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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
Creation date
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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a. Seller shall have performed all of its obligations under this Contract, has not <br />violated any covenants set forth in this Contract and all representations and warranties of Seller set <br />forth in this Contract shall be true and correct as of Closing. All conditions precedent to Closing under <br />the Weddington Road 2 and 3 Contracts shall have been satisfied (or waived by Buyer in its sole <br />discretion). <br />b. Title to the Property shall be as set forth in Section 7 and Buyer shall have <br />obtained title insurance insuring Buyer's title to the Property at standard rates, all in accordance with <br />Section 7 <br />C. There has been no default, by either party, with regard to any of the Other <br />Contracts and it is reasonably anticipated that the Closings on the Other Properties shall occur <br />simultaneously with the Closing hereunder. <br />d. [BOARD CONSENT HAS BEEN OBTAINED????l <br />In the event any of the foregoing Conditions Precedent have not been satisfied prior to, <br />or as of, the Final Closing Date, Buyer shall have the right to terminate this Contract and the Earnest <br />Money shall be paid to Buyer. <br />15. Comon*ion Other Contracts; Additional Weddington Road Property <br />Concurrently herewith, Buyer has entered into two (2) other contracts with Seller (the "Weddington Road <br />2 Contract" and the "Weddington Road 3 Contract ") for the purchase of that additional "Weddington <br />Road 2 Property" and "Weddington Road 3 Property," respectively, which Properties are located <br />adjacent to the Property and which are described more particularly on Exhibit A hereto . Buyer requires, <br />as does Seller, and the Parties acknowledge and agree, that the Closing hereunder shall be contingent upon <br />and shall occur simultaneously with closing under the Weddington Road 2 Contract and the Weddington <br />Road 3 Contract, as well as the closing under the Burgos Contract. Without limitation, in the event that <br />either Buyer or Seller has a right to terminate any one of these eaffip ffifieli Other Contracts then either <br />Buyer or Seller, as the case may be, has the right to terminate them all. Furthermore, in the event that <br />Buyer is entitled to terminate the Burgos Contract, then it shall be entitled to terminate this Contract (and <br />the Cep Other Contracts). <br />16. Closing Documents Seller shall convey title to the Property to Buyer in accordance <br />with the provisions hereof by execution and delivery of a general warranty deed, in recordable form, <br />and in substantially the same form, and with the exceptions to title, as that attached hereto as Exhibit <br />B , conveying the Property in accordance with the legal description prepared from the Survey. Seller <br />shall also furnish at Closing (i) a North Carolina Land Title Association, March 2013, Form No. 1: <br />Owner Affidavit and Indemnity Agreement (No Recent Improvements), attached hereto as Exhibit C , <br />which shall include a sworn statement that there are no leases or tenancies or others in possession of <br />the Property; (ii) a non - foreign affidavit; (iii) a 1099 reporting form; (iv) if Buyer determines it is <br />applicable during its Feasibility Period and in Buyer's discretion, a quit claim Assignment and Bill of <br />Sale executed by Seller in order to convey such personal property rights /interests and such intangible <br />appurtenant property related rights as pertain to and are part of the Property as herein described; and <br />(v) such other commercially reasonable documents and instruments appropriate for the subject <br />transaction or which may be required to satisfy any conditions of Buyer's title insurance company. At <br />Closing, Buyer shall deliver to Seller the Purchase Price (taking account of all other costs and <br />adjustments provided for herein) and such documents and instruments as Seller shall reasonably <br />require, in form and substance reasonably approved by Seller. <br />Page 9 of 17 <br />Attachment number 8 \n <br />G -2 Page 139 <br />
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