ON AUGUST 29, 2021

To Exercise Buford Polk Purchase Option

WHEREAS, the Church and Buford Polk, LLC, are parties to a Lease Agreement effective January 1, 2021, whereby the Church has leased property at the corner of Buford Road and Polk Street (2406 Buford Road); and

WHEREAS, Section 10 of that Agreement provides the Church with an option to purchase the property on terms to be agreed to by the parties; and

WHEREAS, the Session has determined that it would be in the best interests of the Church to exercise that option for a purchase price not to exceed $300,000; and

WHEREAS, the Session in its exercise of good stewardship has yet to determine whether to proceed with an all-cash payment or through a loan from a financial institution, or in some other prudent manner; and

WHEREAS, regardless of the nature of the contemplated transaction, the property is to be used for the religious and benevolent purposes of the Church as determined by the Session; and

WHEREAS, the Session recommends adoption of the following resolutions;

NOW, THEREFORE, BE IT RESOLVED, with deep gratitude to God for blessing the Church with the resources with which to purchase the Buford Polk property, the Trustees of the Church, and each of them, working in conjunction with the Session of the Church, are hereby authorized and directed to negotiate, complete, execute, and deliver, on behalf of the Church, a purchase contract acceptable to them upon advice of counsel;

AND FURTHER RESOLVED, that if the Session chooses to proceed through a loan that necessitates a deed of trust, the Trustees, and each of them, are further authorized and directed to take such steps as necessary to have a Petition and related papers prepared and submitted to the Circuit Court of Chesterfield County to obtain its approval of the proposed expansion of the Church’s real estate through the exercise of such purchase option and creation of a related encumbrance, in accord with Section 57-15 of the Code of Virginia;

AND FURTHER RESOLVED, that the Trustees, and each of them, are hereby further authorized to complete, execute, and deliver such other documents and to take such further action on behalf of the Church as they, upon advice of counsel and in the exercise of good stewardship over the Church’s real property, deem necessary or proper.

By |2021-08-24T11:24:45-04:00August 24, 2021|Uncategorized|0 Comments