WITHOUT WARRANTY AS TO THE TITLE OR THE PHYSICAL
CONDITION OF SUCH PERSONALTY.
2.
PRICE AND PAYMENT.
2.1.
PURCHASE PRICE. THE PURCHASE PRICE FOR THE PROPERTY (THE "PURCHASE
PRICE") IS THE SUM OF (A) TEN MILLION FORTY-EIGHT THOUSAND AND NO/100 DOLLARS
3
($10,048,000) U.S, TO BE ADJUSTED PURSUANT TO SECTION 7.5 BELOW. FOR PURPOSES OF
MAKING THE ADJUSTMENTS PROVIDED IN SUCH SECTION, ATTACHED AS EXHIBIT 2.1 IS A
COMPUTATION OF THE PURCHASE PRICE.
2.2.
PAYMENT. PAYMENT OF THE PURCHASE PRICE IS TO BE MADE IN CASH AS
FOLLOWS:
2.2.1.
ON OR BEFORE DECEMBER 19, 2006, PURCHASER SHALL MAKE AN EARNEST
MONEY DEPOSIT WITH THE TITLE COMPANY OF THREE HUNDRED ONE THOUSAND FOUR HUNDRED
FORTY AND NO/100 DOLLARS ($301,440.00) (THE "INITIAL DEPOSIT"). ON OR BEFORE
JANUARY 2, 2007, PURCHASER SHALL MAKE AN ADDITIONAL EARNEST MONEY DEPOSIT WITH
THE TITLE COMPANY OF SEVEN HUNDRED THREE THOUSAND THREE HUNDRED SIXTY AND NO/100
DOLLARS ($703,360.00) (THE "SUBSEQUENT DEPOSIT"). IF PURCHASER FAILS TO DEPOSIT
EITHER THE INITIAL DEPOSIT OR SUBSEQUENT DEPOSIT (COLLECTIVELY, THE "DEPOSIT")
ON OR BEFORE SUCH DATES, SELLER MAY TERMINATE THIS AGREEMENT BY WRITTEN NOTICE
TO PURCHASER. THE DEPOSIT WILL BE PLACED WITH AND HELD IN ESCROW BY CHICAGO
TITLE INSURANCE COMPANY ("TITLE COMPANY"), AS AN AGENT FOR PURCHASER AND SELLER,
AT 2001 BRYAN ST., STE. 1700, DALLAS, TX 75201, ATTENTION: JOYCELYN ARMSTRONG,
IN IMMEDIATELY AVAILABLE FUNDS (TO THE EXTENT THE DEPOSIT IS IN CASH) IN AN
INTEREST-BEARING ACCOUNT AT A MUTUALLY ACCEPTABLE FINANCIAL INSTITUTION. ANY
INTEREST EARNED BY THE DEPOSIT SHALL BE CONSIDERED AS PART OF THE DEPOSIT.
EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT, THE DEPOSIT WILL BE APPLIED TO
THE PURCHASE PRICE AT CLOSING.
2.2.2.
UNLESS PURCHASER HAS THERETOFORE TERMINATED THIS CONTRACT PURSUANT
TO THE PROVISIONS OF SECTION 3.1 HEREOF, ON JANUARY 2, 2007 (THE "DEPOSIT
RELEASE DATE") THE DEPOSIT SHALL BE DEEMED FULLY EARNED BY SELLER AND BE
NON-REFUNDABLE TO PURCHASER, AND THE TITLE COMPANY SHALL RELEASE SAME TO SELLER.
2.2.3.
AT CLOSING, PURCHASER SHALL PAY SELLER THE BALANCE OF THE PURCHASE
PRICE, SUBJECT TO ADJUSTMENT FOR THE PRORATIONS AS PROVIDED HEREIN AND THE
ADJUSTMENTS PURSUANT TO SECTION 7.5 BELOW TO THE TITLE COMPANY FOR DISBURSEMENT
TO SELLER VIA WIRE TRANSFER IN IMMEDIATELY AVAILABLE FUNDS.
2.3.
CLOSING. PAYMENT OF THE PURCHASE PRICE AND THE CLOSING HEREUNDER
(THE "CLOSING") WILL TAKE PLACE PURSUANT TO AN ESCROW CLOSING ON OR BEFORE
JANUARY 31, 2007 (THE "CLOSING DATE") UNLESS PURCHASER DESIRES TO HOLD THE
CLOSING ON AN EARLIER DATE. THE CLOSING WILL TAKE PLACE AT THE OFFICES OF THE
TITLE COMPANY AT 10:00 A.M. LOCAL ROCK HILL, SOUTH CAROLINA TIME OR AT SUCH
OTHER TIME AND PLACE AS MAY BE AGREED UPON IN WRITING BY SELLER AND PURCHASER.
CLOSING SHALL OCCUR THROUGH AN ESCROW WITH THE TITLE COMPANY. FUNDS SHALL BE
DEPOSITED INTO AND HELD BY THE TITLE COMPANY IN A CLOSING ESCROW ACCOUNT WITH A
BANK SATISFACTORY TO PURCHASER AND SELLER. UPON SATISFACTION OR COMPLETION OF
ALL CLOSING CONDITIONS AND DELIVERIES, THE PARTIES SHALL DIRECT THE TITLE
COMPANY TO IMMEDIATELY RECORD