2006 S ERCD - Approval of Contract to Purchase Real Property - Paydarfar Tract

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THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE AS FOLLOWS: 1. PURCHASE PRICE: The purchase price for the Property shall be ONE HUNDRED EIGHTY SEVEN THOUSAND THREE HUNDRED FIFTY AND 00/100 DOLLARS ($187,350) plus any amount due Seller as the result of the calculation made in Section 4(c) below for ad valorem taxes on the Property for the calendar year in which the Closing occurs. The purchase price shall be paid by payment in cash at the closing. 2. TITLE: Title will be delivered to Buyer at closing by a General Warranty Deed from Seller, made to Orange County, North Carolina, which shall be fee simple marketable title, free of liens, encumbrances, easements, restrictions, rights and conditions, including, but not limited to, any promissory note, mortgage, deed of trust, real estate contract, right of first refusal, or option to buy, other than current property taxes and rights, reservations, covenants, easements, conditions, and restrictions of record as of the effective date of this Agreement that do not materially affect the value of the Property or unduly interfere with Buyer's intended use of the Property, which exceptions must be approved in writing by Buyer ("Permitted Exceptions"). The deed conveying the Property shall be on a North Carolina Bar form General Warranty Deed. The Property description in the deed shall conform to the survey of the Property to be prepared as prescribed in paragraph 4(a) of this Agreement. 3. EVIDENCE OF TITLE. Buyer will have title to the Property examined, and if applicable, obtain a preliminary title insurance commitment on the Property. The title examination and/or commitment must evidence Seller's ability to deliver title at Closing as set forth above. All costs necessary to procure the title examination and, if applicable, the title commitment and final title insurance policy to be issued at Closing, shall be the responsibility of Buyer. 2