Agenda - 06-07-2011 - 5p - Laserfiche WebLink

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18 THE PARTIES AGREE THAT A REAL ESTATE BROKERAGE FIRM ACTING AS ESCROW AGENT MAY PLACE ANY EARNEST MONIES DEPOSITED BY BUYER IN AN INTEREST BEARING TRUST ACCOUNT AND THAT ANY INTEREST EARNED THEREON SHALL BE DISBURSED TO THE ESCROW AGENT MONTHLY IN CONSIDERATION OF THE EXPENSES INCURRED BY MAINTAINING SUCH ACCOUNT AND RECORDS ASSOCIATED THEREWITH. (b) $ N/A , (ADDITIONAL) EARNEST MONEY DEPOSIT to be paid to Escrow Agent no later than ,TIME BEING OF THE ESSENCE WITH REGARD TO SAID DATE. (c) $ N A ,OPTION FEE in accordance with paragraph 13, Alternative 2, to be paid to Seller on the Effective Date as set forth in paragraph 22. (NOTE: If Alternative 2 applies, then do not insert $0, N/A, or leave blank). (d) $ N/A , BY ASSUMPTION of the unpaid principal balance and all obligations 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) $ N/A , BY SELLER FINANCING in accordance with the attached Seller Financing Addendum. (~ $ N A ,BALANCE of the purchase price in cash at Closing. 3. LOAN CONDITION: N/A (a) Loan. Buyer's performance is contingent upon Buyer's ability able to obtain a ^ Conventional ^ Other: loan at a ^ Fixed Rate ^ Adjustable Rate in the principal amount of for a term of year(s), at an initial interest rate not to exceed % per annum, with mortgage loan discount points not to exceed % and with loan origination fee not to exceed % of the loan amount ("Loan"). (b) Loan Obligations: The Buyer agrees to: (i) Make written application for the Loan, authorize any required appraisal and pay any necessary fees within days after the Effective Date; (ii) Promptly furnish Seller written confirmation from the lender of having applied for the Loan. If Buyer fails to furnish Seiler written confirmation from the lender of having applied for the Loan, Seller may make written demand for compliance. If Buyer does not furnish Seller written confirmation from the lender of application within five (5) days after such demand, then Seller may terminate this contract by written notice to Buyer at any time thereafter, provided Seller has not received either written evidence of the application or a waiver of the Loan Condition, and all Earnest Money shall be forfeited to Seller as liquidated damages and as Seller's sole and exclusive remedy for Buyer's failure to close, but without limiting Seller's rights under paragraph 14 for damage to the Property. Buyer further agrees to: (iii) Pursue qualification for and approval of the Loan diligently and in good faith; (iv) Continually and promptly provide requested documentation to lender. (c) Buyer's Right to Terminate: If Buyer has complied with Buyer's Loan Obligations in subsection (b) above, then within days after the Effective Date (or any agreed-upon written extension of this deadline) TIME BEING OF THE ESSENCE, Buyer shall have the right to terminate this contract delivering to Seller written notice of termination if Buyer, in Buyer's sole discretion, is not satisfied that the Loan will be approved and funded. If Buyer has timely delivered such notice, this contract shall be terminated and all Earnest Money shall be refunded to Buyer. If Buyer fails to deliver such notice, then Buyer will be deemed to have waived this condition. Thereafter, if Buyer fails to close based upon inability to obtain the Loan, then all Earnest Money shall be forfeited to Seller. If Buyer provides Seller reasonable third-party documentation confirming Buyer's inability to obtain the Loan, then the Earnest Money shall serve as liquidated damages and as Seller's sole and exclusive remedy for Buyer's failure to close, but without limiting Seller's rights under paragraph 14 for damage to the Property. (WARNING: Buyer is advised to consult with Buyer's lender to assure that the number of days allowed for Buyer to obtain the Loan is sufficient to allow Buyer's lender time to take all reasonable steps necessary to provide reliable loan approval.) 4. FLOOD HAZARD DISCLOSURE/CONDTTION (Choose ONE of the following alternatives): ^ To the best of Seller's knowledge, the Property IS located partly or entirely within a designated Special Flood Hazard Area. Buyer understands that it may be necessary to purchase flood insurance in order to obtain any loan secured by the Property from any federally regulated institution or a loan insured or guaranteed by an agency of the U.S. Government. ® To the best of Seller's knowledge, the Property IS NOT located partly or entirely within a designated Special Flood Hazard Area. If, following the Effective. Date of this contract, it is determined that the Property is located partly or entirely within a designated Special Flood Hazard Area according to the current FEMA flood map, or if this contract is subject to a Loan Condition and Buyer's lender requires Buyer to obtain flood insurance as a condition of making the Loan, then in either event Buyer shall have the right to terminate this contract upon written notice to Seller, and all earnest monies shall be refunded to Buyer. 5. OTHER CONDITIONS: (State N/A in each blank that is not a condition to this contract.) (a) There must be no restriction, easement, zoning or other governmental regulation that would prevent the reasonable use of the Property for construction of a sewer pump station purposes. Buyer initials Seller initials Page 2 of 7 NC BAR ASSOCIATION -Form No. 12 ~ 2007, 7/2008 This standard form has been approved jointly by: North Cazolina Baz Association - NC Baz Form No. 12 North Cazolina Association of Realtors®, Inc. - Standazd Fonn 12T