AG 1992 09 21 - Laserfiche WebLink

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Il. Seller's obligation to perform under this Option is subject tO the upset bid procedures and other provisions set forth in North Carolina General Statutes Section 160A-269 (the "Statute"). Buyer hereby expressly ac'knowledges its awareness of the Statute. In the event Buyer is not the successful bidder for the property under the Statute, then this Option shall terminate and all Option Money (together with interest thereon as provided in_ Paragraph 3 hereof) shall be refunded in full to Buyer. Seller agrees to give the notice required under the Statute to start the upset bid process within five (5) business days after r~eipt of Buyer's notice of its election to exercise the Option granted under this instrument. I. Seller's obligation to perform under this Option also is subject to Seller's being able to locate an alternate location for the Cabarrus County Agricultural Fair, Inc. ("Fairgrounds") satisfactory to Seller and the Fairgrounds within the 60-day period immediately following the date of this Option as appearing on the first page hereof. Seller shall use its best, good faith efforts to locate a suitable location for the Fairgrounds with/a said 60-day period. If Seller fails to find such location for the Fairgrounds within said 60-day period, this Option shall terminate and all Option Money shall be refunded to Buyer with interest as provided in this Option. 4.04. Closing Expenses. Seller shall pay for the preparation of a deed and for revenue stamps required by law. Buyer shall pay for recording the deed. Except as may otherwise be stated herein each party shall bear its own expense or expenses, including its own attorney's fees. 4.05. Closlng of Sale and Purchase. All pazties agree to execute any and all documents and papers necessary in connection with closing and transfer of title and to close such transfer on or before the expiration of thirty (30) days following the date on which the upset period set forth in the Statute shall have expired with Buyer's offer as set forth in this Option being the offer accepted by Seller, and such closing shall be held in the offices of counsel for Seller in Concord, North Carolina, or at such other time and place as the parties may mutually agree. 4.06 Delivery of Possession. Seller shall deliver exclusive possession of all of the property except the "Building Tract" (as defmed below) at closing. The improvements Iocated on the "Building Tract" are currently occupied by various agencies of Seller and Seller will need up to two (2) years after closing to anange alternative offices for such agencies. The period of time after closing during which Seller continues to occupy the "Building Tract" is hereinafter referred to as the "Occupancy Period." Seller shall have the right to occupy the "Building Tract" (and the improvements thereon) rent free for up to two (2) years after closing. Upon delivery of exclusive possession of the "Building Tract" to Buyer, Buyer shall pay Seller the $140,000.00 due Seller pursuant to Paragraph 4.01 above. During the Occupancy Period, Seller shall be solely responsible for all upkeep, repair and maintenance of the "Building Tract" including, without limitation, payment for any and all utilities used thereon. During the Occupancy Period, Seller shall be responsible for any and all claims, obligations, damages, responsibilities, costs and expenses (including court costs and reasonable attorneys' fees) arising C.10964.$ -4-