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:7)/9 - 0 3 <br /> ci .4-11 /4) <br /> NORTH CAROLINA <br /> CONTRACT <br /> ORANGE COUNTY <br /> gOOK.,010 PACE 587 <br /> THIS AGREEMENT, made and entered into on this the 26th <br /> day of May , 1981, by and between GOFORTH PROPERTIES, <br /> INC., a North Carolina corporation, P.O. Box 967, Chapel Hill, <br /> North Carolina, 27514, hereinafter referred to as "Corporation"; <br /> and ORANGE COUNTY, hereinafter referred to as "County"; <br /> W I T N E S S E T H: <br /> THAT WHEREAS, Corporation has applied with the County <br /> for final plat approval for Section Four, Five, Six and Seven, <br /> SEDGEFIELD SUBDIVISION; and <br /> WHEREAS, the parties hereto desire to set forth their <br /> agreement regarding Corporation's obligation to post with County <br /> a letter of credit insuring the completion of certain improve- <br /> ments as hereinafter set forth for those certain lots described <br /> u <br /> as Sections Four, Five, Six and Seven, SEDGEFIELD SUBDIVISION, <br /> 0 <br /> according to the plats and surveys thereof as recorded in Plat <br /> It Book 33 , at Pages 156 thru 160 , Orange County Registry, to <br /> which plats reference is nereby made for a more particular <br /> description of same. <br /> NOW, THEREFORE, to that end and in consideration of the <br /> mutual covenants, conditions, and agreements hereinafter set <br /> .1 -0 <br /> . 7J <br /> forth, the parties hereto do hereby agree and covenant as fol.- <br /> o <br /> lows: <br /> 1. That the intention of the parties hereto for enter- <br /> 1 <br /> mg into this contract is to postpone Corporation's obligation <br /> to post with County a letter of credit insuring the completion <br /> of certain improvements as hereinafter set forth for all lots in <br /> Sections Four, Five, Six and Seven, SEDGEFIELD SUBDIVISION for <br /> the following reasons; <br /> (a) Corporation doe not desire to construct any im- <br /> provements on or for those certain lots described as <br /> Sections Four, Five, Six and Seven, SEDGEFIELD SUBDIVI- <br /> SION, which would cost the State of North Carolina ad- <br /> ditional monies to remove in the event the State of <br /> "RA,'; <br /> FR0/3310./AL;J4071411011 <br /> ITCInt:ZY:Asa,:ouu:ittnns <br /> North Carolina acquires the aforesaid property for the <br /> F731 OFFICS VIMVOI <br /> 7,^IL Co.1117,1nA <br /> proposed Interstate 40, and <br />