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AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY THIS AGREEMENT made this ~ day of March, 2003, by and between FFC, Limited Partnership, a North Carolina limited partnership ("Buyer"), and Cabarms County ("Seller"). SUBJECT TO THE PROVISIONS OF N.C.G.S. § 153a-176 AND 160a-269 (THE "STATUTES), 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 term. (a) "Proper .ty": (Ad&ess) 1.0+/- Acres at the comer of Cabarrus Ave. and Union Cemetery Road. Part of parcel #5620027234 in Deed Book 3047 and Page 0221, Cabarms County Public Registry (generally described as a 200 foot by 225 foot tract attached as Exhibit A and outlined in red thereon). (Legal Description/Description) Buyer and Seller agree to attach the legal description derived from any survey of the Property obtained by the Buyer or Buyer's designee pursuant to Section 6(f) of this Agreement as Exhibit A-1 to this Agreement and to the general warranty deed prescribed by Sections 5 and 10 hereof. [] If this box is checked, "Property" shall mean that property described on Exhibit A attached hereto and incorporated herewith by referenced as if fully set forth herein, together with all buildings and improvements thereon and all fixtures and appurtenances thereto and all personal property, if any, itemized on Exhibit A. (b) "Purchase Price" shall mean the sum of Four Hun&ed Thousand and 00/100 Dollars ($400,000.00), payable on the following terms: (i) "Deposit" shall mean the Twenty Thousand and 00/I00 Dollars ($20,000.00) Deposit delivered by Buyer to the Clerk of the Board of County Commissioners of Cabarrus County (the "Clerk") to be held in accordance with this Agreement and the Statutes, to be applied as part payment of the purchase price of the Property at the time sale is closed, or disbursed as agreed upon under the provisions of Section 9 herein. Provided, however, that in the event of a termination of this Agreement by Buyer for cause pursuant to Paragraph 6(f) prior to the expiration of the Examination Period, the Deposit shall be forfeited in its entirety by Buyer to Seller and shall remain the property of Seller. (ii) Cash at closing in the amount of Three Hundred Eighty Thousand and 00/100 Dollars ($380,000.00), balance of Purchase Price. (c) "Closing" shall occur within thirty (30) days after the conclusion of the Examination Period. CLT 663911v8 (1 of 10)