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AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY (RIGHT-OF-WAY) tJ c..:ro~ THIS AGREEMENT made as of SCpt~Ill'- 3-, 2006 ("Effective Date"), by and between DANNY RAY PENNINGER and wife, SHARON KEE PENNINGER (jointly, "Seller"), and CABARRUS COUNTY BOARD OF EDUCA nON, a corporate body formed under the laws of North Carolina, and/or its assignee ("Buyer"). FOR AND IN CONSIDERATION OF THE MUTUAL PROMISES SET FORTH HEREIN AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, THE PARTIES HERETO AGREE AS FOLLOWS: Section 1. Terms and Definitions: The terms listed below shall have the respective meaning given them as set forth adjacent to each item. (a) "C1osin!!" shall occur on or before that date which is twenty-five (25) davs after the date of this Agreement. (b) "Intended Use" shall mean road right of way and temoorary construction easement to the City of Concord for imorovements to Clover Road. (c) "ProDertv": Right-of-wav and easement uoon Seller's land located at the intersection of Clover Road and Pitts School Road. Cabarrus County. North Carolina. as more oarticularlv described in Exhibit A attached hereto. (d) "Purchase Price" shall mean the sum of Twenty Five Thousand and No/100 Dollars ($25.000.00). oayable in by check at Closing. (e) "Seller's Notice Address" shall be as follows: 2355 Clover Road, Concord, NC 28027 except as same may be changed pursuant to Section 10. AMOUNT i:dl5JDW, iii :AL..d!JJbW,~W .3r21QIL (f) "Buver's Notice Address" shall be as tollows: .<';~.OVi.:.O 4401 Old Airport Road, P.O. Box 388, Concord, NC 28026, Attention: Sam Masters except as same may be changed pursuant to Section 10. (g) "Brokera!!e." Seller and Buyer acknowledge that they shall be responsible for commissions as set forth in their respective agreements with broker(s), if any. Should any other claim for commission be asserted, each party hereby expressly agrees to indemnifY and hold the other hannless with respect thereto to the extent that such indemnifYing party is shown to have been responsible for the creation of such claim. Section 2. Proration of Expenses and Payment of Costs. Seller and Buyer agree that Buyer shall be responsible for the payment, at Closing, of all customary closing costs and expenses, including those typically payable by the seller of a right-of-way and easement on real property. Notwithstanding the foregoing, each party shall be responsible for its own attorneys' fees and all other expenses directly attributable to such party. Section 3. Sale of Property. Seller agrees to sell the right-of-way and easement on Seller's property for the Purchase Price set forth above. Buyer shall pay the Purchase Price in accordance with all the Terms and conditions of this contract. Section 4. Title. Seller agrees to convey the right-of-way and easement on the property by execution of the fonn of agreement attached hereto as Exhibit A (including obtaining the consent and subordination by Seller's lender), subject only to the exceptions hereinafter described. Seller represents and warrants that Seller is the fee simple owner of the property on with the right-of-way and easement is to be located, and at Closing, Seller shall deliver to . BUYefngood.and.marketable title_to_saidnright,Qf-way_.and..~as~me_nt,jJ~L~I1(L cle~r Qf .~I Ul"ns,_encul11brances and defects oftille other than zoning ordinances affecting the Property, utility easements of record serving thej'ropefiY:- taxes not yet due and payable, restrictions and easements and the lien of the State Employees' Credit Union (which shall be subordinated to said right-of-way and easement). WCSR 3433281vl I 'f- \ ~