SW6220905_Pending Sales Agreement_20220929

NORTH CAROLINA OFFER TO PURCHASE AND
HARNETT COUNTY CONTRACT OF SALE
THIS CONTRACT OF SALE, made and entered into this 22' day of February
2022, by and between Tommy L. McPhail and Bonnie H. McPhail (the "Seller") and
Land 2020, Inc., and/or assigns (the `Buyer").
WITNESSETH:
IN CONSIDERATION of the mutual covenants, promises and conditions
hereinafter set forth and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by the parties, the parties hereto agree as
follows:
1. PROPERTY. Seller agrees to sell to the Buyer and the Buyer agrees to
purchase from the Seller the fee simple property lying in Harnett, North Carolina, having
an address(s) to TBD on Hayes Road and hereinafter referred to as "Property":
Parcel #1: Approximately 14 +/- acres located on Hayes Rd., Harnett
County, NC (Parcel ID: 010534 0079) as shown on Exhibit "A" attached
hereto and incorporated herein.
Parcel 42: Approximately 16 +/- acres located on Hayes Rd., Harnett
County, NC (Parcel ID: 010534 0079 01) as shown on Exhibit "A"
attached hereto and incorporated herein.
2. PURCHASE PRICE AND DEPOSIT. Buyer shall pay to the Seller the
sum of Four Hundred Eighty Five Thousand ($485,000) and No/100 Dollars the
"Purchase Price". The Purchase price shall be paid as follows:
Parcel #1 = $135,000.00
Parcel #2 = $350,000.00
A. $10,000.00 as a good faith deposit (the "Earnest Money"), to be
held in trust by Kelly and West Law Firm and shall be applied toward
the Purchase Price at Closing of Parcel 92, pending the completion of
this contract or termination of this contract as hereinafter provided.
3. CONDITIONS TO BUYER'S OBLIGATIONS. The Buyer's
obligation to purchase the Property pursuant to this Contract is contingent upon the
following, all or any of which may be waived by the Buyer:
A. From the Contract date until closing, Seller shall provide to Buyer, its
agents, representatives and contractors, the right to enter upon the
Property to make investigations, surveys, tests, and studies, and
inspections, conducting marketing studies and feasibility studies,

Docu&gn Envelope ID: 3447E6E6-A800-4W-8261-3E2527A9E7FB
relating to the Property, and otherwise determining the feasibility of
Purchaser's investment strategy for the Property.
B. All deeds of trust, liens, and other ,charges against the Property must be
paid and satisfied by Seller prior to or at closing such that cancellation
may be promptly obtained following closing, Seller shall remain
obligated to obtain any such cancellations following closing.
C. Title must be delivered at closing by General Warranty heed unless
otherwise stated herein, and title must be fee simple ma&etable title,
free of all encumbrances except ad valorem taxes for the current year
(pro -rated as of the day of Closing), utility easements, unviolated
restrictive covenants that do not materially affect the value of the
Property, zoning ordinances, road rights -of -way of record, other
easements, and such other encumbrances as may be assumed or
specifically approved by Buyer.
D. The Buyer determining; in his sale discretion, that the Buyer's
intended use of the Property for single family residential development
is economically feasible.
E. The Seller has complied with and otherwise performed each of the
covenants and obi igations of the Seiler under this Contract. Seller
further represents and warrants that, to the best of Seder's knowledge,
use of the Property for its intended use will not violate any private
restrictions or governmental regulations. If Buyer determines during
its inspection and due diligence period that use of the Property for its
intended use will violate any private restrictions or governmental
regulations, then Buyer may terminate the Contract by written notice
and receive a return of all Earnest Money and neither party shall then
have any Further obligations in connection with this Contract.
P. All representations and warranties of Seller as set Forth in this Contract
shall be in all respects true and accurate as of the Effective Date, and is
remade as of the bate of the Closing and shall not merge into the
conveyancing documents delivered at Closing.
G. After the date of the execution of this. Contract by the Seller, Buyer
shall, at Buyer's expense cause a title examination to be made of the
Property. In the event that such title examination shall show that
Seller's title is not good, marketable, fee simple and insurable, then the
Buyer shall notify the Seller in writing of all such title detects and
exceptions as of the date Buyer learns of the title defects, and Seller
shall have thirty (30) days therefrom to care said noticed defects.
Should Seller elect not to cure such defects or objections within thirty
(30) days of notice thereof, the Buyer or Seller may terminate this
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DocuSign Envelope 1D: 3447E6E6-A8C©-48SA-826l-3E252iA9E7M
Contract and Buyer shall receive a return of Earnest Money, It is
further understood and agreed that upon termination for this cause,
Seller shall be liable for verifiable expenses sustained by Buyer for
surveying, inspections, planning, etc., in preparation for Closing. If the
Buyer is to purchase title insurance, the insuring company must be
licensed to do business in the State of North Carolina. Title to the
Property must be insurable at regular rates, subject only to standard
exceptions and permitted exceptions. Seller warrants that as of the
date of this Contract he holds fee simple title to the Property. For the
purposes of this Contract, the presence of usual and customary utility
easements (power, electric, water, gas, etc.), nor the presence or
possible presence of overlaps or underlaps of boundary easements of
less than 3' shall not be deemed a title defect allowing Buyer to
demand a return of any Deposits or .monies paid by the Buyer under
this Contract. NOTE: In the event of a dispute between Seller and
Bayer over the return or forfeiture of Earnest Money held in escrow,
said Earnest Money shall remain in escrow until such time as either (a)
all parties hereto execute a written release consenting to the disposition
of the Earnest Money, or (b) a court of competent j urisdiction issues
its order regarding disbursement of the Earnest Money.
H. Buyer, its agents or representatives, at Buyers expense and at
reasonable times during normal business hours, shall have the right to
enter upon the property to perform and complete its due diligence
including, but not limited to, reviews and inspections of all matters
pertaining to the purchase of the Property, including all physical,
environmental, zoning, surveying, compliance matters and conditions
regarding the Property and obtain municipal approvals and permits.
Seller will provide Buyer with a copy of the existing survey it has in
its possession. Buyer assumes all responsibility for the acts of himself,
his agents or representatives in exercising his rights under this
paragraph and agrees to indemnify and hold Seller harmless from any
damages resulting therefrom. After execution of this Contract by
Seller, all such inspections and approvals shall be completed by the
Buyer for Marcel #1 within Sixty (60) days and for Parcel #2 no later
than One Hundred 'Twenty (120) days. In the event that additional time
for inspections and approvals is required for Parcel #2, the Earnest
Money Deposit, in the amount of $1 D,00il.0a, shall become non-
refundable and Seller shall extend the inspection period for an
additional One Hundred Twenty (120) bays, Any inspections not
completed by such date shall be deemed waived by the Buyer. If the
Buyer determines, ,from the result of further inspections, that the
Property is unsuitable for its intended use, then in Buyer's sole
discretion, .Buyer may provide Seller written notice thereof and may
terminate this Contract with no further obligations by either Buyer or
Seller.
LDS

DocuSign Envelope ID: 3447E6E6-ABCO-4gsA-826l-3E2527A9r=71;B
4. CLOSING. Upon execution Of this contract by Seller; Closing of Parcel 41
shall occur on or More 60 days thereafter, Closing of Parcel 2 shall occur on or before
120 days thereafter, subject to the terms set forth in Para 3., sib-para H., at a place and
time designated by Buyer. Possession shall be delivered at Closing, unless otherwise
agreed between the parties. At Closing, Seller small deliver to Buyer a General Warranty
Deed, an Owner's Affidavit Regarding Liens, lien waiver forms, and any other
documents customarily executed by Seller in similar transactions. Buyer shall deliver
the balance of the Purchase price to Seller, receiving credit for all monies deposited
Pursuant to this contract. The Closing shall be complete as of the date and time of the
recording of the deed. The deed is to be made as directed by the Purchaser.
5, PRORATIONS AND CLOSING EXPENSES. Seller and Buyer agree that
All real property taxes and property owner's association dues, if'applicable, for the
current calendar year shall be prorated based on the calendar year as of the date of
Closing. Seller shall pay all deferred ad valorem taxes, past due taxes or assessments,
any late penalties, and any and all taxes on personal property. Seller shall pay for the
deed preparation, revenue stamps, and any other conveyance fees or taxes due from
Seller and Buyer shall pay all other expenses for fees and services attributable to Buyer
closing,
6. ENRONMENTAL STATUS. Seller represents and warrants that it has no
actual knowledge or notice of the presence or disposal on the Property of hazardous or
toxic waste or substances, which are defined as those substances, materials, and wastes,
including, but not limited to, those substances, materials and wastes listed in the United
States Department of Transportation .Hazardous Materials Table (49 CPR172.101, as
amended) or by the Environmental Protection .Agency as hazardous substances (40 CFR
Part 302, as amended) and amendments thereto, or such substances, materials, and wastes
which are or may become regulated under any applicable local, state, or federal law.
Seller further states that he has no actual knowledge or notice of any contamination of the
Property from such substances as may have been disposed of or stored on neighboring
tracts, and it has no reason to suspect that such use or disposal has occurred, either during
or prior to his ownership of'the Property. Seller will provide Buyer with a copy of any
existing Environmental assessments of the .Property in its possession.
7. RISK OF LOSSIDAMAGE REPAIR. Until the Closing, the risk of bass or
damage to the Property, except as otherwise provided herein, shall be borne by Seiler. In
the event the Property is damaged so that the Property snot be conveyed in
substantially the same condition as it was prior to Closing Buyer may elect to terminate
the Contract, and the Due Diligence Money shall be returned to Buyer. Except as to
maintaining the Property in its present condition as of the date of the offer under this
Contract, Seller shall have no responsibility for the repair of the Property, including any
improvements, unless the parties hereto agree in writing. For purposes herein "darnage"
shall be deemed to include the condemnation of the property by a government or quasi -
governmental entity.
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DocuSign Envelope ID: 3447E6E8-ABCO-495A-8261-3E'2527A9E7F8
8. NOTICES. All notices and other communications required or permitted to be
given hereunder shall be in writing and shall be effective as of (i) the date of delivery, if
served in person, (ii) two (2) days after the date of mailing, if served by certified or
registered mail, postage prepaid and return receipt requested, (iii) the next succeeding
business day after deposit with a responsible overnight delivery service similar to UPS
and/or Federal Express with confirmed delivery, (iv) upon receipt, if delivered by
facsimile with confirmed transmittal, or (v) upon receipt, if delivered by email with
confirmed transmittal. If the last day for giving notice or performing any act hereunder
falls on a Saturday, Sunday, or day on which banks and post offices are not open for the
regular transaction of business, the time shall be extended to the next day that is not a
Saturday, Sunday, bank or post office holiday,
For Seller: Tommy L. McPhail
174 Farrar Rd.
Lillington, NC 27546
hili wmatthews c outlook.com
For Buyer: Weaver Commercial Properties
350 Wagoner Drive
Fayetteville, NC 28303
Att: Frank Weaver
efw,weayercompanies corn
9. SELLER KNOWLEDGE OR NOTICE. Seller has no knowledge or
notice of (a) condemnation proceedings affecting or contemplated with respect to the
Property; (b) actions, suits, or proceedings pending or threatened against the Property;
(c) changes contemplated in any applicable Iaws, ordinances or restrictions affecting the
Property; or (d) governmental special assessments, either pending or confirmed, for
sidewalk, paving, water, sewer, or other improvements on or adjoining the Property. Any
confirmed assessments of any kind or nature shall be paid by the Seller, and Buyer shall
take title subject to any and all pending assessments, if any, unless otherwise agreed by
the parties.
10. COMPLIANCE. To the best of Seller's knowledge and belief, (a)
Seller has complied with all applicable laws, ordinances, regulations, statutes, rules and
restrictions pertaining to or affecting the Property; (b) performance of this Contract will
not result in the breach of, constitute default under or result in the imposition of any lien
or encumbrance upon the Property under any agreement or other instrument to which
Seller is a party or by which Seller or the Property is bound; and (c) there are .no legal
actions, suits or other legal or administrative proceedings pending or threatened against
the Property, and Seller is not aware of any facts which might result in any such action,
suit or other proceeding.
l 1. SURVIVAL OF REPRESENTATIONS AND WARRANTIES.
All representations, warranties, covenants and agreements made by the parties hereto
shall survive the Closing and delivery of the deed for one hundred eighty (180) days. The
warranties contained in the General Warranty Deed shall supersede those warranties of
the Contract. If any provision herein contained which by its nature and effect is required
to be observed, kept, or performed after the closing, it shall survive the closing and
remain binding upon and for the benefit of the parties hereto until fully observed, kept, or
performed.
os
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DocuSign EnveloPe ID. 3447E6E6-A8CO-495A-8261-3E2527A9E7F8
12, APPLICABLE LAW. This Contract shall be construed under the
Laws of the State of North Carolina.
13. TAX -DEFERRED EXCHANGE. In the event that Buyer or Seller
desire to effect a tax -deferred exchange in connection with the conveyance of the
Property, Buyer and Seller agree to cooperate in effecting such exchange; provided,
however, that the exchanging party shall be responsible for all additional casts associated
with such exchange, and provided further, that a non -exchanging party shall not assume
any additional liability with respect to such tax -deferred exchange. Seller and Buyer
shall execute such additional documents, at no cost to the non -exchanging part`, as shall
be required to give effect to this prevision.
14. ASSIGNMENT. This Contract may not be assigned by Seller without the
prior written consent of Buyer.
15. AGENT REPRESENTATION. Buyer and Seiler each represents and
warrants to the other that if it has consulted, dealt or negotiated in any manner concerning
the purchase and/or sale of this Real Estate with any real estate broker, salesman or agent,
the procuring party shall he responsible for payment of any commissions owed pursuant
to this sale.
1 S. EINTIRE AGREEMENT. This Contract contains the entire agreement
of the parties and there are no representations, inducements or other provisions other than
those expressed herein, All changes, additions, or deletions hereto must be in writing and
signed by all parties hereto.
17. EXECUTION. This instrument shall become a binding contract when signed
by both Buyer and Seller.
IN WITNESS WHEREOF, this Contract is executed under seal in signed
multiple Originals, all of which constitute one and the same instrument, with a signed
original being retained by each party, and the parties adopt the word "Seal" beside their
signatures below.
BUYER:
f5Docustgned by.
whol 64&wta (SEAL)
By: Charles D. Blackwell
Date: /22/2022
SELLER:
� 2n&.eP(SEAL)
L. Phail
SEAL)
Bonnie H. McPhail
Date. r , - A g
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21IT22, is31 PM
Hurnell Cunnty Parcel Report
Prim t p
Harnett Property Description;
-,� Cl,NTX y G S
14.21 J E HAYFS Harnott Count
PID: 010534 0079 %xhibil
PIN: 0524.57-4632, 000
REID: 0023189
Subdivision:
Neighborhood: 0o100C
�Taxable Acreage: 14.210 AC ac
Actual Year Bullt:
Caclulated Acreage: 14.Os ac
TotalAcutalAreaHeated: Sq.!Ft
Account Number: 100852000
Sale Month and Year: 2 1 t 979
Owners: MCPNAIL TDMMY L 8 MCPHAIL BONNIEH
Sale Price: $25000
Deed Book & Page:6BA-Oboe
Owner Address: 174 FARRAR ROAD LILL?NGTON, NC
heed Date: 286675200000
2754E-0000
Plat Book $ Page: -
Property Address; HAYES Rp NC
Instrument Type: N!D
City, State, Zip:, NC.
Vacant or Improved:
Building Count: 0
OualifiedCode: q
Township Code; 01
Transfer or Split:
Within 1 mi of Agriculture District: Yes
Fire Tax District: Anderson Creek
Parcel Building Value: Si)
Prior Building Value: so
Parcel Outbuilding Value : S0
Prior Outbuilding Value : so
Parcel Land Value: $49740
Prior Land Value ; $45630
Parcel Special Land Value: $0
Prior Special Land Value : $0
Total Value : $49740
Parcel Deferred Value : s0
Prior Deferred Value : s0
Total Assessed Value : $49740
prior Assessed Value : $45630
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112

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Harticil County Parccl Report
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2/17/22, 4:31 IN
Harnett County P;trcel Report
Harnett
t0UINTY
PID: 010534 0079 01
PIN.- 0 524- 5 6.4 260.000
REID: 0014271
Subdivision;
Taxable Acreage: 16,990 AC ac
Caclulated Acreage: 1o, I a ac
Account Plumber; 1600024018
Owners: MCPHAIL aONNlE HAYES
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Proporty Description:
16.99 ACS HAYES PCOF1512D
Owner Address: 174 FARRAR RD LILUNGTON, NC 27546
(Property Address; 535 HAYES RD SPRING LAKE, NC 26390
City, State, Zip: SPRING LAKE. NC. 293SO
Building Count: 0
Township Code; 01
Fire Tax District: Anderson Creak
(Parcel Building Value: so
Parcel Outbuilding Value : $0
Parcel Land Value: $73970
Parcel Special Land Value : So
Total Value : $73970
Parcel Deterred Value: $0
Total Assessed Value: $73970
laths;/1gis.13rernetl.or�/L91 l Ahpi fanrcels/Purccliteport alsp�'?pin=,f}j?�.�g_�7fi(Lf1t1U
Harnett County_ GIS
Neighborhood: 00100C
Actual Year Built:
TotalAcutalAreaHeated: Sq,Ft
Sale Month and Year: 5! 1926
Sale Price: 50
Deed Book & Page: 96E•0239
Deed Date: a309oa80D000
Plat Book & Page:
instrument Type: VVL
Vacant or Improved:
QualifiedCode: A
Transfer or Split:
Within 1mi of Agriculture District; Yes
Prior Building Value: $10970
Prior Outbuilding Value : so
Prior Land Value : $62770
Prior Special Land Value : $0
Prior Deferred Value : $U
Prior Assessed Value : $73740
H2

2N7/22,4:3E PM
I Inrnc[t County Nrccl Report
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212