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474 <br /> <br /> 2. At such time as the parties agree, but in no event later than <br />September 9, 1988 County shall pay to Escrow Agent the sum of $100,000.00. <br /> <br /> 3. Simultaneously therewith, Hines shall convey to Escrow Agent the <br />fee simple title to his property described in Exhibit B. <br /> <br /> 4. Simultaneously therewith, Phillips shall convey to Escrow Agent <br />the fee simple title to his property described in Exhibit A. <br /> <br /> 5. Upon receipt of the funds from County and the fee simple titles <br />from Hines and Phillips, Escrow Agent shall disburse the net proceeds due <br />Hines, according to the contract between Hines and Phillips, to Hines. <br /> <br /> 6. Simultaneously therewith, Escrow Agent shall convey the property <br />described in Exhibit A to County. <br /> <br /> 7. Simultaneously therewith, Escrow Agent shall convey the title to <br />the property described in Exhibit B to Phillips as well as any remaining <br />funds after the payment to Hines. <br /> <br /> 8. Ail conveyances contemplated hereunder shall be by Special <br />Warranty deed on the form approved by the North Carolina Bar Association. <br /> <br /> 9. It is understood and agreed by each of the parties hereto that the <br />performance of each conveyance or payment described herein is a condition <br />precedent to the disbursement or conveyance by the Escrow Agent and that if <br />any one of the acts described herein to be done is not done at the closing, <br />then the Escrow Agent is to refund any funds received hereunder and refuse <br />to accept any title tendered hereunder, and this agreement shall at once <br />become null and void. <br /> <br /> 10. It is understood that all parties hereto shall be present or <br />represented at the closing and that the compliance herewith by Escrow Agent <br />shall be deemed full and complete upon its disbursement and conveyancing <br />hereunder without objection, and Escrow Agent shall in no way be liable for <br />its good faith discharge of the powers herein granted and the parties hereto <br />do agree to indemnify and hold harmless Escrow Agent from any and all claims <br />or liability arising from its service under the terms of this agreement, and <br />Hines and Phillips shall so indemnify Escrow Agent from any claims or <br />liability arising from its taking title hereunder. <br /> <br /> Wherefore, the parties hereto have hereunto set their hands and seals, <br />this the date first above written. <br /> <br />/s/ Dwight Wayne Phillips <br />Dwight Wayne Phillips <br /> <br />/s/ Benjamin R. Hines <br />Benjamin Hines <br /> <br />/s/ John Naramore by Benjamin R. Hines <br />John Naramore, by his attorney-in-fact <br /> <br />COUNTY OF CABARRUS <br />By: /s/ Blair Dixon Bennett <br /> <br />JEFFERSON PILOT TITLE INSURANCE COMPANY <br />By: /s/ Patrick M. McNeely <br /> <br />EXHIBIT A <br /> <br /> Lying and being in Ward 3 of the City of Concord, North Carolina, on <br />the north side of East Corban Avenue, adjoining Cabarrus County, and more <br />particularly described as follows: <br /> <br /> BEGINNING at an existing iron pipe near the north edge of the concrete <br />sidewalk on the north side of Corban Avenue, East, corner of Cabarrus County <br />(formerly Carolina Bottling Company); thence with Cabarrus County N. <br />49-39-40 E. 171.30 feet to a point, formerly an iron stake, an old corner of <br /> <br /> <br />