AG 1998 11 16 - Laserfiche WebLink

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NORTI 1 CAROLIA CABARRUS COUNTY AGREEMENT TO EXCHANGE REAL ESTATE THIS AGREEMENT, is made and entered into this the __ day of , by and between Peter M. Delaney and wife Stephanie F. Delaney, of Cabarrus County, North Carolina (hereinafter the "Delaneys"), and the Cabarrus County Board of Education, a body politic, (hereinafter the "Board"). WITNESSETH: that-- WHEREAS. subject to the terms and conditions herein set out said parties have contracted and agreed among themselves as follows: First: The Delaneys will make, execute and deliver to the Board a good and sufficient General Warranty Deed free from encumbrances, conveying a certain tract or parcel of land, hereinafter the Delaney Property, lying and being in Number I Township, Cabarrus County, North Carolina and being more particularly described on Exhibit A, attached hereto and incorporated herein. Second: The Board will make, execute, and deliver to the Delaneys a good and sufficient General Warranty Deed, free from encumbrances, conveying a certain tract of land, hereinafter the Board Property, lying and being in Number I Township, Caharrus County, North Carolina and being more particularly described on Exhibit B, attached hereto and incorporated herein. Third: It is understood and agreed by both parties that the Board shall except and reserve from thc Board Property certain necessary casements and rights-of-way. Said easements and rights-of-way are more particularly described on Exhibit B. Fourth: Both parties have determined that the Delaney Property and the Board Property, including exceptions and reservations, are of approximately equal value and the consideration for this exchange shall be the receipt of property from each party by the other, and no additional moneys or other consideration have been agreed to, nor shall any be paid. All deeds shall be delivered to David C. Williams, to hold in escrow until both deeds can be recorded simultaneously. Fifth: Each party shall have the opportunity to employ legal counsel to examine and report upon title to the land now owned by the other party, which report shall be made within seven days after the date of this Agreement. If the attorneys approve the title of both tracts, deeds shall be exchanged by December 1, 1998. If there are objections to the title of either tract, said objections shall be reported in writing to the other party and said party shall have ten days following said report to cure any defects. Deeds shall be exchanged within five days of all defects, if any, being cured. If any defects cannot be removed within the time allowed, thc receiving party may elect to accept said tract with the dcti:ct in place or may rescind this Agreement by giving notice in writing. Sixth: Each party shall be responsible for paying all 1998 ad valorem taxes assessed against its property. Said taxes shall be paid prior to thc exchange herein contemplated. Seventh: Each party shall pay its own costs associated with the exchange, including but not limited to attorneys' fees, recording fees, documentary stamps, and title insurance premiums. There are no real estate agents or brokers involved in this transaction and no commissions are owed. To the extent either party retains or employees a real estate agent or broker, that party shall be responsible for payment of any commissions. The Delaneys acknowledge that neither David C. Williams, nor any attorney at Hartsell, Hartsell & White, P.A., have provided legal counsel or advice to them with