AG 2002 05 13 (Recessed) - Laserfiche WebLink

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STATE OF NORTH CAROLINA COUNTY OF CABARRUS REALESTATEPURCHASEAGREEMENT THIS REAL ESTATE PURCHASE AGREEMENT ("Agreement") made and entered into as of the day of April, 2002 by and between Cabarrus County c.~,,~,j ~-,_.~__ e¢ ~,-h ,"'=~n hereinafter called "Seller," and CAMBRIDGE PROPERTIES, INC., a North Carolina corporation and or its assigns, hereinafter collectively called "Purchaser." ' STATEMENT OF PURPOSF A. Seller and Purchaser have agreed to sell and purchase, respectively, a tract of land comprising app~'oximately 11.8 acres located at Highway 601 and US Highway,~..g in the City of Concord, Cabarr~s County, North Carolina, together with all easements and · other rights appurtenant to such tract. This tract is shown as "Site 1" and is outl~'ned in red on Exhibit A, attached hereto and made a part hereof. The tract and all easements and other rights appurtenant to such tract are collectively referred to herein as the "Property." B. Seller and Purchaser desire to memorialize their understandings concerning this Agreement. I ' ' ' /'~- , ,' o siaerafion of the ~um oi~'Ten T~ousand ~dllars~~ as earnest money paid by Purchaser to First American Title of the Ca~linas ("Escrow Agent") hereunder to be held in an interest bearing money market escrow account in~ accordance with this Agreement, and other good and valuable considerations, the receipt and sufficiency of which are.hereby acknowledged, the pa~ies agree as follows: 1. Survey. Purchaser shall be [esponsible for preparation of a physical Survey ("Su~ey") of the Prope~y, which Su~ey shall be used to prepare the legal'description to be set fo~h in the deed referred to in Paragraph 4(a) hereof. The boundaries of the Prope~y shall be approximately as shown on Exhibit A, subject to final site plan and final plat approv- al and completion o~ a Su~ey, understanding that it is the intention of the padies that the Prope~y shall consist of approximately~~l 1.8 acres· ~ 2. ]~sDection Rights: ~t Mone~eDosHs.~ection Period. Durin~e first~ ~undred Twenty (120) ~~;m cf thl; ,",~,'~,~t (the "lnspectio~od") com~,~w~h the latest to occur date of execution hereof by both Purch~nd Seller (th~ '_~~e") Purchaser shall be entitled t° investigate and an~e the Prope~ to ~~_~t.will be satisfacto~ with Purchaser's plan~development and utiliz~tio~.t~ Pr0P~S a re,ail shopping center develo~t Che"lntended Use"). Purcha~ e~ploY.ees~ other agents and repres~tives, may enter upon the Prope~mine a~spect~the Prope~y and~~g, but n~ li~d to bo~p~ ~,~labili~ of ~es~~ace, geological, and ret~ E~e~riod,;' as foil er the Agreement for an additional Sixty (60) days upon payment by Purchaser to Escrow .