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REAL ESTATE PURCHASE CONTRACT
<br />Weddington Rd Barr Property — 61.084 Acre Assemblage — Cabarrus PIN 5600954892
<br />(Assemblage Contract 1 of 3)
<br />THIS REAL ESTATE PURCHASE CONTRACT (the "Contract ") is made and entered into
<br />as of the Effective Date (defined below) between GLENN H. BARR and KATHY L. BARR, married
<br />individuals (jointly and severally, "Seller "), and CABARRUS COUNTY, a corporate body formed
<br />under the laws of the State of North Carolina (the "Buyer ").
<br />RECITALS
<br />A. Seller is the owner of certain real property comprised of 61.084 acres of raw land lying
<br />on the north side of Weddington Road in City of Concord, Cabarrus County, North Carolina
<br />(Cabarrus County PIN 5600954892), all as more particularly described on Exhibit A attached hereto
<br />and made a part hereof, together with all improvements, and other rights, privileges, licenses,
<br />tenements, hereditaments, easements, reversions, remainders, permits, credits, capacities, approvals,
<br />all other development and other rights and entitlements appurtenant thereto, and all right, title and
<br />interest in and to all timber, crops, vegetation, oil, gas and mineral rights, and all streets, alleys, rights
<br />of way, and water courses, on, adjacent to, abutting or serving the real property appurtenant thereto
<br />(all together, the "Property ").
<br />forth.
<br />B. Buyer desires to purchase the Property upon the terms and conditions hereinafter set
<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 />Property.
<br />Property Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, the
<br />2. Earnest Money Not later than five (5) business days after the Effective Date, Buyer
<br />shall deposit with Investors Title Insurance Company ( "Escrow Agent ") the sum of Forty Thousand
<br />and No /100 Dollars ($40,000.00) as earnest money (including interest thereon, the "Earnest
<br />Money "). Escrow Agent shall hold the Earnest Money in an interest - bearing escrow account with a
<br />federally- insured financial institution for the benefit of Buyer. The Earnest Money shall be held and
<br />disbursed in accordance with the terms of Section 4 of this Contract and in any event shall be disbursed
<br />and applied against the Purchase Price at Closing if Closing takes place.
<br />3. Purchase Price The purchase price (the "Purchase Price ") for the Property shall be
<br />Two Million Four Hundred Seventy Five Thousand Nine Hundred Ninety Eight and No /100
<br />Dollars ($ 2,475,998.00) , to be paid at Closing as described herein. The Purchase Price is based upon
<br />a total purchase price for this Property and the Weddington Road 2 Property [40.036 acres (as
<br />hereinafter defined)] and the Weddington Road 3 Property [1.00 acre (as hereinafter defined)] of Four
<br />Million Two Hundred Thousand and No /100 Dollars ($4,200,000.00). Three Hundred Thousand
<br />and No /100 Dollars ($ 300,000.00) of the total purchase price is to be allocated as the purchase price
<br />Page 1 of 17
<br />Attachment number 8 \n
<br />G -2 Page 131
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