AG 2010 09 20 - Laserfiche WebLink

Home Browse Search

3. Exercise At any time during the Term, COUNTY may exercise the Option by delivering written notice to Seller. In the event that the Option is not exercised, the Option Fee will be retained by Seller except as specifically set forth below. 4. Contract Upon Exercise Upon exercise, this Agreement shall become an agreement of purchase and sale, on the terms and conditions set forth in this Agreement. 5. Purchase Price The purchase price for the Property shall be the product obtained by multiplying the "Net Acreage" of the Property, as detennined by the survey obtained by COUNTY under Paragraph 13, by Two Thousand eight hundred thirty -eight and 71/100 Dollars ($2,838.71) per acre, subject to change pursuant to the appraisal requirements in Section 7 below. The Option Fee shall be applied in reduction of the Purchase Price at Closing. The remainder of the Purchase Price shall be paid at Closing by wire transfer or immediately available federal finds. 6. Due Diligence Items Seller shall deliver to COUNTY, within ten ( 10) business days after the Effective Date, true copies of any of the following due diligence items that are in Seller's possession or control: (a) Seller's existing title insurance policy or title commitment for the Property (or for a larger parcel that includes the Property), together with copies of all recorded instruments listed as exceptions to title. (b) Any unrecorded leases, restrictive covenants, or other agreements entered into by Seller and relating to the Property. (c) Any existing surveys or recorded plats in Seller's possession, and relating to the Property. (d) Any geotechnical reports or environmental site assessments relating to the Property. (e) Any site plans or civil engineering drawings previously prepared by or on behalf of Seller, and relating to the Property. (f) Any materials submitted by Seller to applicable governmental authorities in connection with the rezoning of the Property, or in connection with Seller's application for any approvals or permits relating to the Property. 7. Appraisal COUNTY, at its sole cost and expense, shall obtain an appraisal of the Property from a licensed appraiser (the "Appraisal "). COUNTY shall make reasonable efforts to cause the final Appraisal to be delivered within sixty (60) days after the Effective Date. If the fair market value of the Property, as determined by the Appraisal, is not equal to or greater than two times the Purchase Price, then the purchase price will be reduced to one -half of the appraised value. in the event the purchase price is reduced under this provision, and the resulting per acre purchase price is less than $2,838.71 per acre, Seller shall have the right to terminate this Agreement by delivery of written notice to COUNTY, and upon such termination the Option Fee shall be returned to COUNTY. 8. Closin . The closing ( "Closing ") of this transaction shall occur at 10:00 a.m. in the offices of COUNTY's attorney in Charlotte, North Carolina, or at such other location as the parties may mutually agree, on a date (the "Closing Date ") specified by COUNTY in its notice of exercise of the Option, not less than ten (10) days nor longer than thirty ( 30) days after the date of that notice. The A0yd4nM number 1 F -13