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STATE OF NORTH CAROLINA COUNTY OFCABARRUS AGREEMENT OF PURCHASE AND SALE THIS AGREEMENT OF PURCHASE AND SALE (the "Agreement") made and entered as of this day of ,2000, by and between Boulevard East LLC, a North Carolina limited liability company, its designees, nominees and assigns (hereinafter referred to as "Purchaser") and Cabarrus County Board of Education (hereinafter referred to as "Seller" whether one or more). WITNESSETH: WHEREAS, Seller desires to sell to Purchaser certain real property (the "Property") located at N.C. Hi,qhway 49, Town of Harrisbur.q, identified as parcel numbers 5507-75-7819, containing approximately 16.2 acre(s), as shown on Exhibit A attached hereto and by this reference made a part hereof; WHEREAS, subject to and in accordance with the conditions and provisions hereinafter contained, Pumhaser desires to purchase the Property. NOW, THEREFORE, in consideration of One Dollar ($1.00) paid by Purchaser to Seller, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: Incorporation of Recitals. The above recitals are incorporated herein by reference. 2. Sale of Property. Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller, the Property in accordance with the terms of this Agreement. 3. Purchase Price. The purchase price to be paid by Purchaser to Seller for the Property (the "Purchase Price") shall be $2,005,000. The Purchase Price shall be payable as follows: (a) Escrow Deposit. On or before the expiration of the Inspection Period (as hereinafter defined), Purchaser shall deliver to an escrow agent selected by Purchaser, ("Escrow Agent"), in escrow, as a deposit on account of the Purchase Price, a check in the amount of $10,000 (the "Escrow Deposit"). Escrow Agent shall deposit the Escrow Deposit in an interest-bearing escrow account with its fiduciary account bank. All interest earned on the Escrow Deposit shall be paid to the party hereto who shall receive the Escrow Deposit under the terms of this Agreement. At the Closing as hereafter defined, the Escrow Deposit and all interest earned thereon shall be paid to Seller and shall be applied to the Purchase Price. (b) Payment of Balance of Purchase Price. At Closing (as hereinafter defined), Purchaser shall pay Seller the balance of the Purchase Price, less all prorated expenses, credits and adjustments, as herein provided, by payment in cash, bank check, wire transfer or on Escrow Agent's fiduciary account check. 4. Closing. The closing of this transaction (the "Closing") shall take place in Charlotte, North Carolina on or before the date which is sixty (60) days after the Inspection Period, as hereinafter defined. The date on which Closing occurs is referred to herein as the "Closing Date."