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AG 2016 07 18
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AG 2016 07 18
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7/20/2016 11:45:58 AM
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11/27/2017 10:34:09 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/18/2016
Board
Board of Commissioners
Meeting Type
Regular
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of the Weddington Road 3 Property, which leaves a balance of and One Million Four Hundred <br />Twenty Four Thousand Two and No /100 Dollars ($ 1,424,002.00) for the remaining 101.12 acres. <br />4. Feasibility Period Buyer shall have a period extending from the Effective Date <br />through and including the date which is thirty (30) days after the Effective Date (the "Feasibility <br />Period "), within which it may in its sole discretion terminate this Contract for any reason by giving <br />written notice to Seller prior to the expiration of the Feasibility Period. In the event Buyer gives Seller <br />the notice, the Earnest Money shall be refunded to Buyer promptly upon request, all rights and <br />obligations of the parties under this Contract shall expire except for Buyer's obligations to restore the <br />Property as provided in Section 10 , this Contract shall become null and void, and Buyer shall provide <br />Seller with copies of survey(s) and all documentation reporting the results of all tests or inspections of <br />or relating to the Property conducted by Buyer pursuant to this Contract (the "Due Diligence <br />Materials "); p rovided , however that such provision by Buyer to Seller of the Due Diligence Materials <br />shall be without warranty or representation and shall not include anything of a proprietary, confidential <br />or privileged nature. The failure of Buyer to provide such notice of termination prior to the expiration <br />of the Feasibility Period shall be deemed conclusively as a termination of this Contract pursuant to this <br />Section 4 <br />5. Closing; Multiple Tracts The closing of the purchase and sale of the Property <br />( "Closing ") shall be held at /through the offices of Buyer's attorney, unless otherwise agreed in writing <br />between the parties, at such time and on such date (herein called the "Closing Date ") as may be agreed <br />upon by and between Seller and Buyer; provided however that the Closing Date shall be on or before <br />that date which is sixty (60) days after the Effective Date (herein called the "Final Closing Date ") <br />and, if Buyer shall fail to give notice designating the Closing Date, the Closing Date shall be, and the <br />Closing shall take place at, 2:00 P.M. on the Final Closing Date. Closing shall occur simultaneously <br />with the Closings on the "Weddington Road 2 Property" and the "Weddington Road 3 Property" <br />under the "Weddington Road 2 Contract" and the "Weddington Road 3 Contract" (all as defined <br />in Section 15 below), as well as that certain Agreement for Purchase and Sale of Real Property by and <br />between Buyer, as buyer, and Bill and Sharon Burgos, as seller ( "Burgos Contract ") for the real <br />property set forth therein ( "Burgos Property ") (collectively, the Weddington Road 2 Property, the <br />Weddington Road 3 Property and the Burgos Property may hereinafter be referred to as the "Other <br />Properties" and the Weddington Road 2 Contract, the Weddington Road 3 Contract and the Burgos <br />Contract may hereinafter be referred to as the "Other Contracts "). <br />Costs and Prorations <br />a. Seller shall pay at or before Closing, all real estate taxes, and all other public <br />or governmental charges and public or private assessments against the Property for any and all periods <br />prior to the year of Closing <br />b. All real estate taxes, and all other public or governmental charges and public <br />or private assessments against the Property for the year of Closing shall be adjusted and prorated <br />between the parties as of the day of Closing (with Seller paying/being responsible for all of the same <br />through and including the day of Closing) and shall thereafter be assumed and paid by Buyer, whether <br />or not assessments have been levied as of the date of Closing. Any tax proration based on an estimate <br />shall be subsequently readjusted within thirty (30) days of receipt of the actual tax bill, if required by <br />reason of any difference between the estimate and said actual bill. The obligations to adjust shall <br />survive Closing. <br />Page 2 of 17 <br />Attachment number 8 \n <br />G -2 Page 132 <br />
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