EXHIBIT 10.8
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OPTION
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Option given this 11th day of September 2000 by the CITY OF GAINESVILLE,
Georgia, 000 Xxxxx Xxxxxx, X.X., Xxxxxxxxxxx, Xxxxxxx 00000, Optionor, to NBOG
BANCORPORATION, INC., F/K/A/ GSB/LLC, 0000 Xxxx Xxxxx Xxxx, Xxxxx X,
Xxxxxxxxxxx, Xxxxxxx 00000, Optionee.
1. Optionor, in consideration of $11,325.00 paid by Optionee to Optionor,
receipt of which is acknowledged by Optionor, grants to Optionee the exclusive
right and option to purchase, on the following terms and conditions, that real
property described in Exhibit "A" attached hereto and by reference made a part
hereof.
2. The term of this option shall be 120 days, commencing this date and
continuing until January 29, 2001.
3. The full purchase price of the property is $225,000.00, which amount shall
be payable as provided in this agreement if Optionee elects to exercise this
option.
4. If Optionee purchases the property described in this option, and under the
terms and conditions of this agreement, $11,325.00, the consideration paid for
this option, shall be applied to the purchase price.
5. Optionee may exercise this option by giving Optionor written notice,
signed by Optionee, before the time set for expiration. Within 60 days after
receipt of such notice, Optionor shall deliver to Optionee, against payment of
the purchase price, a limited warranty deed to the property. Tender of
Optionee's valid check for the purchase price less any amount already paid by
Optionee and to be credited to Optionee shall constitute a sufficient tender.
6. Title to the property shall be conveyed free and clear of all
encumbrances. The ad valorem taxes on the property assessed or to be assessed
for the year in which this transaction is finally consummated shall be prorated
between the parties to the date of delivery of the deed on conveyance; if such
taxes are not ascertainable at the time of delivery of the deed on conveyance,
the amount of the prior year's taxes shall then be used as a basis of proration.
7. If at any time before the consummation of the purchase and sale under this
option it appears from laws, regulations, and/or ordinances, either national,
state, or local, or for any other reason, that Optionee is unable to obtain
necessary zoning, consents and permits to construct, install, and maintain
building, driveways, approaches, and equipment in accordance with Optionee's
plans to build a bank building and to operate and carry on a bank on or at the
property, or that the property cannot for any reason be used as a bank, then
Optionee may terminate this option and be under no obligation to complete the
purchase and the consideration of $11,325.00 shall be returned by Optionor to
Optionee.
8. If Optionee does not exercise this option in accordance with its terms and
within the option period, this option and the rights of Optionee shall
automatically and immediately terminate without notice. In the event Optionee
fails to exercise this option, Optionor shall retain the $11,325.00 paid as
consideration for this option.
9. All notices provided for in this agreement shall be deemed to have been
duly given if and when deposited in the United States mail with proper and
sufficient postage affixed, properly addressed to the party for whom intended at
the party's above listed address, or when delivered personally to such party.
10. Time is of the essence of this option.
This option shall be binding upon and shall inure to the benefit of the parties
to it, and to their respective heirs, successors, or assigns.
IN WITNESS WHEREOF, the parties have executed this option at Gainesville,
Georgia, the day and year first above written.
Signed, sealed and delivered CITY OF GAINESVILLE, GEORGIA
in the presence of:
/s/ Xxxxxx X. Xxxxxx By: /s/ X. Xxxxxxx Xxx
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Witness Title: City Manager
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/s/ Xxxxx X. Xxxx
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Notary Public
Commission Expires: 6/15/01
(Seal)
Signed, sealed and delivered NBOG BANCORPORATION, INC.
in the presence of: F/K/A/ GSB/LLC
/s/ Xxxx X. Xxxxxxxx By: /s/ Xx. Xxxxxx Xxxxx
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Witness
Title: Managing Partner
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/s/ Xxxxx X. Xxxx
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Notary Public
Commission Expires: 6/15/01
(Seal)