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STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br /> <br />PURCHASE CONTRACT <br /> <br /> FOR AND IN CONSIDERATION of the sums paid or to be paid as set forth herein and <br />in reliance on the representations made, CABARRUS COUNTY, NORTH CAROLINA (hereinafter <br />"Seller") and KAHN DEVELOPMENT COMPANY SOUTH, LLC (hereinafter "Buyer") do <br />covenant, warrant and agree as follows: <br /> <br /> 1. Seller is the owner of 12.122 acres near the intersection of Cabarrus Avenue W. and <br />U.S. Hwy 601 Bypass and Union Cemetery Road in the City of Concord, North Carolina, as outlined <br />in red on Exhibit "A" attached hereto and by this reference made a part hereof (hereinafter the <br />"Property"). Seller is lawfully possessed of fee simple absolute title and may lawfully convey the <br />Property at any time. <br /> <br /> 2. Seller agrees to sell the Property to the Buyer for the Purchase Price, subject to the <br />conditions hereinbelow; inclusive of provisions of N.C.G.S. 160A-264 (upset bid process). <br /> <br /> 3. The initial term of this Contract shall commence on the date this agreement is signed <br />by the last party to sign and ratified by action of the Cabarrus County Commission. Seller recognizes <br />that Buyer will be expending time, efforts, and money in reliance on the terms of this Contract, that <br />this represents valuable consideration, and that extensions may be required. The parties agree that <br />the following rights under this Contract shall be available to Buyer upon payment of the following <br />deposits, within five days of the date due, to the Cabarrus County Clerk. <br /> <br />Name: Term; Deposit <br />Initial Te,m One Hundred Fifty (150) days $18,183.00 <br />First Extension One Hundred Twenty (120) days $20,000.00 <br /> <br /> The deposit during the Initial Term is fully refundable. Thereafter, during the first extension <br />all deposits are non-refundable should Buyer not close, except that should Buyer be unable to re- <br />zone the property for the anticipated use, or be issued a Building Permit for the project, or fail to <br />obtain major tenant commitments, all deposits are fully refundable. Ail periods expire at midnight <br />on the last day of the period unless such day shall be a Saturday or a Sunday or a holiday when the <br />banks in North Carolina are closed, in which case the period shall be extended until midnight of the <br />next following weekday which is not a bank holiday. In order to extend this Contract, Buyer must <br /> <br /> <br />