3-7-16 Reg. Meeting - Laserfiche WebLink

Home Browse Search

BK -00028 PG -0134 STATE OF NORTH CAROLINA AGREEMENT FOR THE PURCHASE AND SALE COUNTY OF LEE OF REAL PROPERTY THIS AGREEMENT FOR THE PURCHASE AND SALE OF REAL PROPERTY (the "Agreement") is made and entered into this day of . 2016, by and between THE COUNTY OF LEE, a North Carolina governmental entity ("Purchaser"), or its assigns, and Nancy Watkins Properties, LLC, a North Carolina limited liability company ("Seller"); WITNESSETH WHEREAS, Seller owns approximately 0.55 acres of real property located at 1503 Elm Street in Sanford, Lee County, North Carolina, being all of tax parcel identification number 9652-14-5836-00, as further shown on Exhibit A attached hereto (the "Property"); and, WHEREAS, the Seller desires to sell to Purchaser the Property pursuant to the terms and conditions contained in this Agreement. NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto intending to be legally bound hereby agree as follows: 1. Property. Subject to the terms and conditions of this Agreement, Seller hereby agrees to sell to Purchaser, and Purchaser hereby agrees to purchase from Seller, all that parcel of land situated at 1503 Elm Street, in Sanford, Lee County, North Carolina, being all of tax parcel identification number 9652-14-5836-00, as further shown on Exhibit A attached hereto (the "Property"); and containing approximately 0.55 acres, as more particularly described on Exhibit A attached hereto and made a part hereof (the "Property"). The Property is improved. 2. Purchase Price. The purchase price for the Property shall be Four Hundred Thirty -Five Thousand Dollars and 00/100 ($435,000.00) ("the Purchase Price"), payable as follows: a. $1,000.00 in Earnest Money paid at the time of execution of the Option to Purchase Real Estate. b. $434,000.00 to be paid in immediately available funds at Closing (as hereinafter defined). 3. Earnest Money. Contemporaneously with the execution of the Option to Purchase Real Estate, executed by the Parties on February 19, 2016, Purchaser has paid to Seller and Seller acknowledges receipt of the sum of One Thousand ($1,000) Dollars as earnest money (the "Earnest Money"). The Earnest Money shall be held by Seller in accordance with Article 11. 4. Seller's Warranties and Representations. Seller warrants and represents to Purchaser that as of the Effective Date and as of the date of Closing: