HomeMy WebLinkAboutAgenda - 10-03-2000-7aORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: October 3, 2000
Action Agenda
Item No. 7 - Q
SUBJECT: Public Hearin and Resolution for A uisition of 129 East Kin Street
DEPARTMENT: Finance, Budget, Attorney and PUBLIC HEARING: (Y/N) yes
Purchasing and Central Services
ATTACHMENT(S):
Resolution with attachments
INFORMATION CONTACT:
Ken Chavious, 245-2453
Donna Dean 245-2151
Geof Gledhill
Pam Jones, 245-2652
TELEPHONE NUMBERS:
Hillsborough 732-8181
Chapel Hill 968-4501
Durham G88-7331
Mebane 336-227-2031
PURPOSE: To consider a resolution supporting the acquisition of property at 129 East King
Street, Hillsborough to be used as offices far the Department of Purchasing and Central
Services; and to conduct a public hearing on the financing of said properly.
BACKGROUND: Pursuant to Board of Commissioner authorization, the County Attorney and
County staff have negotiated terms acceptable to the owner and the County to purchase
property at 129 East King Street. The property consists of approximately 6,000 square feet,
with approximately 2,000 square feet in warehouse space. The property is being purchased
for $346,000 with owner financing far 59 months at 6% interest.
The offices of the Department of Purchasing and Central Services will be relocated to this site
following completion of renovation work. Offices are currently located in leased space at 132
East King in the Sprint Telephone building.
Further, the Board is requested to exempt this project from the statute requiring the announcing
of all requirements for architectural, engineering and survey services and the statutory selection
process for the reason that time does not permit the announcing and selection process required
by the statutes. Local governments are allowed to exempt themselves from this process per
G.S. 143-64.31 and G.S. 143-64.32.
FINANCIAL IMPACT: As outlined above, the County would purchase the property for a cost of
$346,000. The purchase price will be financed over a period of 59 months at an interest rate of
6 percent. Annual debt service payments total $81,437 and would be offset in part by the rent
of $18,392 currently paid to Sprint. The net impact of $63,045 is accounted for in the County's
present capital funding plan.
RECOMMENDATION(S): The Manager recommends that the Board take the following action:
1. Receive comments from the public regarding the financing of the properly.
2. Close the public hearing.
3. Approve the attached Resolution authorizing the purchase of the building at 129 East King
Street, in which the Department of Purchasing and Central Services will be re-located, for
$346,000 with owner financing for 59 months at 6% as specified in the attachments to the
Resolution.
4. Exempt the project from the statute requiring the announcing of all requirements for
architectural, engineering and surveying services and the statutory selection process as
provided for in the statues cited above.
3
RESOLUTION AUTHORI7.ING ORANGE COUI~ITY TO PURCHASE ON AN
INSTALLMENT PURCHASE BASIS REAL PROPERTY LOCATED AT 129
EAST KING STREET, HII.LSBOROUGH, NOR CAROLINA OWNED BY
MARSHAL CATE$, JR. AND VIRGINIA LII~ER CATES; TO EXECUTE
AND PERFORM AN OFFER TO PURCHASE AND CONTRACT, AN
INSTALLMENT PURCHASE PROMLSSORY NOTE AND AN
INSTALLMENT PURCHASE DEED OF TRU5T; AND TO EXECUTE,
DELVER 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 TI~REFORE, BE TT 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 temps 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.x, 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 t4 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 perfoma~wce 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.
Section 4. This Resolution shall take effect immediately upon i~ passage.
Comumissioner
Resolution, and Commissioner
passed lay the following vote:
Ayes:
Nos•
ATTEST:
moved passage of the immediately foregoing
seconded the motion, and the Resolution was
Beverly Blythe
Clerk to the Board of Commissioners of Orange County
4
u~ott sexaptanee of srdd tttrer, weep to sail .nd eonray, as or out phx,piaa or parcel of laod dpaibed halaw. tostyher wkh aii itnptawmedt !scared
thxeon sad tasch Rxntres and paspal Property as aro: Dated below (ooUectiwly rafmred m as 'tltu Ptopeny7, upon the follawby aerns and
oaaditioea: ~ ~ ti, .. r f.
1. REAL PROP~tTY: • I.anrd In the City of -1it11sbor~8h - ,^ . ~ , Cw:uy of
• ~~ ~ • , Suns of NaM Caroline, beius known p tad more particn4ely daaihed sR
Stnem yp vtiv*a _,
r.eN aeataiipd
(17 All Q A ppdon of the properly in Deed Refereoetr Book-,„,~. Pass No.^ - Qaunty.)
Nt7f~ Prior to sisnins the Offer m Purt9ute and t.ontraet, Huger h edviad m review Rsatridive Corenattts, ilmty. which may limit the ase of the
Ptapmty, and to read the DaetrraQan of Aatriel-w Covensrga, HyLaws, Articles of hrearparmiaa, R.nla and Resulotiaas. and aha Soremias
doeumtmts at thn crones:' aatoelmion andtor Ibe subdivitaon, it applleabk,
1 )?7XTNRES: The fnllowites items, if any, am iaelridgrl in the putclmae price free of Nens: any built$t appliances, lisht fixtures. chins ~tw.
mradted floor eovtainSs, blinds end shades inalwluy wipdew hmiwms, window and doaF sarearsr, Harm rrirdow0. cnmbinatinn drwrs, nwninSs.
aatmnar.srmlliadWteaandrecarera. burilar/fitdmrokialaitns, peel andspaequipmetM. aoleranorHy systamrs. tWeohed fireplace ecRens, sas lo{s.
drepleee !armor. aketeic Saaese eksgr openers wish caalrola, netWaar pLnti and Dees (other Ihsn in morabk raanroirters), bnkerboll Soak. stcxaFe
sheds, mailboxes. wall andbrdoer mirrors, and any l~ai ~tlachal m adNNsed to the PrcpeAy, HXt:EP'l'tite (oltnwin` ilwnc
3.. PERSONA4 PROPERTY:The rollowiuS persottil ptnpary >s iaehded in the purchare.pde:e .
4. PURt:>;.IASE PRICE: The puschme poise is and shall be pmd a follows: .
Ws- - -EARNESTMON@YDBPGSITtfYQeaahCtpets~nalahxki]benkeheekf3erar7fiedehndrGarher .
m 6e deppaitrd and held fn escrow by .. u
eaaeiw a{ent, vent! the Gale is dosed, x which tune it w1R bapetlhed m Haye4 e+rgnlil this eamraet fi oUterrvlas retnhtstad.ln the svene (!)this olfar
h sot aeeeptad; a (~ any of the cartditiaas hereto me riot iotisfieda then sll asmast mania sha11 be Iegtrnrdl m Huyw In the Went of breach ~ this
eatrrata. by &ita. upon Buyer's regnmt. all ewnpt manws shell be tatarnetl m Buyer, but sash tetarn alts!! act aRat say aha eemedip availsbk
roi3oyerfoesachtxeach. int4uesaratlaisaffer4aoeeptahaadltgefgtexebptltisoorataCt.,tlrenallgrneymuniashallUCtOrreitadupenSeller's
regtreer. but receipt aF such. fottaired earnest ntonles shaH'ttot afreet soy other rcmtrJiea avelh>ble to Seller far snch'bmach.
.MOTE: !n the erem or a disputes 6dwsen Seller and dyer trwr the return a forfeiture or earoat pionW hoW in escrow by a broker, the broker is
regnirpd by cats faro to rataia said earnest money in the broker's trust or escrow sctxwnt nail a wrkkn release from the panic oarmpnfn~ to its
dirpaition has 6eea obtained a until tiisbwioemdd 4 asdeiud by a coati of competent jariadiraion. '
(b) i , ADDRIONAL EARNEST MONEY DEPQSrI' m be paid to escrow asst ere laeetr tkao
(e) S 8Y ASSUMPTION of Ihi riupsid pritrNptl 6olaacu and all eb6satiotts of Ballet On the esistins toms (:)
stxared by s scoot of Itamwlt the Properly in atx~etlarrea with the susehed Loan Aswmptien Addnxlum.
(d) ~ HY 5131.1.ER FW/WCINQ in i1CCptdOttCR with the Anaehed Sella PiaaaeirtS Adtkndtota •
(e) S , eALANCe tit the purchase ptka In rash at claalns.
3. CANDIITONSs (Smote N/A in egclt blank that 4 not a eaodidan m this txrnUaat.)
(a) Tire Bayer eraRl ba able m etbtttin a loon ctwnrrrilmdN rot ar before e[feetire threaeSlt the dare of ahxtins, fi>r a
C FHA Q VA (agash FiiAlVA Firmneins Addendum) G Canvedhumt Q Otker lamr e< a
O Fined Rate Q Adjwlrbk Rate D Other. , _ a We pmrdpd rmoum of
fa a term ar year(s), m an irttr;test am not m extxad 91r per annum. whh
monpSe ktut oGtaottnt points nut h) txcad !ti d, qr; Wan amomu. Buyvasrtxa m use his best elfarla m spacer such aommitntertt. 8ttyer
-shallbetpparadble for all cams vrYh respect b any loan et'6utined6y Btrypr. except iF 5alhrrilt m pq any rN the Duytk's blots cbnins casts inoht8'mS
d'nevmvmK poitw. throe ~ sro u folbws: .
fa dr swat llaysr Nils m provide Seger with mitten Cridenm of mr loot raatrunitrrrat within fire days aherreesipt aces wdaen regetnt from seller
(but nrcir request may not be made 6efara the loan eommitnreat dote !Islas above). then Seller may taradnate this cotttract unkat Buyer waives the
tutu attetmimeest eoadts(an. '
(b) There must 6a as aesrrictla+t. rasarieat. Ionia: or arbor 8arcrnmenW susrthrloh dtm wonW ptevesn the reraoaobk ass or this teal property far
(c) The Property mum ba in snbeautdaBy the same or biller oorngtion at eWeiuS as as the date of thin otter, reesoeabk war and ~ tataged.
(d) Aq deeds er trosr. tide and phaehaga asaioet the Property. not sawrrred by 8uyr+ meat be paid and Addled by Seller prior m or aK akrsirts
such Hatt paadlatiors may he promptly oblsirred fothrwirts tdesinS. Seller shall rsmtin obHSgprd m obtain ~ sash catnatBttdoos Polbwirrs chains.
(e) Tale ametbeddiveral x ekaans by GENERAL WARRANTY DL-`fsD unless ahawiae armed hersiry and mmt ha kusitupis marlpttabla titles. (tee
of ril eneumbesaeen a:eept: ad rnloretn uew Iar eM sw+wa yt (prarmrd throgh the des of eosins); witiry ensdnema and onriolneed reauiedve .
towmtras that eb apt matariaYy arPoq dye whte of Ike Ptepen),sad such erhurenuamfauaeee as may be assumed aapaaifrcalq appsovext 6y Buyer.
Tits Ptoparty must haw lases! aaeeq m a public tliW of esq.
6, SPECIAL ASS~atEN7B: Seller.vatranq tM1 thara arc ao Sbremntmasl :parses! asseseorerns, 6irarr' perdiaS rK aonfirnted. fur sidawdk,
pavias, water. sewer. a erdter impmrerrsarta an or atijolttlaS the Property, ard, ro awrsrrs' aatociatton special suesmtwsu, except as folbws:
(Invert "Nand' a the iderttilieatiatt of sudt auepntures. If arty.) Sailer shall pay all rxMirtnud owtaers' association assessmems grad ail confirmed
soresrsarewl apesentenq, i<s~y. and Buyer siuH mks dtla tatbjaat to all pendhrs aas:sesrteap. K testy. anllpa orlserwiec aSreed p follows:
T. PRORAT10N5ANDADJf1STMt$iVT5:[inlessetMrrriie.peridad.theta!!owlneitenuahnltheprararednnddeherndJuseedketwasnthepnAies
a paid at alosins: (p Ad wlorea- taws oa tat property :hail be praraaed on a calertdnr year basis threosh Zhu dam of cloahose (b) Ad wlgem truces
on ptxsonal properly rot the entire ymr slab be paid by the Seger unless dte peacoat prapdty ie eanwyrd a the 8uyar. is which case. the personal
properly taros:fadl be prarrred an ^ talwrdar year ttasia tbraush dtu ehue of closini. (e) All Ixe lisrirrs peaahie:, it wy, shall 6e paid by Seller. (d)
Rmus, if any. rot dye Properly shalt ba prorated thtoush the data or tioalns. (e) Owners' anacistiw thra. sad athar like ehorses shall ba prorated
tltenasb eke dwe of elwlrrs. salhv rrpreamas tlml ttta resulae overrates' aecoNsdon dues, if any, are s par ---- -
L CLOSAVG E)CPBNSE5: Salter shag pay tar ptepatatlaa arc surd sad all athar daarottata ntxpeory ro prsfarrn Betts's oblisatiogs under this
s(panlreot, mad lest axeiae eat (rermsue•taamps) required b Isw. 8nyex shag pey fa ncardins the deed std far prapyratim and nredrdtos of all
ineapmama regadred m seaura tiro 6alartetr of tht ptsclrase prke txaprid at eleains.
9. F11f$L: Huyaaspm m pwa~ from Salkrthelod. irdgy. akuaterl in may Iaalt oa the Property m fhe taruraVllaairau adth Ilb case of maa:ueemad
thereof, If say. bdns paid i>r sa1Mr. ,
10. EVIDENCE O! T1TLE: SdNe esraa b ore his best sffau addiver to Buyaa aodn p re+poreebly partible aRarffia acmpaaoa of this effes.
espies o[ aB dtkhtiornrede~a M possession err rte svaihPok m Ballet, inelndinS but not lintiprd to title itwam patiaia, mtamey's aptinions an dtle,
attrvaya, txivrtrtts; deeds, aotp utd dosses of trod tad weeotaw rolatlas to the Ptoperq.
11. LnaO>* AND MA'[P.RIAL.r Scilr mWll frntah ere skrlns nn affldadt and irslerrrtifieation aseanar.ru is fear ~ ro 9u7er atgrriaa
dart all Mbar and ataseriaia, ifstry. furaWtpl m the propethi wFlpin 1~0 tliya priorm the data of elaanS have been pis for and asteeias to indemnify
8uyrr sSrhtat aA loss liana cry earns or chdrn arisins tlorsfiorn.
NC Bar Aaaoetintlon Faml No. S. iD 1 Hiib. ttr. aeryrr tmn. Uw r:.n ~N M*W b +a
nYaM N waa•sa row. err tie aer AweelrWn- IMt rtanlN t:Aaotaart ntttt saaaw~rou-etc w rarw tw. s
Jr,ws rasa... n tar„ err.. a.. rsr • r.mw,a., ae stores aoatls rrtttotwx nasoaatlata or ttaat.'rattno. sac. -sr.narrr trees tt., a
O~'Fi;R TQ pURCttASE AND CDN?RACT
12. PRON$RTY DISC'LOSURB AND INSPECTIONS:
(a) Propvty Disclatuers J
D Brger ha raeiiwd a sipaed copy ttf the Reaidwisl t'Kipesey Disclosum Stssesluatpriorro the ai=sdnS of thin ORer m Ihadmse tad Casstraet. .
O B~erNsNOT seroivaed ^aiSaed aopygftha[kaidealid Psvpesgr DisWswe Slawmentpliortatheapsin80f MisOlferto Peschasa aswCaouaet
asdirltsp lRVethsriSht gtarnshaweorw)shdraw tldse:ontract wirhoutpenakytepaa teeaipt of Me ResldamW Pnspmny Diatdeaeae ShMeeseat.provlded
asap saeAerllae'6r+vitpdcavral slake b brad ddivesed a smiled to Salkrtlr 5afler•s Apse •aithin theta Jaya fellowi~ reoelipt.of same.
a~amptfiamRdidasxk+IPropestypiselogiro5t~tnesdhxrge(SBEOVIDELINES~,r,,.~ntandrd to pe usad Eer ~;id.ntial
O Thss Propelgr is msidmnial ad vas bulk prior M 1978 (AMach Lead.Bar+d PaiaM cr [~ad.[isaed Palls liasasds Oiaelnsasa Addeavlum.) art .
(61 Ptopae4y imipaerioa: Unkp tatlleraiias rased hercio. tit as athers+fae prosridod an w inspeetiap adtipehsm attsetred harem, !layer atoll have
the opton of irapeesinF er. ti6esiaia~ m Bnyar`a eapcane, isypoesiow b dose:mina she eesldAiaa of the Psnpeny. Uukss tslssrwise arced basin. k
is ^ Cgsldidas of Chia cenfAet shat: (i) tiss buik•M appNaeaclpe, elecoicat sysssra. PltpnbiaS system, hassiaR sad woihK sysrcms, moteoseerlra8s
(iedudigf flathinS and S~sA doow and wiadoaa, extaiar surfaead.'sansgesral tptespossslrs (ists:rudint fearedstiorss, csslsrtnm, chimneys. flaws,
wsps, eeilinp and loofa). panes and desska. Bseplaces std f Wes4 aavl spoae snd attle veallation nytseou (if any), wmet'and rawer systems (public
and pdvaro}. shalt be perf9rmin~ the fuaetias for whkh inemdod and rlmll not be k seed of iasraedale cepsir. (h1 there shop be sso ueasseol tlrainaSe.
smpditioros orevitkace of a:xesxsiws sogiamee adreesely afftxsiea8 Me slracWre(sk and (ia'} Mere shill 6s m/~ ~ rs8 anriuamsealal
eomamination. lnspeetioels must be'tmmpkltd on err before 10 days aECar actantaaee at4C1Te~~St= Ser~~"-
(c) Wsrod•Deuroyh~ iesssxta Unless ahtx.rke sgkd haeia.Buyer shill have Me tafnion ofohtoinisiS, at Buyer's eaepessse, a repot teem a liesused
pest axnteol ssperstoron a nandsud fame is aexardassee wish dse ee~ulmioeas of theNorM CaroRm StrnCSnral Neu Ctseerol gatmedseee. ssmiesr that there
was ho vblibk evidamen of wood~dewpyinr isyeeta sail esamiein8 no isrdkstilti of visprk damn=s psesefsvm. The eepoR.nsam be abmisscd In
su(fiefent dme so as W pemtit neauaent, if tery, and n:pairs, if sny. w he aompleeed prior to dosiaF AS teeatmear required spoil he pmd for by 5eikr
and [atsitplesed prior to cleaisa~, unlep aua>rsrise a8real upon in vrrkita8 by the psrtfset.
anew
eorssan<<ti9i4 Sellr sirrll penvide w snrssdasd trmemMy of ssnmiae sill traatasaes.
(d} Paioislaua to any igsgeietiom is (b) taller (e} abate. If msy ~ ,tire actswry. Sdkr simlt have spa option of(i)contplesia~ ttsem. (ii)
pmvfdlns farrhefreginpleliars, or (lh7 rermine r eomplde rheas If Salter deeds not ro anmpMse ar provide rear We ednplesion of the rnpslrs, then
Buyer shall have'tlse tiptiots of (li) aceeptin8 the Pruperq Iq an pnxas aoras8tios4 a (v) sermimMetB this easstraea. is arhiels case ml earslrst monks
sfiaB be eellmded. Unlea alheavrisesneed bade. a a alherwise provided ea a lrrspd:den addaadsrm eaaclaed i+e'wo. twy kerns am eoveetd by (b)
G). b (ti), 6,(u sad (c) above ue esduriad tenor eepair neFetimicm under tkis eodrad.
(e) Aacaptarss:a:
13. fIP.ASONABL6 ACCSS9: Sailor wi8 psnvfde reasaraabk acaa so Buyeror Buyer's iepsaarastaevas ter Mae pnepgsas of appraisal, impeetias.
assdlor arshnsion. Beyer may eardsact a watk~hlan8h inspeaiea of tore Ptnpesty prior to l losissq^
Id. CL051NG: (:loaieq shall laa defined m Me due sad rime of s~o8 of the deed. AU pasties epee so essxae aesy sad all dopamerKS and papers
neamry la maaeesinn wish etaein8 and transfer of skk eA a hefeee OC Ctrisax 27. 2000 _ - -- . m s place tkd~nmed by 8sryer.
The deedhembemadeto 17ta County aft Oraaae. Rerth Carolina
]S POSSl~fONs Unless aMsennise provided heidn, papeuioq shaft 6e desvaed m slsisin8. fn Mss esersr posaessian iF NOT ro fre deliverop o<
dodesp ~ a buyer pssssrasLott 6eftne ctosinh atteerncat L mac4ed. OR. ~ o sdkr ptssseyslan after clasinS apeemem is attached.
!r~ OTHER PROVISIONS AND CONDITIONS: (Rislt>ZE ALL ADDENDA TD THIS CONTRIICC AND ATTACH Llh'RETO. SEE fiST
OF STANDARD FORfN AQD@tDA AYAILABi.E.) } .
Sae sttaahad Sa]1ar FinaaGla~ Addaadsm
17*af~ OF~Q~ C~ragt ot~iossi or da m~ ~alk~e arc ashy eawaky prior to ebsinB s~haN pe npon Sdkr. I(Mee improvensenss as Me peapeny
amdeatmyed ar martially dsmyed pdorro elmissj. ltuyr mssy ternainsee Mare tmmras:rby nrinesa notisx depveeed p Seller sr Sd1eYs spent sad all
depaits shall be tearrped ro Buyer, 1o the event Bsayvdocr NOT elect ro weraiame shin ebnlrae4 Buyer shag he enlieled fareaeive. in at>ditioa b the
Ptapmty. soy of the Selkk<•s iuwraesce peoeeeda payable sae arraaan of she dsgaa=e a des>jrsetitr espp8eabk ro she Penpeny ~ni P~
Iif. ASSIGIVMItIYIS: Thois walraa may scot 6s assip+ed wiiplas Me aeiaees aamaesa olf"'aalpl pattirts. tint irate by apercmpa, tlss:n Ills eawraet
steep be biodiry oa Ms aaipan and pia hales sad tuawoss.
l!. PAR=f~s This a:+osrraet atr116e irlss~ ,span and stsau taaue w Ilse beoept srf tlse pontes, i.e~ Beyer atw Saps and slack taeirs. successors and
assipls. As Issed herein. aaads is the sietptgr irsclude Ills pksnl and the tmsclr8ae irsdlida the feminism sad nearer py7deia, of approprimc.
t9. SuRYrvAt.: uaay peovisieas Itaein exataiaed which by its mane sail attar is rapieed ro be ntaerved. leapt tx perfarnwd after the elgsiap. it
shall swrvire Ma closir~ sad taesain birain~ sspem and to she denefa of the panics henyo stall (apy olsserra4 ka:pl ear paformsd
SL EN'[TRE AGRE6lKBNT: This cancer: enssmiaas the eaue.ayeeoseee of the psre~t and rhest: are ao rcpsaussradasnt imhrodndas or spar
peavisioaststheethsss thaeespstssedhtyeia ABehanpy.additionaardeletisats hescw raarptbe in writineandsipred byall paedes. NtaMinBeassstaisred
haeia shsp alter say apeemmt hetrroen a REALTORe a 6reltc and Sellerar Bayeras in say Ilstiu8 apeereaem, buyer apessh apeeaaesu.
erstty stlhtrnp:oey spameathsttreaan theo<
lZICIBCIITIONsThisorItrshapbnramieabiedin=easstraetrhas~esadbyboMsB ~ assdSalkt. Thiswnaaetisexewtedwatkrstalinsiiaed
mupspMe af8ieab. a8 of wkach tt~eflnx caeatitme one sad the name taummarL taritp a sipaed ari8inal Geirai naaiaeM btr each party and eas:h
REALTOR'arbroker haa%and Meprosy adopesire arard"SEAL" beside tlmirsi hclow.
IF YOU DO NOT UNDfiYS[AND THIS OFFER TO PURCHASE AND t~R FEET. THAT 1T DOES NOT PROVIDE FOR YOUR
LEGAL NfEO.S. YOU SHOULD CONSULT A NORTH CAROLINA RFJ1b f~A e'~7RNEY BEFORE YOU SIGl'11T.
Bsgee adtsorlsd8aa havlo8 soda w aayfle peesraaal awadsaation d Ilse Nevpars, piibr as spa aakfa8 K this offer.
Buyer (SEAL) Salta ," a „_ - (SEAT-)
SS/Ias !flt SSlfa: Ipa~„ - _
Bnya (SFAW Seller (SEAL.)
SS/Ta: tW SS/fsa ID81-
t>att" Dart=
1 hereby adtaowkpl8e erneeipt trf tha tteraau rotary hsreio sat [orM and npae b 6a~li,aad dirbaesa the taws ill mteardaace trHh the tarras
hanoL
Ama tgne: ~. - • - •-
4y.
A Bsy+r•:Apart
O SeffsK's fmrb)•t;ad
Shciae ~ AexiaB as Q Owl Agent
~ . ' O SNlda (sub~esst
L3pini ~ •- , ~ . j' ~ . I1t:Mni rr D Dust Apaat
rwaa4 aA Jsnr wws.r a CSr. arr. osne NG anal AaaOdArpN-Fenn n. t MC watiDWilaa ssE ssw:r9ssM, e+C.-sn, aa. _
6
Seller Financing Addendram
Offer to Pnrchase and Contract
Qraage County, Buyer
Marshal L. Cates, Jr. and Virginia Liner Cates, Seller
Seller shall finance the sale of the property described is the Offer to Purchase, subject to
the followit-g conditions:
1. That floe purchaso of the Property, located at 129 East King 5trext, is contingcat upon
. a vote t4 purchase by the Board of Com~missionecs of Orange Couaty at the October
3, 2000 public hes~ring. ~ .
2. That the attached Installment Financing Documents govern the purchase price
financing provided by Seller.
7
DRAWN BY AND RETURN TO: '
Geoffrey E. Gledhill
P.O. Drawer 1529.
Hillsborough, North Carolina. 27278
STATE OF NORTB CAROLINA
COIINTY OF ORANGS
INSTALLMENT PIIRCSASS DSSD OF TRUST
TH2S INSTa*•*• PIIRCBASS DEED OF TRIIST .(the "Deed of
Trust") made this day of 2000, by and
between~THE COUNTY OF ORANGE, NORTH CAROLINA, whose~addresa
is Past Office Hox 8181, Hillsborough, North Carolina 27278
(hereinafter referred to as the "Grantor"), and MARSHAL L.
GATES, JR. and wife VIRG2NIA LINER GATES, whose address is
(hereinafter referred to as the
"Beneficiary°). The designation Grantor and Beneficiary as
used herein shall include said parties, their heirs,
successors, and assigns, and shall include singular,
plural, masculine, feminine or neuter as required by
context.
NITNSS iSSTB:
WBEREAb', under the authority of North Carolina General
Statute 160A-20, the Grantor has delivered to the
Beneficiary its Installment Purchase Promissory Note ~ot
even date (the "Note) in the principal sum of $346,000,
the terms of which are incorporated herein by reference, as
a part of the payment of the purchase price for real
property purchased from the Beneficiary. The final due
date for payment of the Note, if not sooner paid, is four
years and 11 months from the date of Closing.
NoN ~r~oa$, as security for the Grantor's
obligation under the Note and other valuable consideration,
the receipt of which is hereby aclmowledged, the G=antor
has bargained, sold, given- granted and conveyed and does
by these presents bargain, sell, give, grant and convey to
said Trustee, his heirs, or successors, and assigns, the
parcel of land situated in Hillsborough Township, Orange
County, North Carolina, (the "Premises") and more
particularly described as follows:
See deecriptiaa ia.deQd which is attached
ae Exhibit A.
8
TO~HAVN AND TO BOLD said Premises with all privileges and
appurtenances thereunto belonging to said Beneficiary, his
heirs, successors, and assigns forever, upon the trusts,
terms and conditions, and for the uses hereinafter set
forth.
If the Grantor shall pay the Note secured hereby in
accordance with its terms, together with interest thereon,
and any renewals or extensions thereof in whole or in part,
all other sums secured hereby and shall. comply with all of
the covenants, terms and conditions of this Deed of Trust,
then this conveyance shall. be null and void and may be
cancelled of record at the request and the expense of the
Grantor. If, however, there shall be ia) any default in
the payment of any sums due under the .Note or this Deed of
Trust and such default is not cured within 10 days from the
due date, or (b) any default in any of the other covenants,
terms or conditions of the Note secured hereby, or any
failure or neglect to comply with the covenants, .terms or
conditions contained in this Deed of Trust or any. other
instrument securing the Note and such default is not cured
within 20 days after written notice, or ic) the occurrence
of a Nonappropriation as described in the Note, then and in
any of such events; without further notice, it shall be
lawful for and the duty of the Beneficiary to sell the land
herein conveyed at public auction for cash, after having
first given such notice of hearing as to commencement of
Foreclosure proceedings and obtained such findings or leave
of court as may then be required by law and after having
first given such notice and having first advertised the
time and place of such sale in such canner as may then be
provided by law, and upon such and any resales and upon
compliance with the law then relating to foreclosure
proceedings under power of sale to convey title to the
purchaser in as full and ample manner as the Beneficiary is
empowered. Notice under the Note and this Deed of Trust
shall be effective upon deposit in the United States mail,
postage prepaid, addressed to the appropriate party or upon,
actual delivery.
The proceeds of the Sale shall be applied to the costa
of sale, including, but not limited to, costs of
collection, taxes, assessments, coats of recording, service
fees and incidental expenditures, the amvurit due on the
Note hereby secured and other sums required by the. then
existing law relating to foreclosures.
9
And the said Grantor does hereby covenant and agree
with the Beneficiary as follows:
7- - ~A~S,~ r ,. ~N~T~g r~.~ The Grantor shall
pay all taxes, assessments, and charges as may be lawfully
levied against said Premises within 3~ days after the same
shall become due. In the event that Grantor fails to so
pay all taxes, assessments and charges as herein required,
then Beneficiary, at his option, may pay the same and the
amounts so paid shall be added to the principal of the Note
secured by this Deed of Trust, and shall be due and payable
upon demand of Beneficiary.
2. ~,. The Grantor will keep the Premises herein
conveyed in as good order, repair and condition as they are
now, reasonable wear and tear excepted, and will comply
with all governmental requirements respecting the Premises
or their use, and will not commit or permit any waste.
3. c~~~ATION_._ In the event that any or all of
the Premises shall be condemned and taken under the power
of eminent domain, Grantor shall give immediate written
notice to Beneficiary and Beneficiary shall have the right
to receive and collect all damages awarded by reason of
such taking, and the right to such damages hereby is
assigned to Beneficiary, who shall have the discretion to
apply the amount so received, or any part thereof, to the
indebtedness due hereunder acid if payable in installments,
or to any alternation, repair or restoration of the
Premises by Grantor. _
4. Grantor covenants with Beneficiary
that he is seized of the Premises in fee simple, has the
right to comrey the came in fee simple, that title is
marketable and free and clear of all encumbrances, and that
he will warrant and defend the title against the lawful
claims of all persons whomsoever, except for the exceptions
hereinafter stated. .
5. If Grantor shall fail to gerform
any of the covenants or obligations contained herein or in
any other instrument given as additional security for the
Note secured hereby, the Beneficiary may, but without
obligation, make advances to perform such covenants or
obligations, and all such sums so advanced shall be added
to the principal sum, shall bear interest at the rate
provided in the Note secured hereby for sum$ due after
10
default. and shall be due from Grantor on demand of the
Heaeficiary. No advancement or anything contained in this
paragraph shall constitute a waiver by Beneficiary or
prevent such failure to perform from con_atituting an event
of default.
6. WAnr~RS. Grantor waives all rights to require
marshalling of assets by the Beneficiary. No delay or
omission of the Beneficiary in the exercise of any right,
power ar .remedy arising under the Note or this Deed of
Trust shall be deemed a waiver of -any default or
acquiescence therein or shall impair or waive the exercise
of such right, power or ,remedy by Beneficiary at any other
time.
7. NO_DEFICIENCY. AS SET FORTH ABOVE, THIS DEED OF
TRUST SECURE$ AN OBLIGATION OF THE GRANTOR FOR THE UNPAID
PURCHASE PRICE FOR ' REAL PROPERTY ACQUIRED UNDER THE'
AUTHORITY OF NORTH CAROLINA G~?~4T• STATUTE SECTION 160A-
20, WHICF3.OBLIGATYON ZS EVIDENCED SY THE NOTE. A5.PROVIDED
IN THE NOTE, NO DEFICIENCY JUDGMENT MAY SE RENDERED AGAINST
THE GRANTOR IN ANY ACTION TO ENFORCE THE RIGHTS OF THE
HOLDER- OF THE NOTE, THE BENEFICIARY HEREUNDER UNDER THE
NOTE, OR ,PURSUANT TO THE OBLIGATION OF THE CaRANTOR TO
PURCHASE THE PREMISES, AND THE TAXING POWER OF THE GRANTOR
IS NOT AND MAY NOT BE 'PLEDGED DIRECTLY OR INDIRECTLY, TO
SECURE ANY MONEYS DUE UNDER THE NOTE, THIS DEED OF TRUST OR
THE GRAN'TOR'S OBLIGATION TO PURCHASE REAL PROPERTY TN
CONNECTION WITH THxS TRANSACTION.
IN WITNESS WB33REOF, the Grantor has caused this
instrument to be executed by its elected Chair, attested by
its Clerk and its seal to be hereunto affixed by authority
of its Board af~Commissioaers, the day and year first above
written.
ATTEST:
ORANGE COUNTY, NORTH CAROLINA
Clerk to the Board of
Commissioners of Orange
Cauxity
By:
Moves Carey, Jr., Chair
Board of Commissioners
of Orange Covs~ty
11
SATISFACTION: The
this note hay been
this day of ,
Signed:
debt. evidenced by
satisfied in full
20
INST~T•T~;.,,.._*~*~'~' PVRCHAS$ PROVISORY NOTE
H~.~.lsborough, N. C.
2000
FOR VALUE RECEIVED the undersigned, County of Orange,
North. Carolina (thy "County"), promises to pay to C & R
FURNITURE COMPANY, MARSHAL L. GATES, JIt. and wife, V=RGiN'IA
LINER GATES, or assigns of which the County has been
notified, the principal sum of $346,000.00, with interest
from at the rate of six per cent (6~) per anaum
on the .unpaid balance until paid, both principal and
interest payable is lawful money of the United States of
America, by mailing said moneys to MARSHALL L. GATES, JR.
and wife, VIRGINIA LINBR GATES,
• ~ cr at such place as the legal
holder hereof may designate in writing. The principal and
interest shall be due and payable in monthly installments
pursuant to the attached Amortization Schedule.
This instrument has been preaudited in the manner
required by The Laval Government Budget and Fiscal Control
Act.
Dated: 20
Finance Director, Orange County
12
In the event of (a) default in payment of any
installment of principal or interest hereof as the same
becomes due and such defau],t is not cured within 10 days
after written notice to the undersigned, or (b) default
under the terms of any instrument securing this Note, and
such default is not cured within 20 days after written
notice to the undersigned, or (c) a Nonapprcpriation as
described below then in any such event the holder may
without further notice, declare the remainder of the
principal sum, together with -all interest accrued thereon
at once due and payable. ,Failure to exercise this option
shall not constitute a~waiver of the right to exercise the
same at any other time:
This Note is to be governed and construed in
accordance with the laws of the State of North Carolina.
This Note is delivered under the authority of North
Carolina General Statute Section 160A-ZO as part of the
payment of the purchase price for real property, and is
secured by a. Deed of Trust of even date (the °Deed of
Trust") to MARSHALL L. CATES, JR. and wife VIRGINIA LINER
GATES, which is a lien upon the property therein described.
The obligation of the County to make payments
hereunder shall~be from month to month only and shall not
constitute a mandatory payment obligation of the County in
any ensuing fiscal year beyond the then cuxrent fiscal
year. This Note does not directly or indirectly or
contingently obligate the County to eke any payments
beyond those appropriated in the so7~ discretion of the
County for any fiscal year. In the event the governing
board. of the County determines not to appropriate in its
budget any amount to pay the sums due hereunder in the
fiscal year for which such budget applies, said board shall
adopt a resolution specifically deleting such appropriation
and stating the reasons therefor (any such decision not to
appropriate being herein called a "Nonappropriation"). The
county shall have the right, at .any time, to terminate its
obligation to make payments hereunder by permitting the
occurrence of a Nonappropriation. Tn the event of a
Nonappropriation, the holder(s) of .this Note shall have and
may. exercise, to the extent permitted by law, any of the
remedies fallowing a default hereunder yr under tYse slated
Deed of .Trust .
13
NOTWITHSTANDING .ANYTHING HEREIN OR- IN THE. DEED OF
TRUST TO THE CONTRARY, NO DEFICIENCY JUDOS T NAY BE
RENDERED AGAINST THE COUNTY IN ANY ACTION FOR BREACH OF ANY
OBLIGATION UNDER THIS NOTE OR THE DEED OF TRUST OR UPON A
NONAPPROPRIATION, AND THE TAXING POWER OF THE COUNTY IS NOT
AND MAY NOT BE PLEDGED DIRECTLY OR INDIRECTLY TO SECURE ANY
MONEYS DUE UNDER THIS NOTE, THE DBFD OF TRUST. OR THE
CO[1NTY'S OBLIGATION TO PURCHASE REAL PROPERTY IN CONNECTION
WITH THIS TRANSACTION.
IN WITNE55 WHEREOF, Orange County has duly caused this
instrument to be executed uader seal the day and year first
above written.
ATTEST: ORANGE COUNTY, NORTH CAROLINA
By:
Clerk to the Board of Moses Carey, Jr., Chair
Commissioners of Orange Hoard of Commissioners
County of Orange County
14
Outer Cotiditiona Addendum
Offer to l'archase and Contract
Orange County, Bayer
Marshal L. Cates, J'r. and Virginia Liner Cates, Seller
i. This offer must be accepted, if at ail, by the close of business on Friday, October b,
2000. Acceptance is complete upon delivery to Pamela Tones, Director of Purchasing
and Centzal Services, Orange County, North Caroli7aa. Receipt of the signed Offer to
Purchase and Contract after October b, 2000 constitutes a counteroffer on the part of
Seller tv Suyer.
2. The underground storage. tank (U'ST) on the subject property is to be abandoned in
accordance with State and federal regulation. In general, the fluids remaining in the
UST must be pumped out and properly disposed, and the tank must be made unusable
by filling it with inert material such as concrete. Seller shall pmvide certification to
Bt~ycr, from Quantum, Buyer's environmental consultant, that the UST on the
PmP~Y ~ been properly abandoned.
Coleman, Gledhill & Hazgrave, PC 15
P.O. Drawer 1529
-129 E. Tryon Street
Hillsborough, NC 27278
09/15/00 LOAN AMORTIZATION SCHEDULE
AGENT..:Coleman, Gledhill & Hargrave SURER ..:
129 East Tryon Street
Hillsborough,.NC 27^<78
PURCHASE PRICE...... 346,000.00 DOWN PAYMENT 0.00
INITIAL DEBT. ...... 346,D00.00 PAYBACK...... 400,398.78
INTEREST RATE....... 6.000 INTEREST..... 54,398.78
PAYMENT FREQUENCY... (M) ~ Monthly PAYMENTS...... 6,786.42
NUMBER OF PAYMENTS.. 59 STARTING..... 10/O1/00
ADDITIONAL PRINCIPAL 0.00 STARTING PYMT 1
PAYMENT........ . .........
NO. DATE AMOUNT INTEREST PRINCIPAL BALANCE AFTER
1 10/O1/00 6,786.42 1;730.00 5,056.42 340,943.58
2 11/D1/Da 6,786.42 1,70x.72 5,081.'70 335,861.88
3. 12/01/00 6,786.42 1,679.31 5,107.11 330,754.77
20,359.26* 5.114.03* 15,245.23* FOR YEAR 2000
4 O1/O1/O1 6,786.42 1,653.77 5,132.65 325,622:12
5 02/01/01 4,786.42 1,628.11 5,158.31 320,463.81
5 03/01/01 0',786.42 1,602.32 5,184,10 315,279.71
7 04/01/01 0',786.42 1,576.40 5,210.02 310,069.0'9
8 05/ol/al 0,786.42 1,550.35 5,236.07 304,833.62
9 06/01/01 0,786.x2 1,524.17 5,262.25 299,571..37
10 07/01/01 6,786.42 1,497.86 5,288.54 294,282.81
11 08/0]./01 6,786.42 1,471.41 5,315.01 288,967.80
'_2 09/01/01 6,786.42. 1,444.84 5,341.58 .2$3.,626.22
13 10/O1/01 6,784.42 1,418.13 5,368.29 278;257.93
.4 13/0]./0= x',7$6.42 1,391.29 5,395.13 272,862.80
.5 12/01/01 0,786.42 1;36x.31 5,422.11 267,440.69
a1,437.04* 18,122.96* s3,314.08* FOR YEAR 2001
14 01/01/02 6,786.42 1,337.20 5,449.22 261,991.47
17 02/01/02 6,786.42 ?,309.96 .5,476.46 256,515.01
18 03/01/02 6,786.42 1,282.58 .5,503.84 251,017..17
19 04/01/02 6,786.42 1,255.06 5,531.36 245,x79.81
20 05/01/02 .6,786.42 1,227.40 5,559.02 239,920.79
21 06/01/02 6,786.42 1,199.60 5,586.82 234,333.97
22 07/01/02 6,786.42 1,171.67 5,614.75 228,719.22
23 08/01/02 6,786.42 1,143.60 5,642.82 223,076.40
24 09/01/02 6,784.42 1,115.38 5,671.04 27.7,405.36
25 10/01/02 6,786.42 1,087.03 5,699.39 211,705.97
26 11/01/02 6,786.42 1,058.53 5,727.89 205,978.08
27 12/01/02 6,786.42 1,029.89 5,756.53 200,221.55
$1,437,04* 14,217.90* 57,219:14* FOR YEAR 2002
1fi
Coleman, G].edha.ll & Hargrave, PC "
09/1 S/00 LOAN AMORTISATION SCHEDULE
PAYMENT ...................
~
NO. DATE AMOZJNT INTEREST PRINCIPAL $ALANCE AFTER
28 01/01/03 ~ 6,786.42 ,1.,001.11 5,785.31 194,436.24
29 02/01/03 6,786.42 972.1.8 5.$14.24 188,622.00
30 03/01/03 6,'786.42 943.11' 5,843.31 182,778.69
31 04/01/03 6,786.42 913.89. 5,872.53 176,906.16
32 05/01/03 6,786.42 884.53 5,901.89 171,004.27
33 06/01/03 6,786.42 855.02 5,931.40 165,072:87
34 07/01/03 6,786.42 825.36 5,.961.06 159,111.81
35 08/01/03 6,786.42 795.56 S, 9'90.86 153,12.0.95
36 09/01./03 5,786.42 765.60 6,020.82 147,100.13
37 10/01/03 6,786.42 735.50 6,050.92 141,049.21.
38 11/01/03 6,786.42 705.25 6,081.17 134,968.04
39 12/01/03 6,786.42 674.84 -6,111.58 7.28,856.46
51,437.04* 10,071.95* 71,365.09* FOR YEAR 2003
40 01/01/04 6,786.42 644.28 6,1x2.14 122,714.32
41 02/01/0'4 6,786.42 613.57 6,172.85 116,541.47
42 03/01/04 6,780'..42 582.71 6,203.71 110,337.76
43 04/01/04 6,786.42 551''.69 6.234.73 - 104,103.03
44 05/01/04 6,786.42 520.52 6,265.90 97,837.13
.5 06/01/0'a x;786.42 489.19 6,297.23 91,539.90
46 07/01/04 6,786.42. 457.70 c',328.72 85,21.18
47 08/01/04 6,786.42 426.06 6,360.36 78,850.82
48 4
09/01/0 6,786.42 394..25 .6,392.17 72',458.65
49 ,
10/01/04 6,786.42 362:29 5,424.13 66,03x.52
50 11/07./04' 6,786:42 330.17 - x,456.25 59,578.27
57. 12/01/04 0',786.42 297.89 6,488.53 53,089.74 -
81,437.04* ~,670.32* 75,766.72* FOR YEAR 2004
52 01/01/05 5,786.42 255.45 6,520.97 46,568.77
~3 02/01/05 6,7$6.42' 232.84 0',553.58 40,015.19
54 03/01/05 c,786.42 200:08 6,585.34, 33,428.85
55 04/01/05 6,786.42 167.14 6,619.2 8 26,809.57
S6 05/01/05 6,786.42 134.05 6,652.37 20,157.20
57 06/01/OS 6,786.42 100.79 6,685.63 1.3,471.57
58 07/01/05 6,786.42 67.36 6,719.06 6,752.51
59 08/01/05 6,786.27 33.76 5,752.51 0.00
54,291.21* 1,201.47* 53,0$9.74* FOR YEAR 2005
400,398.63** 54,398.63** 345,000.00** FOR PERIOD