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72 Retransfer of Property in the Coddle Creek Reservoir area to F. A. Rankin, Jr. Mr. Hartsell asked that the Board approve modifications to the agreement regarding the retransfer of real property to Mr. F. A. Rankin in the Coddle Creek Reservoir area. UPON MOTION of Commissioner Hamby, seconded by Commissioner Payne with Commissioners Hamby, Payne and Barnhart and Chairman Carpenter voting for, the Board approved the following Purchase Contract Modification Agreement relative to the retransfer of property in the Coddle Greek Reservoir area to F. A. Rankin, Jr. and Patricia Harris Rankin. NORTH CAROLINA CABARRUS COUNTY PURCHASE CONTRACT MODIFICATION AGREEMENT THIS AGREEMENT, made and entered into this __ day of September, 1992, by and between FRANK ALEXANDER RANKIN, JR. and wife PATRICIA HARRIS RANKIN (hereinafter referred to as "Rankin"), and CABARRUS COUNTY (hereinafter referred to as "Cabarrus"), W I T N E S S E T H; that -- WHEREAS, on or about the 31st day of July, 1986, Rankin and Cabarrus executed and entered into a "Offer to Purchase and Contract" (the "Purchase Contract") regarding approximately 242.1518 acres of land in Cabarrus County, North Carolina (the "Property"), whereby, among other things, Cabarrus agreed to lease the Property to Rankin "for One Dollar ($1.00) per year on a calendar-year basis, effective each January 1, and renewable annually for the same sum, but nevertheless subject to buyers' unilateral cancellation thereof at any time upon nine (9) months advance written notice to" Rankin; and WHEREAS, Cabarrus delivered express written notice of termination of the lease for the Property to Rankin on or about June 22, 1992, due to circumstances beyond its control; and WHEREAS, Rankin has utilized the Property for, among other things, the grazing of cattle and is unable to remove the cattle from the Property before August 15, 1992, without incurring substantial additional costs for loss of pasture and the re-installation of a fencing system, the loss of which is at least Twelve Thousand Dollars ($12,000.00); and WHEREAS, pursuant to Cabarrus' contract with North Carolina State University, College of Forest Resources (the "Contractor"), it is essential that the Property be vacated immediately so that the Contractor may proceed with its work, and delays in the schedule may result in a substantial increase in costs for the Contractor and the County; NOW, THEREFORE, it is agreed that the Purchase Contract shall be amended as follows: 1. Cabarrus shall pay to Rankin the sum of Twelve Thousand Dollars ($12,000.00), said amount representing reimbursement for the wintering costs for feeding eighty (80) head of cattle for 135 days, with fifteen (15) pounds per head per day of hay at the cost of approximately One Hundred Twenty-Three Dollars ($123.00) per ton, together with Two Thousand Dollars ($2,000.00) in compensation for additional expense and effort in the winter daily feeding of said cattle. 2. Rankin shall pay to Cabarrus the sum of Seven Thousand Six Hundred Ninety-Four and 19/100 Dollars ($7,694.19) for the retransfer of 3.726 acres of the Property previously acquired from him pursuant to the Purchase Contract. 3. Except as modified herein, the provisions of the Purchase Contract shall remain in full force and effect. /s/ Frank Alexander Rankin, Jr. (SEAL) Frank Alexander Rankin, Jr. /s/ Patricia Harris Rankin (SEAL) Patricia Harris Rankin ATTEST: /s/ Frankie F. Bonds Clerk CABARRUS COUNTY By: /s/ Carolyn B. Carpenter Chairman Board of Commissioners (SEAL)