Orange County NC Website
Browse       Search
valorem taxes for the current year;utility easements and unviolated restrictive covenants that <br /> do not materially affect the value of the Property; and such other encumbrances as may be <br /> assumed or specifically approved by Buyer. If Seller is unable to deliver fee simple <br /> marketable title to the Property, free of encumbrances, except for ad valorem taxes for the <br /> current year; utility easements and unviolated restrictive covenants that do not materially <br /> affect the value of the Property and such other encumbrances as may assumed or specifically <br /> approved by Buyer,then the Option Money shall be refunded. Seller shall provide to Buyer, <br /> not later than ten (10) days after the Acceptance Date, such title information, including <br /> copies of any title policies,that Seller may have in its possession. Buyer acknowledges that <br /> title to the property will be subject to an easement for ingress, regress and egress over and <br /> across the Property from Guess Road to property of the Seller in Durham County and Buyer <br /> has approved such easement. <br /> 4. REPRESENTATIONS.WARRANTIES AND COVENANTS OF SELLER: <br /> Seller represents, warrants and covenants to Buyer as follows: <br /> (a) Authority of Seller. Seller has the right, power and authority and has <br /> obtained all requisite authorizations to enter into this Agreement and to sell the <br /> Property in accordance with the terms and conditions hereof. <br /> (b) Condemnation,Litigation. Seller has not received any written notice of any <br /> (i) pending or threatened condemnation proceeding affecting the Property or <br /> any portion thereof, nor is Seller aware of any matters which it reasonably <br /> expects to develop or mature into a condemnation proceeding,or(ii)litigation <br /> affecting the Property or any portion thereof that would affect Seller's ability <br /> to convey the Property to Buyer without exception therefor being taken by the <br /> Title Company. Seller will promptly give Buyer written notice of any <br /> pending or threatened condemnation or litigation affecting the Property or any <br /> portion thereof of which Seller receives written notice after the date hereof. <br /> Seller has not received any notice of any existing action, suit or proceeding <br /> affecting the Seller or the Property or any portion thereof or relating to, or <br /> arising out of the ownership, use, occupancy or operation of the Property, in <br /> any court or before any federal, state, county or municipal department, <br /> commission, board, bureau or agency or other governmental instrumentality. <br /> (c) Contravention of Other Agreements. To the best of Seller's knowledge, <br /> the consummation of the transaction contemplated hereby by Seller will not: <br /> (i) conflict with, result in a breach of or constitute a default under any <br /> agreement or instrument to which Seller is a party or by which it or the <br /> Property are bound; (ii)violate any restriction to which Seller or the Property <br /> is subject; (iii) constitute a violation of any applicable code, resolution, law, <br /> statute,regulation, order, ordinance,rule,judgment or decree; or(iv)result in, <br /> the creation of any lien, charge or encumbrance upon any assets to be sold to <br /> Buyer hereunder. <br /> (d) Notice of Violations. Seller has not received any written notice of violation <br /> of any building,zoning, fire or other code,regulation, law, statute,resolution, <br /> rule, order, ordinance,judgment or decree affecting the Property or any part <br /> 2 <br />