AG 2008 03 24 - Laserfiche WebLink

Home Browse Search

BUYER POSSESSION BEFORE CLOSING AGREEMENT Buyer Salloum Ventures, LLC or assigns has entered into an Agreement of Purchase and Sale ("Contract") dated October 18, 2007 (by virtue of last signature) with Seller Cabarrus County to purchase the Property known as tax identification parcel numbers 5620972749, 5620973931 and 5620983000, and being commonly known as the former Cabarrus Bank & Trust building, including the associated drive through facility and parking azeas ("Property"). Buyer may hereby take possession of the Property on or after the date hereof ("Commencement Date"). This Agreement shall terminate at the earlier of the Closing date ("Closing") or ninety (90) days from the Commencement Date (the entire period is referred to as the "Term"). Buyer and Seller, in consideration of the provisions set forth below, hereby agree as follows: 1. Buyer's possession of the Property constitutes an acknowledgement that its inspections of property suitability pursuant to Paragraph 4(d) of the Contract are completed or waived. Buyer accepts the Property in its current condition. This acceptance and waiver shall not apply to matters of title and/or survey because Buyer has not yet been provided with the survey to be supplied by Seller pursuant to the Contract. 2. In consideration of the delay by Seller in providing a survey to Buyer, as well as in consideration of Buyer's waiver of its inspection rights despite the existence of certain needed repairs to the Property, the Closing date under the Contract is hereby extended to no later than May 15, 2008. Any further extensions shall require payment to the Seller as set forth in Paragraph 3 of the Contract. 3. Buyer may begin its renovations to the unoccupied portions of the Property and use the unoccupied portions of the Property during the term of this Agreement. Buyer shall not make any significant structural changes to the load-bearing walls, foundation or roof of the Property without Seller's permission. Buyer shall keep adequate liability and builder's risk insurance in place at all times during its occupancy as further provided for in Paragraph 5 below. 4. Buyer shall pay Seller anon-refundable lump sum of $10.00 for the Term in advance upon execution of this Agreement ("Rent"). 5. Unless this Agreement or the Contract has been extended, in the event Closing has not occurred by midnight of the last day of the Term, Buyer shall vacate the Property. If Buyer remains in the Property thereafter ("Holding Over"), such Holding Over shall be a breach of this Agreement. Any extensions of the Contract shall likewise extend this Agreement. 6. Buyer shall indemnify and hold Seller harmless from and against any and all liability, fines, suits, claims, demands, actions, costs and expenses of any kind or nature whatsoever caused by, or arising out of, or in any manner connected with any damage to the Property occasioned by Buyer's use and/or occupancy of the Property during the Term, including intentional or negligent acts by Buyer, Buyer's family, and/or agents and employees of Buyer, or any injury to person or persons, including death, or any damage occurring in or about the Property and resulting from or occasioned by Buyer's use and/or occupancy of the Property during the Term. Buyer shall provide a certificate of insurance naming Seller as an additional insured to Seller within three (3) days of the date hereof. Buyer and Seller each hereby agree that the right of subrogation shall be and hereby is waived to the extent of any loss suffered by either party for which insurance covers that party's loss. Buyer shall keep any personal property owned by Buyer on or in the Property insured for the benefit of Buyer in such amount and to such extent as Buyer determines desirable. G-8