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{i} Broker: PauI W.�aker,Jr.
<br /> Cuttbow Froperties,L�,C
<br /> 205 Syivan Gro�e I?rive
<br /> Cary,N�27518
<br /> TeIephone:(919)632-9886
<br /> e-mail: wellington@sprynet.cam
<br /> i.2 Pra e . Subject to the terms and conditions of this Agree�nent,Seller agrees to sell to Purchaser,
<br /> and Purchasar agrees to pnrck�ase fro�n Sellar, approximately 67.37 acres af land ]acated in prar�ge Cqunfy, N���
<br /> Carolina, known Iocally as 23{I1 Mount Sinai Road, Chapel Hill, NC, and fiirkher ciescribed pn E�ibit A attached
<br /> I�ereto ("Land"}, together with {i)ai1 and singular the appurtenances appertainit�g thereto, and Seli�r's rigl�ts,
<br /> ease�nents o�� ather interests, if any,in and to adjacent stceets, alieys and rights-of=way abutting sach real property;
<br /> {ii)any improvements sitaated upon the Land; {iii} ail intangible properry and all p}ans, pernzits, specifications,
<br /> studies, and reports owned and controlled by Selier reIated tc�the Land, including rights of access, utility capacities
<br /> anc!compiete cantrol Qf the s�rface usage of the Land and(iv)such other assignable rights,interesfs and propertias
<br /> as may be specified in this Agreement{collectiva3y,the"Pra e ").
<br /> l.3 Earnest Monev. �irithin ttzree (3} Bnsiness Days of receipt of a fuliy executed copy af this
<br /> Agreeanent, Purchaser shall depasit the b;itial Earnast Money with the Title Company, No later tlian eighteen (Ig)
<br /> manths fron�the Bffective Date,i'urchaser shall deposit the Ac�ditianai Earnest Money with the TiEte Company. The
<br /> Earnest Ylc�ne;=shaIl be applied%ttte Purchase Price a#Closnig. The Bamest IVloney shail be hetd and disbursed by
<br /> the Titte Cornpany pursuant ta tha terms hereaf.
<br /> ARTICL�Z:INSPECTI�ll�t PER3OI3 A�TD CLOSING CONDi7"IC)NS.
<br /> 2.t Se31er's 33eflvery_af Speci�ied Dacuments. Tha follawing infortnation re2aezng ta tha Property t�
<br /> the e�teea$ it i� in fhe po�session ot- contral caf�elter sh�ll be delivered ta Purchaser by S�ller within �ve {5}
<br /> business days of the i)ate c�f this Agreement {the "Pro e Infarmafion"}: {i)any environmentaP reports and a
<br /> schedu(e Iisting any such reports; {ii)any st�ils and engiiteering repprts; {iii)Seller's e�sting title poi�cy; {iv) alt
<br /> existing plans, specificatians, permits, approvais(and any applications for p�rmits or approvats),maps and surveys
<br /> (including, withaut limitation, archaeoiogi�at, 6tiundarY> topagraphlc and tree stu-veys);any surveys, plats or site
<br /> pJans {v) arty deed restrictzons, restrictive �ovenants or construction or architectw-al guidelines tha� affect the
<br /> �'QP��Y; (��3 any in#'ormation or docuenentation associated with any property owners' association affecting the
<br /> Property; (vii)docutnents,wri##en no�ices,reports, citations, orders, decisions,eorrespondence,or memoranda fram
<br /> atry governmentai authority(including,but not limited fia,�copies of any zoning Ietters);and(vii�)the most recent tax
<br /> bilIs and value renditions. Seller shall provide to Purchaser any documents described above and comittg inta
<br /> Seller's possession o�'produ�ed by geIlec af�er fhe inifial de2ivery above and shall cantinue Yo provide saene dur€�tg
<br /> the pendency af this Agreement, .
<br /> 2,2 Due �tili�ence. Purchaser shal! have ti�-ough ti�e last day af the Inspection �°ei-iod in which to
<br /> examine, inspect, and investigate the Property and, in Purchassr's sole and abso�ute judgment and discretion, to
<br /> detem�ine wt�ather tfie Property is acceptable to Purchaser. Aloiwithstariding anytj�istg t� ghe contrary in this
<br /> Aareem�nt, Purch�ser may tenninate this Agreement by giving natica of tsrmina�aan to Seller and�scrow Aget�t on
<br /> or before the last day of the Inspection Periad. If Purchaser does not tertninate this Agreernent as provided in
<br /> preceding sentence, Purahaser shall be deemed to ha�re waived its right to te��rttinate under this Sectian 2.2 and ti�is
<br /> Agreetnent shall continue itt fizii foz�ce and effect.
<br /> Purchaser and its agents,empioyaes,and representatives shall have a continuzng right flf reasonabie access to
<br /> the Property during the pendency of this Agreement, far the purpase of conducting surveys, engineering, soil,
<br /> geofechnical, and envirozimenkal fnspections aud tests, and any other inspections, studies, ar tests reasonably
<br /> reqnired by Purchaser. In the caurse of its investigations Purchaser inay mak� inquiries ta Seiler's corasultan�s or
<br /> conh�actors who have performed work ar pi•epared reports in coz►nection with the i'roperty, or to third pai-tties
<br /> including, witl�aut liynitatio�t, Ienders,ebntractot�s,and government officials and representatives,and Seiler consents
<br /> to such inquiries. Purchaser shail keep the Property free attd ciear af any tiens and witl inden!tnify, defend,and hoid
<br /> Setler harmless from a1i ciai�as at�d Iiabitities asserted against Selier as a resu3t af any such entry by Purchaser, its
<br /> agents, employees, or representatives. Purchaser, at Purchaser's sole expense, shati repair any and ail damage
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