AG 2000 07 24 - Laserfiche WebLink

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coNTRAcT OF SALE This CONTRACT OF SALE (the "Contract") is made and entered into as of this day of June, 2000, between Cabarrus County, acting as agent for Cabarms County Board of Education, having an address for purposes of this Contract of PO Box 707, 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. (Collectively the "Purchaser"). WHEREAS, pursuant to the terms 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: Subject to the provision of N.C.G.S. 160 A - 269, and specific legislation authorizing the design/build construction contemplated by the parties regarding an alternative site for the school's central office complex, 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 particularly on the attached Exhibit A (the "Property"). The Property shall include all mineral rights, buildings and improvements on the Property and alt rights of Seller to all streets, highways, alleys, driveways, easements and rights of way relating to the Property. Purchaser shall accept title to the Property subject t9 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 "Pemdtted 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) relating to the Property. The purchase price for the Property shall be $1,425,000:00 (the "Purchase Price"), based on $95,000.00 per usable acre (net acreage exclusive of active right of ways). The Purchase Price shall be adjusted based upon the correct acreage as