HomeMy WebLinkAboutRES-2000-091 Resolution Authorizing the Purchase of Property at 129 E. King St. owned by Marshall Cates, Jr. and Virginia Liner Cates RESOLUTION AUTHORIZING ORANGE COUNTY TO PURCHASE ON AN
INSTALLMENT PURCHASE BASIS REAL PROPERTY LOCATED AT 129 EAST
KING STREET, HILLSBOROUGH, NORTH CAROLINA OWNED BY MARSHAL
CATES, JR. AND VIRGINIA LINER CATES; TO EXECUTE AND PERFORM AN
OFFER TO PURCHASE AND CONTRACT, AN INSTALLMENT PURCHASE
PROMISSORY NOTE AND AN INSTALLMENT PURCHASE DEED OF TRUST; AND
TO EXECUTE, DELIVER OR ACKNOWLEDGE ANY OTHER DOCUMENTS
NECESSARY TO EFFECT THE ACQUISITION OF REAL PROPERTY
WHEREAS, the Board has been presented with an Offer to Purchase and Contract (the
"Contract") to acquire on behalf of Orange County real property located at 129 E. King Street,
Hillsborough, North Carolina, owned by Marshall Cates, Jr. and wife, Virginia Liner Cates (the
"Seller");
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners for the County of
Orange as follows:
Section 1. The Board of Commissioners hereby determines that the acquisition of the
Property by the County pursuant to the terms of the Contract is in the best interest of the County.
Section 2. The Board hereby approves the purchase of the Property at a purchase price of
$346,000.00, to be financed by Seller at a rate of 6% per annum, and payable over a.period of 59
months from the date of closing pursuant to the Installment Purchase Promissory Note and
Installment Purchase Deed of Trust.
Section 3. The Contract, the Promissory Note and the Deed of Trust, in substantially the
forms presented, and the performance by the County of its obligations thereunder, are hereby
approved, and the Chair of the Board is hereby authorized and directed to execute and perform the
Contract, the Promissory Note and the Deed of Trust, as well as other documents necessary for the
purchase of the Property by the County. The financing documents in find form may include
a ri ite=visions concerning n maintenance the to interest
paid by the Comly. in such form a§may be acceptable to the County officers signing the documents
Section 4. This Resolution shall take effect immediately upon its passage.
Commissioner moved passage of the immediately foregoing Resolution, and
Commissioner seconded the motion, and the Resolution was passed by the following
vote:
Ayes:
Noes:
ATTEST:
Beverly A. Blythe
Clerk to the Board of Commissioners of Orange County