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AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY <br />THIS AGREEMENT, including any and all addenda attached hereto ( "Agreement "), is by and between <br />CABARRUS COUNTY <br />a corporate body formed under the laws of the State of North Carolina ( "Buyer "), and <br />BILL and SHARON BURGOS, husband and wife, their successors and assigns ( "Seller "). <br />FOR AND IN CONSIDERATION OF THE MUTUAL PROMISES SET FORTH HEREIN AND OTHER <br />GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE <br />HEREBY ACKNOWLEDGED, THE PARTIES HERETO AGREE AS FOLLOWS: <br />Section 1. Terms and Definitions: The terms listed below shall have the respective meaning given them as <br />set forth adjacent to each term. <br />(a) "Property ": (1) (Address) approx. 2.00 acres of real property located in Cabarrus Copply, No <br />Carolina and as more particularly described as having real estate PIN 56009412650000. Valued for <br />Purchase Price at $300,000 for this tract; and <br />(2) (Address) approx. 4.00 acres of real property located in Cabarrus County, North Carolina and as <br />more particularly described as having real estate PIN 56009425350000. Valued for Purchase Price at <br />$25,000 /acre for a total of $100,000 for this tract. ) <br />Together, the foregoing two tracts of real property are hereinafter collectively referred to as the "Property ". <br />$ 400,000 (b) "Purchase Price" shall mean the sum of Four Hundred Thousand and No /100 <br />Dollars, <br />payable on the following terms: <br />$ 400,000 (ii) Cash balance of Purchase Price, at Closing in the amount of Four Hundred <br />Thousand and No/ 100 Dollars. <br />(c) "Closing" shall mean the date and time of recording of the deed. Closing shall occur on or before July <br />31, 2016 <br />(d) "Contract Date" means the date this Agreement has been fully executed by both Buyer and Seller. <br />(e) "Examination Period" shall mean the period beginning on the Contract Date and extending through <br />the date of Closing <br />TIME IS OF THE ESSENCE AS TO THE EXAMINATION PERIOD. <br />(f) "Broker(s)" shall mean: <br />N/A ( "Listing Agency "), <br />( "Listing Agent" — License # ) <br />Acting as: ❑ Seller's Agent; ❑ Dual Agent <br />and N/A <br />Page 1 of 8 <br />Buyer Initials Seller Initials <br />G -2 <br />( "Selling Agency "), <br />( "Selling Agent" — License # ) <br />Page 119 <br />