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RESOLUTION AUTHORIZING ORANGE COUNTY TO PURCHASE ON AN <br /> INSTALLMENT PURCHASE BASIS REAL PROPERTY LOCATED AT 129 EAST <br /> KING STREET, HILLSBOROUGH, NORTH CAROLINA OWNED BY MARSHAL <br /> CATES, JR. AND VIRGINIA LINER CATES; TO EXECUTE AND PERFORM AN <br /> OFFER TO PURCHASE AND CONTRACT, AN INSTALLMENT PURCHASE <br /> PROMISSORY NOTE AND AN INSTALLMENT PURCHASE DEED OF TRUST; AND <br /> TO EXECUTE, DELIVER OR ACKNOWLEDGE ANY OTHER DOCUMENTS <br /> NECESSARY TO EFFECT THE ACQUISITION OF REAL PROPERTY <br /> WHEREAS, the Board has been presented with an Offer to Purchase and Contract (the <br /> "Contract") to acquire on behalf of Orange County real property located at 129 E. King Street, <br /> Hillsborough, North Carolina, owned by Marshall Cates, Jr. and wife, Virginia Liner Cates (the <br /> "Seller"); <br /> NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners for the County of <br /> Orange as follows: <br /> Section 1. The Board of Commissioners hereby determines that the acquisition of the <br /> Property by the County pursuant to the terms of the Contract is in the best interest of the County. <br /> Section 2. The Board hereby approves the purchase of the Property at a purchase price of <br /> $346,000.00, to be financed by Seller at a rate of 6% per annum, and payable over a.period of 59 <br /> months from the date of closing pursuant to the Installment Purchase Promissory Note and <br /> Installment Purchase Deed of Trust. <br /> Section 3. The Contract, the Promissory Note and the Deed of Trust, in substantially the <br /> forms presented, and the performance by the County of its obligations thereunder, are hereby <br /> approved, and the Chair of the Board is hereby authorized and directed to execute and perform the <br /> Contract, the Promissory Note and the Deed of Trust, as well as other documents necessary for the <br /> purchase of the Property by the County. The financing documents in find form may include <br /> a ri ite=visions concerning n maintenance the to interest <br /> paid by the Comly. in such form a§may be acceptable to the County officers signing the documents <br /> Section 4. This Resolution shall take effect immediately upon its passage. <br /> Commissioner moved passage of the immediately foregoing Resolution, and <br /> Commissioner seconded the motion, and the Resolution was passed by the following <br /> vote: <br /> Ayes: <br /> Noes: <br /> ATTEST: <br /> Beverly A. Blythe <br /> Clerk to the Board of Commissioners of Orange County <br />