Exhibit 10.1

	

	
  
AIA® Document A101TM - 1997
  




Standard Form of Agreement Between Owner and Contractor
 where the basis of payment is a STIPULATED SUM


AGREEMENT made as of the Fifth day of June in the year of Two Thousand and Six
 (In words, indicate day, month and year)

	
  
BETWEEN   the Owner:
  	
  
 
  	
  
 
  
	
  
(Name, address and other information)
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
This document has important   legal consequences.
  
	
  
          First   National Bank of Spartanburg 
             215 North Pine   Street 
             Spartanburg,   South Carolina 29302
  	
  
 
  	
  
Consultation with an   attorney is encouraged with respect to its completion or modification.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
and   the Contractor:
   (Name, address and other information)
  	
  
 
  	
  
AIA Document A201-1997,   General Conditions of the Contract for Construction, is adopted in this   document by reference. Do not use with other general conditions unless this   document is modified.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
          Roebuck   Buildings Company
             3600   South Church Street Extension
             Roebuck, South   Carolina 29376
  	
  
 
  	
  
This document has been   approved and endorsed by The Associated General Contractors of America.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  The Project   is:
   (Name and location)
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
First National Bank of Spartanburg
  	
  
 
  	
  
 
  
	
  
New Operations Center
  	
  
 
  	
  
 
  
	
  
215 North Pine Street
  	
  
 
  	
  
 
  
	
  
Spartanburg, South Carolina 29302
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
The   Architect is:
   (Name, address and other information)
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  Martin E. Meek
  	
  
 
  	
  
 
  
	
  Campbell Meek and Associates Architects, Inc.
  	
  
 
  	
  
 
  
	
  807 East Main Street
  	
  
 
  	
  
 
  
	
  Spartanburg, South Carolina 29302
  	
  
 
  	
  
 
  




The Owner and Contractor agree as follows. 

	
  
AIA Document A101TM - 1997.   Copyright ©1915, 1918, 1925, 1937, 1951, 1958, 1961, 1963, 1967, 1974, 1977,   1980, 1987, 1991 and 1997 by The American Institute of Architects. All rights reserved. WARNING; This AIA® Document is protected by U.S. Copyright   Law and International Treaties. Unauthorized   reproduction or distribution of this   AIA® Document, or any portion of it,   may result in severe civil and   criminal penalties, and will be prosecuted to the maximum extent  possible under the law.   Purchasers are permitted to reproduce ten (10) copies of this document when completed. To report copyright violations or AIA   Contract Documents, e-mail The American Institute of Architects’ legal counsel, copyright@aia.org.
  	
  
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ARTICLE 1   THE CONTRACT DOCUMENTS


The Contract Documents consist of this Agreement, Conditions of the Contract (General, Supplementary and other Conditions), Drawings, Specifications, Addenda issued prior to execution of this Agreement, other documents listed in this Agreement and Modifications issued after execution of this Agreement; these form the Contract, and are as fully a part of the Contract as if attached to this Agreement or repeated herein. The Contract represents the entire and integrated agreement between the parties hereto and supersedes prior negotiations, representations or agreements, either written or oral. An enumeration of the Contract Documents, other than Modifications, appears in Article 8.


ARTICLE 2   THE WORK OF THIS CONTRACT


The Contractor shall fully execute the Work described in the Contract Documents, except to the extent specifically indicated in the Contract Documents to be the responsibility of others.


ARTICLE 3   DATE OF COMMENCEMENT AND SUBSTANTIAL COMPLETION


§ 3.1 The date of commencement of the Work shall be the date of this Agreement unless a different date is stated below or provision is made for the date to be fixed in a notice to proceed issued by the Owner. 

(Insert the date of commencement if it differs from the date of this Agreement or, if applicable, state that the date will be fixed in a notice to proceed.)


          Date of commencement for this project shall be June Nintenth (19), Two Thousand and Six (2006)


If, prior to the commencement of the Work, the Owner requires time to file mortgages, mechanic’s liens and other security interests, the Owner’s time requirement shall be as follows:


N/A


§ 3.2 The Contract Time shall be measured from the date of commencement.


§ 3.3 The Contractor shall achieve Substantial Completion of the entire Work not later than 180 days from the date of commencement, or as follows:

(Insert number of calendar days. Alternatively, a calendar date may be used when coordinated with the date of commencement. Unless stated elsewhere in the Contract Documents, insert any requirements for earlier Substantial Completion of certain portions of the Work.)


, subject to adjustments of this Contract Time as provided in the Contract Documents.
 (Insert provisions, if any, for liquidated damages relating to failure to complete on time or for bonus payments for early completion of the Work.)


ARTICLE 4   CONTRACT SUM


§ 4.1 The Owner shall pay the Contractor the Contract Sum in current funds for the Contractor’s performance of the Contract. The Contract Sum shall be One million seven hundred thirteen thousand six hundred thirty ($ 1,713,630.00), subject to additions and deductions as provided in the Contract Documents.

	
  
AIA Document A101TM - 1997.   Copyright © 1915, 1918, 1925, 1937, 1951, 1958, 1961, 1963, 1967, 1974, 1977,  1980, 1987, 1991 and 1997 by The American Institute of Architects. All rights   reserved. WARNING: This AIA® Document is protected by U.S. Copyright Law and International Treaties. Unauthorized   reproduction or distribution of this AIA® Document, or any portion of it, may   result in severe civil and criminal penalties, and will be prosecuted to the   maximum extent possible under the law. Purchasers are permitted to reproduce   ten (10) copies of this document when completed. To report copyright   violations of AIA Contract Documents, e-mail The American Institute of   Architects’ legal counsel, copyright@aia.org.
  	
  
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§ 4.2 The Contract Sum is based upon the following alternates, if any, which are described in the Contract Documents and are hereby accepted by the Owner:

(State the numbers or other identification of accepted alternates. If decisions an other alternates are to be made by the Owner subsequent to the execution of this Agreement, attach a schedule of such other alternates showing the amount for each and the date when that amount expires)



	
 
	

Alternate No. 1 and No. 2 deleted by the owner for a deduct of Twenty Three Thousand Two Hundred Ninty Nine ($23,299.00) dollars.
 	
  
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§ 4.3 Unit prices, if any, are as follows:

	
 
	
Hardware	
      -
	$30,000.00 for materials
	
 
	
Carpet 	
      -
	$35,000.00 for
      materials and installation labor
	
 
	
Face Brick	
      -
	$275.00 per thousand
      for materials
	
 
	
Cabinet Hardware	
      -
	$3,000.00 for
      materials
	
 
	
Wallpaper	
      -
	$20 per linear yard
      for materials and installation labor
	
 
	
Rock Excavation	
      -
	$50 per yard general
	
 
		
	$125 per yard trench
	
 
	
Bad Soil Replacement	
      -
	$12 per cubic yard


           All prices do NOT include S.C. sales tax

ARTICLE 5 PAYMENTS


§ 5.1 PROGRESS PAYMENTS


§ 5.1.1 Based upon Applications for Payment submitted to the Architect by the Contractor and Certificates for Payment issued by the Architect, the Owner shall make progress payments on account of the Contract Sum to the Contractor as provided below and elsewhere in the Contract Documents.


§ 5.1.2 The period covered by each Application for Payment shall be one calendar month ending on the last day of the month, or as follows:


§ 5.1.3 Provided that an Application for Payment is received by the Architect not later than the Twenty-eigth day of a month, the Owner shall make payment to the Contractor not later than the Twenty-eigth day of the next month. If an Application for Payment is received by the Architect after the application date fixed above, payment shall be made by the Owner not later than Thirty (30) days after the Architect receives the Application for Payment.


§ 5.1.4 Each Application for Payment shall be based on the most recent schedule of values submitted by the Contractor in accordance with the Contract Documents. The schedule of values shall allocate the entire Contract Sum among the various portions of the Work. The schedule of values shall be prepared in such form and supported by such data to substantiate its accuracy as the Architect may require. This schedule, unless objected to by the Architect, shall be used as a basis for reviewing the Contractor’s Applications for Payment.


§ 5.1.5 Applications for Payment shall indicate the percentage of completion of each portion of the Work as of the end of the period covered by the Application for Payment.

	
  
AIA Document A101TM - 1997.   Copyright © 1915, 1918, 1925, 1937, 1951, 1958, 1961, 1963, 1967, 1974, 1977,   1980, 1987, 1991 and 1997 by The American Institute of Architects. All rights   reserved. WARNING: This AIA® Document is protected by U.S. Copyright Law   and International Treaties. Unauthorized reproduction or distribution of this   AIA® Document, or any portion of it, may result in severe civil and   criminal penalties, and will be prosecuted to the maximum extent possible   under the law. Purchasers are permitted to reproduce ten (10) copies of this   document when completed. To report copyright violations of AIA Contract   Documents, e-mail The American Institute of Architects’ legal counsel,   copyright@aia.org.
  	
  
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§ 5.1.6 Subject to other provisions of the Contract Documents, the amount of each progress payment shall be computed as follows:

	
  
 
  	
  
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Take that   portion of the Contract Sum properly allocable to completed Work as   determined by multiplying the percentage completion of each portion of the   Work by the share of the Contract Sum allocated to that portion of the Work   in the schedule of values, less retainage of Ten percent (10%). Pending final   determination of cost to the Owner of changes in the Work, amounts not in   dispute shall be included as provided in Section 7.3.8 of AIA Document   A201-1997;
  
	
  
 
  	
  
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Add that   portion of the Contract Sum properly allocable to materials and equipment   delivered and suitably stored at the site for subsequent incorporation in the   completed construction (or, if approved in advance by the Owner, suitably   stored off the site at a location agreed upon in writing), less retainage of   percent (      %);
  
	
  
 
  	
  
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Subtract the   aggregate of previous payments made by the Owner; and
  
	
   
  	
  
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Subtract   amounts, if any, for which the Architect has withheld or nullified a   Certificate for Payment as provided in Section 9.5 of AIA Document A201-1997.
  




§ 5.1.7 The progress payment amount determined in accordance with Section 5.1.6 shall be further modified under the following circumstances:

	
  
 
  	
  
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add, upon   Substantial Completion of the Work, a sum sufficient to increase the total   payments to he full amount of the Contract Sum, less such amounts as the   Architect shall determine for incomplete Work, retainage applicable to such   work and unsettled claims; and
  
	
  
 
  	
  
 
  	
  
(Section 9.8.5 of AIA Document A201-1997 requires release of   applicable retainage upon Substantial Completion of Work with consent of   surety, If any.)
  
	
  
 
  	
  
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add, if final   completion of the Work is thereafter materially delayed through no fault of   the Contractor, any additional amounts payable in accordance with Section   9.10.3 of AIA Document A201-1997.
  



§ 5.1.8 Reduction or limitation of retainage, if any, shall be as follows:

(If it is intended, prior to Substantial Completion of the entire Work, to reduce or limit the retainage resulting from the percentages inserted in Sections 5.1.6.1 and 5.1.6.2 above, and this is not explained elsewhere in the Contract Documents, insert here provisions for such reduction or limitation.)

	
  
 
  	
  
Until   the work is 50% complete, the owner will pay 90% of the amount due the   contractor on account progress payments. At the time the work and its   progress are and remain satisfactory to the architect,  and in the absence of other good and   sufficient reasons, the architect will authorize any remaining partial   payment to be paid in full.
  




§ 5.1.9 Except with the Owner’s prior approval, the Contractor shall not make advance payments to suppliers for materials or equipment which have not been delivered and stored at the site.


§ 5.2 FINAL PAYMENT


§ 5.2.1 Final payment, constituting the entire unpaid balance of the Contract Sum, shall be made by the Owner to the Contractor when;

	
  
 
  	
  
 
  	
  
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the   Contractor has fully performed the Contract except for the Contractor’s   responsibility to correct Work as provided in Section 12.2.2 of AIA Document   A201-1997, and to satisfy other requirements, if any, which extend beyond final payment; and
  
	
   
  	
  
 
  	
  
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a final   Certificate for Payment has been issued by the Architect.
  




§ 5.2.2 The Owner’s final payment to the Contractor shall be made no later than 30 days after the issuance of the Architect’s final Certificate for Payment, or as follows:


ARTICLE 6   TERMINATION OR SUSPENSION


§ 6.1 The Contract may be terminated by the Owner or the Contractor as provided in Article 14 of AIA Document A201 - 1997.


§ 6.2 The Work may be suspended by the Owner as provided in Article 14 of AIA Document A201-1997. 

	
  
AIA Document A101TM - 1997.   Copyright © 1915, 1918, 1925, 1937, 1951, 1958, 1961, 1963, 1967, 1974, 1977,   1980, 1987, 1991 and 1997 by The American Institute of Architects. All rights   reserved. WARNING: This AIA® Document is protected by U.S. Copyright Law   and International Treaties. Unauthorized reproduction or distribution of this   AIA® Document, or any portion of it, may result in severe civil and   criminal penalties, and will be prosecuted to the maximum extent possible   under the law. Purchasers are permitted to reproduce ten (10) copies of this   document when completed. To report copyright violations of AIA Contract   Documents, e-mail The American Institute of Architects’ legal counsel,   copyright@aia.org.
  	
  
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ARTICLE 7   MISCELLANEOUS PROVISIONS


§ 7.1 Where reference is made in this Agreement to a provision of AIA Document A201-1997 or another Contract Document, the reference refers to that provision as amended or supplemented by other provisions of the Contract Documents.


§ 7.2 Payments due and unpaid under the Contract shall bear interest from the date payment is due at the rate stated below, or in the absence thereof, at the legal rate prevailing from time to time at the place where the Project is located. (Insert rate of interest agreed upon, if any.)


(Usury laws and requirements under the Federal Truth in Lending Act, similar state and local consumer credit laws and other regulations at the Owner’s and Contractor’s principal places of business, the location of the Project and elsewhere may affect the validity of this provision. Legal advice should be obtained with respect to deletions or modifications, and also regarding requirements such as written disclosures or waivers.)


§ 7.3 The Owner’s representative is:
 (Name, address and other information)


          Jerry L. Calvert, President and CEO 
           215 North Pine Street 
           Spartanburg, South Carolina 29302


§ 7.4 The Contractor’s representative is:
 (Name, address and other information)


          W. Dean Anderson, President
           3600 South Church Street Extension
           Roebuck, South Carolina 29376


§ 7.5 Neither the Owner’s nor the Contractor’s representative shall be changed without ten days written notice to the other party.


§ 7.6 Other provisions:

	
  
AIA Document A101TM - 1997.   Copyright © 1915, 1918, 1925, 1937, 1951, 1958, 1961, 1963, 1967, 1974, 1977,   1980, 1987, 1991 and 1997 by The American Institute of Architects. All rights   reserved. WARNING: This AIA® Document is protected by U.S. Copyright Law   and International Treaties. Unauthorized reproduction or distribution of this   AIA® Document, or any portion of it, may result in severe civil and   criminal penalties, and will be prosecuted to the maximum extent possible   under the law. Purchasers are permitted to reproduce ten (10) copies of this   document when completed. To report copyright violations of AIA Contract   Documents, e-mail The American Institute of Architects’ legal counsel,   copyright@aia.org.
  	
  
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ARTICLE 8   ENUMERATION OF CONTRACT DOCUMENTS


§ 8.1 The Contract Documents, except for Modifications issued after execution of this Agreement, are enumerated as follows:


§ 8.1.1 The Agreement is this executed 1997 edition of the Standard Form of Agreement Between Owner and Contractor, AIA Document A101-1997.


§ 8.1.2 The General Conditions are the 1997 edition of the General Conditions of the Contract for Construction, AIA Document A201-1997.


§ 8.1.3 The Supplementary and other Conditions of the Contract are those contained in the Project Manual dated April 5, 2006, and are as follows:


	
  
Document
  	
  
Title
  	
  
Pages
  




          See Appendix B attached here


§ 8.1.4 The Specifications are those contained in the Project Manual dated as in Section 8.1.3, and are as follows:

(Either list the Specifications here or refer to an exhibit attached to this Agreement.)

	
  
Section
  	
  
Title
  	
  
Pages
  






          See Appendix B attached here


§ 8.1.5 The Drawings are as follows, and are dated unless a different date is shown below:
(Either list the Drawings here or refer to an exhibit attached to this Agreement.)

	
  
Number
  	
  
Title
  	
  
Date
  




          See Appendix C attached here

	
  
AIA Document A101TM - l997.   Copyright © 1915, 1918, 1925, 1937, 1951, 1958, 1961, 1963, 1967, 1974, 1977,   1980, 1987, 1991 and 1997 by The American Institute of Architects. All rights   reserved. WARNING: This AIA® Document is protected by U.S. Copyright Law   and International Treaties. Unauthorized reproduction or distribution of this   AIA® Document, or any portion of it, may result in severe civil and   criminal penalties, and will be prosecuted to the maximum extent possible   under the law. Purchasers are permitted to reproduce ten (10) copies of this   document when completed. To report copyright violations of AIA Contract   Documents, e-mail The American Institute of Architects’ legal counsel,   copyright@aia.org.
  	
  
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§ 8.1.6 The Addenda, if any, are as follows:

	
  Number
  	
     
 	
  
    Date
  	
     
 	
  
    Pages
  
	
	
 
 	
	
 
 	

	
  
Addendum   #1
  	
 
 	
  
April   28, 2006
  	
 
 	
  
(12)   twelve
  
	
  
Addendum   #2
  	
 
 	
  
May   1, 2006
  	
 
 	
  
(6)   Six
  
	
  
Addendum   #3
  	
 
 	
  
May   5, 2006
  	
 
 	
  
(3)   three - 1 page, 2 drawings
  
	
  
Addendum   #4
  	
 
 	
  
May   9, 2006
  	
 
 	
  
(1)   one
  
	
  
Addendum   #5
  	
 
	
  
May   10, 2006
  	
 
 	
  
(1)   one
  




Portions of Addenda relating to bidding requirements are not part of the Contract Documents unless the bidding requirements are also enumerated in this Article 8.


§ 8.1.7 Other documents, if any, forming part of the Contract Documents are as follows:

(List here any additional documents that are intended to form part of the Contract Documents. AIA Document A201-1997 provides that bidding requirements such as advertisement or invitation to bid, Instructions to Bidders, sample forms and the Contractor’s bid are not part of the Contract Documents unless enumerated in this Agreement. They should be listed here only if intended to be part of the Contract Documents.)


This Agreement is entered into as of the day and year first written above and is executed in at least three original copies, of which one is to be delivered to the Contractor, one to the Architect for use in the administration of the Contract, and the remainder to the Owner,

	 /s/ Jerry L. Calvert
	 /s/ W. Dean Anderson

	
    
	
    

	 OWNER(Signature)
	 CONTRACTOR(Signature)

	 Jerry L. Calvert, President and CEO
	 W. Dean Anderson, President 

	
  
(Printed name and title)
  	
  
(Printed name and title)
  




CAUTION: You should sign an original AIA Contract Document, on which this test appears in RED. An original assures that changes will not be obscured.

	
  AlA Document A101TM -1997. Copyright © 1915, 1918,   1925, 1937, 1951, 1958, 1961, 1963, 1967, 1974, 1977, 1980, 1987, 1991 and   1997 by The American Institute of Architects. All rights reserved. WARNING:   This AIA® Document is protected by U.S. Copyright Law and International   Treaties. Unauthorized reproduction or distribution of this AIA® Document,   or any portion of it, may result in severe civil and criminal penalties, and   will be prosecuted to the maximum extent possible under the law. Purchasers   are permitted to reproduce ten (10) copies of this document when completed.   To report copyright violations of AlA Contract Documents, e-mail The American   Institute of Architects’ legal counsel, copyrtght@aia.org.
  	
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