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Allen Tate Company, Inc. <br /> 1096 Concord Parkway North <br /> Suite 2 <br /> Concord, NC 28027 <br />Phone: 704-784-5281, Fax: 704-786-6381 <br /> <br />AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY <br /> <br />THIS AGREENMENT made this ~-~ th_~ day of ~-- , 2004, by and between <br />Carolina Radiator & Air Condltloning Supp~]~nc.~ ~ North Carolina corporation <br />with its principal place of business at 429 Hwy. 29 North, Concord, North <br />Carolina, 28027("Buyer"), and Cabarrus County, North Carolina, a political <br />subdivision of the State of North Carolina with its principal place of business <br />at 65 Church Street, SE, Concord, North Carolina 28025("Seller"). <br /> <br />FOR AND IN CONSIDERATION OF THE MUTUAL PROMISES SET FORTH HEREIN AND OTHER GOOD <br />AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY <br />ACKNOWLEDGED, THE PARTIES HERETO AGREE AS FOLLOWS: <br /> <br />Section 1. Terms and Definitions: The terms listed below shall have the <br />respective meaning given them as set forth adjacent to each term. <br /> <br /> (a) "Property": (Address) <br /> Approximately (+ or -) 2.080 Acres located at 660 Concord Parkway North. <br />Concord, NC 28027 (Legal Description/Description) <br />E/S Concord Parkway, part of Tax Parcel 5611905925, part of parcel as <br />recorded in Deed Book 4722 Page Number 121, as more fully described in <br />Exhibit A, to include, subject to any restrictions attendant to such easement <br />and if such easement is recorded to run with the land, an easement to use the <br />existing driveway to the south of the Property for entry onto the Property. <br />Buyer is to determine the sufficiency, validity and enforceability of the <br />easement prior to end of the Examination Period. <br /> <br /> XX "Property" shall mean that property described on Exhibit A attached <br />hereto and incorporated herewith by reference as if fully set forth herein, <br />together with all buildings and improvements thereon and all fixtures and <br />appurtenances thereto and all personal property, if any, itemized on Exhibit A. <br /> <br />$ 325,000.00 (b) "Purchase Price" shall mean the sum of <br />Three Hundred Twenty Five Thousand Dollars, payable on the following terms: <br /> <br />$ 5000.00 <br /> <br />Five Thousand Dollars <br /> <br />(i) "Earnest Money" shall mean <br /> <br />Upon acceptance of this contract, the Earnest Money shall be promptly deposited <br />in escrow with Allen Tare Company, Inc. to be applied as part payment of the <br />purchase price of the Property at the time sale is closed, or disbursed as <br />agreed upon under the provisions of this contract. <br /> <br />XXX THE EARNEST MONEY IS TO BE DEPOSITED IN AN INTEREST BEARING ACCOUNT, TO BE <br /> APPLIED AS PART PAYMENT OF THE PURCHASE PRICE OF THE PROPERTY AT THE TIME <br /> SALE IS CLOSED, OR DISBURSED AS AGREED UPON UNDER THE PROVISIONS OF THIS <br />CONTRACT. <br /> <br />$256,000.00(ii) Proceeds of a new Loan in the amount of Two Hundred and Fifty <br />Six Thousand Dollars for a term of 5__ years, at an interest rate not to exceed 5 <br /> <br /> <br />