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EXI-IIFIIT B <br />TO OFFER TO PURCHASE A_ND CONTRACT <br />CABARRUS COUNTY BOARD OF EDUCATION-BUYER <br />O.C. TOWELL-SELLER <br /> <br /> The purchase price of the approximately 9.79 acre tract lying on the east sideof <br />Stallings Road is Eighteen Thousand and no/100 Dollars ($18,000.00) per acre. The <br />exact mount of acreage of the tract shall be detenrdned by survey perforated by a <br />Registered Land Surveyor of the Buyer's choice, to be performed at Buyer's cost. <br /> <br />The purchase'price shall be paid as follows: <br /> <br />$100.00 in earnest money paid by Buyer to be held in escrow by Hartsell, <br />Hartsell & White, P.A. until the sale is closed, at which time it will be <br />credited to the Buyer, or until this contract is otherwise temfinated and it is <br />disbursed in accordance with the Standard Provisions of the contract. <br /> <br />One-fifth of the purchase price as deternfined by the survey, shall be paid <br />in cash at closing. ', <br /> <br />o <br /> <br />The balance of the purchase price shall be paid by a promissory note with <br />interest at the rate of 6.00% per annum payable as follows: <br /> <br />One-fifth of the original amount shall be paid in annual installments <br />beginning August I, 1999 together with all accrued interest; the final one- <br />fifth payment shall be due and payable on August 1, 2002. <br /> <br />The Buyer, or subsequent Boards, shall have the right to prepay, either <br />partially or in full, the principal at any time with out penalty. <br /> <br /> <br />