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NORTH CAROLINA
<br />
<br />DRAFT
<br />
<br />CABARRUS COUNTY
<br />
<br />WATER LINES INSTRUMENT
<br />
<br /> This Instrument is made as of this day of February,
<br />1992, by Cabarrus County, North Carolina, a political subdivision
<br />of the State of North Carolina (the "County"), acting through its
<br />Board of Commissioners and by the Water and Sewer District of
<br />Cabarrus County (the "District"), acting through the Board of
<br />Commissioners of the County as the District's governing body (the
<br />District and the County are sometimes hereinafter referred to
<br />collectively as "Grantors"):
<br />
<br />W I TNE S SETH:
<br />
<br /> WHEREAS, the County and the City of Concord, a municipal
<br />corporation (the "City"), are parties to that Settlement Agreement
<br />executed by the County on December 16, 1991, and by the City on
<br />December 19, 1991, as amended by that Amendment No. 1 to Settlement
<br />Agreement executed by the County on January 6, 1992, and by the
<br />City on December 19, 1991, and as further amended by that Amendment
<br />No. 2 to Settlement Agreement executed by the County on
<br />February 21, 1992, and by the City on January 23, 1992,
<br />(collectively, the "Settlement Agreement");
<br />
<br /> WHEREAS, the County and the City are also parties to that
<br />Reciprocal Agreement for Water and Sewer Connections and Related
<br />Matters dated August 15, 1988 (the "Reciprocal Agreement"), which
<br />provides, .among other things, for the absolute right of the City
<br />and the County to connect to each other's water system;
<br />
<br /> WHEREAS, the Settlement Agreement provides for the transfer
<br />from the District to the City all of tk~ Lizt~i~t'~ ~i~kt, tit~e
<br />and interest in and to the District's water system lines within the
<br />subdivisicns knc~-n as Old South and C~rc!ando (the 'q~ter
<br />upon and in consideration for the payment by the City to the
<br />District of Three Hundred Twenty-six Thousand Three Hundred Eighty-
<br />four and 33/100 Dollars ($326,384.33), which represents the advance
<br />payment of the principal amount of the remaining debt of the
<br />District incurred with respect to the Water Lines, plus accumulated
<br />interest thereon, if any;
<br />
<br /> NOW, THEREFORE, in consideration of the sum of $326,384.33 in
<br />hand duly paid by the City to the District, and other good and
<br />valuable consideration the receipt and sufficiency of which are
<br />hereby acknowledged, the Grantors have and by these presents do
<br />grant, bargain, sell, convey, and assign unto the City in fee
<br />simple, the Water Lines, as more specifically described on Exhibit
<br />A attached hereto and incorporated herein by reference, together
<br />with any real property interests, easements, rights of way, use
<br />agreements, encroachment agreements, and the like with respect to
<br />the real property in, through or under which the Water Lines are
<br />
<br />
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