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

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loan at a ❑ Fixed Rate ❑ Adjustable Rate in the principal amount of plus any financed VA Funding Fee or FHA MIP for a term of year(s), at an initial interest rate not to exceed %per annum(the"Loan"). (NOTE: If Buyer represents that Buyer does not have to obtain a new loan in order to purchase the Property, Seller is advised, prior to signing this offer,to obtain documentation from Buyer which demonstrates that Buyer will be able to close on the Property without the necessity of obtaining a new loan.) (b) Other Property: Buyer ❑ does El does not have to sell or lease other real property in order to qualify for a new loan or to complete purchase. (NOTE: If Buyer does have to sell, Buyer and Seller should consider including a Contingent Sale Addendum (Standard Form 2A2-T)with this offer.) (c) Performance of Buyer's Financial Obligations: To the best of Buyer's knowledge, there are no other circumstances or conditions existing as of the date of this offer that would prohibit Buyer from performing Buyer's financial obligations in accordance with this Contract,except as may be specifically set forth herein. (d)Property Disclosure(check only one): ❑ Buyer has received a signed copy of the N.C. Residential Property Disclosure Statement prior to the signing of this offer. ❑ Buyer has NOT received a signed copy of the N.C. Residential Property Disclosure Statement prior to the signing of this offer and shall have the right to terminate or withdraw this Contract without penalty prior to WHICHEVER OF THE FOLLOWING EVENTS OCCURS FIRST: (1)the end of the third calendar day following receipt of the Disclosure Statement; (2)the end of the third calendar day following the date the Contract was made; or(3)Settlement or occupancy by Buyer in the case of a sale or exchange. ❑x Exempt from N.C.Residential Property Disclosure Statement because(SEE GUIDELINES): Commercial property transaction. 6.BUYER OBLIGATIONS: (a) Owners' Association Fees/Charges: Buyer shall pay any fees required for confirming account payment information on owners' association dues or assessments for payment or proration and any charge made by the owners' association in connection with the disposition of the Property to Buyer, including any transfer and/or document fee imposed by the owners' association. Buyer shall not be responsible for fees incurred by Seller in completing the Owners' Association Disclosure and Addendum (Standard Form 2Al2-T). (b) Responsibility for Proposed Special Assessments: Buyer shall take title subject to all Proposed Special Assessments disclosed by Seller in Paragraph 7(d),if any. (c) Responsibility for Certain Costs: Buyer shall be responsible for all costs with respect to any loan obtained by Buyer, appraisal,title search,title insurance,recording the deed and for preparation and recording of all instruments required to secure the balance of the Purchase Price unpaid at Settlement. 7.SELLER REPRESENTATIONS: (a)Ownership: Seller represents that Seller: El has owned the Property for at least one year. ❑has owned the Property for less than one year. ❑ does not yet own the Property. (b)Primary Residence: Seller represents that the Property ❑ is or❑x is not Seller's primary residence. (c)Lead-Based Paint(check if applicable): ❑ The Property is residential and was built prior to 1978 (Attach Lead-Based Paint or Lead-Based Paint Hazards Disclosure Addendum (Standard Form 2A9-T)). (d)Assessments: To the best of Seller's knowledge there are no Proposed Special Assessments except as follows(Insert"None"or the identification of such assessments,if any): None,but if any will be paid at closing.. KC:305879v1 {00123 21 OC} Buyer initials V-3 Seller initik - Page 5 of 10 Association Form No.2©Revised 2007,2008,1/2011 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