Transcription of 1982.031.

006 Doc-060
Transcribed with assistance from FromThePage.com user Jannyp
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 com-

pletion of the said building there will be no encum-
brances 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 build-
ing 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)