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Purchase Agrccment
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<br />U.S. Department of Housing
<br />and Urban Development
<br />Office of Public and Indian Housing
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<br />OMB Approval No. 2577-0033 (Exp. 6~30/93)
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<br /> Public Reporlin g Burden for this collection of information is estimated to average 1.50 hours per response, including the lime for reviewing instructions, searc~hing exisling
<br /> data sources, gathering and maJntaJning the data needed, and completing and reviewing the collection of information. Send comments regarding this burden estimate
<br />__ or any other aspect of this collection of informalion, including suggesliens for reducing this burden, to the Reports Management Officer, Office of Informal]on Policies
<br /> and Systems, U.S. Department of Housing and U roan Developmant, Washington, D.C. 20410-3600 and to the Office of Management and Budget, Papem/ork Reduc~:~
<br /> Project (2577-0033), Washington, D.C. 20503. Do not send this completed form to either of these addresses.
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<br />-- 1. The City of Concord Housin9 Department
<br /> (hereinafter caU~d the "Public Housing Agency" (PHA) agrees to
<br />
<br /> purchase,and Cabarrus County
<br /> (hereinafter called the "seller") agrees to sell, the property de-
<br /> scribed in paragraph 2 of the attached Offeror S~e of Real Property
<br /> (form HUD-51971-I,executedbytheselleron ~ugust 2, 1994
<br /> (date)(hereinafter called the "Offer of Sale"), for the sum of
<br />
<br /> $ 60,000.00 . The Depaxtment of Housing and
<br /> Urban Development (hereafter called "HUD") has, on the basis of
<br /> its appraisal, determined the far maxket value of the property to be
<br /> $ 60,000.00 . (If the far market value of the
<br /> property is greater than the price specified in paragraph I of the
<br /> Offer of Sale, the seller may withdraw its offer of sale. If the seller
<br /> withdraws the offer of sale, the option price shall be returned to the
<br /> PHA). The Purchase Agreement incorporates all conditions stared
<br /> in the Offer of Sale.
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<br /> 2. The PHA shall specify the place and time of closing, which shall
<br /> not be more than 90 days after the date of seller's execution of this
<br /> Purchase Agreement or such later date as may be acceptable to
<br /> seller; however, if additional time is needed for required zoning
<br /> changes, the closing date shall be extended for an additional 90 days
<br /> or such additional time as may be acceptable to seller.
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<br /> 3. Upon closing, the seller shall deliver title to the property in
<br /> compliance with paragraph 5 of the Offer of Sale. If lhere are
<br /> defects in the title which can be remedied by legal action within a
<br /> reasonable time as agreed to by the seller and the PHA, the seller
<br /> shall take such action promptly at the seller's own expense and the
<br /> date for closing shall be extended for such period of time. If there
<br /> be defects in title which cannot be or are not remedied within such
<br /> time, this Purchase Agreement shall be terminated, the seller shall
<br /> return the option price to the PHA and both parties shall be released
<br /> from all liability for damages by reason of any defect in title.
<br />
<br />Prior to closing, the site must be determined to meet the require-
<br />ments of HUD. The seller grants permission to the PI-IA or its
<br />designee to enter said property for the purpose of conducting the
<br />following studies or tests which must be completed to make the
<br />determination, prior to closing, that the property meets HUD
<br />requirements:
<br />
<br />5. Intheeventthattitleisincompliancewithparagraph5 oftheOffer
<br /> of Sale, but closing cannot be consummated because the studies or
<br /> tests result in a determinalion that the site does not meet HUD
<br /> requirements, or any required zoning changes have not been
<br /> obtained, one-half of the optionlxice as provided in paragraph ! of
<br /> the Offer of Sale shall be returned to the PHA.
<br />
<br />6. AIl expenses ofexamination of title, lransfer tax, and o fprepamfion
<br /> and recording the Deed shall be paid by the PHA. Payment of the
<br /> above-stated purchase price shall be made upon transfer of tide to
<br /> the PHA.
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<br />7. Current taxes shall be prorated as of the time of closing. Any
<br /> outstanding special assessments or future installments thereon,
<br /> remaining unpaid against the property shall be paid in full al time
<br /> of closing by the seller.
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<br /> certification: We hereby certify that to the best of our knowledge and belief no member, officer, or employee of the PHA, no official of the
<br /> locality (city, county, etc.) and no member of the Iocality's governing body has any interest, direct or indirect, in this Purchase Agreement or
<br /> in any proceeds or benefits arising therefrom.
<br /> I hereby certify that all the information stated herein, as well as any information provided in the accompaniment herewith, is txue and accurate.
<br /> Warning: HUD will prosecute false claims and statements. Conviclion may result in criminal an d/or/d~!l.~'er~Jlte s. {~t8 ~I~S.~. ~0 f, 1010, 1012; 3 f U.S.C. 3729, 38
<br /> PHA Execution ~X ,Seller F..x/~!?/~./~'' . ../~} ......
<br />
<br />,--City 'Manager ) //
<br /> PHA Address I .~ddress
<br /> Z83 Harold Goodman Drive, P. 0. Box 308
<br /> Concord, NC 2802§-r)30~
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<br /> S u~e~des H U D-$~ 07 ! (i/81 ) Page l of 2 form HI
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