2004 S ERCD - Julia Blackwood Purchase of Property

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Property is identified as Orange County P.I.N. 9871-51-8295, Orange County tax map 7.19..24. THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE AS FOLLOWS: 1. PURCHASE PRICE: The purchase price for the Property shall be ONE MILLION TWO HUNDRED SIXTY THOUSAND FIVE HUNDRED AND 00/100 DOLLARS ($1,260,500) plus any amount due Seller as the result of the calculation made in Section 4(c) of this Agreement. The purchase price shall be paid at the closing. 2. TITLE: Title will be delivered to Buyer at closing by a General Warranty Deed from Julia M. Blackwood, 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. REPRESENTATIONS WARRANTIES AND COVENANTS OF SELLER: Seller makes the following representations and warranties to Buyer as of the effective date of this Agreement and again as of the Closing Date: (a) Title. At the Closing Date, Seller shall have good, marketable, and indefensible fee simple title to the Property subject only to the Permitted Exceptions, and Seller is aware of no other matters that adversely affect title to the Property. 2