2013-542 AMS - Wesley D Woods and Alice R Woods for 1203 US Hwy 70A property $200,000

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(iii)Insurance:Investigation of the availability and cost of insurance for the Property. (iv)Appraisals:An appraisal of the Property. (v) Survey: A survey to determine whether there are any encroachments on the Property from adjacent properties (fences, driveways, etc.), encroachments from the Property onto adjacent properties, road or utility easements crossing the Property, violations of set-back lines, lack of legal access to a public right-of-way, or indefinite or erroneous legal descriptions in previous deeds to the Property. THE SELLER HEREIN AGREES TO CONVEY ANY AND ALL PROPERTY OWNED BY THE SELLER AS MAY BE SHOWN ON A MORE CURRENT SURVEY OBTAINED BY THE BUYER AT THE BUYER'S EXPENSE. (vi) Zoning and Governmental Regulation: Investigation of current or proposed zoning or other governmental regulation that may affect Buyer's intended use of the Property, adjacent land uses, planned or proposed road construction, and school attendance zones. (vii) Flood Hazard: Investigation of potential flood hazards on the Property, and/or any requirement to purchase flood insurance in order to obtain the Loan. (c) Repair Negotiations/Agreement: The parties acknowledge and understand that they may,but are not required to, engage in negotiations for repairs to the Property. Buyer is advised to make any repair requests in sufficient time to allow repair negotiations to be concluded prior to the expiration of the Due Diligence Period. Any agreement that the parties may reach with respect to repairs shall be considered an addition to this Contract and as such,must be in writing and signed by the parties in accordance with Paragraph 20. Unless otherwise agreed,negotiated repairs shall be made in a good and workmanlike manner and Buyer shall have the right to verify same prior to Settlement. (d)Walk-through Inspection:Buyer may conduct a walk-through inspection of the Property prior to Closing. (e)Buyer's Obligation to Repair Damage: Buyer shall,at Buyer's expense,promptly repair any damage to the Property resulting from any activities of Buyer and Buyer's agents and contractors, but Buyer shall not be responsible for any damage caused by accepted practices either approved by the N.C.Ho me Inspector Licensure Board or applicable to any other N.C.licensed professional performing reasonable appraisals,tests, surveys, examinations and inspections of the Property.This repair obligation shall survive any termination of this Contract. (f)Indemnity: > eefftfaeter-s relating to the Prep" except for any less, damage, claim, suit or- cost ar-ising out of pre-eK-.st---.g eend-i Ems of the Property and/or: eu4 of Seller's negligenee or willful acts of emissions. This indemaity shall sufvive this Gentfact and any tefmkiafien be ,.c (g)Buyer's Right to Terminate:Buyer shall have the right to terminate this Contract for any reason or no reason,by delivering to Seller written notice of termination (the "Termination Notice") during the Due Diligence Period (or any agreed-upon written extension of the Due Diligence Period), TIME BEING OF THE ESSENCE. If Buyer timely delivers the Termination Notice,this Contract shall be terminated and the Earnest Money Deposit shall be refunded to Buyer. (WARNING: If Buyer is not satisfied with the results or progress of Buyer's Due Diligence,Buyer should terminate this Contract, prior to the expiration of the Due Diligence Period, unless Buyer can obtain a written extension from Seller. SELLER IS NOT OBLIGATED TO GRANT AN EXTENSION. Buyer's failure to deliver a Termination Notice to Seller prior to the expiration of the Due Diligence Period shall constitute a waiver by Buyer of any right to terminate this Contract based on any matter relating to Buyer's Due Diligence.) (NOTE: Following the Due Diligence Period, Buyer may still exercise a right to terminate this Contract for any other reason permitted under the terms of this Contract or North Carolina law.) (h) CLOSING SHALL CONSTITUTE ACCEPTANCE OF THE PROPERTY IN ITS THEN EXISTING CONDITION UNLESS PROVISION IS OTHERWISE MADE IN WRITING. 5.BUYER REPRESENTATIONS: (a)Loan:Buyer❑does El does not have to obtain a new loan in order to purchase the Property.If Buyer is obtaining a new loan, Buyer intends to obtain a loan as follows: ❑ FHA ❑ VA (attach FHANA Financing Addendum) ❑ Conventional ❑ Other: KC:305879v1 (001 3 .DOC) Buyer initials Seller initial Page 4 of 10 Association Form No.2 0 Revised 2007,2008,112011 This standard form has been approved jointly by:North Carolina Printed by Agreement with the NC Bar Association North Carolina Bar Association—NC Bar Form No.2 North Carolina Association of Realtors®,Inc.—Standard Form 2T