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HomeMy WebLinkAbout2005 Purchasing - RT Holdings LLC MOA for Purchase and Sale of Sportsplex~ ~ ~ q d Prepared by: Return to: Geoffrey E. Gledhill, P.O. Drawer 1529, Hillsborough, NC 27278 MEMORANDUM OF AGREEMENT FOR PURCHASE AND SALE STATE OF NORTH CAROLINA COUNTY OF ORANGE This Memorandum of Contract for Purchase and Sale (the "Memorandum") is made and entered into as of the _ day of , 2005, by and between RT HOLDINGS, LLC, a North Carolina limited liability company ("Seller"), and ORANGE COUNTY, NORTH CAROLINA, a North Carolina body politic and corporate entity ("Buyer"). WITNESSETH: WHEREAS, Buyer and Seller have entered into that certain Agreement for Purchase and Sale ("Contract") dated as of July 14, 2005, in which Buyer agreed to purchase and Seller agreed to sell all of that certain property located in Orange County, North Carolina, and more particularly described on Ezbibit A attached hereto and incorporated herein by reference (the "Real Property"). WHEREAS, Seller and Buyer desire to record this Memorandum to furnish notice of the Contract. NOW THEREFORE, for and in consideration of good and valuable c onsideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Buyer hereby agree as follows: 1. Incorporation of Recitals. The foregoing recitals are incorporated herein to the extent as if hereinafter fully set forth. RALEIGH1458774_ 1 er has agreed to buy from Seller and Contract of Purchase and Sale. The Buy Z. r the property pursuant to the terms and conditions of the the Seller has agreed to sell to the Bute , Contract. sh record notice of the orandum shall fiirni throu December 1, stration of the Memorandum g, Termination t mae of the egl em Contract from the date an endment extending the term of this Memorandum' shall automatically 2005. Unless Buyer and Seller exeeuC uaniity Registry, this Memorandum and duly record it in the ~angmber 1, 2005. In the absence of ato December 1, 2005, terminate at 11:59 p.nl• on Dece mays subsequent on this extending the term of this Memorandum, any p~further inquiry, conclusively rely disregard this Memorandum and, without making termination provision. o Contract Terms. Nothing contained herein is intended tCoobtra ~ 4, No Chan es t as an ainen~ent to the terms or conditions of the underlying shall be construed between Buyer and Seller. Law. 'This Memorandum shall be constnied in accordance with the 5, Controlling laws of the State of North Carolina. HEREOF, the parties hereto have caused this Memorandum to be IN WITNESS executed as of the date and year first above written. SELLER: RT HOLDINGS, LLC Name' ~ ~ Title: BUYER: ATTEST: Donna S. Baker, Clerk to the Orange County Board of Commissioners gpLEIGI-I~{58774_ 1 2' ORANGE COUNTY, NORTH CAROLINA EXffiBIT A Leal Description That certain parcel of land located in the Town of Hillsborough and Hillsborough Township, Orange County, North Carolina and being more particularly described as follows: BEGINNING at a pin set at the intersection of southern edge of the 60-foot wide right-of--way of U.S. 70, and the eastern edge of the 60-foot wide right-of:way of Meadowlands Drive, said pin set being the northernmost comer of "Lot 1" as shown on a map recorded in Plat Book 70, Page 178, Orange County Registry; runs thence from said point and place of beginning with the said southern edge of the right-of--way of U.S. 70 South 66° 12' 36" East 222.38 feet to a pin set; runs thence continuing with said southern edge of the right-of--way of U.S. 70 South 67° 17' 15" East 224.35 feet to an existing iron in the western line of that certain parcel now or formerly belonging to Carter; thence leaves said right-of--way and runs w ith t he w estern 1 ine o f t hat c ertain p azcel n ow o r f ormerly b elonging t o Carter South 04° 33' OS" West 296.84 feet to an existing iron at a fence corner in the southwest corner of said Carter parcel; runs thence with the southern line of the aforementioned Carter property the following two courses and distances (1) South 80° OS' O1" East 4.07 feet to an existing iron, and (2) South 74° O1' 45" East 202.32 feet to an existing iron in the southeast corner of the Carter property and the southwest corner of certain property now or formerly belonging to Jeff Woods; runs thence with the southern line of the aforementioned Jeff Woods parcel South 74° O1' 45" East 99.50 feet to a pin set in the western line of "Lot B" as shown on a map recorded in Plat Book 85, Page 35, Orange County Registry; runs thence with the boundary line of said "Lot B" the following six courses and distances: (1) South 38° 48' 06" West 561.88 feet to a pin set; (2) South 89° 45' 00" West 69.10 feet to a pin set; (3) South 50° 44' 07" West 84.77 feet to a pin set; (4) North 85° 51' 21" West 72.62 feet to a pin set; (5) North 77° 32' 04" West 56.06 feet to a pin set; and (6) North 70° 20' 36" West 49.53 feet to a pin set; runs thence North 52° 23' 22" West 67.48 feet to a pin set; runs thence North 75° 57' 06" West 53.46 feet to a pin set; runs thence South 77° 27' 37" West 143.34 feet to an existing iron; runs thence North 83° 48' 26" West 127.62 feet to an existing iron; runs thence North 56° 53' OS" West 93.79 feet to an existing iron; runs thence North 27° 48' 47" West 157.04 feet to a pin set; runs thence North 13° 00' 27" West 104.68 feet to a pin set; runs thence along and with a curve to the right having a radius of 55.00 feet, an arc length of 102.26 feet, a chord bearing of North 38° 22' 13" East and a chord distance of 88.16 feet to a pin set; runs thence South 88° 21' S2" East 129.82 feet to a pin set; runs thence along and with a curve to the left having a radius of 246.95 feet, an arc length of 162.81 feet, a chord bearing of North 40° 19' S6" East a chord distance of 159.87 feet to a pin set; runs thence along and with a curve to the right having a radius of 1110.70 feet, an azc length of 76.83 feet, a chord bearing of North 23° 25' 37" East a chord distance of 76.81 feet to a pin set; runs thence North 51 ° 49' 45" West 31.35 feet to a pin set in the eastern edge of the 60-foot wide right- RALEIGH4458774_ 1 of-way of Meadowlands Drive; runs thence with the eastern edge of said right-of- way the following four courses and distances: (1) along and with a curve to the left having a radius of 405.00 feet, an arc length of 100.38 feet, a chord bearing of North 31° 04' 14" East a chord distance of 100.12 feet to a pin set; (2) North 23° S8' 12" East 47.58 feet to a pin set; (3) North 27° 00' 07" East 13S.S4 feet to a pin set; and (4) North 33° 36' 11" East 189.52 feet to a pin set, the point and place BEGINNING, and being all of Lot "1" as shown on map recorded in Plat Book 70, Page 178, Orange County Registry, save and except that certain property c onveyed by Deed recorded in Book 2043, Page 245, Orange C ounty Registry. For further reference, see that certain map recorded in Plat Book 8S, Page 3S, Orange County Registry. RALEIGHk158774_ 1 4 STATE OF NEVADA COUNTY OF CLARK I, V 1~~~ i.~ M E;SL~u'z a Notary Public of Clark County and State of Nevada, do hereby certify that Sandra Spivey personally came before me this day and acknowledged that she is an authorized signatory of RT HOLDINGS, LLC, a limited liability company and that she as a Vice President of U.S. Bank National Association (U.S. Bank") being authorized to do so, executed the foregoing on behalf of U.S. Bank, in its capacity as trustee, which is the sole member of RT HOLDINGS, LLC. hand and official stamp and seal, this the ~~day of , 2005. Notary Public -State of Neva /~ County of Clark VALERIE M. ESPARZA ~ ~~ ,~ No: ie~s-~ ~My~xme ~, 200~~ Notary Public My Commission Expires: (~~~ ~©°I (NOTARIAL SEAL OR STAMP) NORTH CAROLINA ORANGE COUNTY I, ' Q1 t~~ ~• VV a~ S a Notary Public of the County and State aforesaid, certify that Donna S. Baker personally came before me this day and acknowledged that she is Clerk to the Board of Commissioners for Orange County, North Carolina and that by authority duly given and as the act of said. County, the foregoing instrument was signed in its name by the Chair of said Board of Commissioners and attested by her as Clerk to said Board of Commissioners. W'tne s m hand and official stamp or al, this the day o 2005 Notary Public My co~ission expires: ~Z~ X21 ou~~°) (NOTARIAL SEAL OR STAMP) OFFICIAL SEAL ~Y PubMc. Norlh CaroNna o~ANNUe courrrv Morel c evanls My Commissron Exp~ro~