this Contract, and in any event shall be
<br /> disbursed and applied against the Purchase Price at Closing if Closing takes place.
<br /> 3. Purchase Price. The purchase price (the "Purchase Price") for the Property shall be
<br /> Two Hundred Sixty Thousand and No/100 Dollars ($260,000.00). The Purchase shall be paid by
<br /> Buyer to Seller on the Closing Date, after crediting the Earnest Money, and subject to the pro-rations
<br /> and adjustments herein described, by wire delivery of funds through the Federal Reserve System to
<br /> an account designated in writing by Seller.
<br /> 4. Feasibility Period; Seller Deliveries. Buyer shall have a period extending from the
<br /> Effective Date through and including the Closing Date (as hereinafter defined) (the "Feasibility
<br /> Attachment number 1 \n
<br /> G-4 Page 132
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