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7 <br />THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE AS FOLLOWS: <br />1. PURCHASE PRICE: The purchase price for the Property shall be SIXTY -SIX <br />THOUSAND AND 13/100 DOLLARS ($ 66,013) plus any amount due Seller as the result of the <br />calculation made in Section 4(c) below for ad valorem taxes on the Property for the calendar year <br />in which the Closing occurs. The purchase price shall be paid by payment in cash at the closing. <br />2. TITLE: Title will be delivered to Buyer at closing by a General Warranty Deed <br />from Seller, made to Orange County, North Carolina, which shall be fee simple marketable title, <br />free of liens, encumbrances, easements, restrictions, rights and conditions, including, but not <br />limited to, any promissory note, mortgage, deed of trust, real estate contract, right of first refusal, <br />or option to buy, other than current property taxes and rights, reservations, covenants, easements, <br />conditions, and restrictions of record as of the effective date of this Agreement that do not <br />materially affect the value of the Property or unduly interfere with Buyer's intended use of the <br />Property, which exceptions must be approved in writing by Buyer ( "Permitted Exceptions "). <br />The deed conveying the Property shall be on a North Carolina Bar form General Warranty Deed. <br />The Property description in the deed shall conform to the survey of the Property to be prepared <br />as prescribed in Section 4(a) of this Agreement. <br />REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER: <br />Seller makes the following representations and warranties to Buyer as of the effective date of this <br />Agreement and again as of the Closing Date: <br />(a) Title. At the Closing Date, Seller shall have good, marketable, and indefeasible <br />fee simple title to the Property subject only to the Permitted Exceptions, and Seller is aware of no <br />other matters that adversely affect title to the Property. <br />