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4. SETTLEMENT CHARGES: <br />(a) Seller shall pay for the preparation of a deed, for the preparation and recording of <br />all documents necessary to convey marketable fee simple title free of liens and encumbrances, <br />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 calendar year in which the <br />closing occurs shall be paid by Seller. The credit for pro-rated ad valorem taxes on the Property <br />that would be due Seller if Buyer were not a North Carolina local government shall be added to <br />the purchase price as provided in Section 1 of this Agreement. Seller shall pay any Orange <br />County ad valorem taxes on personal property of Seller for the entire year of the closing. Seller <br />shall pay all deferred taxes and any tax penalties including late listing penalties. <br />(d) Seller shall procure the survey of the Property. Buyer shall pay Seller 80% of the <br />cost of the survey at closing and any other closing costs not itemized in paragraph 4. <br />5. CONDITIONS: <br />(a) Seller agrees to allow Buyer access to the Property for the purpose of inspecting, <br />testing and analyzing the Property at any time prior to the closing of the purchase of the <br />Property. <br />(b) On request of Buyer, Seller agrees to exercise Seller's best efforts to deliver to <br />Buyer, as soon as reasonably possible following the signing of this agreement, copies of any title <br />information in possession of or available to Seller, including, but not limited to, title insurance <br />policies, attorneys opinions on title, surveys, covenants, deeds, notes, and deeds of trust and <br />easements relating to the Property. <br />(c) Any and all deeds of trust, liens or other charges against the Property not assumed <br />by Buyer must be paid and cancelled by Seller prior to or at closing. <br />6 <br />