2006 NS Contract - Property Acquisition: Walnut Grove Church Road

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OFFER TO PURCHASE AND CONTRACT -VACANT LOT/LAND 3 VOTE: ~I-his contract is intended for unimproved real property that Bu',erwill purchase onl~~ for personal uce ,utd ~ci!I not subdivide. It should nrn he used to cell subdivided property that has not been platted. prirperl~~ approved and reci~rded '.~ ith the re~~i~ter of deeds as t~f the date of the contract. If Seller is f3u~er's builder and the tale imol~r; the constru~tiun of a nei~ sin_Ie t;tmil~ :ic~ellin~_ prior to cl;7tiin~•. use the ~tand.u•d Otl"rr !c~ I'urcha,r and Ci~ntract t Farm ~- 1-t •,~ ith the `eu Consu~uction i\ddendtnr t 1=orm ?A ~-"f t. Orange County , as Buyer. hereh~ otters tip purchase and Lewis W. Crabtree, Faye Crabtree , as Seller. upon acceptance u1 said otter. aerees to sell and convey, all otthat Plot, piece or parcel of land described below (herca'ier referred to as the "Propert.„). upon the ti~llrn~~in~~ terms and conditions: 1. 12EAL 1'RONERTI': Located in the City of Hillborough , County o1 ORANGE ,State of North'Carolina. bein~~ kno~rn as and more particularh_ described as: Street Address 0 Walnut Grove Church Rd. Lip 2727a Subdivision Name PIN 9867-41-9070 Plat Reference: Lot .Block or Section Old Map ID 2.46..37 as shov~n nn Plat Book or Slide. at Pa~'e(s) (Proper acquired by Seller in Deed ,E3ook at Pa<,e ). ^ A II ^ .A portion of the property in Deed Reference: Book Pale No. ORANGE Count\• NOTE: Prior"to si~nin~~ this Uffer to Purchase and Contract -Vacant Lot,'f"and. Bud er is advised to rep iew Kestrictive Covenants. if any, which may limit the use of the Propcm. and to read the Declaration of Restrictive Covenants, By-Laws. Articles ~.~f Incorporation. Rules and Reeulations. and other ~~overnin~ documents of the o~~ners' association and or the subdivision, if applicable. 2. PURCH.~SE PRICE: The purchase price is S 140, 000.00 and shall be paid as follo~+s: (a) S -------------------- .EARNEST I~10NE1' DEPOSIT with this offer b~ ^ cash ^ personal check ^ bank check. ^ certified check ^ other: to be deposited and held in escro~~ by ------------------------------- ("Escrow A~~ent"): until the sale is closed, at which time it ~+ill be credited to Buyer. or until this contract. is otherwise terniinated. In the event: (. ])this offer is not accepted; or (2 j any of the conditions hereto are not satisfied. then all earnest monies shall be refunded to Buyer. fn the event of breach of this contract by Seller. all earnest monies shall be refunded to Buyer upon Buyer's request, but such return shall not atlect am other remedies available to Buyer for such breach. In the event o1 breach of this contract b} Buyer. [hen all earnest monies shall he forfeited to Seller upon Seller's request. but such forfciwre shall not affect any other remedies available [o Seller for such breach. NOTE: In the event of a dispute between Seller and Buyer over the return ur forfeiture of earnest money held in escrow by a broker, the broker is required by state law ro retain said earnest money in the broker's trust or escrow account until a written release from the parties consenting to its disposition has been obtained or until disbttrsem~nt is ordered b_v a court of competent jurisdiction. (b) S ------------------- . ADDITIONAL E,4RNEST' ~10NE1' DEPOSIT to be paid to Escrow Agent no later than . TLME BEING OF TtIE E=SSENCE ~~'1"I'II KEGARD "I"O SAID D;1TE. (c) 5 -------------------- ,OPTION FEE in accordance ~~ith paragraph 11. ,Alternative 2, to be paid to Seller on the Effective Date as set forth in paragraph 19. (NOTE: If Alternative 2 applies, then do not insert $0, N/A, or leave blank 1. (d) $ -------------------- , BY ASSU'x1PTION of the unpaid principal balance and all obli~~ations of Seller on the existing loan(s) secured by a deed of trust on the Property in accordance with the attached Loan Assumption Addendum. (e) S -------------------- , BY SELLER FIN:INCING in accordance a ith the attached Seller Financing Addendum. (n $ 140 , 000 . 00 . BALANCE of the purchase price in cash at Closing. 3. CONDITIONS: (State N/A in each blank that is not a condition to this contract.) (a) Buyer must be able to obtain a ^ Corn•entional ^ Other: ---------------------------------------- loan at a ^ Fixed Rare ^ Adjustable Rate in the principal amount of --------------- for a term of -------- veanaj. at an initial interest rate not to exceed ------- °~~o per annum, ~a~ith mortgage loan discount points not to exceed °~~, of the loan amount. Buyer shall apple for said loan within --------- days of the Effective Date of this conu•act. Buyer shall use Buyer's best eflorts to secure the lender's customan loan commitment Inter nn or before and to satist;-all terms and conditions of the loan conuniunent letter by Closin~~.:111er the above letter date. Seller may request in ~~ritin_* from Buyer a rope of the loan commitment later. ]f Burr fails to provide Seller a cups of the loan commiunent letter or a ~crinen waiver otthis loan condition ~tithin five days ut receipt of Seller's request. Seller nt<n terminate this contract b~ ivrinen notice to Buy er at any time therealter. Provided Seller has nut then received a copy ofthe letter or the +vaiver. . This form jointly approved by: Page I of-l ~_ tiurth Carolina Kar :association -e AL;ort^~ North Carolina .4ssuciation of REALTORS~~. Inc. ~, o°~o io°r;~"` ~ _ ST:~ND;1Rf- FOR11 I_ T Buyer Initials Seller Initials -.+` L i, (~~- ~ "` 7120(16 churron,trert rcaltt 13I n chunon st cone Ic hilsbun,ueh. ~t._TiS C'Ituna f91cJ17+2- Iti?~ fas i~rl9j%33-x+171 Jatiut hood crnhvec Produced with ZipFerm""' by RE FormsNet. LLC 18025 F fteen Mile Road. Clinton Township.. t~LChigan 48C35 www zipform.ccm