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2025-165-E-AMS-Capkov-Purchase land for the Crisis Diversion Center on Waterstone Drive
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2025-165-E-AMS-Capkov-Purchase land for the Crisis Diversion Center on Waterstone Drive
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Last modified
4/30/2025 8:22:59 AM
Creation date
4/30/2025 8:22:49 AM
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Contract
Date
4/23/2025
Contract Starting Date
4/23/2025
Contract Ending Date
4/25/2025
Contract Document Type
Contract
Amount
$1,385,300.00
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Exhibit B <br />ESCROW ADDENDUM <br />This Escrow Addendum dated _04/22/2025_____ (this “Addendum”), is hereby made a part of <br />that certain Purchase and Sale Contract having an Effective Date of __04/23/2025_____ (the “Sales <br />Contract”), by and between CAPKOV VENTURES, INC. as seller thereunder (“Seller”), and <br />ORANGE COUNTY, NC as purchaser thereunder (“Purchaser”). Investors Title Insurance Company, <br />a North Carolina corporation (“Escrow Agent”), has executed this Addendum for the sole purpose of <br />consenting to the terms of this Addendum. <br />Required SELLER Information: <br />Tax ID: _______________________________ <br />Mailing address: 258 E. Winmore Avenue, Chapel <br />Hill, North Carolina 27516 <br />Attn: Eric Chupp <br />Telephone: 919.260.7262 <br />Email: ericbchupp@bellsouth.net <br />Required PURCHASER Information: <br />Tax ID: _56-6000327___________________ <br />Mailing address: 300 West Tryon Street, <br />Hillsborough, North Carolina 27278 <br />Attn: Travis Myren <br />Telephone: 919.245.2300 <br />Email: tmyren@orangecountync.gov <br />WHEREAS, Seller and Purchaser desire that the closing of the transaction contemplated by the Sales <br />Contract take place in accordance with the terms and provisions of this Addendum. <br />WHEREAS, pursuant to Section 2.3 of the Sales Contract, Purchaser and Seller have appointed <br />Investors Title Insurance Company to hold earnest money in the amount of $25,000.00 (the “Escrowed <br />Funds”), which sum will be held in accordance with the terms of this Addendum and the Sales Contract. <br />NOW, THEREFORE, in furtherance of the transaction contemplated by the Sales Contract, and for and <br />in consideration of $300.00 cash paid in hand to Escrow Agent, and for other good and valuable <br />consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby <br />covenant and agree as follows: <br />1.Seller and Purchaser hereby designate, constitute and appoint Investors Title Insurance Company <br />as Escrow Agent under this Addendum to hold Escrowed Funds, and Escrow Agent accepts such <br />designation and appointment, and agrees to act in accordance with the terms of this Addendum. It <br />is hereby expressly understood and agreed that in the event a conflict should arise as between the <br />terms of this Addendum and those of the Sales Contract, the terms of this Addendum will control. <br />2.Notwithstanding any provisions regarding interest in the Sales Contract, Purchaser and Seller <br />hereby request that the Escrowed Funds (select ONE option; if neither is selected, the second option <br />below will be deemed selected): <br />accrue interest to the benefit of Purchaser [insert Purchaser or Seller] (if left blank, <br />Purchaser will be beneficiary, in accordance with 26 CFR § 1.468B-7). <br />do not accrue interest to the benefit of Purchaser/Seller. <br />3.All checks, money orders, wires or drafts sent to Escrow Agent under this Addendum will be <br />processed for collection in the normal course of business. Escrow Agent will deposit the Escrowed <br />Docusign Envelope ID: 6FA32B3A-54E4-43D1-ADFC-0E9AD5C2D12E
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