AG 1997 11 17 - Laserfiche WebLink

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STATE OF NORTH CAROLiNA COUNTY OF CABARRUS PURCHASE CONTRACT F~OR AND IN CONSIDERATION of the sums paid or to be paid as set forth herein and in reliance on the representations made, CABARRUS COUNTY, NORTH CAROLINA (hereinafter "Seller") and CEDAR CORP., L.L.C. (hereinafter "Buyer") do covenant, warrant and agree as follows: 1. Seller is the owner of 4.754 acres at the intersection ofcabarrus Avenue W. and U.S. Hwy 601 Bypass in the City of Concord, North Carolina, as outlined in red on Exhibit "A" attached hereto and by this reference made a part hereof (hereinafter the "Property"). Seller is lawfully possessed of fee simple absolute title and may lawfully convey the Property. at any time. 2 Seller agrees to sell the Property to the Buyer~f?,r the Prurchase Price, subject to the 3. The initial term of this Contract shall commence on the date tkis agreement is signed by the last party to sign. Seller recognizes that Buyer will be expending time, efforts, and money in reliance on the tee'ms of this Contract, that this represents valuable consideration, and that extensions may be required. The parties agree that the following rights under this Contract shall be available to Buyer upon payment of the following deposits to Escrow Agent~ r~.~.,;a ....... u,,~,.,.=,rc ,~o~,~,,~' .~, ~mes, Name: Term: Deposit Initial Term Sixty (60) days -- /~6 $5,009.09 First Extension Nine, (90) days $45,000.00 ~ '3 ..,., ~ ~ ~ ~o ,.. 5__._._____ The deposit during the Initial Term is fully refundable. Thereafter, all deposits are non- refundable should Buyer not close, except that should Buyer be unable to be issued a Building Permit for the anticipated project, all deposits are fully refundable. All periods expire at midnight on the last day of the period unless such day shall be a Saturday or a Sunday or a holiday when the banks in North Carolina are closed, in which case the period shall be extended until midnight of the next following weekday which is not a bank holiday. In order to extend this Contract, Buyer must notify Seller prior to the expiration of the then current period. In. the event a deposit is required for an