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05/07/2004 11:40 7843323525 NORCOM PAGE 83
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<br />Letter.Of Intent
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<br />May 7, 2004
<br />
<br />RE: Former C~barras Bank and Trast Baildin~ ~7 Union Str~f Soutb, Conenrd, NC 2802~
<br />
<br />Dear Mr. Mars~ll,,
<br />This l~ier is 'intended as a letter of intent (Lei) outlining a proposal by Tayco Realty, LLC, or its
<br />subsidiary or assisns, to pu~ehns~ all of the real estate nod improvenmnts mf=,,id to b~iow under the te~ms
<br />and conditions basically set forth herein. This letter represents preliminary negotiations between the perti~
<br />nnd is not a :binding. conlma, however, the parties iut~nd to proceed to a binding contrnot in ac. cordmce
<br />with the Imms hereof. The terms and conditions of this Ic, tter of intent ar~ the following.
<br />
<br />1: SE.L~.'E.i~~C-~bamis County, Attn: John [}ay- County. Mnnnger, 65 Church Street, SE, Concord,
<br />28025 ',..~L:,~~. tl ~:~, ~, i
<br />
<br />2: PURCHASER: Tayco Realty, LLC or ils subsidiary o~assi~ns, whose address is: 1512 £. Fourth
<br />Charlotte,.N,,C 28204
<br />
<br />3: ¢,n,,.ms Bank ana Trmt Building incited at the comer of Union $tro~t
<br />M~ans~, ,.'~t.i~,Concord, NC. The address is lmown as 57 Union Street South, Concord, NC 28025.
<br />4: PUI~C,HAS~.PRICIK: One Million Two Htmdred Thousand Dollars ($1,200,000)
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<br />· ~ ~ARI~I' l~,ON~¥s W~hin ten (10) business ¢hsys of ~n Bffuetiv~ Dst-, Pumhnser r. hnll dsliver to
<br />Escrow ~elit..(~lit~.e compm~ of Purchaser's choice), a check or le~.r of credit in the amount often
<br />Thousand :.l~0}la~ ($10,000), which shall be applicable to the Purchase Price. Earnest Money shall be
<br />ret~dable 'dur~n'~e lmp~ctio~ period.
<br />
<br />6: mSPll~iti~l, P;~ltloo: Inspection period shall tmuina~ nin.ty (90) I~V" from the tiffcciive Date.
<br />Purchaser, nmi/or [ts a~ents and employees shall have unlimited access to ~ ~ to conduct studies
<br />and inspectkmil, to per?erin du, diligence, and to determine If the Propert~ is suitable to Purchaser. Prior to
<br />the end 'of tb," Inspection Period, if' Purchaser del~mines that the Property is not suitable for its intended
<br />use. Pui~,haser sim!! noti~ Seller. in writing, of its intention to I~minat~ l~e Purchase and Sale Agreement
<br />and F49~. ,~, .A~,n.t ,~s~mli immedia~ly ~ th~ Earnest Money deposit to Purchaser. Purduis~ shall
<br />~demi~if~ S~ller'for' its actimls, and restore the I~operty on account of Rs activities. Purchm~ shall also
<br />notify'$dl,'.~'i wh~i,t or one of its consultants plato to access Prop~ty.
<br />
<br />?: ZONING: 'It' is. Purchaser's und~mnding the Property Is c~tently zoned fix a mixed-ur~ project
<br />co~tsting:o,f.,m~,'l; office and residential.
<br />
<br />8: ll~, ,P,I~-C~,,,ION P]~IIIOD I~.XTII'.N$ION: If Purchaser determines ruzoning the Property is required,
<br />Purchaser Stroll submit for n rezonin8 within forty-riva (45) days of the Effective Date and the Imp~tion
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