Agenda - 08-27-2012 - C1 - Laserfiche WebLink

Browse Search

• 4.2 Seller's Deliveries at Closing. On or prior to the Closing Date, Seller shall deliver to the Title Company the following: (a) Deed. A special warranty deed conveying good and indefeasible fee simple title to Purchaser, subject only to matters filed of record(the"Deed"). (b) FIRPTA. A Foreign Investment in Real Property Tax Act affidavit executed by Seller. If Seller fails to provide the necessary affidavit and/or documentation of exemption on the Closing Date, Purchaser may proceed with withholding provisions as provided by law. (c) Authority. Evidence of existence, organization, and authority of Seller and the authority of the person executing documents on behalf of Seller reasonably satisfactory to Purchaser and the Title Company. (d) Additional Documents, Any additional documents that Purchaser or the Title Company may reasonably require for the proper consummation of the transaction contemplated by this Agreement. 4.3 Purchaser's Deliveries at Closing. On or prior to the Closing Date, Purchaser shall deliver to the Title Company the following: (a) Purchase Price. A wire transfer of the Purchase Price, less the Earnest Money, plus or minus applicable prorations,payable to the order of Seller. (b) Additional Documents. Any additional documents that Seller or the Title Company may reasonably require for the proper consummation of the transaction contemplated by this Agreement. 4.4 Possession. Seller shall deliver possession of the Property to Purchaser at the Closing. ARTICLE 5:PRORATIONS/CLOSING COSTS 5.1 Tax Prorations. Ad valorem taxes and association dues,if any, shall be prorated as of the Closing Date. Purchaser shall pay the recording fee for the warranty deed from Seller and the costs of recording any documents associated with Purchaser's financing. Seller shall pay the cost of recording any releases, all North Carolina transfer taxes and excise stamps and rollback taxes attributable to the Property, if any. Each party shall pay its own attorney's fees. All costs or expenses not specifically provided for in this Agreement shall be allocated as is customary in Orange County,North Carolina. ARTICLE 6:REPRESENTATIONS AND WARRANTIES 6.1 Seller's Representations and Warranties. As a material inducement to Purchaser to execute this Agreement and consummate this transaction,Seller represents and warrants to Purchaser as follows: (a) Fee Simple Owner. Seller is the fee simple owner of the Property, subject to matters of record as of the Effective Date. (b) Environmental. Seller has no actual knowledge of any violation of Environmental Laws related to the Property or the presence or release of Hazardous Materials on or from the Property. Seller has not manufactured, introduced, released or discharged from or onto the Property any Hazardous Materials, and Seller has not used the Property or any part thereof for the generation, treatment, storage, handling or disposal of any Hazardous Materials. The term "Environmental Laws" includes without limitation the Resource Conservation and Recovery Act and the Comprehensive Environmental Response Compensation and Liability Act and other federal laws governing the environment as in effect on the date of this Agreement together with their implementing regulations and guidelines and all state, regional, -5-