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acres, more or less, of the site will be property already owned by <br />Seller. Adjacent to said school site is a 30 acre (more or less) tract <br />(hereinafter the "Drive-in Movie Tract"). No later than 60 days after <br />closing, Buyer shall acquire t_his 30 acre tract and donate the same to <br />the Seller, to be used by Seller for a combination school-park site. <br /> <br /> (b) Buyer shall provide, at no cost to the Seller, rough grading <br />of approximately 5 acres, more or less, for the building footprint of the <br />proposed Aycock School hereinabove noted. <br /> <br /> (c) Buyer shall donate to the Seller for recreational purposes the <br />s,,m of $500,000.00, which shall be payable $125,000.00 per year for four <br />years, with the first such payment being on or before I year after the <br />closing of Tract 1. <br /> <br /> (d) Buyer agrees to provide and maintain a 50 foot buffer around <br />Lake Concord in accor~Jnce with municipal, county, and state regulations. <br /> <br /> (e) Buyer agrees to abide by all water quality laws and regulations <br />now in effect or hereafter promulgated by federal, state, or local <br />authorities. <br /> <br /> (f) Buyer shall provide to Seller and Seller's agents reasonable <br />and necessary access to Lake Concord for purposes of the required <br />maintenance and repair thereof, and for the use by the Seller as a water <br />supply. <br /> <br />4. ACCEPTANCE DATE; S~T~ OF PUBLIC LANDS: <br /> <br /> Seller shall be responsible for conforming with all procedures under <br />State and local law for the sale of public lands, including but not <br />limited to complying with the provisions of NCGS Section 160A-269 (herein <br />the "Negotiated Offer Law"). <br /> <br /> Seller shall immediately begin the procedures mandated by the <br />Negotiated Offer Law, and shall notify Buyer promptly of any upset bids <br />that may be filed pursuant thereto. The completion of said procedure, <br />and the consequent acceptance of this contract by the Seller, shall be <br />hereinafter referred to as the "Acceptance Date." <br /> <br />5. CONDITIONS TO BUx~RS OBLIGATIONS: <br /> <br /> (a) There must be no upset bids filed with Seller under the <br />Negotiated Offer Law mentioned hereinabove. <br /> <br /> (b) Buyer shall have ninety (90) days from the Acceptance Date <br />herein to enter the subject properties and perform all investigations it <br />de~ms necessary to determ{ne that the subject properties are suitable for <br />Buyer's future development and ~mprovement plans. Such investigations <br />shall include but not be limited to (1) zoning and other governmental <br />regulations applicable to the property; (2) the existence of hazardous <br />materials, wastes, or conditions on or within the Property, including but <br />not l~m~ted to asbestos, urethane insulation, radon gas, and any other <br />chemical or material classified as hazardous under any federal, state, <br />or local statute, regulation, or ordinance; or any other conditions on <br />or around the property that might be deemed hazardous for the ownership <br /> <br /> <br />