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OFFER TO PURCHASE AND CONTRACT <br /> <br /> LAKE CONCORD VENTURES, LLC, a North Carolina Limited Liability <br />Company (hereinafter referred to as "Buyer"), hereby offers to purchase, <br />and COUNTY OF CABARRUS, by and through the Board of County Co-~ssioners <br />(hereinafter collectively referred to as "Seller"), upon acceptance of <br />said offer, agrees to sell and convey, all of that plot, piece, or parcel <br />of land described below, together with all improvements located thereon <br />(the real property herein descr{hed being referred to as "the Property") , <br />upon the following terms and conditions: <br /> <br />1. REAL PROPERTY: Located in the County of Cabarrus, State of North <br />Carolina, and being known as and more particularly described as: <br /> <br />See Description on Exhibit A attached hereto which is hereby <br />incorporated by reference. <br /> <br /> Within 30 ~ys from the date hereof a su~¥ey shall be prepared at <br />Buyers cost of both Tract I and Tract 2, and of the "Drive-in Movie <br />Tract" hereinafter noted, showing the actual ~{mensions and size of each <br />tract and giving a metes and bounds description thereof. Said su&vey <br />shall thereupon be attached hereto and be made a part hereof as Exhibit <br />B. <br /> <br />2. PURCHASE PRICE: Subject to appropriate adjustments up or down in <br />accordance with t_hose provisions under sub-paragraph 3(d) hereinafter, <br />the purchase price shall be $10,000.00 an acre for a total purchase price <br />of approximately $2,000,000.00. The purchase price shall be paid as <br />follows: <br /> <br /> (a) $ 100,000.00 in earnest money paid in cash or by bond from <br />a reputable company with the delivery of this contract, to be held in <br />escrow by the Seller, until the sale is closed, at which time it will be <br />creH~ted to Buyer, or until this contract is otherwise terminated and it <br />is disbursed as hereinafter provided. If Buyer elects to post a bond as <br />earnest money hereunder, then both the bonding company and the fo~ of <br />the bond must be acceptable to Seller in all respects; <br /> <br /> (b) $ 900,000.00 , the balance of 1/2 of the purchase price to <br />be paid for Tract i in cash at the closing thereof; <br /> <br /> (c) $ 1,000,000.00 , the balance of the purchase price for Tract <br />2 in cash at the closing thereof. <br /> <br /> (d) The estimated total purchase price of $2,000,000.00 herein was <br />computed under the ass,,mption that Tracts i and 2 contain a total of 200 <br />acres. Upon receipt of the survey of the property the total purchase <br />price shall be re-computed based on the actual acreage to the nearest 3 <br />dec'm-1 places as determined by the surveyor, and the above fiqures for <br />cash at closing will be adjusted accordingly. <br /> <br />3. BUYER AGREEMENTS SURVIVING THE CLOSING: <br /> <br /> (a) The Seller intends to build a new school on a site which is <br />shown on a previously developed Master Plan for Lake Concord Park. 20 <br /> <br /> <br />