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Mr. $ohn C. Murdock, RI <br />Page 2 <br />June 11, 1996 <br /> <br />The County will pay utility char~es for the structure(s) throush its occupancy or until Sune 30, <br />1997 (whichever occurs first). After July 1, 1997, should the County continue to occupy any <br />portion oftbe facilities, the County will pay its proportionate share of utility expense on a pro <br />rata basis. <br /> <br />The effective date of the sale shall be July 1, 1996, or as soon therea~er that legal title shah <br />pass. <br /> <br />Full payment shall be made at the time of the legal exchange of title subject to a retainege of <br />$25,000 to be associated with the replacement of HVAC units previously noted and other <br />maimenance items such as the repair or replacement of damaged ceiling tiles and any associated <br />roof leaks. <br /> <br />10. Payment Teims: <br /> Purchase Price <br /> <br />Less Retainage <br /> <br />$650,000 <br /> ( 68,0001 <br />$582,000 <br /> 25,000 <br />$557,000 <br /> <br />Rent Credit * <br /> <br />Due at time title passes <br /> <br />*Rent credit subject to adjustments based upon any delays in transferring title to the property <br />between WSACC and Cabarrus County. <br /> <br />Please advise as to WSACC's acceptance of the aforementioned ternis at your earliest convenience. <br />Once WSACC has indicated acceptance, this matter will be presented to the Board .of' County <br />Commissioners for action. <br /> <br />Respectfully, <br /> <br />FWC/sb <br /> <br />Board of Commissioners <br />Blair Bennett <br />John Day <br /> <br /> <br />