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2004 NS Purchasing - NORCA HOLDINGS LLC to purchase Durham Technical Community College Satellite Campus Site
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2004 NS Purchasing - NORCA HOLDINGS LLC to purchase Durham Technical Community College Satellite Campus Site
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Last modified
4/14/2011 12:06:52 PM
Creation date
2/21/2011 11:51:12 AM
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Template:
BOCC
Date
6/23/2004
Meeting Type
Regular Meeting
Document Type
Contract
Agenda Item
8a
Document Relationships
Agenda - 06-23-2004-8a
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\Board of County Commissioners\BOCC Agendas\2000's\2004\Agenda - 06-23-2004
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<br />All of the items described in Subparagraphs (a), (b) and (c) above are hereinafter collectively <br />referred to as the "Property." <br />2. Purchase Price. The purchase price ("Purchase Price") to be paid by Buyer for <br />the Property shall be One Million Two Hundred Fifty Thousand and No/IOOths Dollars <br />($1,250,000.00) plus any amount due Seller as the result of the calculation made in Paragraph <br />9(a) below for ad valorem property taxes on the Property for the calendar year in which the <br />Closing occurs. The balance of the Purchase Price due under this Contract shall be paid by wire <br />transfer at Closing, subject to price adjustments and prorations as provided in this Contract. <br />a. Earnest Money. Purchaser shall, within five (5) business days following the <br />Effective Date (as defined in Paragraph 22(j) below), deliver to Womble Carlyle Sandridge & <br />Rice, PLLC (the "Escrow Agent"), Twenty Five Thousand and No/100ths Dollars ($25,000.00) <br />(the "Earnest Money"), which shall be held in escrow by the Escrow Agent pursuant to the teens <br />and conditions hereof. If Closing on the Property occurs as contemplated in this Contract, Buyer <br />shall receive the benefit of the Earnest Money as a credit against the Purchase Price. Buyer shall <br />be entitled to a return of the Earnest Money in the event Buyer decides not to close on the <br />Property prior to the end of the Buyer's Inspection Period pursuant to Paragraph 6 of this <br />Contract. In the event of Seller's breach under this Contract, Buyer shall be entitled to a return <br />of the Earnest Money pursuant to Paragraph 20 of this Contract. In the event Seller does not <br />acquire the Property from a third party on or before January 14, 2005 as described in Paragraph <br />4(a) of this Contract or in the event Buyer exercises its option to temunate this Contract as <br />provided in either Paragraph 5 or Paragraph 12 of this Contract, Buyer shall be entitled to a <br />return of the Earnest Money. In the event Buyer does not terminate this Contract prior to the <br />expiration of Buyer's Inspection Period and the Closing of this transaction does not occur due to <br />Buyer's breach, the Seller shall be entitled to receive payment of the Earnest Money pursuant to <br />Paragraph 20 of this Contract. <br />b. Escrow Agent's Duties. Upon the filuig of a written demand for the Earnest <br />Money by Buyer or Seller, which demand shall be made by either party only upon its good faith <br />belief that it is entitled to the Earnest Money under the terms hereof (the "Demand for Earnest <br />Money"}, the Escrow Agent shall promptly mail a copy of the Demand for Earnest Money to the <br />other party. The other parry shall have the right to object to the Demand for Earnest Money by <br />sending written notice of such objection (the "Objection") to the Escrow Agent in accordance <br />with the Notice provision of Paragraph 22(c) below at any time within ten (10) calendar days <br />after receiving notice of the Demand for Earnest Money, but not thereafter. The Objection shall <br />set forth the basis for objecting to the Dernand for Earnest Money. Upon receipt of an Objection, <br />the Escrow Agent shall promptly mail a copy thereof to the party who filed the Demand for <br />Earnest Money. If the Escrow Agent does not receive an Objection to the Demand for Earnest <br />Money within the ten (10) days set forth above, it shall deliver the Earnest Money to the party <br />sending the Demand for Earnest Money within five (5) business days after the expiration of said <br />ten (10) day deadline. <br />In the event the Escrow Agent receives timely notice of an Objection, the Escrow Agent <br />shall continue to hold the Earnest Money until (i) the Escrow Agent receives written notice <br />signed by both Seller and Buyer directing the delivery of the Earnest Money, in which case, the <br />Escrow Agent shall promptly deliver the Earnest Money in accordance with said notice, or (ii) in <br />2 <br />RTP 84406v7 <br />
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