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STANDARD PROVISIONS
<br /> I. EARNEST MONEY: In the event this offer is not (unless otherwise provided in this contract), but such 473
<br /> accepted. or in the event that any of the conditions hereto arc inspections must be completed in sufficient time before closing
<br /> not satisfied. or in the event of a breach of this contract by to permit any repair to be completed by clotting. 17 any repairs
<br /> Seller, then the earnest money shall he returned to Buyer. but are necessary, Seller shall have the option' of (a) completing
<br /> such return shall not aflec't ails other mntcd;cs available to them, (b) providing for their completion. or (c) refusing to
<br /> Buyer for such breach. In the event this rifler is arreptr•tl and complete them. If Seller elects not to complete or provide for •
<br /> Buyer breaches this contract. then the earnest money shall be the completion of the repair. then Buyer shall have the option
<br /> forfeited. but such forfeiture shall not affect any other remedies of (d) accepting the Property in its present condition. or (e)
<br /> available to Seller for such breach. NOTE: In the event of a terminating this contract. in which case the earnest money shall
<br /> dispute between Seller and Buyer over the return or forfeiture of be refunded. Closing shall constitute acceptance of each of the
<br /> earnest money held in escrow by a broker. the broker is required systems, items and conditions listed in (i), (ii), (iii) and (iv)
<br /> by state law to retain said earnest money in his trust or escrow above in its then existing condition unless provision is
<br /> account until he has obtained a written release from the parucs otherwise made in writing.
<br /> consenting to its disposition or until disbursement is ordered by IF BUYER OBTAINS A VETERANS ADMINISTRATION (VA)
<br /> a court of competent jurisdiction. LOAN,SELLER SHALL PAY THE COST OF ANY WELL/WATER
<br /> 2, LOAN ASSUMED: In the event a loan is assumed as pan AND SEPTIC/SEWER SYSTEM. INSPECTION.
<br /> of the payment of the purchase price, then all payments due RECOMMENDATION: Buyer should have zny inspections made
<br /> from Seller thereon must be current at ucs;ng, and the principal prior to incurring.expcns$for elating.
<br /> balance assumed shall be computed as of the date of closing. 9. WOOD-DESTROYING INSECTS: Unless otherwise
<br /> The amounts shown for the assumption balance and cash at stated herein Buyer shall have the option of obtaining, at
<br /> closing shall be adjusted as appropriate at closing to reflect t:e Buyer's'expense. a report from a licensed pest control operator
<br /> final computations. Unless Buyer has otherwise specifically on a standard form in accordance with the regulations of the
<br /> agreed in writing, the existing—loan must be assumable without North Carolina Structural Pest Control Committee, stating that
<br /> either acceleration of the amount secured or any change in the there was no visible evidence of wood.destroying insects and
<br /> original terms of the note and deed of trust. Buyer shall be containing no indication of visible damage therefrom. The
<br /> responsible for all loan assumption costs. Seller shall have no report must be obtained in sufficient time before closing so as
<br /> obligation to pay any loan assumption costs unless specifically to permit treatment. if any. and repairs, if any, to be completed
<br /> set forth in this contract. The escrow account. if any, shall be pr Or to chasing. All treatment required shall b: paid for by
<br /> purchased by Buyer. Seller and completed prior to closing, unless otherwise agreed
<br /> 3. PROMISSORY NOTE AND DEED OF TRUST: In the upon in writing by the parties. If any structural repairs are
<br /> event a promissory note secured by a deed of trust is given by necessary. Seller shall have the option of (a) completing them,
<br /> Buyer to Seller as part of the payment of the purchase price, the (b■ providing for their completion, or.(c) refusing to complete
<br /> promissory nice :nil deed of trust shall be in the form of and them. If Seller sleets not to complete or provide for the
<br /> cumin the provisions of the currently approved N. C. Ilan completion of structural repairs. then Buyer shall have the
<br /> Association Forms 4 and 5, as modified in paragraph 3(c) on the option of (d) accepting the Property in its present condition, or
<br /> reverse side hereof. (e) terminating this contract, in which case the earnest money
<br /> shall be refunded. The Buyer is advised tna. the inspection and
<br /> 4. PRORATIONS AND ADJUSTMENTS: Unless otherwise report described in this paragraph mar not always reveal either
<br /> provided, the following items shall he prorated and either structural damage or damage caused by arena or organisms ocher
<br /> adjusted between the parties or paid at chasing. than wood•destroving insects. If new construction, Seller shall
<br /> (a) Ad valorem taxes on real property shall be prorated on a provide a new construction termite guarantee.
<br /> calendar year basis to the date of closing: IF BUYER OBTAINS A VETERANS ADMINISTRATION (VA)
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<br /> (b) Ad valorem taxes on personal property for the entire year LOAN, SELLER SHALL PAY THE COST OF THE WOOD-
<br /> shall be paid by Seller; DFSTRO\ING INSECT REPORT.
<br /> (c) All late listing penaltir,. if any,shall be paid by Seller: 10. LABOR AND MATERIAL Seller shall furnish at
<br /> (d) Rents, if any, for the Property shall be prorated to the closing an affidavit and indemnification agreement in form
<br /> date of closing;
<br /> (c) Accrued, but unpaid ;purrs: and other charges to Seller. if satisfactory to Buyer showing that all labor and materials, if
<br /> any, furnished to the if_ within 120 days prior to the date
<br /> any, shall be computed to the date of closing and paid by Seller. of closing ave been paid for and agreeing to pndemnif Buyer
<br /> Interest and other charges prepaid b. Seller shall be credited to g P g indemnify y
<br /> Scllcr a: closing and paid by Buyer (Other charges may include against all loss from any cause or claim arising therefrom.
<br /> I1. FUEL: Buyer agrees to purchase from Seller the fuel, if
<br /> FHA mortgage insurance premiums. private mortgage insurance any situated in a tank on the Property at the prevailing rate,
<br /> premiums and homeowner's association dues.) with the cost of measurement thereof, if any, being paid by
<br /> 5. FIRE AND OTHER CASUALTY': The risk of loss or Saha,
<br /> damage by fire or other casualty prior to closing shall be upon 12. CLOSING EXPENSES: Seller shall pay for the
<br /> Seller• preparation of a deed and for the excise tax (revenue stamps)
<br /> 6. CONDITIONS: required by law. Buyer shall pay for recording the deed and for
<br /> (a) The Property must be in substantially the same condition at preparation and recording of all instruments required to secure
<br /> closing as on the date of this offer, reasonable wear and tear the balance of the purchase price unpaid at closing.
<br /> excepted. 13. EVIDENCE OF TITLE: Seller agrees to use his best
<br /> (b) All deeds of trust. lien. and other charges against the efforts to deliver to Buyer as soon as reasonably possible after
<br /> Property. not assumed by Buyer. must be paid and cancelled by the acceptance of this offer, copies of all title information in
<br /> Seller prior to or at closing. possession of or available to Seller, including but not limited
<br /> (c) Title must be delivered at closing by general warranty deed to: title insurance policies, attorney's opinions on title,
<br /> and must be lar simple marketable title. free of all encumbrances surveys, covenants, deeds, notes and deeds of trust and - '
<br /> except ad valorem taxes for the current year (prorated to the date casements relating to the Property.
<br /> of closing), utility easements and unviolated restrictive 14. ASSIGNMENTS: This contract may not be assigned
<br /> covenants that do not materially affect the value of the Proper y without the written agreement of all parties, but if assigned by
<br /> and such other encumbrances as may be assumed or specifically agreement, then this contract shall be binding on the assignee
<br /> approved by Buyer. The Property must have legal access to a and his heirs and successors.
<br /> public right of way. 15. PARTIES: This contract shall be binding upon and shall
<br /> 7. NEW LOAN: Buyer shall be responsible for all costs inure to the benefit of the parties and their heirs, successors and
<br /> with respect to any new loan obtained by Buyer. Seller shall assigns. As used herein, words in the singular include the plural
<br /> have no obligation to pay any discount fee or other charge in and the masculine includes the feminine and neuter genders, as
<br /> connection therewith unless specifically set forth in this appropriate.
<br /> contract. 16. SURVIVAL: If any provision herein contained which by
<br /> 5. INSPECTIONS: Unless otherwise stated herein: (i) the its nature and effect is required to be observed, kept or performed
<br /> electrical. plumbing, heating and cooling systems and built•in after the closing, it shall survive the closing and remain
<br /> appliances, if any, shall be in good working order at closing: binding upon and for the benefit of the parties hereto until fully
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<br /> (ii) the roof. gutters, structural components, foundation. observed,kept or performed.
<br /> fireplace(s) and chimney(s) shall be performing the function for 17. ENTIRE AGREEMENT: Buyer acknowledges that he has
<br /> which intended and shall not be in need of immediate repair; inspected the Property. This contract contains the entire
<br /> (iii) there shall he no unusual drainage conditions or evidence of agreement of the parties and there arc no representations,
<br /> excessive moisture adversely affecting the structure(s)•. and (iv) inducements or other provisions other than those expressed in
<br /> the well/water and septic/sewer systems if any, shall be writing. All changes, additions or deletions hereto must be in
<br /> adequate, not in need of immediate repair and performing the writing and signed by all parties. Nothing contained herein
<br /> function for which intended. Buyer shall have the option to shall alter art. agreement between a REALTORe' or broker and
<br /> have the above listed systems. stems and conditions inspected Seller as contained in any listing contract or other agreement
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