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(m) "Closing": The legal process which results in the transfer of title to the Property from Seller to Buyer. Closing includes the
<br /> following steps: (1)the Settlement (defined above): (2)the completion of a satisfactory title update to the Property following the
<br /> Settlement;(3)the settlement agent's receipt of authorization to disburse all necessary funds;and(4)recordation in the appropriate
<br /> county registry of the deed(s) and deed(s)of trust, if any, which shall take place as soon as reasonably possible for the settlement
<br /> agent after Settlement.Upon such recordation of the deed(s) and deed(s) of trust, if any, Closing shall be deemed completed and
<br /> the proceeds of sale shall be disbursed by the settlement agent in accordance with the settlement statement and the provisions of
<br /> Chapter 45A of the North Carolina General Statutes.If the title update should reveal unexpected liens,encumbrances or other title
<br /> defects, or if the settlement agent is not authorized to disburse all necessary funds, then the Closing shall be suspended and the
<br /> Settlement deemed delayed under Paragraph 13 (Delay in Settlement/Closing).
<br /> (n) "Special Assessments": A charge against the Property by a governmental authority in addition to ad valorem taxes or by an
<br /> owners' association in addition to any regular assessment (dues), either of which may be a lien against the Property. A Special
<br /> Assessment may be either proposed or confirmed.
<br /> "Proposed Special Assessment": A Special Assessment that is under formal consideration but which has not been approved prior
<br /> to Settlement.
<br /> "Confirmed Special Assessment": A Special Assessment that has been approved prior to Settlement whether or not it is fully
<br /> payable at time of Settlement.
<br /> 2. FIXTURES: The following items, if any, are deemed fixtures and are included in the Purchase Price free of liens:
<br /> range/stove/oven,any built-in appliances,light fixtures,ceiling fans,attached floor coverings,blinds,shades,drapery rods and curtain
<br /> rods, brackets and all related hardware, window and door screens, storm windows, combination doors, awnings, antennas, satellite
<br /> dishes and receivers, burglar/fire/smoke/carbon monoxide/alarms, pool and spa equipment, solar energy systems, attached fireplace
<br /> screens, gas logs, fireplace inserts, electric garage door openers with controls, outdoor plants and trees (other than in movable
<br /> containers),basketball goals, storage sheds,mailboxes, attached wall and/or door mirrors,fuel tank(s)whether attached or buried and
<br /> including contents, if any, as of Settlement, landscape and/or foundation lighting, invisible fencing including all related equipment,
<br /> lawn irrigation systems and all related equipment, water softener/conditioner and filter equipment and any other items attached or
<br /> affixed to the Property, EXCEPT the following items which are leased or not owned by Seller or which Seller does not intend to
<br /> convey: None.
<br /> Seller shall repair any damage caused by removal of any items excepted above.
<br /> 3.PERSONAL PROPERTY:The following personal property shall be transferred to Buyer at no value at Closing: None.
<br /> (NOTE:Buyer is advised to consult with Buyer's lender to assure that the Personal Property items listed above can be included in this
<br /> Contract.)
<br /> 4. BUYER'S DUE DILIGENCE PROCESS:
<br /> (a)Loan: During the Due Diligence Period,Buyer,at Buyer's expense,shall be entitled to pursue qualification for and approval of
<br /> the Loan if any.
<br /> (NOTE: Buyer is advised to consult with Buyer's lender prior to signing this offer to assure that the Due Diligence Period allows
<br /> sufficient time for the appraisal to be completed and for Buyer's lender to provide Buyer sufficient information to decide whether
<br /> to proceed with or terminate the transaction.)
<br /> (b) Property Investigation: During the Due Diligence Period, Buyer or Buyer's agents or representatives, at Buyer's expense,
<br /> shall be entitled to conduct all desired tests, surveys, appraisals, investigations, examinations and inspections of the Property as
<br /> Buyer deems appropriate,including but NOT limited to the following:
<br /> (i)Inspections: Inspections to determine the condition of any improvements on the Property,the presence of unusual drainage
<br /> conditions or evidence of excessive moisture adversely affecting any improvements on the Property,the presence of asbestos
<br /> or existing environmental contamination, evidence of wood-destroying insects or damage therefrom, and the presence and
<br /> level of radon gas on the Property.
<br /> (ii)Review of Documents: Review of the Declaration of Restrictive Covenants,Bylaws,Articles of Incorporation,Rules and
<br /> Regulations, and other governing documents of any applicable owners' association and/or subdivision. If the Property is
<br /> subject to regulation by an owners' association, it is recommended that Buyer review the completed Owners' Association
<br /> Disclosure And Addendum(Standard Form 2A 12-T)provided by Seller prior to signing this offer.
<br /> KC:305879v1 (0!�. 7 3tl.D OC) 1
<br /> Buyer initials Seller initialst +t
<br /> Page 3 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
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