AG 1999 01 19 - Laserfiche WebLink

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3. During the period five (5) years from the date of this Agreement, Cabarrus County shall be permitted to purchase a school site with whatever portion of the Escrow Fund may be required to fund that purchase. In this regard, Cabarrus County is currently negotiating to purchase a school site off Pitt School Road, for construction of a middle school-high school thereupon, which will serve students from the Highland Creek Subdivision within Cabarrus County, and if that purchase is consummated, the Escrow Fund may be used to the extent required for that purpose. 4. Upon contracting to make a schoot site purchase, Cabarrus County shall notify Escrow Agent of the time, date and location of the closing, and identification of the seller, whereupon Escrow Agent shall be authorized to pay to the seller whatever portion of the Escrow Fund may be required to fund that purchase. Cabarrus County shall be responsible for payment of any portion of the purchase price for such school site in excess of the Escrow Fund, and Escrow Agent shall remit to Highland Creek any portion of the Escrow Fund not required to fund that purchase. 5. Upon its purchase of a school site with the Escrow Fund, Cabarrus County shall use that property for construction of a public school thereupon (and public facilities incidental to the public school usage, such as park and recreational facilities ad, cent thereto) and no other purpose. In the event such school si:e is not developed as a public school within five (5) years from such purchase, Highland Creek may (a) require that Cabarrus County convey said property (or portion thereof which fairly constitutes the percentage that the Escrow Fund represented of the total purchase price, determined by appraisal) to Highland Creek or (b) pursue such other legal remedy as Highland Creek may deem appropriate.