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OFFER TO PURCHASE AND CONTRACT 472
<br /> Orange COL'n , 1\C t Cp..n1 np ,as Buyer.
<br /> hereby offers to purchase and Vinton A. Houle. Jr. and wife,Martha G. Hoyle ,as Scher.
<br /> upon acceptance of said offer. agrees to sell and convey. all of that plot, piece or parcel of land described below, together with all improvements
<br /> located thereon and such personal property as is listed below (the real and personal property are collectively referred to as "the Property"), in
<br /> accordance with the Standard Provisions on,tre REVERSE SIDE HEREOF and upon the following terms and conditions.
<br /> 1. REAL PROPERTY: Located in the ki of, Chapel Hi 11 ,County of Orange
<br /> 4111/ • State of North Carolina.being known as and more particularly described as:
<br /> Street Address Homestead Road, Chapel Hill, North Carolina zip 27516
<br /> Legal Description 34 . 10 acres located on the SQyath sjde of PomPctm, r Rnar9
<br /> west of N.C. Highway 86. Crhappl Hi11 . North Carolina
<br /> 2. PERSONAL PROPERTY:
<br /> S. PURCHASE PRICE: The purchase price is 5 852 ,500.00 and shall be paid as follows:
<br /> (a)5 .in earnest money paid by (cash',bank,certified,or personal check)
<br /> with the delivery of this contract,to be held in escrow by .as agent,
<br /> until the sale is closed, at which time it will be credited to Buyer, or until this contract is otherwise terminated and it is
<br /> disbursed in accordance with the Standard Provisions on the REVERSE SIDE HEREOF;
<br /> (b)S ,by assumption of the unpaid principal balance and all obligations of Seller on the existing loan secured by a deed of crtut
<br /> on the Property'.
<br /> (c,$ 302,5 0 0.0 O.by a promissory note secured by a purchase money decd of met on the Property with interest prior to default at the rate of
<br /> 7 %perannumpayableasfollows: 19 quarterly payments of $18 .852 .03 .
<br /> financng t be provided by Seller
<br /> Prepayment restrictions and/or penalties,if any.shall be:
<br /> Assumption or transfer rights,if any,shall be:
<br /> (d)s 550 r 000•00 T1<b#19nees9Pthes+etches 7ertmils cash at closing.
<br /> 4. CONDITIONS:(State N/A in each blank of paragraph 4(a)and 4(b)that is not a condition so this contract.)
<br /> (a)The Buyer most be able to obtain a firm commitment on or before N/A ,effective through the date of closing.
<br /> 'fora N/A loan in the principal amount of S N/A for a term of N/A year(s).at an interest
<br /> rate not to exceed N.J A %per annum,with mortgage loan discount points not to exceed N LA %of the loan amount.Buyer agrees to use his best
<br /> efforts to secure such commitment and to advise Seller immediately upon receipt of the lender's decision.If Seller is to pay any loan closing costs,those costs •
<br /> are as follows: NIA
<br /> (b) The Buyer must be able to assume the unpaid principal balance of the existing loan descnved in paragraph S(b) above for the remainder of the
<br /> loan term,at an interest rate not to exceed NIA _%per annum fixed for describe type of loan) N/A
<br /> with mortgage loan assumption and/or discount points not to exceed_11/A qc of the loan balance.(See Standard Provision No.2).If such assumption:
<br /> requires the lender's approval,approval must be granted on or before N/A .Buyer agrees to use his best efforts to
<br /> secure such approval and to advise Seller immediately upon his receipt of the lender's decision. If Seller is to pay any loan assumption costs, those costs
<br /> 1110 are as follows: N/A
<br /> (c) There must be no restriction, ea'ement. zoning or other governmental regulation that would prevent the reasonable use of the real property for
<br /> government faci 1 4tips pnt"_ o'fiC'P corr101F'}' purposes.
<br /> 5. ASSESSMENTS: Seller warrants that there are no special assessments. either pending or confirmec. for sidewalk, paving. water, sewer or
<br /> other improvements on or adjoining the Property.except as follows: No^e
<br /> (insert"None"or the identification of such assessments,if any.The agreement
<br /> for payment or proration of any assessments indicated is to be set forth in paragraph G below.)
<br /> 6. OTHER PROVISIONS AND CONDITIONS:
<br /> (a) All of the Standard Provisions on the REVERSE SIDE I'IEREOF are understood and shall apply to this Instrument. except the following numbered
<br /> Standard Provisions shall be deleted: (If none are to be deleted,state"None".) -r , 6, ,1 • Prot'1 s 1 Or, 4 (?.,.� ' c
<br /> revised to read: Ad valorem taxes cn real property shall be prorated on
<br /> a calendar year basis to the date of closing; any deferred taxes shall be
<br /> paid at closing by Seller;
<br /> (b) "As soon as possible" in Paragraph 7 shall be deemed to mean when Sellers can furnish
<br /> Buyer with estate closing letters from the Internal Revenue Service and the N.C. Dept. of Revers::
<br /> (c) Martha G. Hoyle joins in the execution of this contract to bind herself to convey any
<br /> marital interest she might have in the real property and for no other purposes.
<br /> IF THERE ARE ANY ADDENDA'I'O'I111S CONTRACT.INDICA'T'E ABOVE AND A'T'TACH HERETO,
<br /> 7. CLOSING: All parties agree to execute any and all documents and papers necessary in connection with closing and transfer of title on or
<br /> before as soon as possible(See 6 b�ata place designated by Buyer •
<br /> The deed is to be made to Orange County, North Carolina
<br /> 8. POSSESSION: Possession shall be delivered at closing
<br /> In the event that Buyer has agreed that possession is not delivered at closing.then Seller agrees to pay to Buyer the sum of S per day from
<br /> and including the date of closing to and including the date that possession is to be delivered as above set forth.
<br /> 9. COUNTERPARTS: This offer shall becwne a binding contract when signed by both Buyer and Seller.I:is to be signed in a_r•rm (7
<br /> counterparts with a signed counterpart being retained by each party hereto and the escrow agent,if any.
<br /> Date of Offer: Date of Acceptance:
<br /> Buyer ____-(SEAL) Seller, 771,2.74../��'•"". Q-_ )r (SEAL)
<br /> Buyer __—(SF.nI.) Sol
<br /> er y - i (SEAL)
<br /> • I hereby acknowledge receipt of the earnest money hrrcin set forth and agree to hold and disburse the same in accordance with the terms hereof.
<br /> Date. Firm
<br /> By:
<br /> Name of Selling Agent/Firm
<br /> Name of Listing Agent/Firm
<br /> This Stanoart Form has peer.apprO.eC tomeiy S'tie:
<br /> ^:.C.Bar Assoc.form No. 2,C 1967, NORTH CA'OJ!NA BAR o,SSOCI.:?iON
<br /> '..reed fir aareemenr w,m.N.0 tar Nso_—
<br />
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