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CONTRACT OF SALE This CONTRACT OF SALE (the "Contract") is made and entered into thisfi0th day of November, between Cabarrus County Board of Education, having an address for purposes of this Contract of 660 U.S. Hwy. 29 N, Concord, North Carolina (the "Seller") and Benderson Property Development, Inc. having an address at 570 Delaware Avenue, Buffalo, New York 14202 as to an undivided 75% interest and Stephen B. Goodman as to an undivided 25 % interest. (Hereinafter "Purchaser"). WHEREAS, pursuant to the te~ms stated herein, Purchaser wishes to purchase from Seller, and Seller wishes to sell to Purchaser, a 15 acre tract of real property located in Cabarrus County. NOW THEREFORE, in consideration of the sum of TEN DOLLARS ($10.00) and other good and valuable consideration paid by the Purchaser to the Seller, receipt of which is hereby acknowledged, the Seller and Purchaser, intending to be legally bound, hereby agree as follows: Seller agrees to sell or otherwise convey its existing fee interest, and Purchaser agrees to acquire all of Seller's right, title and interest, in and to that certain tract of real property located'on Parkway Ave. and U.S. 29, Hwy. 601, containing approximately 15 acres, and having tax parcel number(s) and identified more p~irticularly on the attached Exhibit A (the "Property"). The Property shall include all mineral rights, buildings and improvements on the Property and all rights of Seller to all street~, highways, alleys, driveways, easements and rights of way relating to the Property. Purchaser shall accept title to the Property subject to sewer, drainage, gas distribution line and main, electrical and telephone easements and other easements and rights of way of record existing as of the Acceptance Date (as hereinafter defined) (the "Permitted Exceptions"). Notwithstanding the foregoing, this Contract is contingent upon Purchaser's approval of the legal description for the Property. and all encumbrances affecting the Property within twenty (20) days after receipt of the Commitment and the Survey (as both hereinafter defined) relatirlg2:.9 the Property. The purchase price for the Property shall be ~ (the ' Pu' '"' rchase Price"), based on $-80;9007~ per usable acre. The Purchase Price shall be adjusted based upon the correct acreage as identified by the survey referred to in Paragraph 3 herein. The Purchase Price is to be paid as follows: Purchaser's check in the amount of $25,000.00 (the "Deposit") shall be deposited in escrow with Ticor Title Guaranty (the "Escrow Agent"), within ten (10) days of Purchaser's receipt of a fully executed copy of this Contract and an executed W-9 form from Seller. The Deposit shall be