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THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE AS FOLLOWS: <br /> 1. PURCHASE PRICE: The purchase price for the Property shall be TWO MILLION <br /> SIXTY FOUR THOUSAND AND 00/100 DOLLARS ($2,064,000) plus any amount due Seller <br /> as the result of the calculation made in Section 4(c) of this Agreement. The purchase price shall <br /> be paid by payment in cash at the closing. <br /> 2. TITLE: Title will be delivered to Buyer at closing by a General Warranty Deed <br /> from Mary Alice Blackwood and Nannie Moore Blackwood and a Trustee's Deed from David <br /> Blackwood, trustee under the wills of Robert Gary Blackwood, John Herbert Blackwood and <br /> Homer David Blackwood, made to Orange County, North Carolina, which shall be fee simple <br /> marketable title, free of liens, encumbrances, easements, restrictions, rights and conditions, <br /> including, but not limited to, any promissory note, mortgage, deed of trust, real estate contract, <br /> right of first refusal, or option to buy, other than current property taxes and rights, reservations, <br /> covenants, easements, conditions, and restrictions of record as of the effective date of this <br /> Agreement that do not materially affect the value of the Property or unduly interfere with <br /> Buyer's intended use of the Property, and those exceptions approved in writing by Buyer <br /> ("Permitted Exceptions"). <br /> 3. REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER: <br /> Seller snakes the following representations and warranties to Buyer as of the effective date of this <br /> Agreement and again as of the Closing Date: <br /> (a) Title. At the Closing Date, Seller shall have good, <br /> marketable, and indefeasible fee simple title to the Property subject only to the Permitted <br /> Exceptions, and Seller is aware of no other matters that adversely affect title to the Property. <br /> 2 <br />