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2013-542 AMS - Wesley D Woods and Alice R Woods for 1203 US Hwy 70A property $200,000
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2013-542 AMS - Wesley D Woods and Alice R Woods for 1203 US Hwy 70A property $200,000
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10/23/2013 2:39:01 PM
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10/23/2013 2:37:43 PM
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BOCC
Date
10/15/2013
Meeting Type
Regular Meeting
Document Type
Contract
Agenda Item
7b
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Agenda - 10-15-2013 - 7b
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\Board of County Commissioners\BOCC Agendas\2010's\2013\Agenda - 10-15-2013 - Regular Mtg.
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and held in escrow by Escrow Agent until Closing, at which time it will be credited to Buyer, or until this Contract is otherwise <br /> terminated. In the event: (1)this offer is not accepted; or(2) a condition of any resulting contract is not satisfied,then the Earnest <br /> Money Deposit shall be refunded to Buyer. In the event of breach of this Contract by Seller, the Earnest Money Deposit shall be <br /> refunded to Buyer upon Buyer's request,but such return shall not affect any other remedies available to Buyer for such breach.In <br /> the event of breach of this Contract by Buyer,the Earnest Money Deposit shall be paid to Seller upon Seller's request as liquidated <br /> damages and as Seller's sole and exclusive remedy for such breach,but without limiting Seller's rights under Paragraphs 4(e)and <br /> 4(f)for damage to the Property or Seller's right to retain the Due Diligence Fee. It is acknowledged by the parties that payment of <br /> the Earnest Money Deposit to Seller in the event of a breach of this Contract by Buyer is compensatory and not punitive, such <br /> amount being a reasonable estimation of the actual loss that Seller would incur as a result of such breach. The payment of the <br /> Earnest Money Deposit to Seller shall not constitute a penalty or forfeiture but actual compensation for Seller's anticipated loss, <br /> both parties acknowledging the difficulty determining Seller's actual damages for such breach.If legal proceedings are brought by <br /> Buyer or Seller against the other to recover the Earnest Money Deposit, the prevailing party in the proceeding shall be entitled to <br /> recover from the non-prevailing party reasonable attorney fees and court costs incurred in connection with the proceeding. <br /> (f)"Escrow Agent"(insert name): N/A <br /> (NOTE: In the event of a dispute between Seller and Buyer over the disposition of the Earnest Money Deposit held in escrow, a <br /> licensed real estate broker ("Broker") is required by state law (and Escrow Agent, if not a Broker, hereby agrees) to retain the <br /> Earnest Money Deposit in the Escrow Agent's trust or escrow account until Escrow Agent has obtained a written release from the <br /> parties consenting to its disposition or until disbursement is ordered by a court of competent jurisdiction.Alternatively,if a Broker <br /> is holding the Earnest Money Deposit, the Broker may deposit the disputed monies with the appropriate clerk of court in <br /> accordance with the provisions of N.C.G.S. §93A-12.) <br /> THE PARTIES AGREE THAT A REAL ESTATE BROKERAGE FIRM ACTING AS ESCROW AGENT MAY PLACE THE <br /> EARNEST MONEY DEPOSIT IN AN INTEREST BEARING TRUST ACCOUNT AND THAT ANY INTEREST EARNED <br /> THEREON SHALL BE DISBURSED TO THE ESCROW AGENT MONTHLY IN CONSIDERATION OF THE EXPENSES <br /> INCURRED BY MAINTAINING SUCH ACCOUNT AND RECORDS ASSOCIATED THEREWITH. <br /> (g)"Effective Date":The date that:(1)the last one of Buyer and Seller has signed or initialed this offer or the final counteroffer,if <br /> any,and(2)such signing or initialing is communicated to the party making the offer or counteroffer,as the case may be. <br /> (h) "Due Diligence": Buyer's opportunity during the Due Diligence Period to investigate the Property and the transaction <br /> contemplated by this Contract, including but not necessarily limited to the matters described in Paragraph 4 below, to decide <br /> whether Buyer,in Buyer's sole discretion,will proceed with or terminate the transaction. <br /> (i)"Due Diligence Fee": A negotiated amount,if any,paid by Buyer to Seller with this Contract for Buyer's right to conduct Due <br /> Diligence during the Due Diligence Period. It shall be the property of Seller upon the Effective Date and shall be a credit to Buyer <br /> at Closing. The Due Diligence Fee shall be non-refundable except in the event of a material breach of this Contract by Seller,or if <br /> this Contract is terminated under Paragraph 8(1) or Paragraph 12, or as otherwise provided in any addendum hereto. Buyer and <br /> Seller each expressly waive any right that they may have to deny the right to conduct Due Diligence or to assert any defense as to <br /> the enforceability of this Contract based on the absence or alleged insufficiency of any Due Diligence Fee,it being the intent of the <br /> parties to create a legally binding contract for the purchase and sale of the Property without regard to the existence or amount of <br /> any Due Diligence Fee. <br /> 0) "Due Diligence Period": The period beginning on the Effective Date and extending through 5:00 p.m. on October 15, 2013 <br /> TIME BEING OF THE ESSENCE with regard to said date. <br /> (k)"Settlement": The proper execution and delivery to the settlement agent of all documents necessary to complete the transaction <br /> contemplated by this Contract, including the deed, settlement statement, deed of trust and other loan or conveyance documents, <br /> and the settlement agent's receipt of all funds necessary to complete such transaction. <br /> (1) "Settlement Date": The parties agree that Settlement will take place 30 days from date this Offer To Purchase and <br /> Contract is last executed (the "Settlement Date"), unless otherwise agreed in writing, at a time and place designated by <br /> Buyer. <br /> KC;305879v1 ( 7 1.DOC) �. <br /> Buyer initialsvIA Seller iriitiaV <br /> Page 2 of 10 <br /> Association Form No.2®Revised 2007,2008,1/2011 This standard form has been approved jointly by:North Carolina <br /> Printed by Agreement with the NC Bar Association North Carolina Bar Association—NC Bar Form No.2 <br /> North Carolina Association of Realtors®,Inc,—Standard Form 2T <br />
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