Orange County NC Website
Browse       Search
3 <br />RESOLUTION AUTHORI7.ING ORANGE COUI~ITY TO PURCHASE ON AN <br />INSTALLMENT PURCHASE BASIS REAL PROPERTY LOCATED AT 129 <br />EAST KING STREET, HII.LSBOROUGH, NOR CAROLINA OWNED BY <br />MARSHAL CATE$, JR. AND VIRGINIA LII~ER CATES; TO EXECUTE <br />AND PERFORM AN OFFER TO PURCHASE AND CONTRACT, AN <br />INSTALLMENT PURCHASE PROMLSSORY NOTE AND AN <br />INSTALLMENT PURCHASE DEED OF TRU5T; AND TO EXECUTE, <br />DELVER OR ACKNOWLEDGE ANY OTHER DOCUMENTS NECESSARY <br />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 TI~REFORE, BE TT RESOLVED by the Board of Commissioners for the County <br />of 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 temps 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 <br />price of $346,000.x, to be financed by Seller at a -rate of 6% per annum, and payable over a <br />period of 59 months from the date of closing pursuant t4 the Installment Purchase Promissory <br />Note and Installment Purchase Deed of Trust. <br />Section 3. The Contract, the Promissory Note and the Deed of Trust, in substantially <br />the forms presented, and the perfoma~wce 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 <br />the Contract, the Promissory Note and the Deed of Trust, as well as other documents necessary <br />for the purchase of the property by the County. <br />Section 4. This Resolution shall take effect immediately upon i~ passage. <br />Comumissioner <br />Resolution, and Commissioner <br />passed lay the following vote: <br />Ayes: <br />Nos• <br />ATTEST: <br />moved passage of the immediately foregoing <br />seconded the motion, and the Resolution was <br />Beverly Blythe <br />Clerk to the Board of Commissioners of Orange County <br />