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STATE OF NORTH CAROLINA AGREEMENT TO SELL AND PURCHASE COUNTY OF CABARRUS REAL ESTATE THIS AGREEMENT TO SELL AND PURCHASE REAL ESTATE (the "Agreement"), is made and entered into effective as of August , 2008 (which is to be the date that this Agreement is signed by the last of the parties to execute this Agreement), by and between ARCHIE EUGENE BARRINGER and wife, MARY ELLEN BARRINGER ("Seller"), and CABARRUS COUNTY BOARD OF EDUCATION, a corporate body formed under the laws of North Carolina ("Buyer"). WHEREAS, Buyer has offered to buy and Seller has agreed to sell the real property described hereinafter upon and subject to the terms of this Agreement. NOW, THEREFORE, for and in consideration of the mutual covenants and conditions contained herein, the receipt and sufficiency of which consideration are acknowledged by all parties hereto, Buyer and Seller agree as follows: 1. DESCRIPTION OF PROPERTY. Seller agrees to sell and Buyer agrees to purchase all of the tract of land containing approximately 28 acres located off of Miami Church Road in Cabarrus County, North Carolina and having a Parcel Identification Number of 5549807442 and being as described in the deed to Seller recorded in Book 3069 at Page 223 of the Cabarrus County Registry (the "Property"). The description of the Property is subject to a boundary survey to be prepared as provided under this Agreement and shall include any improvements and personal property currently located thereon and all and singular the rights, privileges, advantages, and appurtenances belonging or in anywise appertaining to the Property, as well as all easements in or upon the Property and all roads, alleys, waters, streets, or rights-of--way bounding the Property (to the. centerline thereof), and rights of ingress and egress thereto, as well as any and all utility capacity, if any (to the extent transferable), including, without limitation, water, drainage, and sanitary sewer, and other utility capacities and rights relating thereto, affecting or applicable to the Property currently owned by Seller, as well as Seller's right, title and interest in and to all zoning and utility capacity applications, if any (and to the extent transferable), made to any governmental authority and all other rights affecting or applicable to the Property (including, without limitation, any fees relating thereto and the benefits resulting therefrom) and full use and control of the surface and subsurface of the Property, free and clear of the rights of the owners of any mineral interests and free and clear of the rights of any tenant under any lease relating to the Property. 2. CLOSING. Closing shall take place in the office of Buyer's attorney in Charlotte, North Carolina, and Seller shall convey the Property to Buyer on such date designated by Buyer, but in no event later than one hundred twenty (120) days after the effective date of this Agreement, unless this Agreement is terminated as otherwise herein provided (such date for closing and performance being hereinafter sometimes referred to as the "Closing" or "Closing Date"). 3. PURCHASE PRICE. The purchase price (the "Purchase Price") for the Property shall be $32,000.00 per acre of land within the Property (excluding any portions of the Property located within the right of way of any street or railroad located on or adjacent to the boundaries of the Property). The exact acreage of the Property shall be determined by the Survey, as set forth in Section 6A below. It is anticipated that the Purchase Price will be approximately $896,000.00, subject to determination of the exact acreage and the resulting final Purchase Price, as provided above. 4. DEPOSIT. Within ten (10) business days following the receipt of formal approval of this Agreement by both the entire Cabarrus County School Board and the Cabarrus County Board of WCSR 3614883v5 /L~I~