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Seller warrants that there are no Confirmed Special Assessments except as follows (Insert "None" or the identification of such
<br /> assessments, if any): None,but if any will be paid at closing.
<br /> (e) Owners' Association(s) and Dues: To best of Seller's knowledge, ownership of the Property ❑ subjects ❑ does not subject
<br /> Buyer to regulation by one or more owners' association(s)and governing documents,which impose various mandatory covenants,
<br /> conditions and restrictions upon the Property and Buyer's enjoyment thereof, including but not limited to obligations to pay regular
<br /> assessments (dues) and Special Assessments. If there is an owners' association, then an Owners' Association Disclosure and
<br /> Addendum (Standard Form 2Al2-1) shall be completed by Seller, at Seller's expense, and must be attached as an addendum to
<br /> this Contract.
<br /> 8.SELLER OBLIGATIONS:
<br /> (a)Evidence of Title: Seller agrees to use best efforts to deliver to Buyer as soon as reasonably possible after the Effective Date,
<br /> copies of all title information in possession of or available to Seller, including but not limited to:title insurance policies,attorney's
<br /> opinions on title, surveys, covenants, deeds, notes and deeds of trust and easements relating to the Property. Seller authorizes(1)
<br /> any attorney presently or previously representing Seller to release and disclose any title insurance policy in such attorney's file to
<br /> Buyer and both Buyer's and Seller's agents and attorneys;and(2)the Property's title insurer or its agent to release and disclose all
<br /> materials in the Property's title insurer's(or title insurer's agent's)file to Buyer and both Buyer's and Seller's agents and attorneys.
<br /> (b) Access to Property: Seller shall provide reasonable access to the Property (including working, existing utilities)through the
<br /> earlier of Closing or possession by Buyer.
<br /> (c) Removal of Seller's Property: Seller shall remove, by the date possession is made available to Buyer, all personal property
<br /> which is not a part of the purchase and all garbage and debris from the Property.
<br /> (d) Affidavit and Indemnification Agreement: Seller shall furnish at Settlement an affidavit and indemnification agreement in
<br /> form satisfactory to Buyer and Buyer's title insurer, if any, executed by Seller and any person or entity who has performed or
<br /> furnished labor, services,materials or rental equipment as described in N.C.G.S. §44A-8 to the Property within 120 days prior to
<br /> the date of Settlement verifying that each such person or entity has been paid in full and agreeing to indemnify Buyer, Buyer's
<br /> lender(s)and Buyer's title insurer against all loss from any cause or claim arising therefrom.
<br /> (e) Payment and Satisfaction of Liens: All deeds of trust, liens and other charges against the Property, not assumed by Buyer,
<br /> must be paid and satisfied by Seller prior to or at Settlement such that cancellation may be promptly obtained following Closing.
<br /> Seller shall remain obligated to obtain any such cancellations following Closing.
<br /> (f) Title, Legal Access: Seller shall execute and deliver a GENERAL WARRANTY DEED for the Property at Settlement unless
<br /> otherwise stated herein,which shall convey fee simple marketable and insurable title, free of all encumbrances except: ad valorem
<br /> taxes for the current year(prorated through the date of Settlement); utility easements and unviolated restrictive covenants that do
<br /> not materially affect the value of the Property;and such other encumbrances as may be assumed or specifically approved by Buyer
<br /> in writing. The Property must have legal access to a public right of way.
<br /> (NOTE: If any sale of the Property may be a "short sale," consideration should be given to attaching a Short Sale Addendum
<br /> (Standard Form 2A14-T)as an addendum to this Contract).
<br /> (g) Deed, Excise Taxes: Seller shall pay for preparation of a deed and all other documents necessary to perform Seller's
<br /> obligations under this Contract,and for state and county excise taxes required by law.The deed is to be made to: Orange County,
<br /> North Carolina
<br /> (h)Agreement to Pay Buyer Expenses: Seller shall pay at Settlement$ N/A toward any of Buyer's expenses associated with
<br /> the purchase of the Property, including any FHANA lender and inspection costs that Buyer is not permitted to pay, less any
<br /> portion disapproved by Buyer's lender.
<br /> (NOTE: Examples of Buyer's expenses associated with the purchase of the Property include, but are not limited to, discount
<br /> points,loan origination fees, appraisal fees, attorney's fees, inspection fees,and"pre-paids" (taxes, insurance,owners' association
<br /> dues,etc.)).
<br /> KC:305879v1 ( 21.DOC)
<br /> Buyer initials t Seller initials!
<br /> Page 6 of 10
<br /> Association Form No.2©Revised 2007,2008,112011 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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