Proposal to purchase the Edward M
May 27, 2016
Charlotte-Mecklenburg Historic Landmarks Commission
2100 Randolph Road
Charlotte, North Carolina 28207
Attention: Dr. Dan L. Morrill
Re: Old Rozzelle’s Ferry Road
Dear Dan:
The purpose of this letter (the “Letter”) is to make a proposal to purchase the property described below. This Letter is not binding on any party.
|Seller: |Mecklenburg Historic Landmarks Commission |
| | |
|Buyer: |John Lindsley or an entity controlled by John Lindsley |
| | |
|Property: |The total land area is 6.019 acres and consists of the following six parcels of property: PID |
| |03122254 (2.088 acres at 11647 Old Rozzelle's Ferry Road); PID 03122256 (0.777 acres at 11625 |
| |Old Rozzelle’s Ferry Road); PID 03122255 (0.644 acres at 11637 Old Rozzelle’s Ferry Road); PID |
| |03122253 (0.52 acres at 11657 and 11659 Old Rozzelle's Ferry Road); PID 03122252 (0.6 acres with|
| |no assigned address); PID 03122258 (1.39 acres at 11601 Old Rozzelle's Ferry Road, currently |
| |being acquired by the Commission from the federal government) |
| | |
|Purchase Price: |$270,000 |
| | |
|Earnest Money: |$2,500 |
| | |
|Financing: |100% Seller-financing to be provided with a five-year balloon mortgage with monthly payments |
| |made at a 30-year amortization rate at a fixed interest rate of 3.5% per annum with payments to |
| |be made beginning one year after closing. |
| | |
|Inspection Period: |Buyer shall have 120 days from the effective date of the definitive purchase contract in which |
| |to perform its investigations and due diligence (the “Inspection Period”). The Purchase Price |
| |reflects that Seller will not be required by Buyer to bring the tavern up to residential code. |
| | |
|Closing Date: |Closing shall occur within 30 days of the expiration of the Inspection Period. |
| | |
|Project / Zoning: |The Property is presented zoned as MX-2. Buyer intends to have the property rezoned following |
| |closing to a classification that will permit both commercial and residential uses on the |
| |Property with the residential uses being both single and multi-family structures. It is |
| |important that there not be restrictions on the distances between commercial and residential |
| |structures, such as are currently in force under MX-2 (100 feet). Buyer shall file a rezoning |
| |petition within 30 days after closing. Buyer will diligently pursue rezoning and shall have one|
| |(1) year (the “Entitlement Period”) to complete the rezoning. If Buyer is not able to have the |
| |Property successfully rezoned to a satisfactory (in Buyer’s sole discretion) classification |
| |during the Entitlement Period, Buyer shall have the option but not the obligation, to require |
| |Seller to repurchase the Property for the Purchase Price. |
| | |
|Restrictions: |There are five existing structures, four of which are currently contributing to the historic |
| |status: the Edward M. Rozzelle house, well, corn-crib, and log-barn. None of these can be torn |
| |down, but we do have the option of moving the corn-crib and/or the log barn to another location |
| |on the property. |
| | |
| |The Property will be subject to Seller’s customary covenants (which shall be disclosed during |
| |the Inspection Period) including approval of, and design review for, any future structures built|
| |on site, and right of first refusal on any future sale of the existing historic structures, but |
| |no right of first refusal on the sale of land or any additional structures that might be built. |
| |During the Entitlement Period, Seller should, subject to the necessary design review, |
| |pre-approve the commercial re-purposing of the house as a tavern, and the building of at least |
| |15 townhouses and/or single-family homes on the “main tract”. The additional parcel fronting |
| |the main road (i.e., 11601 Old Rozzelle's Ferry Road, currently being acquired by the Seller) is|
| |the subject of a recent ordinance and is now also designated historical, and subject to design |
| |review. During the Entitlement Period, Seller should, subject to the necessary design review, |
| |pre-approve the commercial and/or residential use of the additional parcel. If Buyer is not |
| |able to obtain satisfactory (in Buyer’s sole discretion) Seller pre-approvals during the |
| |Entitlement Period, Buyer shall have the option but not the obligation, to require Seller to |
| |repurchase the Property for the Purchase Price. |
| | |
|Extensions of Closing: |Buyer shall have the right to extend the Closing Date 2 consecutive times for a period of 60 |
| |days each. Simultaneously with each Extension, Buyer shall deposit an additional $2,500 of |
| |earnest money with the escrow agent prior to the currently scheduled Closing Date. This |
| |additional earnest money shall not be applied to the purchase price and shall not be refundable |
| |(except in the event of a termination due to condemnation, casualty or Seller’s default). |
| | |
|Closing Costs: |Seller will pay transfer taxes (i.e., deed stamps), the costs of its attorney, and all |
| |assessments, rollback taxes and other deferred taxes. Normal ad valorem taxes will be pro-rated|
| |on a daily basis as of the date of closing. |
| | |
|Real Estate Commissions: |Neither party is being represented by a broker on this transaction. Accordingly, neither party |
| |shall be responsible for the payment of any real estate commissions. |
| | |
If the foregoing is acceptable, please sign and date this Letter in the space provided below and return a signed copy to me. I would welcome an opportunity to talk to you about any questions and concerns about this proposal.
Very truly yours,
John Lindsley
Acknowledged and agreed:
SELLER:
CHARLOTTE-MECKLENBURG HISTORIC LANDMARKS COMMISSION
By: __________________________
Name: __________________________
Title: __________________________
Date: __________________________
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related searches
- where to purchase teavana tea
- best way to purchase a new car
- how to purchase a home
- how to purchase stocks online for dummies
- how to purchase first home
- stocks to purchase today
- how to purchase vanguard funds
- how to purchase a vehicle
- ways to purchase a car
- where to purchase recreational marijuana in massachusetts
- grant proposal template fill the blanks
- proposal to purchase real estate