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(4) Seller's obligations under this Section shall <br />survive the closing and continue in full effect notwithstanding <br />receipt of the purchase price. <br />(h) Representations/Warranties. All representations and <br />warranties contained in this Agreement are true and correct as <br />of the date of execution of this Agreement and will be true as <br />of the Closing Date and shall survive closing and execution and <br />delivery of the Deed and shall not be merged therein. <br />4. SETTLEMENT CHARGES: <br />(a) Seller shall pay for the preparation of a deed, for <br />the preparation and recording of all documents necessary to <br />convey marketable fee simple title free of liens and <br />encumbrances, and for the excise tax required by law. <br />(b) Buyer shall pay for recording the deed. <br />(c) Ad valorem taxes on the Property, if any, for the <br />calendar year in which the closing occurs shall be paid by <br />Seller. The credit for pro-rated ad valorem taxes on the <br />Property that would be due Seller if Buyer were not a North <br />Carolina local government shall be added to the purchase price <br />as provided in Section 1 of this Agreement. Seller shall pay any <br />Orange County ad valorem taxes on personal property of Seller <br />for the entire year of the closing. Seller shall pay all <br />deferred taxes and any tax penalties including late listing <br />penalties. <br />6 <br />