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LEGAL DEPARTMENT <br /> <br />CItY OF MARTINSVILLE, <br /> VIRGINIA <br /> <br />TAX MAP ID//: 32-(01)-J-04Y <br /> <br />INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF <br />MARTINSVILLE, VIRGINIA, <br />A POLITICAL SUBDIVISION <br />OF THE COMMONWEALTH <br /> <br />FROM: <br /> <br />CITY OF MART1NSVILLE, <br />A VIRGINIA MUNICIPAL CORPORATION <br /> <br />THIS DEED IS EXEMPT FROM <br />RECORDATION TAX PURSUANT TO <br />VA. CODE SECTION 58.1-811(C)(3) <br /> <br /> WHEREAS, the Council of the City of Martinsville, Virginia, in regular <br />session held on May 22, 2001, after proper notice, conducted a public hearing on the <br />question of the conveyance by the City of Martinsville, Virginia, to the Industrial <br />Development Authority of the City of Martinsville, Virginia, of the hereinafterwards <br />described land for a consideration of $700,000, the payment of which is to be deferred <br />pending receipt of a grant in that amount from the federal government to the said Industrial <br />Development Authority, said deferred consideration to be evidenced by a certain, <br />negotiable, non-interest bearing promissory note in that amount payable by said Authority <br />to said City upon receipt of said grant from the federal government, which is already <br />committed to make said grant, a vendor's lien to be retained upon said premises to secure <br />said payment, <br /> <br /> NOW THEREFORE, this deed, made and entered into this the 23'a day of <br />May, 2001, by and between the City of Martinsville, Virginia, a municipal corporation <br />organized and existing under the laws of Virginia, grantor, and the Industrial Development <br />Authority of the City of Martinsville, Virginia, a political subdivision organized and existing <br />under the laws of Virginia, grantee, <br /> <br /> <br />