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July 16, 2012 (Regular Meeting) Page 1157 4. If a qualifying higher bid is received, the county clerk shall cause a new notice of upset bid to be published, and shall continue to do so until a 10 -day period has passed without any qualifying upset bids having been received. At that time, the amount of the final high bid shall be reported to the County Commission. 5. A qualifying higher bid is one that raises the existing offer by not less than ten percent (100) of the first $1,000.00 of that offer and five percent (5 %) of the remainder of that offer. 6. A qualifying higher bid must also be accompanied by a deposit in the amount of five percent (5 %) of the bid, the deposit may be made in cash, cashier's check, or certified check. The county will return the deposit on any bid not accepted, and will return the deposit on an offer subject to upset if a qualifying higher bid is received. The county will return the deposit of the final high bidder at closing. 7. The terms of the final sale are that ® the County Commission must approve the final high offer before the sale is closed, which it will do within 30 days after the final upset bid period has passed, and ® the buyer must pay with cash at the time of closing 8. The County reserves the right to with draw the property from sale at any time before the final high bid is accepted and the right to reject at any time all bids. Adopted this the July 16, 2012. /s/ Elizabeth F. Poole Elizabeth F. Poole, Chairman Board of Commissioners ATTEST: /s/ Kay Honeycutt Kay Honeycutt, Clerk to the Board INWAONr aa�a [Former Bethel Elementary School Property] Book 7599 Page 275 LYING AND BEING in No. 10 Township, Cabarrus County, North Carolina, and being more particularly described as follows: PARCEL 1: Being all of the property described in the deed recorded in Book 111 at Page 392, Cabarrus County Registry (which as explained below, includes all of the property described in the deed recorded in Book 201 at Page 53, Cabarrus County Registry) and being described in said deed as follows: Beginning at an iron stake N. 1 1/ E. 25 feet from the Second Southern Bell Telephone Post on the South side of the Road or Charlotte - Albemarle Highway, said post being number 2 from the Bethel Concord Highway; said iron stake being in center of the Charlotte Albemarle Highway and runs thence through said Telephone Post S. 1 1/ W. 200 feet to an iron stake in field; thence S. 40 E. 600 feet in a field; thence S. 72 1 -� E. 327 feet to an iron stake in the Bethel Private Road; thence with said road N. 44 1/ E. 250 feet to an iron stake in the Bethel Private Road; thence N. 41 9/ W. 250 feet to a Post Oak in edge of a field; thence N. I 14 E. 376 feet to an iron stake in Center of the Charlotte Albemarle Highway, thence with said Highway N. 88 sk, W. 709 feet to the beginning, containing Nine and six - tenths acres more or less. A portion of the property described in the deed recorded in Book 111 at Page 392, Cabarrus County Registry, was conveyed out to Wriston C. Reeder by deed recorded in Book 144 at Page 37, Cabarrus County Registry, and the same portion of said property was re- conveyed by Wriston C. Reeder and wife to The Board of Education of Cabarrus County by deed recorded in Book 201 at Page 53, Cabarrus County Registry. PARCEL 2: