Document:

STATE OF NORTH CAROLINA
                                                     PURCHASE AND SALE AGREEMENT
COUNTY OF MECKLENBURG

         THIS PURCHASE AND SALE AGREEMENT (this "Agreement") is made and entered
into as of the 15th day of December, 2000, by and between COCA-COLA BOTTLING CO.
CONSOLIDATED, hereinafter referred to as the "Seller"; and HARRISON LIMITED
PARTNERSHIP ONE, hereinafter referred to as the "Buyer."

                              W I T N E S S E T H:

         FOR AND IN CONSIDERATION OF the mutual agreements and undertakings
herein set forth and other valuable considerations, the receipt and sufficiency
of which are hereby acknowledged, Seller agrees to sell and convey to Buyer, and
Buyer agrees to purchase from Seller the Property described in Paragraph 1
herein on the terms and conditions hereinafter set forth:

          1. Description of Property. The property which is subject to this
Agreement (the "Property") consists of approximately 21.3 acres of land as more
particularly described on Exhibit A and attached hereto and incorporated herein
by reference, together with and including (i) all improvements located thereon,
(ii) all trees and shrubbery located thereon, (iii) any and all applicable
agricultural allotments, (iv) all of Seller's interest in and to any and all
mineral and subsurface rights and appurtenances thereto, (v) all easements and
rights-of-way affecting the Property and all of Seller's rights to use same,
(vi) all rights of ingress and egress to and from the Property, (vii) any and
all right, title and interest of Seller in and to any and all roads, streets and
rights-of-way affecting or bounding the Property (viii) any and all rights of
Seller in an to all improvements situated on the real property located adjacent
to and to the northwest of the Property and (ix) any and all development rights,
including the present or future use thereof, relating to the Property, including
sanitary sewer capacity, drainage, water and other utility facilities to the
extent they pertain to or benefit the Property, including, without limitation,
all reservations of or commitments, letters or agreements relating to any such
use currently or in the future.

          2. Purchase Price and Time of Payment. The purchase price to be paid
by Buyer to Seller for the Property (the "Purchase Price") shall be equal to TEN
MILLION FOUR HUNDRED TWENTY THOUSAND SEVENTY-SIX and NO/100 DOLLARS
($10,420,076.00) (subject to a final accounting of the actual Construction Costs
(as defined in Paragraph 24 herein) as provided in Paragraph 24 herein). The
Purchase Price shall be payable in United States currency by way of federal wire
transfer or other immediately available funds at Closing (as defined in
Paragraph 5 herein).

          3. Binder Deposit and Escrow Agent's Rights and Duties. Within five
(5) business days after the Effective Date (as defined in Paragraph 25(A)
herein), Buyer shall pay and deliver to First American Title of the Carolinas,
LLC (the "Escrow Agent") the sum of FIVE THOUSAND AND NO/100 DOLLARS ($5,000.00)
as a binder deposit and down payment of the Purchase Price (the "Binder
Deposit") to be held in trust for the mutual benefit of the parties, subject to
the following terms and conditions:

         (a)      The Binder Deposit shall be deposited or invested by Escrow
                  Agent in a money market fund or certificate of deposit with a
                  lending institution mutually agreed upon by Buyer and Seller
                  with the interest thereon to accumulate until such time as the
                  Binder Deposit is released. If this Agreement terminates under
                  circumstances which would permit forfeiture of the Binder
                  Deposit to Seller, Seller will receive all interest accrued
                  thereon; likewise, if this Agreement terminates under
                  circumstances allowing Buyer to receive a refund of the Binder
                  Deposit, Buyer will receive all interest accrued thereon. If
                  the sale of the Property closes as contemplated, Buyer will
                  receive the benefit of the Binder Deposit and interest accrued
                  thereon as a credit against the Purchase Price.

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         (b)      If Escrow Agent shall be unable to determine at any time to
                  whom the Binder Deposit should be paid or if a dispute should
                  develop between Seller and Buyer concerning the disposition of
                  the Binder Deposit, then in any such event, Escrow Agent shall
                  pay the Binder Deposit and interest accrued thereon in
                  accordance with the joint (or consistent) written instructions
                  of Seller and Buyer. In the event that such joint (or
                  consistent) written instructions shall not be received by
                  Escrow Agent within ten (10) days after Escrow Agent shall
                  have served written requests for such joint (or consistent)
                  written instructions upon Seller and Buyer, Escrow Agent shall
                  have the right to pay all of the Binder Deposit and interest
                  accrued thereon into a state court in Charlotte, North
                  Carolina, having jurisdiction relative to such matter and to
                  interplead Seller and Buyer in respect thereof; and,
                  thereafter, Escrow Agent shall be discharged of any further or
                  continuing obligations in connection with the Binder Deposit
                  and interest accrued thereon.

         (c)      If costs and expenses (including attorneys' fees) are incurred
                  by Escrow Agent because of litigation or any dispute between
                  Seller and Buyer arising out of the holding of the Binder
                  Deposit, the non-prevailing party (i.e., either Seller or
                  Buyer) shall reimburse Escrow Agent for such reasonable costs
                  and expenses incurred. Seller and Buyer hereby agree and
                  acknowledge that Escrow Agent assumes no liability in
                  connection with the holding or investment of the Binder
                  Deposit pursuant hereto, except for the negligence or willful
                  misconduct of Escrow Agent and its employees and agents.
                  Escrow Agent shall not be responsible for the validity,
                  correctness or genuineness of any document or notice referred
                  to herein; and, in the event of any dispute under this
                  Agreement relating to the disposition of the Binder Deposit,
                  Escrow Agent may seek advice from its own counsel and shall be
                  fully protected in any action taken in good faith in
                  accordance with the opinion of Escrow Agent's counsel.

         (d)      Escrow Agent's address for purposes of mailing or delivering
                  documents and notices hereunder is as follows:

                                      First American Title of the Carolinas, LLC
                                      801 East Morehead Street, Suite 301
                                      Charlotte, NC  28202

                                      Attention:   Mr. William B. Webb, Jr.

                                      Telephone:   (704) 334-3060
                                      Facsimile:   (704) 334-0768

                  Provisions with respect to notices set forth in Paragraph 22
                  herein shall apply with respect to notices given by or to
                  Escrow Agent hereunder.

          4. Survey. Buyer may, at Buyer's sole expense, cause a survey of the
Property (the "Survey") to be prepared by a registered land surveyor of Buyer's
choosing. The Survey shall indicate the location of all specific easements,
roadway rights-of-way (public or private), railroad rights-of-way, flood plain
areas, floodway fringe areas, wetlands areas (the location of which may be based
on a wetlands study that Buyer may obtain pursuant to this Agreement), any
existing building setback lines and other matters affecting the Property. A copy
of such Survey shall be provided to Seller at the earliest practicable time
after completion of same (but in any event prior to the expiration of the
Investigation Period (as defined in Paragraph 8 herein)), and a description of
the Property contained in the Deed (as defined in Paragraph 6 herein) shall be
prepared from the Survey.

          5. Closing and Closing Date. The consummation of the sale and purchase
of the Property hereunder (the "Closing") shall take place on December 15, 2000
(the "Outside Date of Closing"), or on

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an alternate date mutually agreed upon by Buyer and Seller, at a mutually
convenient time and location in Charlotte, North Carolina, and exclusive
possession of the Property shall be delivered to Buyer at Closing.

          6. Delivery of Deed and Warranties. At the Closing of the sale and
purchase of the Property, Seller shall deliver to Buyer special warranty deed
(the "Deed") in form and content satisfactory to Buyer's attorneys, conveying to
Buyer a good, indefeasible fee simple and insurable title to the Property, said
title to be insurable both as to fee and marketability thereof at regular rates
of a title insurance company of national recognition acceptable to Buyer (the
"Title Company") without exception except as to those matters enumerated herein.
The Property shall be conveyed by Seller to Buyer free and clear of all liens,
encumbrances, claims, rights-of-way, easements, leases, restrictions and
restrictive covenants, except that said Property may be conveyed subject only to
the matters and exceptions specified on Exhibit B attached hereto and
incorporated herein by this reference (the "Permitted Exceptions"). Seller
warrants that it presently has good, indefeasible, fee simple, marketable title
to all the Property.

         Buyer at its expense shall have ninety (90) days following the
Effective Date within which to cause title to the Property to be examined
("Buyer's Initial Title Examination Period") and to give Seller written notice
setting forth any objection(s) (other than the Permitted Exceptions) to Seller's
title. In the event Buyer fails to deliver such a statement of title objections
prior to the expiration of Buyer's Initial Title Examination Period, Buyer shall
be deemed to have waived all rights under this paragraph as such rights relate
to title matters of record prior to the Effective Date. Seller shall have
fifteen (15) days after receipt of such statement to satisfy such title
objections, and if Seller fails to satisfy such objections within such fifteen
(15) day period, then, at the option of Buyer, evidenced by written notice to
Seller given within ten (10) days after the expiration of said fifteen (15) day
period, Buyer may: (i) declare this Agreement null and void and have its Binder
Deposit refunded or (ii) elect to close and receive the Deed required herein
from Seller irrespective of such title objections and without reduction of the
Purchase Price, except that liens affecting the Property which are dischargeable
by payment of money may be paid by Buyer at Closing and the Purchase Price shall
be reduced by said amount. The Closing shall be postponed as necessary to comply
with the provisions of this paragraph. If Buyer elects choice (i) of this
paragraph, Seller shall reimburse Buyer for expenses incurred by Buyer for
surveys (boundary and/or topographical), architectural, land planning, legal and
other out-of-pocket expenses respecting this Agreement and/or the Property, and
Buyer shall receive a full refund of the Binder Deposit, whereupon the parties
hereto shall have no further rights, obligations or liabilities with respect to
each other hereunder. If Buyer fails to exercise any of the two (2) options
within the aforementioned ten (10) day period, Buyer shall be deemed to have
elected to proceed under choice (i) above. Notwithstanding the foregoing, with
respect to objections to Seller's title which first arise, occur or appear of
record after the date and time of Buyer's Initial Title Examination (if Buyer
delivers to Seller a title objections statement as set forth above), or
alternatively, after the Effective Date (if Buyer fails to deliver to Seller a
title objections statement as set forth above), Buyer may raise such objections
at any time, and it is the intention of the parties that Seller shall take all
action(s) necessary to clear all such title objections prior to Buyer being
obligated to close under the terms of this Agreement. The Closing shall be
postponed for so long as necessary for the title objections to be cleared to the
satisfaction of Buyer and the Title Company; provided, however, if Seller is
unsuccessful in clearing said title exceptions within a period of thirty (30)
days after the Outside Date of Closing, Buyer may elect at any time thereafter
either choice (i) or (ii) above.

          7. Zoning. The obligations of Buyer under this Agreement are in all
respects conditioned upon and subject to the Property being zoned at Closing as
same is zoned as of the Effective Date (or other zoning acceptable to Buyer) and
upon there then being no pending or proposed application for any rezoning or
change in zoning not consented to by Buyer that would apply to the Property or
any portion thereof which would inhibit or prohibit Buyer from developing and
utilizing the Property for operation of a distribution and production facility
with office and sales space (the "Contemplated Use") or which would increase the
costs of developing the Property for the Contemplated Use. In the event Seller
obtains knowledge of any application or proposal for rezoning or change in
zoning of the Property or any portion thereof, Seller shall immediately notify
Buyer and then Buyer, in Buyer's sole discretion, shall have the option of
terminating this Agreement by declaring said Agreement null and void, in which
event all monies

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advanced by Buyer, including the Binder Deposit, shall be immediately refunded
to Buyer, whereupon the parties hereto shall have no further rights, obligations
or liabilities with respect to each other hereunder. Seller represents and
warrants to Buyer that it will not apply for, encourage or consent to any zoning
or rezoning of the Property without Buyer's prior written consent.

          8. Pre-Closing Rights and Privileges. From the Effective Date until
such time as this Agreement is either settled or terminated, Buyer, Buyer's
authorized agents and employees, as well as others authorized by Buyer, shall
have full and complete access to the Property and shall be entitled to enter
upon the Property to conduct and complete such investigations, inspections,
evaluations, studies, tests and measurements, including, without limitation,
various environmental and geotechnical studies (collectively, the "Physical
Investigations"), as Buyer, in Buyer's sole discretion, deems necessary or
advisable (including the removal of trees, shrubs, and other natural growth and
features reasonably necessary in connection with such Physical Investigations);
provided, however, none of the Physical Investigations so conducted will result
in any material adverse change to the physical characteristics of the Property.
Buyer shall also have the right during such period to make such market and/or
financial feasibility studies, and all other such investigations, evaluations
and studies (collectively, the "Financial Investigations") as Buyer, in Buyer's
sole discretion, deems necessary or advisable. The Physical Investigations and
the Financial Investigations are herein sometimes together referred to as the
"Investigations." Buyer agrees to indemnify and hold Seller harmless from and
against any and all claims, costs, expenses, and liabilities for personal injury
or damage to the property of third parties, including reasonable attorneys'
fees, arising out of or by reason of the Physical Investigations of Buyer or
Buyer's agents prior to settlement or other termination of this Agreement;
provided, however, such indemnification obligations shall exclude any claims,
costs, expenses and liabilities arising out of (i) the discovery of, or the
accidental or inadvertent release of, any Substances (as defined in Paragraph
13(K) herein) resulting from the Physical Investigations, which Substances were
in, on or under the Property prior to the commencement of the Physical
Investigations or (ii) the negligence of Seller or Seller's employees or agents.

         Buyer shall have the unqualified right at any time within the one
hundred twenty (120) day period following the Effective Date (the "Investigation
Period") to terminate this Agreement by giving written notice thereof to Seller,
and Buyer shall not be required to give any reason or basis for such
termination. If Buyer elects to terminate this Agreement as provided in this
Paragraph 8, the Binder Deposit shall be promptly returned by Escrow Agent to
Buyer, whereupon the parties hereto shall have no further rights, obligations or
liabilities with respect to each other hereunder.

          9. Mechanics' or Materialmen's Liens. Seller agrees to provide at
Closing an executed owner's affidavit or other document(s) required by the Title
Company as a condition to the issuance of a final title insurance policy in
favor of Buyer without exception to the standard, pre-printed title exceptions,
including, without limitation, lien claims of mechanics, laborers and
materialmen. Additionally, Seller shall discharge in full any and all such
indebtedness at or before the Closing.

         10. Risk of Loss. In the event a material portion of the acreage or the
improvements thereon within the Property is damaged by fire or other casualty
prior to Closing, Buyer may (i) declare this Agreement null and void and receive
a full refund of the Binder Deposit, whereupon the parties hereto shall have no
further rights, obligations or liabilities with respect to each other hereunder,
or (ii) complete the purchase of the Property without reduction of the Purchase
Price, in which event Buyer shall be entitled to all of Seller's right to
receive insurance proceeds applicable to such casualty. Seller agrees to
maintain the existing casualty insurance policy on the Property, if any, until
Closing.

         11. Waste. Buyer's obligations under this Agreement are in all respects
conditioned upon and subject to the Property being in substantially the same
condition at Closing as exists on the Effective Date (with the exception of the
addition of the New Improvements (as defined in Paragraph 24 herein)).

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<PAGE>

         12. Closing Costs. Seller shall pay the cost and expense for preparing
the Deed, any "recording" or transfer fee or tax associated with the conveyance
of title to the Property to Buyer (except nominal filing fees), and the cost of
Seller's own attorneys. Seller shall also be responsible for and discharge prior
to Closing all governmental and quasi-governmental assessments (special or
otherwise) and charges placed against or applicable to the Property prior to the
Closing, whether or not the same are due and payable prior to Closing.

         Buyer shall pay for the expense of the Survey, the cost of filing the
Deed (i.e., nominal filing fees), the cost of the Title Commitment and any
owner's policy of title insurance that Buyer elects to purchase for the
Property, the cost of the Investigations and the cost of Buyer's own attorneys.
Other than as specifically provided herein, (i) Seller shall bear all costs and
expenses that are normally and customarily borne by sellers of similar real
estate in the locale where the Property is located; and (ii) Purchaser shall
bear all costs and expenses that are normally and customarily borne by
purchasers of similar real estate in the locale where the Property is located.

         13. Conditions Precedent to Buyer's Obligations. In addition to any
other conditions precedent to the performance of Buyer's obligations under this
Agreement, the obligations and liabilities of Buyer hereunder shall in all
respects be conditioned upon satisfaction of each of the following conditions
precedent (the conditions precedent set forth in this Paragraph 13 being
collectively referred to as the "Conditions Precedent") as of Closing (any of
which may be waived by written notice from Buyer to Seller):

         (a)      Seller shall have presented evidence satisfactory to Buyer,
                  Buyer's attorney and the Title Company with respect to the
                  right, power and authority of designated representative(s) of
                  Seller to execute the closing documents and consummate the
                  sale of the Property.

         (b)      No toxic or hazardous material or waste limited or regulated
                  by any governmental or quasi-governmental authority, or that,
                  even if not so limited or regulated, could or does pose a
                  hazard to the health or safety of the occupants of the
                  Property or adjacent properties (collectively, "Substances"),
                  including, but not limited to, asbestos, polychlorinated
                  biphenyls, petroleum products and substances regulated under
                  any federal, state or local environmental statute, law, order,
                  ordinance, regulation, rule, requirement or right or remedy
                  existing under common law or in equity (collectively, the
                  "Statutes and Laws") shall have been or, as of the Closing,
                  shall be, located, released (within the meaning of 42
                  U.S.C.ss. 9601(22)), stored, treated, generated, transported
                  to or from, disposed of (with the meaning of 42
                  U.S.C.ss.6903(3)) or allowed to escape on the Property,
                  including, without limitation, the surface and subsurface
                  waters of the Property. No endangered species of plants or
                  animals shall be located within the boundaries of the Property
                  and no portion of the Property has been or, prior to Closing,
                  shall be a critical habitat for an endangered species. No
                  above ground storage tanks ("ASTs") or underground storage
                  tanks ("USTs") shall have been located on the Property or, if
                  located on the Property, shall have been subsequently removed
                  and disposed of in full compliance with all applicable
                  Statutes and Laws (satisfactory evidence of which shall have
                  been provided to Buyer). No portion of the Property shall have
                  been used for waste treatment, storage or disposal, and no
                  wetlands shall be located within the boundaries of the
                  Property. No investigation, administrative or judicial order,
                  governmental notice of noncompliance or violation, remediation
                  action plan, consent order and/or agreement, administrative
                  proceeding, civil or criminal litigation or settlement under
                  Statutes and Laws or with respect to Substances, ASTs or USTs
                  shall be proposed, threatened, anticipated or in existence
                  with respect to the Property.

                  The Property and Seller's operations at the Property have been
                  in the past and shall be at the Closing in compliance with all
                  applicable Statutes and Laws (satisfactory evidence of which
                  shall have been provided to Buyer). No notice shall have been
                  served on or

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                  delivered to Seller from any entity, governmental body or
                  individual claiming any violation of any Statutes and Laws or
                  demanding payment or contribution for environmental cleanup
                  costs, environmental damage, harm to endangered species, or
                  injury to natural resources, or asserting liability with
                  respect to same.

         (c)      In the event a subdivision is required pursuant to applicable
                  law in connection with the conveyance of the Property to
                  Buyer, Seller shall, at Seller's sole cost and expense, have
                  obtained all necessary approvals respecting such subdivision
                  and such approvals shall be final and nonappealable prior to
                  or as of the Closing.

         (d)      Seller shall have completed construction of the New
                  Improvements in accordance with the terms of Paragraph 24
                  herein, and Seller shall have executed and delivered a Lease
                  Agreement substantially similar to that attached hereto as
                  Exhibit C prior to the Closing, such Lease Agreement to be
                  effective immediately upon the Closing.

         Seller agrees to use its good faith, diligent efforts to cause each
Condition Precedent that is Seller's responsibility under this Agreement to be
satisfied as soon as reasonably possible after the Effective Date and to
continue such efforts thereafter (if and as necessary to achieve such
satisfaction). Buyer agrees to use its good faith, diligent efforts to cause
each Condition Precedent that is Buyer's responsibility under this Agreement to
be satisfied as soon as reasonably possible after the Effective Date and to
continue such efforts thereafter (if and as necessary to achieve such
satisfaction).

         14. Seller's Representations and Warranties. Seller hereby makes the
following representations and warranties to Buyer, each of which shall be deemed
material:

         (a)      Seller has good and marketable fee simple title to the
                  Property, and there are no mechanics' liens, contractors'
                  claims, unpaid bills for material or labor pertaining to the
                  Property or any other similar liens which might adversely
                  affect Seller's title to the Property, except for current ad
                  valorem real estate taxes which shall be prorated on a per
                  diem basis as of Closing based on the fiscal year of the
                  taxing authority.

         (b)      There are no tenants or other persons or entities on the
                  Property which will have a right of possession beyond the date
                  of Closing.

         (c)      There are no pending, threatened or contemplated condemnation
                  actions involving all or any portion of the Property and
                  Seller has received no notice nor is Seller aware of any such
                  action. If, between the Effective Date and the Closing, any
                  portion of the Property is subject to pending, threatened or
                  contemplated condemnation action by any governmental agency,
                  Buyer shall have the option, in Buyer's sole discretion, of
                  declaring this Agreement null and void and having the Binder
                  Deposit refunded. Seller shall notify Buyer within three (3)
                  business days of receipt of any information concerning any
                  such condemnation action, and in turn Buyer must elect within
                  ten (10) business days from the date of receipt of the said
                  information whether to (i) declare this Agreement null and
                  void and have the Binder Deposit refunded as stated above,
                  whereupon the parties hereto shall have no further rights,
                  obligations or liabilities with respect to each other
                  hereunder, or (ii) proceed to close the transaction and
                  receive an assignment of all of Seller's right, title and
                  interest in and to any condemnation award. If Buyer elects
                  (ii), Seller shall fully cooperate, at no expense, however, to
                  Seller, with Buyer in any condemnation action.

         (d)      As of the Closing, no maintenance, management, service,
                  supply, employment or other contracts shall exist with respect
                  to the Property which has not been approved by Buyer in
                  writing.

         (e)      From the Effective Date until the Closing, Seller shall:

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                                    (1) Maintain the Property in the same
                           condition as presently exists, reasonable wear and
                           tear excepted.

                                    (2) Perform all of its obligations under any
                           contracts respecting the Property and promptly notify
                           Buyer of any default thereunder.

                                    (3) Provide Buyer and its representatives
                           reasonable access to the Property and reasonable
                           access to all engineering information, reports, soil
                           tests, surveys, plans and records available to Seller
                           relating to the Property.

                                    (4) Refrain from entering into, or
                           negotiating with regard to, any contract or
                           commitment or from incurring any expenditure or
                           obligation affecting the Property or the title
                           thereto which would extend beyond the Closing or
                           would involve payments that would not be paid in full
                           prior to the Closing without the prior written
                           consent of Buyer.

                                    (5) Pay promptly all real and personal
                           property taxes, assessments, sewer and water charges,
                           other governmental levies when due, utility charges,
                           indebtedness secured by deed(s) to secure debt or
                           other liens, and, generally, all expenses (including
                           repairs and replacements) incurred by Seller in the
                           operation of the Property of every nature, whether
                           ordinary or extraordinary, which may arise out of or
                           accrue because of the ownership or operation of the
                           Property.

                                    (6) Make no lease or rental of the Property
                           or any portion thereof without the prior written
                           consent of Buyer, or negotiate, actively market or
                           enter into any other contract or option for the sale
                           of the Property or any portion thereof, or further
                           encumber the Property with any restriction or
                           easement.

         (f)      The entry into this Agreement, the execution and delivery of
                  all instruments and documents required to be executed and
                  delivered under the terms hereof, and the performance of all
                  acts necessary and appropriate for the full consummation of
                  the transaction contemplated hereunder are consistent with,
                  and not in violation of, and will not create any adverse
                  condition under, any law, ordinance, rule, regulation,
                  contract, agreement, or instrument to which Seller is a party
                  or any law, ordinance, rule, regulation, judicial order or
                  judgment of any nature under which Seller is bound. In
                  addition, Seller has taken or caused to be taken all actions
                  required to render this Agreement enforceable against Seller
                  in accordance with its terms.

         (g)      Seller has not received, with respect to the Property, any
                  notice from any insurance company, governmental agency,
                  adjacent landowners or any other party of (i) any condition,
                  defect, or inadequacy that, if not corrected, would result in
                  termination of insurance coverage or increase its costs, (ii)
                  any violation of building codes and/or zoning ordinances,
                  subdivision ordinances, watershed regulations, or other
                  governmental laws, regulations or orders, (iii) any
                  proceedings that could or would cause the change,
                  redefinition, or other modification of the zoning
                  classification, or of other legal requirements applicable to
                  the Property or any part thereof, or any property adjacent to
                  the Property, (iv) any moratorium that could or would in any
                  way impair the development and use of the Property for the
                  Contemplated Use or (v) any significant adverse fact or
                  condition relating to the Property or its Contemplated Use
                  that has not been disclosed in writing to Buyer by Seller or
                  that would prevent, limit, impede or render more costly the
                  Contemplated Use.

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<PAGE>

         (h)      Seller is not a "foreign person" which would subject Buyer to
                  the withholding tax provisions of Section 1445 of the Internal
                  Revenue Code of 1986, as amended, and, at Closing, Seller
                  agrees to deliver to Buyer a certification, under penalty of
                  perjury, in a form approved under regulations promulgated
                  pursuant to Section 1445 of the Internal Revenue Code of 1986,
                  as amended, to the effect that Seller is not a foreign person.

         (i)      To the best of Seller's knowledge, no Substances have been or
                  shall (to the extent controllable by Seller), prior to the
                  Closing, be located, released (within the meaning of 42
                  U.S.C.ss. 9601(22)), stored, treated, generated, transported
                  to or from, disposed of (within the meaning of 42 U.S.C.ss.
                  6903(3)) or allowed to escape on the Property, including,
                  without limitation, the surface and subsurface waters of the
                  Property. To the best of Seller's knowledge, no ASTs or USTs
                  are located on the Property or previously were located on the
                  Property and subsequently removed or filled. To the best of
                  Seller's knowledge, no portion of the Property has been used
                  in the past for waste treatment, storage, or disposal, and no
                  wetlands are located within the boundaries of the Property. To
                  the best of Seller's knowledge, no endangered species of
                  plants or animals shall be located within the boundaries of
                  the Property and no portion of the Property has been or, prior
                  to Closing, shall be a critical habitat for an endangered
                  species. To the best of Seller's knowledge, no investigation,
                  administrative or judicial order, governmental notice of
                  noncompliance or violation, remediation action plan, consent
                  order and agreement, administrative proceeding, civil or
                  criminal litigation or settlement under Statutes and Laws or
                  with respect to Substances, ASTs or USTs is proposed,
                  threatened, anticipated or in existence with respect to the
                  Property.

                           The Property and Seller's operations thereon are and,
                  to the best of Seller's knowledge, in the past have been in
                  compliance with all applicable Statutes and Laws. No notice
                  has been or will (to the best of Seller's knowledge,
                  information and belief) prior to the Closing, be served on or
                  delivered to Seller from any entity, governmental body or
                  individual claiming any violation of any Statutes and Laws or
                  demanding payment or contribution for environmental cleanup
                  costs, environmental damage, harm to endangered species, or
                  injury to natural resources, or asserting liability with
                  respect to same. Copies of any such notices received on or
                  after the Effective Date (including after the Closing) shall
                  be forwarded to Buyer within three (3) days of their receipt.
                  If Seller has conducted or has access to an "environmental
                  audit" or other environmental study, report or information
                  respecting the Property, Seller shall provide Buyer with a
                  true and complete copy of same within ten (10) days following
                  the Effective Date.

         (j)      No third party currently has any rights with respect to
                  minerals, mining, or surface or subsurface rights in
                  connection with the Property; and upon Closing, Buyer will be
                  vested with all such mineral, mining and other surface and
                  subsurface rights free and clear of all claims of any third
                  party.

         (k)      In the event a subdivision is required pursuant to applicable
                  law in connection with the conveyance of the Property to
                  Buyer, Seller shall use its best efforts to cause the Property
                  to be properly subdivided in compliance with such applicable
                  law prior to Closing. Further, Buyer may (but is not obligated
                  to) act on Seller's behalf to undertake all such actions
                  required as a result of the sale of the Property to Buyer to
                  comply with any applicable subdivision law; and, in such case,
                  Seller agrees to fully cooperate with Buyer's efforts and
                  irrevocably appoints Buyer as Seller's attorney-in-fact
                  (coupled with an interest) during the term of this Agreement
                  for the purpose of complying with any applicable subdivision
                  law, and Buyer shall be entitled to deduct costs and expenses
                  incurred by Buyer to comply with such subdivision law from the
                  Purchase Price to be paid by Buyer for the Property at
                  Closing.

                                       8
<PAGE>

         (l)      Seller shall deliver to Buyer at Closing evidence satisfactory
                  to Buyer, Buyer's attorneys and the Title Company with respect
                  to the right, power and authority of Seller's designated
                  representative(s) to execute and deliver the closing documents
                  and consummate the sale of the Property, such evidence to
                  include, without limitation, (i) an incumbency certificate and
                  shareholder certificate signed and dated by the corporate
                  secretary of Seller as of the date of Closing certifying as to
                  the names (and corporate titles, as applicable) of officers,
                  directors and shareholders of Seller as of the date of Closing
                  and (ii) corporate resolutions of Seller authorizing Seller to
                  enter into this Agreement and to perform all of Seller's
                  obligations hereunder, acting through designated corporate
                  officers of Seller.

         All representations and warranties of Seller contained in this
Agreement or any document or exhibit required to be executed by Seller pursuant
hereto shall be true at the Closing as though such representations were made at
such time; and, subject to the terms and provisions in the remainder of this
paragraph, Seller shall execute and deliver an instrument satisfactory in form
and substance to Buyer at Closing reaffirming all of said representations and
warranties as of the date of Closing. If any such representation or warranty of
Seller in this Agreement is not true when made and at the Closing (except to the
extent any such representation, although true as of the Effective Date, is no
longer true at the Closing as a result of a matter, event or circumstance beyond
Seller's reasonable control), Buyer may consider same as an event of default
hereunder and may pursue such remedies as are set forth in Paragraph 15(B)
herein. If any representation or warranty of Seller herein, although true as of
the Effective Date, is no longer true at the Closing as a result of a matter,
event or circumstance beyond Seller's reasonable control, Buyer may not consider
same as an event of default hereunder; but rather, in such case, Buyer may, at
Buyer's option and as Buyer's sole remedy, terminate this Agreement and have the
Binder Deposit refunded by Escrow Agent, whereupon the parties hereto shall have
no further rights, obligations or liabilities with respect to each other
hereunder. Further, if Seller acquires knowledge of any fact(s) rendering any of
the foregoing representations and warranties false at any time prior to Closing,
Seller shall promptly notify Buyer in writing of such fact(s).

         15. Remedies on Default; Treatment of Binder Deposit.

         (a)      Buyer's Default. In the event that the terms and conditions of
                  this Agreement have been satisfied and Buyer refuses or is
                  unable to settle on this Agreement within the time limits
                  herein set forth, Seller, as Seller's sole and exclusive
                  remedy, shall be entitled to declare this Agreement cancelled
                  and the Binder Deposit (or so much thereof as is then
                  deposited with Escrow Agent) shall be forfeited to Seller as
                  full liquidated damages, and the parties hereto shall have no
                  further rights, obligations or liabilities with respect to
                  each other hereunder.

         (b)      Seller's Default. In the event that Seller is unable, after
                  exerting reasonable and good faith effort, to convey title to
                  the Property or to deliver or comply with any other item
                  herein required of Seller at Closing or to otherwise perform
                  pursuant to the terms of this Agreement, Buyer shall have the
                  right and option, as Buyer's sole and exclusive remedy, to
                  either (i) immediately terminate this Agreement upon written
                  notice to Seller and receive back the full amount of the
                  Binder Deposit, and upon the return of same, the parties
                  hereto shall have no further rights, obligations or
                  liabilities with respect to each other hereunder, except that
                  Seller shall reimburse Buyer for all of Buyer's out-of-pocket
                  expenses incurred with respect to this Agreement and/or the
                  Property and Seller shall pay liquidated damages to Buyer in
                  an amount equal to the Binder Deposit, or (ii) demand and
                  compel by legal proceedings (including specific performance)
                  full compliance with the terms of this Agreement, including,
                  without limitation, the immediate conveyance of the Property
                  by Seller.

         (c)      Liquidated Damages. The amounts identified in Paragraph 15(A)
                  and Paragraph 15(B) herein as liquidated damages have been
                  agreed upon by Seller and Buyer after due

                                       9
<PAGE>

                  deliberation and discussion, and the same constitute good
                  faith estimates of the damages of the party which would be
                  entitled thereto pursuant to this Agreement, the respective
                  parties' actual damages being difficult, if not impossible, to
                  ascertain.

         (d)      Attorney's Fees. In the event suit is brought to enforce or
                  interpret all or any portion of this Agreement or if suit is
                  brought for liquidated damages or for any other relief
                  permitted hereunder, the party, if any, awarded costs in such
                  suit shall be entitled to recover, as an element of such
                  costs, and not as damages, reasonable attorneys' fees incurred
                  in connection with such suit. Without limiting the generality
                  of the foregoing, attorneys' fees shall be determined at the
                  normal hourly rates charged by the person doing the work,
                  regardless of whether said fees bear a reasonable relationship
                  to the relief obtained. A party which is not entitled to
                  recover costs in any such suit shall not be entitled to
                  recover its attorneys' fees.

         16. Brokerage. Seller and Buyer represent and warrant each to the other
that they have not dealt with any broker in connection with this transaction.
Seller agrees to indemnify and save Buyer harmless from and against any and all
claims, suits, liabilities, costs, judgments and expenses, including reasonable
attorneys' fees, for brokerage commissions resulting from or arising out of
Seller's actions in connection with the purchase and sale contemplated hereby.
Buyer agrees to indemnify and save Seller harmless from and against any and all
claims, suits, liabilities, costs, judgments and expenses, including reasonable
attorneys' fees, for brokerage commissions resulting from or arising out of
Buyer's actions in connection with the purchase and sale contemplated hereby.

         17. Survival of Provisions. All covenants, representations, warranties,
obligations, and agreements in this Agreement shall survive the execution and
delivery of this Agreement and shall survive the Closing; provided, however,
except as otherwise specifically provided herein, the parties waive their right
to sue for any breach of a covenant, representation, warranty, obligation and/or
agreement in this Agreement (a) which accrues more than one (1) year following
the date on which the Closing occurs or (b) as to which written notice has not
been given to the responsible party on or before the first anniversary of the
date on which the Closing occurs.

         18. Assignment of Buyer's Interest. Seller understands and agrees that
Buyer may assign Buyer's right, title and interest in and to this Agreement at
any time to any party without the consent of Seller. Therefore, the term
"Buyer," as used herein, shall include Buyer's successors and assigns.

         19. Reports and Studies. Seller agrees to deliver to Buyer not later
than ten (10) days after the Effective Date copies of (i) all title information
in the possession of or available to Seller, including, but not limited to,
title insurance policies or binders, attorneys' opinions on title, boundary and
physical surveys, copies of restrictive covenants, deeds, notes and deeds of
trust, deeds to secure debt, mortgages and easements relating to the Property,
(ii) copies of all environmental and geotechnical reports in the possession of
or available to Seller, whether prepared by Seller of by a third party, and
(iii) any and all other studies or reports, whether prepared by Seller or a
third party, which relate to the physical condition or character of the
Property.

         20. Underground Utility Lines. Seller shall provide all information
available to Seller necessary to enable the surveyor preparing the Survey to
designate on the Survey the precise location(s) of all underground utility
lines, including, without limitation, electrical transmission lines, telephone
lines and natural gas lines, within the bounds of the Property.

         21. Memorandum of Agreement. Seller agrees that, at the request of
Buyer, Seller will promptly execute and deliver a Memorandum of Agreement in
recordable form (in the form attached hereto as Exhibit F) sufficient to provide
record notice of this Agreement, and Buyer shall be entitled to

                                       10
<PAGE>

record such Memorandum of Agreement in all land record offices where land
records (e.g., conveyance and encumbrance instruments) relating to the Property
are customarily recorded.

         22. Notices. Any notices, requests, or other communications required or
permitted to be given hereunder shall be in writing and shall be either (i)
delivered by hand, (ii) mailed by United States registered mail, return receipt
requested, postage prepaid, (iii) sent by a reputable, national overnight
delivery service (e.g., Federal Express, Airborne, etc.) or (iv) sent by
facsimile (with the original being sent by one of the other permitted means or
by regular United States mail) and addressed to each party at the applicable
address set forth herein. Any such notice, request, or other communication shall
be considered given or delivered, as the case may be, on the date of hand
delivery (if delivered by hand), on the third (3rd) day following deposit in the
United States mail (if sent by United States registered mail), on the next
business day following deposit with an overnight delivery service with
instructions to deliver on the next day or on the next business day (if sent by
overnight delivery service), or on the day sent by facsimile (if sent by
facsimile, provided the original is sent by one of the other permitted means as
provided in this Paragraph 22 or by regular United States mail). However, the
time period within which a response to any notice or request must be given, if
any, shall commence to run from the date of actual receipt of such notice,
request, or other communication by the addressee thereof. Rejection or other
refusal to accept or inability to deliver because of a changed address of which
no notice was given shall be deemed to be receipt of the notice, request, or
other communication. By giving at least ten (10) days prior written notice
thereof, any party hereto may, from time to time and at any time, change its
mailing address hereunder.

                  Seller:    Coca-Cola Bottling Co. Consolidated
                             4100 Coca-Cola Plaza
                             Charlotte, North Carolina

                             Attention:  Chief Financial Officer

                             Telephone:     704/551-4604
                             Facsimile:     704/551-4511

                  Buyer:     Harrison Limited Partnership One
                             901 Tallan Building, Suite 901
                             Chattanooga, Tennessee  37402

                             Telephone:     (423) 755-8881
                             Facsimile:     (423) 756-3010

         23. Lease of Additional Property. Prior to or contemporaneously with
the Closing, Seller and Buyer shall execute and deliver a Lease Agreement (the
"Lease") similar to that attached hereto and incorporated herein as Exhibit C,
pursuant to which, following the Closing, Seller shall lease from Buyer the
Property, together with the adjoining real property currently owned by Buyer
(such additional property and the improvements thereon, together with the
Property, is herein referred to as the "Project") in accordance with the terms
and conditions contained therein. Said Lease shall commence immediately upon the
Closing hereunder. In the event such Lease is not in full force and effect as of
the date the Closing is to occur, the Closing shall be postponed for a period of
time, not to exceed sixty (60) days. In the event Buyer and Seller have not
entered into a mutually acceptable lease agreement relative to the entire
Project by the expiration of such sixty (60) day period, Buyer and Seller shall
each have the right to terminate this Agreement, at which time the Binder
Deposit shall be refunded to Buyer and the parties hereto shall have no further
rights or liabilities hereunder.

         24. Seller's Construction Obligations. Following the Effective Date
hereof, Seller shall proceed with completion of the construction of certain
improvements (the "New Improvements") on the

                                       11
<PAGE>

Property in accordance with the plans and specifications previously agreed to by
Buyer and Seller. At the Closing, Seller shall deliver the Property, with the
New Improvements completed in lien free condition, to Buyer. In the event the
New Improvements are not completed and in lien free condition on or prior to the
Outside Date of Closing, Buyer shall have the right to extend the Outside Date
of Closing for up to one hundred twenty (120) days to allow for the completion
of the New Improvements. Currently, the total construction costs of the New
Improvements (the "Construction Costs") are estimated to be Seven Million Eight
Hundred Seventy-Two Thousand Six Hundred Forty-Three and No/100 Dollars
($7,872,643.00). Seller and Buyer hereby acknowledge that the actual
Construction Costs will not be finalized until after the Closing. As soon as
reasonably practical following completion of the New Improvements, Seller shall
provide Buyer with reasonable evidence of the actual Construction Costs incurred
by Seller. In the event the actual Construction Costs exceed $7,872,643.00,
Buyer shall pay to Seller an amount equal to the difference between the two
amounts. In the event the actual Construction Costs are less than $7,872,643.00,
Seller shall refund to Buyer an amount equal to the difference between the two
amounts. Any amounts to be paid by Seller or Buyer pursuant to this Paragraph 24
shall be paid within fifteen (15) days of the date Seller delivers written
notice of the actual Construction Costs to Buyer. The obligations of this
Paragraph 24 shall survive the Closing.

         25. Miscellaneous.

         (a)      The term "Effective Date," as used in this Agreement, shall be
                  deemed to refer to the date a fully executed original of this
                  Agreement is delivered to each party hereto, and the Effective
                  Date shall be inserted as the date of this Agreement in the
                  introductory paragraph of this Agreement.

         (b)      This Agreement constitutes the entire agreement between the
                  parties hereto with respect to the transaction contemplated
                  herein; and it is understood and agreed that all undertakings,
                  negotiations, representations, promises, inducements and
                  agreements heretofore had between these parties are merged
                  herein. This Agreement may not be changed orally, but only by
                  an agreement in writing signed by both Buyer and Seller; and
                  no waiver of any of the provisions in this Agreement shall be
                  valid unless in writing and signed by the party against whom
                  such waiver is sought to be enforced.

         (c)      The provisions of this Agreement shall inure to the benefit
                  of, and shall be binding upon, the parties hereto and their
                  respective heirs and permitted successors and assigns, as may
                  be applicable.

         (d)      TIME IS OF THE ESSENCE in this Agreement with respect to the
                  Outside Date of Closing. In addition, if the final day of any
                  period of time set out in any provision of this Agreement,
                  including, without limitation, the Outside Date of Closing and
                  the Investigation Period, falls on a Saturday, Sunday or
                  holiday recognized by Bank of America, N.A., or any successor
                  thereto ("Bank of America"), in Charlotte, North Carolina,
                  then in such case, such period shall be deemed extended to the
                  next day which is not a Saturday, Sunday or holiday recognized
                  by Bank of America in Charlotte, North Carolina.

         (e)      No presumption shall be created in favor of or against Seller
                  or Buyer with respect to the interpretation of any term or
                  provision of this Agreement due to the fact that this
                  Agreement was prepared by or on behalf of one of said parties.

         (f)      Words of any gender used in this Agreement shall be held and
                  construed to include any other gender, and words in the
                  singular number shall be held to include the plural and vice
                  versa, unless the context requires otherwise.

                                       12
<PAGE>

         (g)      The captions used in connection with the paragraphs of this
                  Agreement are for reference and convenience only and shall not
                  be deemed to construe or limit the meaning of the language
                  contained in this Agreement or be used in interpreting the
                  terms and provisions of this Agreement.

         (h)      This Agreement may be executed in two or more counterparts and
                  shall be deemed to have become effective when and only when
                  one or more of such counterparts shall have been signed by or
                  on behalf of each of the parties hereto (although it shall not
                  be necessary that any single counterpart be signed by or on
                  behalf of each of the parties hereto, and all such
                  counterparts shall be deemed to constitute but one and the
                  same instrument), and shall have been delivered by each of the
                  parties to the other.

         (i)      When anything is described or referred to in this Agreement in
                  general terms and one or more examples or components of what
                  has been described or referred to generally is associated with
                  that description (whether or not following the word
                  "including"), the examples or components shall be deemed
                  illustrative only and shall not be construed as limiting the
                  generality of the description or reference in any way.

         (j)      If any provision of this Agreement is held to be illegal,
                  invalid or unenforceable under present or future laws, such
                  provision shall be fully severable; this Agreement shall be
                  construed and enforced as if such illegal, invalid or
                  unenforceable provision had never comprised a part of this
                  Agreement; and the remaining provisions of this Agreement
                  shall remain in full force and effect and shall not be
                  affected by the illegal, invalid or unenforceable provision or
                  by its severance from this Agreement. Furthermore, in lieu of
                  such illegal, invalid or unenforceable provision, there shall
                  be added automatically as a part of this Agreement a provision
                  as similar in terms to such illegal, invalid or unenforceable
                  provision as may be possible and be legal, valid and
                  enforceable.

         (k)      This Agreement is intended to be performed in the State in
                  which the Property is located and shall be construed and
                  enforced in accordance with the laws of said State.

         (l)      Each party hereto represents and warrants to the other party
                  that the execution of this Agreement and any other documents
                  required or necessary to be executed pursuant to the
                  provisions hereof are valid, binding obligations and are
                  enforceable in accordance with their terms.

                      [SIGNATURES APPEAR ON FOLLOWING PAGE]

                                       13
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed under seal by persons duly empowered to bind the parties to perform
their respective obligations hereunder the day and year first above written.

SELLER:                                      BUYER:

HARRISON LIMITED PARTNERSHIP ONE             COCA-COLA BOTTLING CO. CONSOLIDATED

By:  General Partner,
     JFH Management, Inc.                    By: /s David V. Singer
                                                 -------------------------------
                                             Name:  David V. Singer
                                             Title: Vice President & CFO
     By: /s J. Frank Harrison
         --------------------------------
     Name: J. Frank Harrison
     Title: President

By:  Limited Partner,
     Remainder Trust Under the Revocable
     Agreement of Anne Lupton Carter

     By: s/ Reid M. Henson
         --------------------------------
     Name: Reid M. Henson
     Title: Trustee

     By: s/ J. Frank Harrison, III
         --------------------------------
     Name: J. Frank Harrison, III
     Title: Trustee

                                       14LEASE AGREEMENT

                               ARTICLE 1. PARTIES

         This Lease is made and entered into between HARRISON LIMITED
PARTNERSHIP ONE, a North Carolina limited partnership, (the "Landlord") and
COCA-COLA BOTTLING CO. CONSOLIDATED, a Delaware corporation (the "Tenant").

                           ARTICLE 2. LEASED PROPERTY

Section 2.01  Description of Leased Property.

         Landlord, for and in consideration of the rents, covenants and
agreements hereinafter set forth and agreed to be paid, kept and performed by
Tenant, does hereby lease to Tenant, and Tenant hereby leases from the Landlord
that certain real property located in Mecklenburg County, North Carolina, a
description of which is attached hereto as Exhibit A (the "Land"), together with
all improvements located thereon, including, without limitation, surrounding
grounds, driveways, parking areas and related facilities, and including all
appurtenances, rights, privileges, easements and advantages thereto belonging
(the Land and the aforesaid improvements shall be referred to collectively
herein as the "Leased Property").

Section 2.02  Landlord's Covenants of Title, Quiet Enjoyment.

         Landlord covenants that it now has, or will have at the commencement of
the Term (as defined hereinafter), title to the Leased Property and the right to
make this Lease for the Term. Landlord further covenants and warrants that as
long as Tenant is not in default under the terms of this Lease, Tenant shall
have quiet, exclusive and peaceful possession of the Leased Property and shall
enjoy all of the rights herein granted without interference. Tenant represents
and warrants that it has made an independent investigation of the zoning of the
Land and determined that the same is satisfactory for its purposes. Tenant
further acknowledges that the improvements constructed on the

<PAGE>

Land have been inspected by it and that it leases the same from Landlord in
their "as is" condition without any representation or warranty, implied or
otherwise, as to condition or the suitability thereof for Tenant's purposes.
Tenant acknowledges and agrees that easement contained in Book 3648 at Page 436
in the Mecklenburg Public Registry provides for a waterline right-of-way which
may be terminated by CSX Corp. at any time. Such termination shall not affect
the obligations of Tenant hereunder.

                             ARTICLE 3. LEASE TERM

Section 3.01 Term - Lease Year.

         The term of this Lease (the "Term") shall be for a period of ten (10)
years, expiring at midnight on December 31, 2010.

Section 3.02 Commencement of Term.

         The Term shall commence on December 15, 2000 or simultaneously with the
date Landlord acquires title to all of the Leased Property (the "Commencement
Date"). The entry or presence of Tenant on the Land prior to the Commencement
Date, for the purpose of conducting its business shall not constitute
commencement of the Term. Irrespective of such entry or presence, the Term and
the payment of "Base Rent" and "LIBOR Rent" (as those terms are defined
hereinafter) shall not begin until the Commencement Date.

                                ARTICLE 4. RENT

Section 4.01 Base Rent.

         The annual base rent (the "Base Rent") for the initial twelve (12)
month period of the Term shall be $3,964,148.00. Beginning with the first (1st)
anniversary of the Commencement Date, and continuing with each subsequent
anniversary of the Commencement Date, the Base Rent paid by

                                       2
<PAGE>

Tenant shall be increased by 2.5%. The new Base Rent shall be calculated by
multiplying the Base Rent in effect during the immediately preceding twelve (12)
month period of the Terms by 102.5%.

Section 4.02 LIBOR Rent.

         In addition to the Base Rent payable by Tenant, Tenant shall pay an
additional annual rent during the Term, which additional rent shall be based
upon changes in LIBOR (as defined hereinafter) (the "LIBOR Rent") and shall be
calculated as provided in this Section 4.02. The LIBOR Rent on the Commencement
Date shall be zero. Thereafter, and for the duration of the Term, for each basis
point change in LIBOR from 6.770%, the LIBOR Rent shall increase or decrease in
the direction corresponding to the LIBOR change, by the amount of $2,710.00 per
annum. Changes only will occur in increments of a full basis point (i.e., there
will be no proration for changes of less than a full basis point).

         "LIBOR" as used herein, shall mean the London Interbank Offered Rate as
quoted in the Wall Street Journal and other readily available financial sources,
for any of the normal time periods (30, 60, 90, or 180 days) for which such
rates are made available to qualified borrowers and which shall be mutually
agreed to by Landlord and Tenant.

Section 4.03 Payment of Rent.

         Tenant shall pay the Base Rent in quarterly installments, in advance,
and without demand on the first (1st) day of each and every quarter during the
Term.

Section 4.04 Payment of LIBOR Rent.

         Tenant shall pay the LIBOR Rent in quarterly installments in advance
without demand on the first (1st) day of each and every quarter during the Term.
Each installment of the LIBOR Rent shall be adjusted retroactively at the
expiration of each quarter to reflect changes in LIBOR, as determined pursuant
to Section 4.02 hereof, during such quarter. Upon such adjustment, Landlord

                                       3
<PAGE>

shall refund to Tenant or Tenant shall pay to Landlord, as appropriate, within
ten (10) days of demand therefor, such sums as are necessary for Tenant to have
paid the installment of the LIBOR Rent, as adjusted, which was owed by it for
the preceding quarter.

Section 4.05 Late payment of Rent.

         In the event any quarterly installment of Base Rent or LIBOR Rent is
not received on the due date, such amount shall accrue interest at the rate of
fifteen percent (15%) per annum (or the maximum interest rate allowed by law if
less than 15%) and such interest shall be due and payable by Tenant to Landlord
for the period of time said payment is delinquent as additional rent hereunder;
provided that a default shall occur only as specified in Section 14.01 herein.
The imposition of this charge shall not be deemed a waiver or be in lieu of
Landlord's other rights hereunder.

               ARTICLE 5. BUILDING OPERATIONAL EXPENSES AND TAXES

Section 5.01 Operational Expenses.

         Tenant shall be responsible for all expenses and charges which, during
the Term, shall be incurred in connection with the possession, occupation,
operation, alteration, maintenance, repair and use of the Leased Property, and
any other sums which, except for the execution and delivery of this Lease, would
be chargeable against the Leased Property or the owner, occupant or possessor of
the Leased Property.

Section 5.02 Taxes.

         Tenant shall pay to the appropriate taxing authorities prior to
delinquency, all real estate taxes and assessments of any nature whatsoever
levied or assessed on the Leased Property during the Term and taxes, assessments
and charges levied in lieu of such real estate taxes, charges and assessments
and taxes levied on or with respect to rentals payable hereunder (other than
income taxes on the

                                       4
<PAGE>

overall income of Landlord). Tenant shall, within ten (10) days after the
required date of payment, furnish to Landlord copies of paid receipts for all
such taxes, assessments and charges. Said taxes and assessments shall be
prorated for any partial calendar year or tax period during the Term.

Section 5.03 Review of Taxes.

         Tenant shall have the right to challenge, by legal proceedings
instituted and conducted at Tenant's own expense, and free of expense to
Landlord, any such taxes imposed upon or against the Land. Landlord shall join
in any such proceedings and hereby agrees that any such proceeding may be
brought in its name if the provisions of any law, rule or regulation shall so
require. Tenant shall nevertheless pay and continue to pay, as the same becomes
due and payable, such impositions under protest, and Tenant shall be entitled to
any refund which is made of any such amounts. Landlord shall not, without
Tenant's prior written approval, make or agree to any settlement, compromise or
other disposition of any such proceedings, or discontinue or withdraw from any
such proceedings or accept any refund so long as Tenant shall comply with the
terms of this Lease, including specifically the requirement to pay rent.

                                 ARTICLE 6. USE

Section 6.01 Use.

         It is Tenant's intention to use or cause the Leased Property to be used
for the purpose of operating a Coca-Cola Bottling Plant and related sales,
storage and office facilities or such other lawful business as Tenant may from
time to time deem advisable; provided, however, Tenant shall not conduct any
business within the Leased Property which violates local, state or federal laws,
rules or regulations.

                                       5
<PAGE>

Section 6.02 Tenant's Compliance With Law.

         Tenant shall at all times during the Term comply with any and all laws,
ordinances, rules or regulations of any governmental authority having
jurisdiction over the Leased Property, including the making of any structural
changes on or to the Leased Property in order to comply with any such law,
regulation, requirement, or order.

                          ARTICLE 7. FIXTURES AND SIGNS

Section 7.01 Installation and Removal of Trade Fixtures.

         Tenant may install in and affix to the Leased Property such fixtures,
signs and equipment as Tenant deems desirable (subject to Tenant's obligations
under Section 6.02 above). All such fixtures, signs and equipment shall remain
the property of Tenant and may be removed at any time provided that Tenant, at
its expense, shall repair any damage caused by reason of such removal. Tenant
shall pay all taxes or other charges or fees levied or assessed against or as a
result of such fixtures, signs and equipment.

Section 7.02 Tenant's Exclusive Right to Erect Signs.

         Tenant shall have the exclusive right to erect and maintain upon the
Leased Property all signs which lawfully may be placed thereon and which it
deems appropriate to the conduct of its business. Landlord shall not place any
signs or advertising matter of any nature upon any part of the Leased Property
or permit others to do so.

Section 7.03 Landlord's Right to Erect Signs.

         The provisions of Section 7.02 notwithstanding, Landlord shall have the
right during the last one hundred eighty (180) days of the Term to advertise and
post "For Rent/Lease or Sale" signs on the Leased Property. Tenant shall
cooperate with Landlord in showing the Leased Property to prospective tenants or
purchasers during normal business hours.

                                       6
<PAGE>

                ARTICLE 8. REPAIRS, ALTERATIONS, RECONSTRUCTION

Section 8.01 Tenant to Maintain.

         Subject to the provisions of Sections 8.04 and 8.05 below, Tenant
shall, at its sole cost and expense, maintain the exterior, roof, parking areas,
landscaping, interior, interior and exterior walls, plumbing, heating and air
conditioning systems, structure, plate glass and all other components and parts
of the Leased Property in good condition and repair throughout the Term.

Section 8.02 Exterior Areas - Maintenance.

         Tenant shall maintain and clean the parking, landscaping and other
exterior areas of the Leased Property, keeping the same in good condition and
repair throughout the Term, and Tenant shall provide for lighting such areas at
its sole cost and expense.

Section 8.03 Tenant's Right to Make Alterations or Additions.

         Tenant may, at its own expense, make such nonstructural alterations,
additions and changes to the Leased Property as it may deem necessary. Any
structural alteration, addition, or change to the Leased Premises must be
approved in writing by Landlord, which approval will not be unreasonably
withheld, and shall become a part of the Leased Property and may not be removed
upon termination of the Lease. Non-structural alterations, additions, or changes
shall become a part of the Leased Property and upon the termination of this
Lease, Tenant shall have the right and may be required by Landlord to remove the
same. If Tenant removes any such alterations, additions or changes installed by
Tenant, Tenant shall repair all damage to the Leased Property caused by such
removal.

Section 8.04 Damage to Improvements - Repairs or Election to Terminate.

         (a) Repairable Casualty. In the event the Leased Property shall be
damaged by fire, earthquake, other elements or other casualty during the Term
and Tenant does not elect to terminate

                                       7
<PAGE>

this Lease pursuant to Section 8.04(b) below, Tenant shall give prompt notice of
such casualty to Landlord, and shall proceed with reasonable diligence to carry
out any necessary demolition and to restore, repair, replace and rebuild such
building and improvements at Tenant's own cost and expense. If any insurance
proceeds shall have been paid by reason of such damage or destruction, Tenant
shall be entitled to such proceeds in order to complete such repairs. If at any
time Tenant shall fail or neglect to supply sufficient workmen or sufficient
materials of proper quality, or fail in any other respect to prosecute such work
of demolition, restoration, repair, replacement or rebuilding with diligence and
promptness, then Landlord may give to Tenant written notice of such failure or
neglect, and if such failure or neglect continues for more than sixty (60) days
after such notice, then Landlord, in addition to all other rights which Landlord
may have, may enter upon the Leased Property, provide labor and/or materials,
cause the performance of any contract and/or do such other acts and things as
Landlord may deem advisable to prosecute such work, in which event Landlord
shall be entitled to reimbursement of its costs and expenses out of any
insurance proceeds for application to the cost of such work. All costs and
expenses incurred by Landlord in carrying out such work for which Landlord is
not reimbursed out of insurance proceeds or other moneys shall be borne by
Tenant and shall be payable by Tenant to Landlord as additional rent within ten
(10) days of demand therefor, which demand may be made by Landlord from time to
time as such costs and expenses are incurred, in addition to any or all damages
to which Landlord shall be entitled hereunder.

         Rent shall not abate hereunder by reason of any damage to or of the
Leased Property and Tenant shall continue to perform and fulfill all of Tenant's
obligations, covenants and agreements hereunder notwithstanding any such damage
or destruction.

                                       8
<PAGE>

         (b) Substantial Casualty. In the event the Leased Property shall be
damaged by fire, earthquake, other elements or other casualty during the Term
and the Board of Directors of Tenant shall reasonably determine in good faith
that the Leased Property has been rendered unsuitable for continued use in
Tenant's business and may not be restored on an economically feasible basis (a
"Substantial Casualty"), Tenant shall give notice to Landlord (the "Notice")
within six (6) months following such Substantial Casualty of its election to
either (A) purchase the Leased Property from Landlord pursuant to Section
8.04(b)(i) or (B) convey to Landlord a Substitute Property (as defined below)
pursuant to Section 8.04(b)(ii).

                  (i) Purchase of the Leased Property. If Tenant elects to
         purchase the Leased Property from Landlord following a Substantial
         Casualty, Tenant shall specify a purchase date which is a rental
         payment date not less than 120 nor more than 365 days after delivery of
         the Notice (the "Purchase Date"). On the Purchase Date, Landlord shall
         convey the Leased Property to Tenant free of all liens except liens
         created or consented to by Tenant or placed on the Leased Property in
         default of Tenant's obligations under this Lease and Tenant shall pay
         to an amount equal to the Purchase Price (as defined below) plus all
         Base Rent or LIBOR Rent accrued up to the Purchase Date, at which time
         this Lease shall terminate. For purposes of this section, the "Purchase
         Price" shall be the greater of (a) the fair market value of the Leased
         Property on the date immediately preceding the date the Substantial
         Casualty occurred, or (b) the sum of the outstanding principal balance
         of any existing loans in favor of Landlord which are secured, in whole
         or in part, by the Leased Property and all accrued but unpaid interest
         thereon, as of the Purchase Date. Any insurance

                                       9
<PAGE>

         proceeds payable in connection with such casualty shall be payable to
         Tenant. Each party will pay its own expenses in connection with the
         purchase.

                  (ii) Substitution. If Tenant elects to deliver a Substitute
         Property to Landlord following a Substantial Casualty, Tenant shall
         convey to Landlord on the next rental payment date which occurs not
         less than 120 nor more than 365 days after the delivery of the Notice
         (the "Substitution Date"), in exchange for the Leased Property, a
         Substitute Property as defined below.

                  If, in substitution for the Leased Property, Tenant notifies
         Landlord that Tenant intends to convey to Landlord a fee simple
         interest in a land parcel and in the improvements thereon (the
         "Substitute Property"), Tenant shall, pursuant to the Notice, notify
         Landlord that Tenant will convey to Landlord, on or prior to the
         Substitution Date, the Substitute Property (v) which, when substituted
         for the Leased Property, will result in Landlord having a tax free
         exchange, (w) having a fair market value determined as if free of all
         encumbrances (as certified by an appraiser) not less than the greater
         of (i) the then fair market value of the Leased Property determined as
         if free of all encumbrances (as certified by an appraiser) and (ii) the
         certified costs incurred with respect to the Land acquisition, the
         construction of the Improvements, as defined in the Purchase and Sale
         Agreement made and entered into by and among Landlord and Tenant dated
         effective as of December 15, 2000 (the "Purchase and Sale Agreement"),
         and the related capitalized expenses with respect to the Leased
         Property, (x) the improvements of which are of the same type, used or
         useful for the same or substantially similar purposes and are in
         structure and construction similar to the Improvements and (y) which is
         subject to no liens or

                                       10
<PAGE>

         encumbrances. Tenant shall deliver to Landlord an appraisal of the
         Leased Property and an appraisal of the Substitute Property made by an
         appraiser or appraisers selected by Tenant, subject to the approval of
         Landlord, which approval shall not be unreasonably withheld, and which
         appraisals shall be made at the expense of Tenant.

                  Tenant shall pay all rent and other sums then due and payable
         hereunder through and including the Substitution Date. Upon compliance
         with this Section 8.04(b)(ii), the Leased Property shall be conveyed to
         Tenant or its designee and thereupon this Lease shall terminate as to
         the Leased Property, except with respect to obligations and liabilities
         of Tenant hereunder, actual or contingent, which have arisen on or
         prior to the Substitution Date. Simultaneously with such conveyance,
         Landlord and Tenant shall enter into a lease of the Substitute
         Property, which lease shall be identical in all respects to this Lease
         (including the provisions hereof with respect to rent) except with
         respect to the Commencement Date thereof and any other changes required
         by the location and/or character of the Substitute Property. Tenant
         shall convey to Landlord a good and marketable fee simple interest in
         the Substitute Property and deliver to Landlord (A) an owner's policy
         of title insurance in favor of Landlord in form and amount satisfactory
         to Landlord and (B) a currently dated "as-built" survey in form and
         substance satisfactory to Landlord and (C) such other instruments as
         may be reasonably requested by Landlord. Tenant shall have obtained all
         necessary approvals, authorizations and consents of all governmental
         bodies (including courts) having jurisdiction with respect to the
         transactions. Each party shall pay its own expenses in connection with
         the substitution.

                                       11
<PAGE>

Section 8.05 Tenant's Repairs for Building and Occupancy Regulations.

         If any governmental agency or any department or division thereof shall
condemn the Leased Property or any part thereof as unsafe or as not in
conformity with the laws and regulations relating to the use, occupation, and
construction thereof (including, without limitation, the Americans with
Disabilities Act, as amended), or shall order or require any rebuilding,
alteration or repair, Tenant shall immediately at Tenant's own cost and expense
(and without any right of reimbursement from Landlord) effect such alterations
and repairs in the Leased Property as may be necessary to comply with such laws,
regulations, orders, or requirements. All such alterations and repairs shall be
made in accordance with the plans and specifications approved in writing by
Landlord, which approval shall not be unreasonably withheld.

Section 8.06 Condition of Leased Property on Surrender.

         At the termination of this Lease, Tenant shall surrender the Leased
Property to Landlord in good condition and repair, subject only to the
consequences and effect of reasonable wear and tear and permissible alteration,
additions and changes under Section 8.03, condemnation, casualty and acts of God
and the terms of Section 8.04 herein.

Section 8.07 Mechanic's Liens.

         Tenant will pay for all work performed on the Leased Property by its
employees or contractors and shall indemnify and hold Landlord harmless from all
liability resulting from any lien or claim of lien arising out of such work.
Tenant shall have the right, at its sole cost and expense, to contest the
validity of any such lien or claimed lien. Landlord shall have the right to
enter the Leased Property for the purpose of posting notices of nonliability for
work performed at the direction of Tenant. Should a lien be filed against the
Leased Property or any other action, affecting title thereto be commenced, the
party first receiving notice thereof shall immediately give

                                       12
<PAGE>

written notice to the other party. Tenant shall promptly take all necessary
action to cause the same to be discharged or removed.

                            ARTICLE 9. CONDEMNATION

Section 9.01 Condemnation.

         (a) Repairable Condemnation. In the event of a condemnation of the Land
or the Improvements to the Land after which Tenant does not elect to terminate
this Lease pursuant to Section 9.01(b) below, Tenant shall promptly commence and
diligently complete such repair, reconstruction and restoration to a use similar
to, and fair market value not less than, what existed prior to the condemnation;
provided, however, if the net condemnation award exceeds the cost of repair,
Landlord may retain such excess, and the fair market value of the Premises after
such repair shall not be less than the fair market value of the Premises prior
to the taking, reduced by any award so retained by Landlord. If Landlord retains
any excess award, the purchase price payable by Tenant in the event of a
purchase of the Premises pursuant to Article 8, 9, or 12 shall be reduced by an
amount equal to the amount so retained by Landlord. All condemnation proceeds
shall be made available to Tenant to complete such repairs. This Lease shall
continue in full force and effect, and Base Rent and LIBOR Rent shall not be
abated as a result of such taking.

         (b) Substantial Condemnation. In the event of a taking of all or any
portion of the Leased Property under the power of eminent domain in a bona fide
transaction by any public or quasi public authority which, in the good faith
opinion of Tenant's Board of Directors, renders the Leased Property unsuitable
for continued use in Tenant's trade or business (a "Substantial Condemnation"),
Tenant shall, within eighteen (18) months following such Substantial
Condemnation, either (A) purchase the Leased Property from Landlord under the
procedures set forth in Section 8.04(b)(i) (relating to a purchase of the Leased
Property following a Substantial

                                       13
<PAGE>

Casualty) or (B) convey to Landlord a Substitute Property under the Procedures
set forth in Section 8.04(b)(ii) (relating to substitution following a
Substantial Casualty).

Section 9.02 Notice of Condemnation.

         Landlord shall, immediately after it receives notice of the intention
of any such authority to appropriate or take all or any portion of the Leased
Property, give to Tenant notice in writing of such intended appropriation or
taking.

Section 9.03 Voluntary Sale as Taking.

         A voluntary sale by Landlord to any public body or agency having the
power of eminent domain, either under threat of condemnation or while
condemnation proceedings are pending, shall be deemed to be taking under the
power of eminent domain for the purposes of this Article 9.

                      ARTICLE 10. INDEMNITY AND INSURANCE

Section 10.01 Indemnification of Landlord by Tenant.

Landlord shall not be liable for any damage or liability of any kind or for any
damage or injury to persons or property during the Term from any cause
whatsoever by reason of the use, occupation, and enjoyment of the Leased
Property by Tenant or any person thereon or holding under Tenant. Tenant will
indemnify and hold harmless Landlord from all liability on account of any such
damage or injury and from all liens, claims and demands arising out of the use
of any improvement upon the Leased Property and its facilities or any repairs,
construction or alterations which Tenant may make upon the Leased Property.
However, nothing in this Lease shall impose liability on Tenant for damage or
injury occasioned by failure of Landlord to comply with its obligations
hereunder or by reason of the negligence of Landlord, its agents, servants or
employees.

                                       14
<PAGE>

Section 10.02 Indemnification of Tenant by Landlord.

         Tenant shall not be liable for damage or injury to persons or property
directly caused by agents or employees of Landlord. Landlord will indemnify and
save harmless Tenant from all such liability whatsoever, on account of such
damage or injury to the extent that the insurance provided in Section 10.03
hereof does not fully insure against such damage or injury. This provision shall
not be deemed to invalidate any insurance coverage provided for under the
provision of Section 10.03 hereof or to entitle any insurance carrier thereunder
to any right of subrogation against Landlord.

Section 10.03 Tenant's Insurance.

         Tenant shall carry and maintain, during the Term, at Tenant's sole cost
and expense, the following types of insurance, naming Landlord and Landlord's
lender or mortgagee as an additional insured in each case, in the amounts
specified and in the form hereinafter provided:

                  (a) Liability Insurance. Broad form comprehensive general
liability insurance with limits of not less than Thirty-Six Million Dollars
($36,000,000.00) for each occurrence for bodily injury (including death) and
property damage, insuring against liability of Tenant with respect to the Leased
Property or arising out of the maintenance, use or occupancy thereof.

                  (b) Fire Insurance-Tenant. A policy or policies of fire
insurance with a standard form extended coverage endorsement, to the extent of
at least 100% of the replacement cost of Tenant's improvements, fixtures,
equipment and merchandise, which may from time to time be located in or on the
Leased Property, and any trade fixtures and equipment of others which are in the
Tenant's possession and which are located within the Leased Property. Landlord
shall have no interest in the insurance on Tenant's improvements, merchandise,
equipment or fixtures and will sign all documents necessary or proper in
connection with the settlement of any claim or loss by Tenant; provided,
however, Tenant shall maintain such replacement cost insurance on all items of
Personal

                                       15
<PAGE>

Property and shall name Landlord or Landlord's lender or mortgagee as the
insured with all proceeds payable to Landlord or its lender or mortgagee as
their interest may appear. Landlord shall replace any such Personal Property
which is covered by insurance proceeds paid to Landlord with items of like kind
selected by Tenant to the extent of such insurance proceeds. No abatement in
rent shall be made nor the Lease cancelled in the event of damage or destruction
of Personal Property.

                  (c) Fire Insurance for Improvements. A policy of fire
insurance with standard form extended coverage endorsement to the extent of full
replacement value of the improvements located on the Land to be adjusted
annually to reflect changes in full replacement value. The proceeds of such
insurance policies shall be payable to Landlord and shall be used by Landlord as
herein provided. Such insurance policies shall contain a standard mortgagee
"loss payable" clause in favor of Landlord's lender or mortgagee as may be
required by such lender or mortgagee and shall further provide that the same may
not be cancelled, except upon thirty (30) days' prior written notice to such
lender or mortgagee and to Landlord. Tenant will sign all documents necessary or
proper in connection with the settlement of any claim or loss under this Section
10.03 (c) by Landlord.

                  (d) Business Interruption Insurance. Business interruption
insurance in an amount equal to twelve (12) months' Base Rent and LIBOR Rent as
Base Rent and LIBOR Rent are adjusted hereunder.

Section 10.04 Method of Coverage.

         Tenant's obligations to insure under this Article 10 may be provided by
appropriate amendment, rider or endorsement on any blanket policy or policies
carried by Tenant. Tenant shall provide Landlord with the originals of all such
policies or certified copies thereof.

                                       16
<PAGE>

Section 10.05 Policy Requirements.

         All policies of property insurance to be provided by Landlord or Tenant
shall be issued by companies qualified to do business in the State of North
Carolina, rated at least A by A.M. Best Co. and approved by Landlord and
Landlord's lender or mortgagee, and with regard to fire insurance policies,
shall be issued in the names of Tenant and Landlord as their interest may
appear. With respect to each policy of insurance and each renewal thereof
required pursuant to this Article 10, both parties, at the beginning of the Term
and thereafter not less than thirty (30) days prior to the expiration of any
such policy, shall furnish each other with certificates of insurance for such
coverage. If any lender reasonably requests additional or substituted coverage,
Landlord and Tenant mutually agree to cooperate to satisfy the reasonable
demands of such lender.

Section 10.06 Mutual Waiver Of Subrogation.

         For the purpose of waiver of subrogation, the parties mutually release
and waive unto the other all rights to claim damages, costs or expenses for any
injury to persons (including death) or property caused by a casualty of any type
whatsoever in, on or about the Lease Property if the amount of such damage, cost
or expense has been paid to such damaged party under the terms of any policy of
insurance. All insurance policies carried with respect to this Lease, if
permitted under applicable law, shall contain a provision whereby the insurer
waives, prior to loss, all rights of subrogation against either Landlord or
Tenant.

                ARTICLE 11. ASSIGNMENT AND SUBLETTING PERMITTED

         Tenant may not assign this Lease nor sublet all or any part of the
Leased Property without the prior written consent of the Landlord, which consent
shall not be unreasonably withheld. Tenant shall notify Landlord in writing of
the terms of any proposed assignment or subletting, the name and address of the
proposed assignee or sublessee, and, in the case of a sublease, the area
proposed to be

                                       17
<PAGE>

sublet. Landlord shall notify Tenant within ninety (90) days of Tenant's giving
such notice that it consents or that it withholds its consent to Tenant's
proposal. Failure of Landlord to give Tenant such notice within such ninety (90)
day period shall be deemed a waiver of Landlord's right to withhold its consent
to Tenant's proposed assignment or sublease. Any such permitted assignment and
subletting shall be subject to and governed by the terms of this Lease, and
Tenant shall remain liable for the full performance of all conditions of this
Lease and the payment of all rents hereunder.

                  ARTICLE 12. TENANT'S RIGHT OF FIRST REFUSAL

         For and in consideration of the sum of Ten and No/100 ($10.00) Dollars
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged and in addition to its rights to purchase the Leased
Property as provided in Articles 8 and 9, Landlord agrees not to sell, transfer,
pledge, encumber or otherwise convey any interest in the Leased Property without
first notifying Tenant and providing Tenant with the right of first refusal to
which it is entitled as herein provided for.

                  (a) Notice. In the event there should exist a bona fide offer
for the purchase of the Leased Property, Landlord, prior to the acceptance of
such offer and the consummation of any sale thereof, shall notify Tenant in
writing of such offer and shall offer to Tenant the opportunity to purchase the
Leased Property upon the same terms and conditions as is contained in the bona
fide offer. Tenant shall have ten (10) days from the date of receipt of such
written notice within which to notify Landlord of its desire to exercise its
right of first refusal, and any sale resulting therefrom shall be closed
thereafter as soon as practicable. In the event Tenant should fail to notify
Landlord of its desire to exercise its right of first refusal within the time
allowed herein or fail to consummate the purchase within a reasonable time
thereafter, then Landlord shall be free to sell the Leased Property pursuant to
the bona fide offer, within a period of one hundred twenty (120) days

                                       18
<PAGE>

thereafter. An offer shall not be deemed a bona fide offer unless it is made in
good faith, in writing and by a person or corporation financially able to
consummate the transaction. Any material change in the economic terms or
conditions of a bona fide offer shall necessitate a further notice and the
granting of a further right of first refusal to Tenant.

                  (b) Specific Performance. Landlord and Tenant hereby expressly
acknowledge that any breach of this agreement concerning Tenant's right of first
refusal will result in irreparable injury to Tenant, and that therefore Tenant
shall be entitled to obtain the specific performance of said agreement and a
restraining order or injunction prohibiting Landlord from violating said
agreement as an appropriate remedy in a court of proper jurisdiction. This right
shall not preclude Tenant from obtaining any other appropriate relief to which
it may be entitled, including all costs and reasonable attorneys fees incurred
in enforcing said agreement.

                        ARTICLE 13. DEFAULT AND REMEDIES

Section 13.01 Default by Tenant--Termination After Notice--Opportunity to
              Remedy.

         Should (i) default be made by Tenant in the payment of any portion of
the rent, taxes or other charges when due and should such default continue for
more than fourteen (14) days after written notice to Tenant from the obligee of
such charge or from Landlord specifying such default, or (ii) Tenant fail to
keep the required insurance coverage in full force and effect at all times, or
(iii) default be made, and continue for more than thirty (30) days after written
notice from Landlord specifying such default in the performance of any of the
other covenants on the part of Tenant to be kept or performed, then, and only in
such event, Landlord may at Landlord's option terminate Tenant's right to
possession of the Leased Property by written notice to Tenant and shall have the
immediate right of reentry to remove all persons and property from same and
dispose of or store such property as it deems fit, and in addition or in the
alternative to take such other action or pursue

                                       19
<PAGE>

such other remedies and recover such damages as may be permitted under the laws
of the State of North Carolina; provided, however, that no such termination
shall be effected or action taken or remedy pursued until the expiration of such
additional period, if any, as may be reasonably necessary to remedy a default
involving other than the payment of money, if it is of such character as to
require more than thirty (30) days to remedy and Tenant proceeds promptly and
diligently to cure and correct the same within a reasonable time period and,
further provided that the period for curing any default shall not be extended so
as to jeopardize the interest of Landlord in the Leased Property or subject
Landlord to civil or criminal liability.

Section 13.02 Landlord's Default After Notice and Opportunity to Remedy.

         Should default be made by Landlord, and continue for more than thirty
(30) days after written notice from Tenant to Landlord, in transferring the
Leased Property to Tenant or in allowing a substitution of property pursuant to
Articles 8 or 9 hereof, Tenant may at Tenant's option terminate this Lease
forthwith by written notice to Landlord.

Section 13.03 Right to Remedy Default.

         Each party shall have the right after ten (10) days' written notice to
the other (but shall not be obligated) to correct or remedy any default upon the
part of the other, not cured within the notice period, under any provision of
this Lease, and both parties agree that, if a party shall correct or remedy any
such default, the other party shall pay to the performing party the cost of
correction upon demand, provided such notice shall not be required in the event
of the failure of Tenant to maintain the required insurance or pay taxes as
herein required.

Section 13.04 Termination for Tenant's Bankruptcy or Insolvency.

         Tenant agrees that in the event all or substantially all of its assets
are placed in the hands of a receiver or trustee, and such receivership or
trusteeship continues for a period of sixty (60) days, or

                                       20
<PAGE>

should Tenant make an assignment for the benefit of creditors or be adjudicated
a bankrupt, or should Tenant institute any proceedings under the Bankruptcy Act,
as the same now exists or under any amendment thereof, which may hereafter be
enacted, or under any other act relating to the subject of bankruptcy wherein
Tenant seeks to be adjudicated a bankrupt, or seeks to be discharged of its
debts, or to effect a plan of liquidation, or should any involuntary proceeding
be filed against Tenant under any such bankruptcy laws and Tenant consents
thereto or acquiesces therein by pleading or default, then this Lease or any
interest in and to the Leased Property shall not become an asset in any of such
proceedings and all rent payable by Tenant to Landlord for the remainder of the
Term shall immediately become due and payable by Tenant to Landlord without
notice of default of any kind, which notice is hereby expressly waived by
Tenant. Such rent for the remainder of the Term shall be calculated by using the
Base Rent and LIBOR Rent in effect at the time of Tenant's default and
discounting it to present value at the time of default by applying the judgment
rate then in effect. Landlord and Tenant agree that due to the difficulty of
measuring Landlord's damages in such event, such future rent shall constitute
liquidated damages which shall compensate Landlord for Tenant's default. In any
such event, and in addition to any and all rights or remedies of Landlord
hereunder or by law provided, it shall be lawful for Landlord at its option to
declare the Term ended and to re-enter the Leased Property and take possession
thereof and to remove all persons therefrom, and Tenant shall have no further
claim thereon or hereunder.

                    ARTICLE 14. SUBORDINATION AND MORTGAGEE.

Section 14.01 Subordination of Lease to Future Liens.

         Tenant hereby subjects and subordinates all or any of its rights under
this Lease to any and all mortgages and deeds of trust now existing or placed on
the Land or the Leased Property in the future; provided, however, that the
applicable mortgagee stipulates that Tenant will not be disturbed

                                       21
<PAGE>

in the quiet and peaceful use and enjoyment of the Leased Property so long as
Tenant is not in default hereunder and Tenant's options and rights to purchase
as herein set forth shall not be affected by any action taken under or pursuant
to such deed of trust, provided Tenant is not in default hereunder. Landlord and
Tenant agree that this Lease shall remain in full force and effect
notwithstanding any default or foreclosure under any such mortgage or deed of
trust, and that Tenant will attorn to the mortgagee, trustee or beneficiary of
such mortgage or deed of trust and their successors or assigns, or the purchaser
or assignee under any such foreclosure. Tenant will, upon request by Landlord,
execute and deliver to Landlord, or to any other person designated by Landlord,
any instrument or instruments required to give effect to the provisions of this
Article 14, so long as Landlord first obtains from any lender connected with
such request a written agreement providing: "As long as Tenant performs its
obligations under this Lease, no foreclosure of, deed given in lieu of
foreclosure of, or sale under the encumbrance, and no steps or procedures taken
under the encumbrance, shall affect Tenant's rights under this Lease."

Section 14.02 Notice to Mortgagee and Right to Cure Landlord's Default.

         If the Leased Property or any part thereof is at any time subject to a
first deed of trust and if Tenant is given notice thereof, including the post
office address of the beneficiary in such deed of trust, then notwithstanding
any other provision of this Lease to the contrary, Tenant shall not terminate
this Lease for any default on the part of Landlord without first giving written
notice to such beneficiary specifying the default in reasonable detail, and
affording such beneficiary a reasonable time thereafter (but not less than sixty
(60) days) to cure such default, including, if necessary, the time needed to
foreclose said deed of trust, acquire title to the Leased Property and then cure
such default; provided, however, any monetary default of Landlord must be cured
during

                                       22
<PAGE>

such period of time as is necessary to foreclose the property and further
provided that such foreclosure is pursued diligently during such period.

Section 14.03 Tenant's Consent to Changes in Lease.

         If, in connection with obtaining financing for the Leased Property, a
banking, insurance or other recognized institutional lender shall request
reasonable modifications in this Lease as a condition to such financing, Tenant
will not unreasonably withhold, delay or defer its consent thereto, provided
that such modification does not increase the obligations of Tenant hereunder or
adversely affect the leasehold interest hereby created or Tenant's use and
enjoyment of the Leased Property.

                        ARTICLE 15. GENERAL PROVISIONS.

Section 15.01 No Waiver of Breach.

         No failure by either Landlord or Tenant to insist upon the strict
performance by the other of any covenant, agreement, term or condition of this
Lease or to exercise any right or remedy consequent upon a breach thereof, shall
constitute a waiver of any such breach or of such covenant, agreement, term or
condition. No waiver of any breach shall affect or alter this Lease, but each
and every covenant, condition, agreement and term of this Lease shall continue
in full force and effect with respect to any other then existing or subsequent
breach.

Section 15.02 Time of Essence.

         Time is of the essence with respect to the provisions contained in this
Lease and each provision thereof.

                                       23
<PAGE>

Section 15.03 Computation of Time.

         The time in which any act provided by this Lease is to be done is
computed by excluding the first day and including the last, unless the last day
is a Saturday, Sunday, or holiday, and then it is also excluded.

Section 15.04 Unavoidable Delay-Force Majeure.

         If either party shall be delayed or prevented from the performance of
any act required by this Lease by reason of act of God, strikes, lockouts, labor
troubles, inability to procure materials, restrictive governmental laws or
regulations or other cause, without fault and beyond the reasonable control of
the party obligated (financial inability excepted), performance of such act
shall be excused for the period of the delay; and the period of the performance
of any such act shall be extended for a period equivalent to the period of such
delay; provided, however, nothing in this Section 15.04 shall excuse Tenant from
the prompt payment of any rental or other charge required of Tenant.

Section 15.05 Successor in Interest.

         Landlord shall not assign, transfer, or otherwise dispose of its
interest in the Leased Property or this Lease without first providing Tenant
with the right of first refusal to which it is entitled as provided in Article
12 hereof and, in the event Tenant declines to exercise such right, without the
written agreement of the assignee, transferee or recipient of Landlord's
interest that it covenants and agrees to assume all the liabilities and
obligations of the "Landlord" under this Lease. In the event of such valid
assignment, Landlord shall be entirely freed and relieved of all liabilities and
obligations of the Landlord under this Lease which accrue from or after the date
of such sale. Notwithstanding anything to the contrary contained in this Lease,
it is specifically understood and agreed that the liability of Landlord
hereunder shall be limited to the equity of

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Landlord in the Land in the event of a breach by Landlord of any of the terms,
covenants and conditions of, this Lease to be performed by Landlord. In
furtherance of the foregoing, Tenant hereby agrees that any judgment it may
obtain against Landlord as a result of a breach of any of the terms, covenants
or conditions hereof by Landlord shall be enforceable solely against the
Landlord's fee simple interest in the Land.

Section 15.06 Entire Agreement.

         This Lease and the Purchase and Sale Agreement contain the entire
agreement of the parties with respect to the matters covered by this Lease. No
other agreement, statement or promise made by any party, or to any employee,
officer or agent of any party, which is not contained in these documents shall
be binding or valid.

Section 15.07 Partial Invalidity.

         If any covenant, condition or provision of this Lease is held by a
court of competent jurisdiction to be invalid, void or unenforceable, the
remainder of the provisions shall remain in full force and effect and shall in
no way be affected, impaired or invalidated.

Section 15.08 Relationship of Parties.

         Nothing contained in this Lease shall be deemed or construed by the
parties or by any third person to create the relationship of principal and agent
or of partnership or of joint venture or of any association between Landlord and
Tenant. Neither the method of computation of rent nor any other provisions
contained in this Lease nor any acts of the parties in connection with this
Lease shall be deemed to create any relationship between Landlord and Tenant,
other than the relationship of Landlord and Tenant.

                                       25
<PAGE>

Section 15.09 Interpretation and Definitions.

         The language in all parts of this Lease shall in all cases be simply
construed according to its fair meaning and not strictly for or against Landlord
or Tenant. Unless otherwise provided in this Lease, or unless the context
otherwise requires, the following definitions and rules of construction shall
apply to this Lease.

                  (a) Number and Gender. In this Lease the neuter gender
includes the feminine and masculine, and the singular number includes the
plural, and the word "person" includes corporation, partnership, firm or
association wherever the context so requires.

                  (b) Mandatory and Permissive. "Shall," "will," and "agrees"
are mandatory; "may" is permissive.

                  (c) Captions. Captions of the articles, sections, and
paragraphs of this Lease are for convenience and reference only, and the words
contained therein shall in no way be held to explain, modify, amplify or aid in
the interpretation, construction or meaning of the provisions of this Lease.

                  (d) Parties. Parties shall include the Landlord and Tenant.

                  (e) Sublessee. As used herein, the word "sublessee" shall mean
and include in addition to a sublease and subtenant, a licensee, concessionaire,
or other occupant or user of any portion of the Leased Property.

Section 15.10 Interest.

         Any sum accruing to Landlord or Tenant under the provisions of this
Lease which shall not be paid when due shall bear interest at the rate of
fifteen percent (15%) per annum.

Section 15.11 Modification.

         This Lease is not subject to modification except in writing.

                                       26
<PAGE>

Section 15.12 Delivery of Rent and Notices - Method and Time.

                  (a) All notices, demands or requests from one party to another
may be personally delivered or sent by mail, certified or registered, postage
prepaid, to the addresses stated in this Section 15.12 or sent by facsimile
transmission to the telephone numbers stated in this Section 15.12, and shall be
deemed to have been given at the time of personal delivery, at the end of the
third (3rd) full day following the date of mailing or at the time same is
transmitted by facsimile, provided it is also sent via one of the other means.

                  (b) All rents and other sums payable by Tenant to Landlord
shall be by check payable to "Harrison Limited Partnership One" delivered in
person or mailed to Landlord at 901 Tallan Building, Suite 901, Chattanooga,
Tennessee 37402, or by wire transfer per instructions delivered by Landlord,
from time to time.

                  (c) All notices, demands, or requests from Tenant to Landlord
shall be given to Landlord at 901 Tallan Building, Suite 901, Chattanooga,
Tennessee 37402 or, if by facsimile transmission, to 423/756-3010.

                  (d) All notices, demands, or requests from Landlord to Tenant
shall be given to Tenant at Coca-Cola Bottling Co. Consolidated, 4100 Coca-Cola
Plaza, Charlotte, North Carolina 28211, Attention: Chief Financial Officer or,
if by facsimile transmission, to (704) 551-4451 Attention: Chief Financial
Officer.

                  (e) Each party shall have the right, from time to time, to
designate a different address by notice given in conformity with the provisions
of this Section 15.12.

Section 15.13 Broker's Commission.

         Each of the parties represents and warrants to the other that there are
no claims for broker's commissions or finders' fees payable in connection with
the execution of this Lease. Each party

                                       27
<PAGE>

agrees to indemnify and save harmless the other party from any claim for a
brokerage commission or finder's fee arising as a result of claims made as a
result of the actions of the indemnifying party.

Section 15.14 Landlord's Right to Inspect.

         Landlord shall be entitled, at all reasonable times, to go on the
Leased Property for the purpose of inspecting the Leased Property, or for the
purpose of inspecting the performance by Tenant of the terms and conditions of
this Lease, or for the purpose of posting and keeping posted thereon notices of
non-responsibility for any construction, alteration or repair thereof, as
required or permitted by any law or ordinance.

Section 15.15 Estoppel Certificate.

         Tenant shall, upon demand of Landlord, execute, acknowledge and deliver
to Landlord an estoppel certificate(s) showing whether the Lease is in full
force and effect and whether any changes may have been made to the original
Lease; whether the Term has commenced and full rental is accruing; whether
possession has been assumed and all improvements to be provided by Landlord have
been completed; whether rent has been paid more than thirty (30) days in
advance; whether there are any liens, charges, or offsets against rental due or
to become due; whether the address shown on such estoppel certificate(s) is
accurate and such other information as may be reasonably requested.

Section 15.16 Termination of Existing Lease.

         Effective as of 11:59 p.m. on the day immediately preceding the
Commencement Date, that certain Lease Agreement (the "Existing Lease") by and
between Landlord and Tenant, dated November 30, 1992 relating to a portion of
the Leased Property, shall terminate and be of no further force or effect.
Provided, however, in the event this Lease becomes null and void for any reason
prior to the Commencement Date, the Existing Lease shall not be terminated and
shall

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<PAGE>

remain enforceable in accordance with its terms to the same extent and effect
as if this Lease had never been executed and delivered in the first instance.

        ARTICLE 16. EXECUTION, RECORDING AND INCORPORATION BY REFERENCE.

Section 16.01 Recording.

         The parties shall, after the execution of this Lease, execute,
acknowledge and record a Memorandum of Lease reasonably acceptable to Landlord
and Tenant. Following recording, the Memorandum shall be attached to this Lease.

Section 16.02 Exhibits.

         Exhibit A and Exhibit B are attached and made a part of this Lease.
This Lease has been executed by the parties as of the 15th day of December,
2000.

                      [SIGNATURES APPEAR ON FOLLOWING PAGE]

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<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Lease
effective as of the date first written above.

LANDLORD:                                    TENANT:

HARRISON LIMITED PARTNERSHIP ONE             COCA-COLA BOTTLING CO. CONSOLIDATED

By:  General Partner,
     JFH Management, Inc.                    By: s/ David V. Singer
                                                 -------------------------------
                                             Name: David V. Singer
                                             Title: Vice President & CFO
     By: s/ J. Frank Harrison
         -------------------------------
     Name: J. Frank Harrison
     Title: President

By:  Limited Partner,
     Remainder Trust Under the Revocable
     Agreement of Anne Lupton Carter

     By: s/ Reid M. Henson
         -------------------------------
     Name: Reid M. Henson
     Title: Trustee

     By: s/ J. Frank Harrison, III
         -------------------------------
     Name: J. Frank Harrison, III
     Title: Trustee

                                       30

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