STATE OF SOUTH CAROLINA )
) OPTION
COUNTY OF PICKENS )
THIS OPTION GRANTED by Ervin Hendricks and Nu-Life Environmental, Inc.
(hereinafter referred to as Seller) to Cornerstone Bancorp, (hereinafter
referred to as Purchaser),
For and in consideration of the sum of Fifteen Thousand and No/100
($15,000.00) Dollars in cash paid by Purchaser to Seller, receipt of which is
hereby acknowledged, and of the covenants hereinafter contained, and of other
good and valuable considerations, the Seller hereby grants to the Purchaser an
option to purchase the following described property:
1. Grant of Option. The Seller does hereby grant to the Purchaser the
exclusive option to purchase, upon such terms and conditions hereinafter set
forth, all that certain piece, parcel, or lot of land lying and being situated
in Pickens County, South Carolina, being known as 1670 East Main Street, Easley,
South Carolina, (hereinafter, the "Property") and being further described in
Exhibit "A" attached hereto.
2. Terms and Exercise of Option. This option shall continue until
August 31, 1999 and shall be exercisable by delivery, on or before its
expiration, of written notice of exercise to Seller. Notice of exercise shall be
deemed delivered to Seller when said written notice is placed in the United
States mail as evidenced by postmark. The Purchaser shall have the right and
option to extend all terms and conditions of this option agreement for an
additional 90 days beyond the expiration date of the original term by tendering
the additional sum of Five Thousand and No/100 ($5,000.00) Dollars to Seller on
or before the said original term. Notice of exercise shall be deemed delivered
when said written notice is placed in the United States Mail as evidenced by
postmark.
3. Purchase Price. The Purchase Price of the property is Four Hundred
Fifty Thousand and No/100 ($450,000.00) Dollars, to be paid by the Purchaser to
Seller at the closing.
4. Title. Seller warrants that the title to the property is of good
clear record and marketable in fee simple, free and clear of all tenancies,
liens and encumbrances whatsoever, including restrictions and easements.
5. Closing. The closing under this option shall take place in Easley,
South Carolina, at a time and place designated by the Purchaser, provided,
however, that said closing shall be within thirty (30) days after exercise of
this option.
6. Deed. At the closing, upon the payment of the purchase price by the
Purchaser, Seller shall execute and deliver to the Purchaser a general warranty
deed to the Property, which shall
convey good and marketable fee simple title to the Purchaser its successors and
assigns, free and clear of all tenancies, liens and encumbrances whatsoever,
including restrictions and easements. Seller shall pay for deed and documentary
stamps and the Purchaser shall pay for all other closing costs. Taxes shall be
prorated.
7. Non-exercise by Purchaser. In the event of the failure of the
Purchaser to exercise this option, all money paid by the Purchaser to the Seller
shall be retained by the Seller as consideration for the granting of this option
to the Purchaser, and all rights of the Purchaser under this option shall
terminate.
8. Defective Title. Within thirty (30) days from the date hereof,
Purchaser shall have the title to the property searched. In the event the title
to the Property is defective or unmarketable, or the Property is subject to
liens, encumbrances, easements, conditions or restrictions, or encroachments
which are not acceptable to Purchaser, the Purchaser shall immediately notify
Seller of such defect(s). Seller may elect to remove said defect or refund to
Purchaser all money paid to Seller, and this Agreement shall terminate and be of
no further force and effect and neither party shall have any liability or
obligation to the other hereunder, except that the Seller shall return to the
Purchaser all option monies paid hereunder.
9. Purchaser's Right to Occupy Property. Upon the exercise of this
option and before closing of the sale of said Property, Purchaser has the right
to place a modular financial building on the property and to perform all
functions associated with the operation of a bank in said building and on
previously described property. Purchaser will indemnify Seller from any and all
liability claims resulting from the operation of said bank.
10. Demolition of Building. Seller agrees that within thirty (30) days
of closing of this sale that he will have removed all buildings and structures
from the Property and that the site will be clear of all debris from said
removal. The Seller will pay all expenses associated with the demolition,
removal, and clean up of the Property.
11. Zoning Change. Seller will take necessary action with local
authorities to obtain the appropriate zoning classification to accommodate a
modular and permanent banking facility for the property. Said zoning change will
be obtained on or before June 1, 1999. In the event the seller is unable to
obtain said zoning change, the seller shall immediately notify the purchaser and
this agreement shall terminate and be of no further force and effort and neither
party shall have any liability or obligation to the other hereunder, except that
the seller shall return to the purchaser all option monies paid hereunder.
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12. Notice. All payments provided for the extension of this
option and all notices required or permitted herein shall be sent
by Certified Mail and shall be addressed:
a. If intended for the Seller:
Ervin Hendricks 371 Robert P. Jeanes Road
Nu-Life Environmental, Inc. Easley, S. C. 29640
b. If intended for the Purchaser:
Cornerstone Bancorp 4821 Calhoun Memorial Highway
Easley, S. C. 29642
13. Warranties Survive Closing. The representations and warranties of
SELLER contained herein shall survive Closing.
14. Benefit. This agreement shall be binding upon and inure to the
benefit of the respective parties hereto and their heirs, successors and
assigns.
WITNESS the hand and seal of Ervin Hendricks this 26 day of January,
1999.
[SIGNATURES OMITTED]
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EXHIBIT "A"
A portion of the property described below consisting of 1.80 acres +/- and more
fully described as all property fronting on S. C. Highway No. 93 and following
below described lines with Peachtree Street and the boundary line of W. C.
Crane, III, to a depth of 200 feet.
All that certain piece, parcel or tract of land located in the City of
Easley, County of Pickens, State of South Carolina and more fully
described as follows:
Beginning at a point where the southern right-of-way of South Carolina
Highway No. 93 intersects with the western right-of-way of Peachtree
Street; thence with the western right-of-way of Peachtree Street the
following two courses:
(1) South 24-36-57 East 14.11 feet to an iron pin, (2) South 20-31-36
West 361.35 feet to an iron pin on the northern right-of-way of
Crescent Avenue; thence with the northern right-of-way of Crescent
Avenue North 69-37-55 West 400.94 feet to an iron pin and corner common
with the lands of W. C. Crane, III; thence with the lands of W. C.
Crane, III, North 20-15-00 East 370.98 feet to an iron pin on the
southern right-of-way of South Carolina Highway No. 93; thence with the
southern right-of-way of South Carolina Highway No. 93 South 69-40-56
East 392.73 feet to an iron pin and the point of BEGINNING.
Containing 3.42 acres more or less; all as more particularly shown on
that certain plat entitled "ALTA/ACSM Land Title Survey for Playskool
Baby, Inc." prepared by Piedmont Olsen, Inc., dated June 11, 1991 and
recorded in the RMC Office for Pickens County in Plat Book 47, at Page
117.
The above described property is subject to any and all easements and/or
rights of way for roads, utilities, drainage, etc. as may appear of
record and/or on the premises and to any and all restrictions,
covenants or zoning ordinances affecting such property as may appear of
record.
This being the same property conveyed to Playskool Baby, Inc. by deed
from Arlmar Associates, dated 8/14/91 and recorded in Deed Book 141, at
Page 203, in the RMC Office for Pickens County, South Carolina. See
Certificate of Merger whereby Playskool Baby, Inc. merged with Hasbro,
Inc., as recorded in Deed Book 291, at Page 298 in the RMC Office for
Pickens County, South Carolina.
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