AG 1996 12 16 - Laserfiche WebLink

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NORTH CAROLINA OPTION Cabarrus COUNTY Cabarrus County, by and through its -- OPTION given this th¢ __ day of , 1996, by Board of Commiss:~ers hereinafter referred to as the "Owners," to the HISTORIC PRESERVATION FOUNDATION OF NORTH CAROLINA, INC., a nonprofit corporation organized under the laws of the State of North Carolina amd having its - principal offices in Raleigh, North Carolina, hereinafter referred to as the "Optionee." WITNESSETH: Subject to the provisions of N.C.G,S. 160A-269, 1. GRANT OF OPTION./In consideration ora sum of One Dollar ($1.00) and other valuable consideration, the Owners for themselves and their assigns have given and do hereby give the Optionee the exclusive option to purchase, upon the terms and conditions hereinafter set forth, the real property, hereinafter referred to as the premises, described as follows: the exact dimensions to be determined by survey prior to the conveyance of the property. -- 2. EXPIRATION DATE. This Option shall be effect for one year and shall expire at 12:00 noon on the December , 1997. day of 3. ACCEPTABLE TITLE. Owners warrant that the title to the premises is free and clear of all liens and encumbrances, except real property taxes and assessments for the current year, and covenants and restrictions of record. If the evidence of title resulting from a title search discloses any defects in light &and pursuant to the herein stated warranty, the Owners shall have twenty days after receipt of notification of such defects to cure said defects and to provide to Optionee written certification of such action. If the Owners shall not perfect the title to the premises within the allotted time period, the Optionee shall be refunded the consideration given to the Owners for the grant &this Option. Subject to the provisions of N.C.G,S. 160A-269, 4. METHOD OF EXERC1SE./This Option may be exercised by the Optionee by delivering to Frank W. Clifton, Manager~ Cabarrus County , not later than the date set forth in Paragraph 2, a written notice stating that the Optionee exercises the Option and fixing a date for the conveyance of the premises to the Optionee, which date, hereinafter called the closing date, shall be not less than five nor more than sixty days after the delivery &such notice. 5. PURCHASE PRICE. If the Option shall be duly exercised as provided in Paragraph 4, Owners agree to sell to Optionee and Optionee agrees to purchase the premises from the Owners for a price of as follows: Cash at closing. 6. DELIVERY OF DEED AND POSSESSION. The Owners shall execute and deliver to the Optionee, on the designated closing date, a good and sufficient warranty deed, with proper documentary stamps affixed thereto, conveying the real property to the Optionee. 7. ADJUSTMENTS. The following shall be prorated as of the date the purchase price is paid: real property taxes and assessments for the current tax year. 8. ENTRY ON PREMISES. The Optionee, its agents or assigns, shall have the right to enter in and upon the premises described in Paragraph 1 for the purpose of making surveys and other appropriate purposes needed for the evaluation and shox~Ang of the premises. 9. FAILURE TO EXERCISE. If this Option is not exercised, all of the consideration given for it shall be retained by the Owners. 10. RISK OF LOSS. Risk of loss or damage by fire, vandalism or other casualty prior to payment of the purchase price shall remain vfith the Owners.