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<br />DRAFT - NOT FOR EXECUTION
<br />
<br />NORTH CAROLINA
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<br />PURCHASE AND SALE AGREEMENT
<br />
<br />CABARRUSCOUNTY
<br />
<br />THIS PURCHASE AND SALE AGREEMENT (the "Agreement") is made and
<br />entered into this the _ day of , 2006 (the "Effective Date"), by and between
<br />CABARRUS COUNTY, and THE WATER AND SEWER AUTHORITY OF
<br />CABARRUS COUNTY, parties of the first part (hereinafter sometimes referred to
<br />collectively as "Seller"); A. WAYNE MOTLEY (Married) (or an entity yet to be
<br />formed), party of the second part (hereinafter sometimes referred to' as "Purchaser");
<br />and CLERK OF CABARRUS COUNTY BOARD OF COMMISSIONERS, party of the
<br />third part (hereinafter sometimes referred to as "Escrow Agent").
<br />
<br />WIT N E SSE T H : That --
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<br />1. Agreement to Sell and Purchase. For and in consideration of the Earnest
<br />Money to be paid by Purchaser to Escrow Agent, the mutual covenants and agreements
<br />contained herein and other good and valuable consideration, the receipt and sufficiency
<br />of which are hereby acknowledged by Seller and Purchaser, Seller hereby agrees to sell
<br />and convey to Purchaser, and Purchaser hereby agrees to purchase and take from Seller,
<br />subject to and in accordance with all of the terms and conditions of this Agreement, the
<br />following:
<br />
<br />(a) All that certain lot, tract or parcel of unimproved real estate more
<br />particularly described in that Deed dated March 5, 2003, recorded in Book 4363,
<br />Page 143, Cabarrus County Registry, and in that Deed dated October 21, 2003,
<br />recorded in Book 5044, Page 54, Cabarrus County Registry, consisting of
<br />approximately 28.696 acres, said Deed instruments being attached hereto and
<br />identified as Exhibit" A-1" and Exhibit" A-2", respectively, together with all
<br />plants, shrubs and trees located thereon, and together with all rights, ways and
<br />easements appurtenant thereto, including, without limitation, all of Seller's right,
<br />title and interest in and to the land underlying and the air space overlying any
<br />public or private ways or streets crossing or abutting said real estate (herein
<br />collectively called the "Land"); and
<br />
<br />(b) All of the right, title, interest, powers, privileges, benefits and
<br />options of Seller, or otherwise accruing to the owner of the Property, in and to (i)
<br />any impact fee credits with, or impact fee payments to, any county or
<br />municipality in which the Land is located arising from any dedication or
<br />contribution of property, by Seller, or her predecessor in title or interest, related
<br />to the Land, (ii) any development rights, allocations of development density or
<br />
<br />(3-8
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