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(i) Payment of Confirmed Special Assessments: Seller shall pay all Confirmed Special Assessments, if any, provided that the <br /> amount thereof can be reasonably determined or estimated. <br /> 0)Late Listing Penalties:All property tax late listing penalties,if any,shall be paid by Seller. <br /> (k)Owners' Association Disclosure and Addendum (Standard Form 2Al2-T): If applicable, Seller shall provide the completed <br /> Owners' Association Disclosure and Addendum(Standard Form 2Al2-T)to Buyer on or before the Effective Date. <br /> (1)Seller's Failure to Comply or Breach:If Seller fails to materially comply with any of Seller's obligations under this Paragraph <br /> 8 or Seller materially breaches this Contract, and Buyer elects to terminate this Contract as a result of such failure or breach,then <br /> the Earnest Money Deposit and the Due Diligence Fee shall be refunded to Buyer and Seller shall reimburse to Buyer the <br /> reasonable costs actually incurred by Buyer in connection with Buyer's Due Diligence without affecting any other remedies. <br /> 9. PRORATIONS AND ADJUSTMENTS: Unless otherwise provided, the following items shall be prorated through the date of <br /> Settlement and either adjusted between the parties or paid at Settlement: <br /> (a)Taxes on Real Property:Ad valorem taxes on real property shall be prorated on a calendar year basis. Since the Buyer is the <br /> County which levies said taxes, the taxes due from January 1 through the date of closing will be the responsibility of the <br /> Buyer and there may or may not be any additional sums due from the date of closing through December 31 based on the <br /> ownership of the County. <br /> (b) Taxes on Personal Property: Ad valorem taxes on personal property for the entire year shall be paid by Seller unless the <br /> personal property is conveyed to Buyer,in which case,the personal property taxes shall be prorated on a calendar year basis; <br /> (c)Rents:Rents,if any,for the Property; <br /> (d)Dues: Owners' association regular assessments(dues)and other like charges. <br /> 10.HOME WARRANTY:If a home warranty is to be provided,select one of the following: Not applicable <br /> ❑Buyer may obtain a one-year home warranty at a cost not to exceed$ and Seller agrees to pay for it at Settlement. <br /> ❑ Seller has obtained and will provide a one-year home warranty from <br /> at a cost of$ and will pay for it at Settlement.(NOTE:Home warranties typically have limitations on and conditions to <br /> coverage.Refer specific questions to the home warranty company.) <br /> 11. CONDITION OF PROPERTY AT CLOSING: The Property must be in substantially the same or better condition at Closing as <br /> on the date of this offer,reasonable wear and tear excepted. <br /> 12.RISK OF LOSS: The risk of loss or damage by fire or other casualty prior to Closing shall be upon Seller. If the improvements on <br /> the Property are destroyed or materially damaged prior to Closing, Buyer may terminate this Contract by written notice delivered to <br /> Seller or Seller's agent and the Earnest Money Deposit and any Due Diligence Fee shall be refunded to Buyer.In the event Buyer does <br /> NOT elect to terminate this Contract,Buyer shall be entitled to receive,in addition to the Property,any of Seller's insurance proceeds <br /> payable on account of the damage or destruction applicable to the Property being purchased. Seller is advised not to cancel existing <br /> insurance on the Property until after confirming recordation of the deed. <br /> 13. DELAY IN SETTLEMENT/CLOSING: Absent agreement to the contrary in this Contract or any subsequent modification <br /> thereto,if a party is unable to complete Settlement by the Settlement Date but intends to complete the transaction and is acting in good <br /> faith and with reasonable diligence to proceed to Settlement ("Delaying Party"), and if the other party is ready, willing and able to <br /> complete Settlement on the Settlement Date ("Non-Delaying Party")then the Delaying Party shall give as much notice as possible to <br /> the Non-Delaying Party and settlement agent and shall be entitled to a delay in Settlement. If the parties fail to complete Settlement <br /> and Closing within fourteen(14)days of the Settlement Date, or to further extend the Settlement Date by written agreement,then the <br /> Delaying Party shall be in breach and the Non-Delaying Party may terminate this Contract and shall be entitled to enforce any <br /> remedies available to such party under this Contract for the breach. <br /> 14. POSSESSION: Possession, including all means of access to the Property, shall be delivered upon Closing unless otherwise <br /> provided below.In the event possession is NOT to be delivered upon Closing: <br /> ❑ a Buyer Possession Before Closing Agreement is attached(Standard Form 2A7-T)OR <br /> ❑ a Seller Possession After Closing Agreement is attached(Standard Form 2A8-T). <br /> KC:3 05879v 1 0011 21.DOC} <br /> Buyer initials Seller initial, �. <br /> Page 7 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 />