AG 2002 05 13 (Recessed) - Laserfiche WebLink

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Agent of the sum of Five Thousand Dollars ($5,000) as 'additional earnest money uncJJ~'~'is Agree.r~n!. If Purchaser determines within said First Extension Period th~-P'~haser cannot.~ .'~. the Site Plan Approval and Anchor Tenant Lease Purr shall elect either: (.1.) to g'~p.~ritten notice to Seller to terminate this AgreeCd upon such notice Escrow ~e~h~rn the sum of Fifteen Thousand D~$15,~) in earnest money with accru%dj~erest ~aser, or (2) elect to e~ ~e "Second Ex~nsion Period," as follows: (b) S~ Exten~erio~. Purc~may extend the Inspection Period under the Agreement for an additional ~g such upon payment by Purchaser to Es~~ D¢1~(~5~0~0) as additional earnest Second Extension Perio~~~d-~;;r Tenant Lease, ele~ waive ~tm~~ =_ J~.. _~ hereof. ' . raph 4 3. Purchase Price. The purchase price ithe "Purchase Price") for the Property shall be One Million Seven Hundred Seventy Five Thousand Dollars ($1,775,000) payable in cash at Closing, such Purchase Price' being subject to reduction as described below. The earnest money deposits, ',',~ ~ ~-, .... , ..... -~ ~ .... e~. ............... :,",c;cc~n, shall be fully credited against the Purchase Price at Closing. ' It is understood and agreed that the term "cash" as used herein shall mean a certified check, official bank check, an attorney's trust account check, or a bank wire transfer of immediately available funds. 4. Closing. The closing (the "Closing") shall be held at a .site to be mutually designated by Seller and Purchaser within Thirty (30) days after notice to Seller during the Inspection Period(s), as extended, such Closing to occur not later than Thirty (30) days beyond the date of.expiration of the final Inspection Period under this Agreement. (a) Title. At Closing, Seller shall deliver tO Purchaser or its assigns, a General Warranty Deed subject only to the below-listed exceptions, with documentary tax stamps affixed at Seller's expense. The aforesaid General Warranty Deed (the "Deed") shall convey to Purchaser or its assignee an indefeasible, marketable, fee simple title to the Property which shall be insurable at regular rates by a tit~e insurance company of Purchaser's choice, without any exceptions except those listed below. The Deed Shall be prepared at Seller's expense, and Pumhaser shall be responsible for all recording fees and its own atto~:ney fees. Seller covenants that it shall not voluntarily create any additional non-permitted exceptions nor permit the continued existence of any mortgages, tax liens or liens for labor and materials on the Property. The Property shall be conveyed to Purchaser free and clear of all liens and en- cumbrances, claims, easements, rights-of-way, leases, restrictions, restrictive covenants and taxes except; (1) Cabarrus County and City of Concord ad valorem taxes for the ye'ar of Closing (to be prorated at Closing). ~ (2) Rights-of-way of existing roads and streets, provided they do not interfere with Purchaser's Intended Use of the Property... (3) General ui~ility service easements and rights-of-way (non-specific) in customary form, provided they do not interfere with Purchaser's Intended Use of the Property.