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HomeMy WebLinkAboutSW5210603_Pending Sales Agreement_20210817Prepared by Ernest R. Carter, Jr,, Attorney at Law, PO Box 986, Ahoskie, NC 27910 NORTH CAROLINA OPTION AGREEMENT NASH COUNTY THIS AGREEMENT, made this the q day of February 2021, by and between MARIS ASHLEY, whose address is PO Box 42, Timberlake, NC 27583; GAIL ROBBINS, whose address is 35 Steeple Chase Court, Southern Pines, NC 28387; LEONARD BRANTLEY, whose address is PO Box 233, Spring Hope, NC 27882; BRIAN BRANTLEY, whose address PO Box 598, Spring Hope, NC 27882; and CHESTER BRANTLEY, whose address is PO Box 697, Spring Hope, NC 27882, hereinafter referred to as "BRANTLEY FAMILY", and HARRELL ENTERPRISES, INC., hereinafter referred to as "HARRELL"; WHEREAS, BRANTLEY FAMILY owns certain real property located in Nash County, North Carolina, which is identified in the Nash County Tax Records with Parcel 033076 and PIN 276900653611, which is bound on the East and South by a control access right of way of US Hwy 64; bound on the West by property owned by JD Edwards Investments, LLC; and bound on the North by property owned by Its Farm Time, LLC; and being shown for identification purposes as "CHESTER H. BRANTLEY, et al TRACT No. 2 D.B. 307-PG 97" on plat of Property of May Farm Associates recorded in map records in the Nash County Register of Deeds in Book 35, Page 280, hereinafter "REAL PROPERTY'; and, WHEREAS, BRANTLEY FAMILY desires to option the right to purchase said real property to HARRELL, and HARRELL desires to option to purchase said real property from BRANTLEY FAMILY, NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, THE PARTIES AGREE as follows: 1) The purchase price for said REAL PROPERTY shall be $75,000.00 per acre based on the survey to be obtained by HARRELL, the balance of which shall be paid in cash at closing which shall occur not more than 45 days from the exercise of the Option granted hereby, if so exercised. 2) Harrell may exercise this option by giving written notice thereof to BRANTLEY FAMILY sent to attention of Chester H. Brantley at the following address: Chester H. Brantley, PO Box 697, Spring Hope, NC 27882 3) The payment for this Option shall be rive Thousand Dollars ($5,000,00), and the option payment shall be a credit against the sales price if HARRELL exercises this option. HARRELL may exercise this option at any time until 5:00 o'clock P.M. on the date which is 6 months (180 days) from the date of execution of this Option. HARRELL may extend this option for an additional period of 6 months (180 days) by payment to BRANTLEY FAMILY of an additional Option price of Five Thousand Dollars ($5,000.00) and HARRELL may exercise this option at any time until 5:00 o'clock P.M. on the date which is 12 months (360 days) from the date of execution of this Option. If HARRELL fails to exercise this option, all option money shall be forfeited and this contract terminated. 4) If this option is exercised within the terms provided above, BRANTLEY FAMILY shall deliver to HARRELL, within thirty (30) days after the giving of notice by Harrell, a North Carolina general warranty deed, substantially in the form of Form. No. 3A of the N.C. Bar Association, granting fee simple absolute title to HARRELL, or its successors and or assigns, it being a requirement of BRANTLEY to obtain the signature of any spouse, if any, of the respective owners of REAL PROPERTY in the conveyance to HARRELL, in order to deliver to HARRELL insurable title, free of any liens or encumbrances, and without restriction regarding use of such property. 5) BRANTLEY FAMILY shall pay for the preparation of the deed and the excise tax and any transfer tax as may be required by law in the jurisdiction where the property is located, and the discharge or release of any liens or encumbrances upon such property being purchased. HARRELL shall pay for the recordation of the deed and for preparation and recording of all instruments required to secure any financing of the purchase price to be paid to BRANTLEY FAMILY upon closing after exercise of the option granted hereunder. Current year ad valorem taxes for the year of any closing shall be prorated to the date of closing, with BRANTLEY FAMILY to pay any recapture of deferred tax that may be due upon sale hereunder. 6) At the request of HARRELL, after exercise of the option, BRANTLEY FAMILY shall deliver to HARRELL copies of all title information available to BRANTLEY FAMILY, including but not limited to: title insurance policies, attorney's opinions on title, surveys, covenants, deeds, notes and deeds of trust and easements relating to said real property subject to this option. 7) The parties hereto shall have the right to assign their rights without the written agreement of the other parties, but if this agreement is assigned, then the agreement shall be binding upon the assignee, its successors and assigns. BRANTLEY FAMILY may assign their rights hereunder as part of a 1031 deferred tax transaction to a qualified intermediary and HARRELL and its successors and assigns agrees to cooperate and execute any documents to accomplish the same. 8) This contract shall be binding and shall inure to the benefit of the parties, their heirs, successors and assigns. As used herein the singular shall include the plural and gender shall be interchangeable. 9) If any provision of this agreement by its nature is required to be performed after the closing then that provision shall survive the closing and remain binding upon the parties hereto until fully performed. 10) HARRELL shall have the right to inspection of the property for purposes of its assessment for the purposes desired by HARRELL and shall have the right to have prepared such environmental assessments, survey, or other preparatory steps toward the purchase of the property, at HARRELL's sole expense, prior to exercise of the options granted hereby. HARRELL shall indemnity and hold BRANTLEY FAMILY harmless from any damage or loss, including attorney's fees, that is caused by HARRELL or its agents in the inspections, investigation, or survey of REAL PROPERTY. HARRELL also agrees to return the property back to its original condition after any inspections or investigations of the property to the extent reasonably possible. 11) This contract contains the entire agreement of the parties and there are no representations, inducements, or other agreements except those expressed in this writing. All changes, additions, or deletions to this agreement must be in writing and signed by the parties. The parties hereto agree that should either party desire it, a Memorandum of Option, setting forth the property description and term of the option submitted and the parties agree to execute the same in order that it may be recorded, but the terms regarding price and option payments hereunder shall not be disclosed by the publicly recorded memorandum. IN WITNESS WHEREOF, the parties have executed this Agreement this the q' day of February 2021. MARIS ASHLEY GAIL ROBBINS LEONARD BRANTLEY BRIAN BRANTLEY CHESTER BRANTLEY HARRELL ENTERPRISES, INC. BY: ,OIL J. 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