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1 '7 <br /> (i) The Purchaser must have received authorization from the North Carolina Local <br /> Government Commission to borrow the amount of the Purchase Price on or before the Closing <br /> Date. <br /> (ii) (1)The deed shall be delivered to Purchaser's closing attorney, Geoffrey E. <br /> Gledhill, Coleman, Gledhill & Hargrave, P.C., Post Office Drawer 1529, Hillsborough, NC 27278. <br /> (2) The deed shall be in proper form for recording <br /> (3) Seller shall deliver an affidavit, in form satisfactory to Seller, certifying the <br /> name of each of the heirs of Orville Campbell, their marital status and the name of their spouse, if <br /> married <br /> (4) All taxes, fees and other charges levied in connection with the execution and <br /> delivery of the deed shall be paid in full by Seller. <br /> (iii) If Seller is a partnership, corporation or public body, Seller shall deposit <br /> satisfactory evidence with Purchaser that Seller has full power and authority to enter into this <br /> Contract; to convey the Subject Premises; to execute the deed and other documents required to be <br /> executed pursuant to this Contract; and to take any and all action in connection with this Contract, <br /> the deed and the other documents. <br /> (iv) Seller shall execute any affidavit of title required by the Title Insurance Company. <br /> (v) (1) By virtue of its ownership of the Subject Premises, Seller shall have <br /> unrestricted right of access by foot and vehicle between the land described in Exhibit A and all <br /> streets, alleys and roads abutting the land described in Exhibit A. <br /> (2) Seller shall have the right to extend its right to access to its employees, <br /> customers and other designees. <br /> (3) The Title Insurance Company shall insure the rights of access. <br /> 7. TERMINATION PROVISIONS <br /> (a) Each of the following events is an 7Event of CanceUation". <br /> (i) If the Purchaser does not receive authorization from the North Carolina Local <br /> Government Commission to borrow an amount equal to the Purchase Price on or before the <br /> Closing Date. <br /> (ii) If Seller's title to the Subject Premises is not in accordance with part (iii) of <br /> subsection 3(a) on the Closing Date. <br /> (iii) If the Title Insurance Company is unwilling to insure on the Closing Date that the <br /> title to the Subject Premises is not subject to any Title Defect except for any Title Defect set forth <br /> in Exhibit C. <br /> (iv) (1) If any representation set forth in subsection 3(a) is incorrect as of the Closing <br /> Date; or <br /> (2) If Seller is in default with respect to any of its obligations pursuant to <br /> subsection 3(b); or <br /> (3) If any condition to closing set forth in subsection 6(c) has not been fulfilled as <br /> of the Closing Date. <br /> (v) If(after making the physical inspections provided for in Section 4) any inspection <br /> report, survey map, or test report discloses a fact (other than any fact set forth in Exhibit C)which <br /> would (in the sole and absolute discretion of Purchaser) either render the land described in <br /> Exhibit A unsuitable for the construction or use of the Project Improvements or render the <br /> construction of the Project Improvements economically unfeasible. <br /> (vi) (1) If, on the Closing Date, any applicable zoning law or other legal requirement <br /> prohibits or restricts the construction of the Project Improvements or prohibits or restricts the use <br /> of the Project Improvements for the Project Purposes; or <br /> 6 <br />