11/19/10 - COST RECOVERY AGREEMENT ISSUED. SETTLING PARTY: NEW SOUTHERN OF ROCKY MOUNT. WITHIN 30 DAYS, SETTLING PARTY SHALL OBTAIN AN ACCURATE, COMPLETE, AND IMPARTIAL APPRAISAL OF THE PROPERTY'S FAIR MARKET VALUE, WHICH SHALL BE CONSIDERED A COST TO MARKET AND SELL THE PROPERTY. THE APPRAISAL SHALL BE PREPARED BY A NC LICENSED AND CERTIFIED COMMERCIAL REAL ESTATE APPRAISER IN COMPLIANCE WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE AS PROMULGATED BY THE APPRAISAL STANDARDS BOARD WHO HAS NO AFFILIATION WITH OR ANY RELATION TO ANY SETTLING PARTY. THE APPRAISAL SHALL BE SUBJECT TO APPROVAL BY EPA, WHICH APPROVAL WILL NOT BE UNREASONABLY UNHELD.
SETTLING PARTY SHALL UNDERTAKE BEST EFFORTS TO SELL THE PROPERTY WITHIN 2 YEARS OF THE EFFECTIVE DATE AND SHAL PAY THE NET SALES PROCEEDS TO EPA UNDER THE FOLLOWING TERMS AND CONDITIONS:
A. WITHIN 60 DAYS AFTER THE EFFECTIVE DATE, SETTLING PARTY SHALL SUBMIT TO EPA INFO DOCUMENTING THE BEST EFFORTS TO SELL THE PROPERTY. THIS INFO SHALL BE SENT TO EPA. SETTLING PARTY SHALL THEREAFTER SUBMIT AN UPDATE DOCUMENTING THE CONTINUING BEST EFFORTS TO SELL THE PROPERTY EVERY 3 MONTHS, WITH THE FIRST UPDATE DUE FIVE MONTHS FROM THE EFFECTIVE DATE.
B. SETTLING PARTY SHALL NOTIFY EPA IN WRITING WITHIN 3 BUSINESS DATS OF RECEIPT OF ANY WRITTEN OFFERS TO PURCHASE THE PROPERTY OR A PORTION THEREOF. SETTLING PARTY SHALL AT THAT TIME PROVIDE EPA WITH A COPY OF THE OFFER. IF THE AMOUNT OF THE OFFER IS EQUAL TO OR GREATER THAN T