|
5
<br />forty-five (45)days after th8 end of the bxaminatian.Period or any extensions of the Examination Reriod.
<br />(d) "Contract Date" means the date this Agreement has been fully executed by both Buyer and Seller.
<br />(e) "Examination Period" shall mean the period Beginning on the Contract Date and extending through
<br />180 days after Contract Date
<br />TIME IS OF TILE ESSENCE AS TO THE EXAMIN.d TION PERIOD.
<br />(f) "Broksr(s}" shall mean:
<br />FonyilFe Morisey Realty ("Listing Agency"),
<br />Logan Carter ("Listing Agent" -License # 184443 )
<br />Acting as: r Seiiec s Agem; r Dual Agent
<br />and KIA1 Commercial-Chapel HiN ("Selling Agency"),
<br />UV. David Mor9att ("Selling Agerit"' -License #43891 )
<br />Acting as: r' Buyer's Agent; (~ Seller's (Su1)Agent; r Dual Agent
<br />(g) "Seller's Notice Address" shall be as follows:
<br />1308 Smith Level Rd., Chapel Hill, NG27516 w! copyto fisting agent
<br />except as same may be changed pursuant to Section 12.
<br />(h) "Saver's Notice Addr-ess" shall-be as follows:
<br />Attn: FrankW. Clifton„ Jr., ?00 Soutb Gameron St., Hillsborough, NC 27278
<br />except as same-may be changed pursuant to Section 12.
<br />~ (i) If this .block-is marked, additional terms of this Agreement are set forth on Exhibit B attached,-hereto and incorporated herein
<br />by reference. (NOtee Under North Carolina Laav, real estate agents are not permitted to draft conditions or
<br />contingencies to this Agreement.)
<br />(- (j) Ii'ths block is marked, additional-terms of this_Agreement are. set forth en the Additional Provisions Addendum (Foan 581-
<br />T) attached hereto- and incorporated-herein by reference.
<br />Section 2. Sale of Property and Payment of Purchase Price: Seller agrees to sell and Buyer agrees to buy the Property for the
<br />Purchase Price.
<br />Sec6osr 3. Proration of Expenses and Payment of Costa: Seller and- Buyer agree that all property taxes (on a calendar yEar basis),
<br />leases, rents, mortgage payments and utilities or any-other assumed liabilities as detailed on attached )exhibit B,, if any, shall be
<br />prorated as of the date of Closing. Seiler shall pay for-preparation of a deed and all other documents necessary to perform Sellers
<br />obligations under this Agreement, excise tax (revenue stamps), any deferred or rollback taxes, arid= other conveyance fees or razes
<br />requited by law, and-the following:
<br />lien waiver.
<br />Buyer shall pay recording costs, costs of any title search, title insurance; survey, the ¢ost of any inspections or investigations
<br />undertaken by Buyer under this Agreement and the fallowing:
<br />none.
<br />Each patty shall-pay ire awn attorney's fees,
<br />Section d. Deliveries: Seller agrees to use best efforts to deliver to Buyer as sooi-_as reasonably possible after the Contract Data copies
<br />of all information. relating to the Property in possession of or available to Selle ,including but not limited to: title insurance policies,.
<br />surveys. and copies of all-presently effective warranties or service. conCracts related to the Property. Se.ller-autirorize~ (1) any.attort-ey"
<br />presently or previously representing Seller. to release and disclose any title insurattc,t• policy in such attorney's file to Buyer and both
<br />Buyer's and Seller's agents aril attorneys; and (2} the Property's title insurer or its agent to release and disclose all materials in the
<br />Property's. title insurer's (or title insurer's agent's) file to-Buyer and both Buyer's and Seller`s agents and attorneys. If Buyer does not
<br />consummate the Closing for any reason other than Sc1ler.defauI.t, then Buyer shall return to Seller a117naterials delivered by Seller to
<br />Buyerpursuant to this Section 4 (ar Section 7, if appGt:able}, if any, grid shall, upon Seller's request, provide to. Seller copies of (subject
<br />to the awnetship and copyright interests of the .preparer thereof) any anal all studies, reports, .S.urveys and Other nrfotmatlOII Telahng
<br />directly to the Property prepared by or at the request of Buyer, its employees and agents, and shall deliver to Seller, upgin the release of
<br />the Earnest Money, copies of all of the foregoing without any warranty or representation by Buyer as to the contents, accuracy or
<br />correctness thereof.
<br />SECtIOn 5. Evidence of Title:' Seller agrees to convey fee simple marketable and insurable title to the Property free and
<br />clear of all liens, encumbrances and defects of title other than:- (a) zoning ordinances affecting tht Property,. (.b) Leases
<br />Page 3 of 7
<br />Bu ria _ , eller initials.\~?J J STANDAEtD FOttM 580-T
<br />erc>:rweeo av: w, m~a m.~.q ~ionst t nm:~s e.M. ~- Revised 7/20Q8
<br />Realtau, tom. czor t, Rnlfast2Go. So}hwc Registered (o: Otfitt Manager. KW Lanme~cial-Ghnpe! $ill ~ ~ IRtM9
<br />
|