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Secfion 12. Notices: Unless otherwise provided herein, all notices and other communications which may be or are required to be given
<br />or made by any party to fire other in cennection herewith shall be in writing and shall be deemed to have been properly given and
<br />received on the date delivered~in person or deposited in the United States mail, registered or certified, return receipt requested, to the
<br />addresses set out in Section 2(g) as to Seller and in Section 1(h) as to Buyer, or ai such other addresses as specified by written notice
<br />delivered in accordance herewith.
<br />Section 13. Entire Agreement: This Agreement constitutes the sole and entire agreement among the parties hereto and no
<br />modification of this Agrcemettt shall be binding unless in writing and signed by all parties hereto.
<br />Secfion 14. Enforceability: This Agreement shall become a contract when signed by both Buyer and Setter and such signing. is
<br />communicated to both parties; it being expressly agreed that the notice described in Section i2 is not required for effective
<br />communication for the purposes of this Section 14. This Agreement shall be binding upon and inure to the benefit of theparties, their
<br />heirs, successors and assigns and their personal representatives.
<br />Section 15. Adverse Tnformation and Compliance with haws:
<br />' (a) Seller~I nowledee: Seller has no actua! knowledge of (i) condemnation(s) affecting or contemplated with respect to the
<br />Property; (ii) actions, suits or proceedings pending or threatened against the Property; (iii) changes contemplated in any applicable
<br />Ia1vs, ordinances or restrictions affecting the Property; or (iv) goverrtmentat special assessments, either pending or confirmed, for
<br />sidewalk, paving, water, sewer, or other improvements on or adjoining the Properly, and no pending or confimted owners' association
<br />special assessments, except as follows (Insert "None" or the identification of any matters relating to (i) through {iv) above,$f any):
<br />None.
<br />Note: For purposes of this Agreement, a "confirmed" special assessment is defined as an assessment drat has been approved by a
<br />governmental agency or an owners' association for the purpose(s) stated, whether or not it is fully payable at time of closing. A
<br />"pending" special assessment is de6rted as an assessment that is under formal consideration by a governing body. Seller shall pay all
<br />owners' association assessments and aD governmental assessments confirmed as of the time of Closing, ifany, and Buyer shall-take title
<br />subject to eN pending assessments disclosed by Seller herein, ifany.
<br />Seller represents that the regular owners' association dues, ifany, are S Na per Ne
<br />(b) Comoliance: Ta Seller's actual knowledge, (i)'Sellerhas complied with all applicable laws, ordinances, regulations, statutes,
<br />rules and restrictions pertaining to or afl`ecting the Property; (ii) performance of the Agreement wilt not result in the breach of.
<br />constitute any default under or result in the imposition of any Lien or encumbrance upon the Property under any agreement or other
<br />instrument to which Seller is a party or by which Seller or the Property is bound; and (iii) there are rro legal actions, subs orntha legal
<br />or administrative proccedings pending or dtreatened against the Property, and Seller is trot aware of any facts which might result in any
<br />such action,.suit or other proceeding.
<br />;;action 16. Survival of Representations and Warranties: All representations, warranties, covenants and agreements made by the
<br />parties hereto shad survive the Closing and delivery of the deed. Seller shalt, at or within six (6) months after the Closing, and without
<br />furher consideration, execute, acknowledge and deliver to Buyer such other documents and instruments, and take such other action as
<br />Buyer may reasonably request or as may be necessary to.•more effectively transfer to Buyer the Property described- herein in accordance
<br />with this Agreement.
<br />Section i7. Applicable Law: This Agreement shall be'construed under the laws of the state in which the Property is located. This form
<br />has only been approved for use in North Carolina. • '
<br />Secfion 18. Assigamenf: This Agreement 3s freely assignable unless othcnvise expressly provided on Exhibit B.
<br />Section 19. Tax-Deferred Exchange: Ip the event Buyer or Seller desires to effect. atax-deferred exchange in connection with the
<br />conveyance of the Property, Buyer and Seller agree to cooperate in effcctiag such exchange; provided, howevcf, that the exchanging
<br />party shall be responsible for all additional costs associated with snch exchange, and provided further, that anon-exchanging party shall
<br />not assume any additional 13abiIity with respect to such tax-deferred exchange. Seller and Buyer shall execute such additional
<br />documents, at no cost to the non-exchanging party, as shat! ba required to give effect to tl»s provision.
<br />Section 20. Memorandum of Contract: Upon request by either party, the parries hereto shall execute a memorandum of contract in
<br />recordable form setting forth such provisions hereof {other than rite Purchase Price and other sums due) as either party may wish to
<br />Incorporate. Such memorandum of contract shall contain a statematt drat it automatically terminates and the Property is released from
<br />any effect thereby as of a specific date to be stated in the memorandum (which speciftc date shall be no later than the date of Cbsirtg).
<br />The cost of recording such memorandum of contract shall be borne by the party requesting execution of same.
<br />Section 21. Authority: Each signatory to this Agreement represents and warrants that he or she has fait authority to sign this
<br />Agreement and such instruments as may be necessary to effectuate any transaction contemplated by this Agreement on behalf of the
<br />party for whom he or she signs and that his or her signature binds such party.
<br />Page 6 of 7
<br />er lnid Seller initials STATr*DARD FOR-f S80-T
<br />>~' Revised 7!2008
<br />easr~ncn vswa.~iaM rontaotota:sa:soe~a. ~ ®7/2009
<br />RWfasClne.8za10. R.a1ra12Cio. SO1M'aro RtyisWed tu:Olfici T.ln Cmnmereisl-Cbspd ill
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