ADDENDUM I TO AGREEMENT
TO BUY AND SELL
BETWEEN TIDELANDS BANK
AND/OR ASSIGNS (BUYER) AND
XXXXX X. XXXXXXX,
XXXXXXX X. XXXXXXXX,
XXXXXXX X. XXXXXXXX
AND XXXXXX X. XXXXXX (SELLER)
DATED JUNE 15, 2005
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1. |
Feasibility Period. The Buyer shall have forty five (45) days from June 15, 2005
of the Agreement to satisfy the following contingencies. |
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(a) |
Buyer to verify a satisfactory zoning classification from the Town of Mt.
Pleasant |
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(b) |
Obtain evidence that there is sewer and water to the property line. |
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(c) |
Obtain an environmental audit of the property showing that the property is
suitable to Buyer’s needs and that property is not subject to any potential liens or claims from the Department of
Health and Environmental Control or other governmental regulatory agency. |
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(d) |
Seller to provide all reports, studies, current leases, surveys and building
plan in their possession within seven (7) days of signing. |
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(e) |
Obtain wetlands delineation that shows the property suitable for Buyer’s
proposed uses and that the wetland can be filled if necessary to enhance the
function of the site. |
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(f) |
Buyer should diligently pursue to seek and remove these contingences and Seller
shall sign all necessary papers and applications for permits. Buyer agrees to
provide Seller a copy of all reports as they are completed. Closing shall occur
within thirty (30) days after the Feasibility Period ends. |
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(g) |
Buyer may terminate this agreement during the Feasibility Period for any reason
whatsoever and be entitled to a full refund of all xxxxxxx money deposits. |
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(h) |
Property is being purchased in “as is” condition with no warranties
being made buy the Seller. |
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(i) |
Seller acknowledges that Purchaser must obtain
the written approval of the appropriate banking regulatory
authorities for Purchaser to purchase the property and Purchaser acknowledges that it must
obtain such approval prior to the expiration of the Feasibility Period and that failure to
obtain such approval will in no way extend the Feasibility Period. |
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(j) |
Buyer must seek approval from Tidelands Bank Board to purchase the property
during the Feasibility Period. |
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(k) |
Buyer may extend Feasibility Period for up to two (2) thirty (30) day periods by
payment of a non refundable, non applicable extension fee of $7,500 per thirty
(30) day extension. |
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2. |
Buyer shall have the right to enter upon the real estate to inspect its physical
condition, conduct studies provided that Buyer does no unduly disturb tenant or
harm the property. |
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3. |
Conveyance subject to all agreements of record. |
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4. |
Buyer may not assign contract without Sellers consent. |
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5. |
Default remedies limited to specific performance and not money damages. |
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6. |
In the event of a conflict between the contract and this Addendum, this Addendum
will control. |
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IN
WITNESS WHEREOF the parties have hereunto set their Hand and Seals the day and year first
above written.
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| Witness: |
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Seller: |
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| ________________________ | | |
________________________ | | |
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Xxxxx X. Xxxxxxx | | |
| ________________________ | | |
Date: ________________________ | | |
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| Witness: |
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Seller: |
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| ________________________ | | |
________________________ | | |
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Xxxxxxx X. XxXxxxxx | | |
| ________________________ | | |
Date: ________________________ | | |
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| Witness: |
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Seller: |
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| ________________________ | | |
________________________ | | |
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Xxxxxxx X. Xxxxxxxx | | |
| ________________________ | | |
Date: ________________________ | | |
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| Witness: |
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Seller: |
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| ________________________ | | |
________________________ | | |
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Xxxxxx X. Xxxxxx | | |
| ________________________ | | |
Date: ________________________ | | |
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| Witness: |
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Buyer: |
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| ________________________ | | |
________________________ | | |
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Tidelands Bank | | |
| ________________________ | | |
Date: ________________________ | | |
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