Coltrane-Graham-Harriss-Covington Contract, 1953

NORTH CAROLINA GUILFORD COUNTY

This CONTRACT Made and Entered into this 22nd day of April, 1953, by and between J. W. COLTRANE and his wife, EVA H. COLTRANE, and J. R. GRAHAM and his wife, SALLIE GRAHAM, parties of the first part, and J. WELCH HARRISS and ELIZABETH H. COVINGTON, parties of the second part,

WITNESSETH That, whereas, the parties of the first part have heretofore been the owners of certain lands situated in the town of Burlington, Alamance County, North Carolina, which lands were deeded to the parties of the second part by them on the 28th day of March, 1953; and,

Whereas, the parties of the first part prior to the executing of said deed entered into a contract and lease agreement with The Kroger Co. which agreement was dated the 18th day of September, 1952, by the terms of which the parties of the first part were to construct a store building on said land for lease to the said Kroger Co.; and,

Whereas, the parties of the second part are entering into a new lease agreement with The Kroger Co. and the parties of the first part and The Kroger Co. are to cancel their lease dated September 18, 1952; and,

Whereas, the parties of the first part have agreed with the parties of the second part to construct the said store building in accordance with the requirements of The Kroger Co..

NOW, THEREFORE, For and in consideration of the sum of ($146,000) ONE HUNDRED FORTY-SIX THOUSAND DOLLARS to be paid by the parties of the second part to the parties of the first part, the parties agree as follows:

1. That the parties of the first part shall construct upon said lands a store building according to the terms and conditions set out in the lease agreement entered into between the parties of the second part and The Kroger Co.; said construction is to be completed not

later than August 1, 1953, and is to be done in a manner satisfactory to The Kroger Co. under the terms of said lease agreement.

2. The parties of the first part agree that upon completion of the said building there will be no encumbrances against the same and that they will submit upon the request of the parties of the second part complete lien releases.

3. That the parties of the second part will pay to the parties of the first part the said sum of ($146,000) ONE HUNDRED FORTY-SIX THOUSAND DOLLARS as follows:

($50,000) FIFTY THOUSAND DOLLARS immediately and the balance to be paid in installments on a monthly basis as the work is completed and as bona fide statements are submitted to the parties of the second part each; the last payment is to be made not later than 30 days after the final acceptance of said building by the parties of the second part and by The Kroger Co..

In Testimony Whereof the said parties of the first part and the parties of the second part have hereunto set their hands and seals the day and year first above written.

Elinor H. Black Witness [of] J. W. Coltrane (SEAL) Elinor H. Black Witness [of] Eva H. Coltrane (SEAL) Elinor H. Black Witness [of] J. R. Graham (SEAL) Elinor H. Black Witness [of] Sallie Graham (SEAL) J. V. Morgan Witness [of] J. Welch Harriss (SEAL) J. V. Morgan Witness [of] Elizabeth H. Covington (SEAL)