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STANDARD PROVISIONS
<br />1. EARNEST MONEY: In the event this offer is not
<br />hereto
<br />(unless otherwise provided in this contract), but such
<br />inspections must be completed in sufficient time before closing
<br />accepted, or in the event that any of the conditions are
<br />in a breach of this contract by
<br />to permit any repairs to be completed by closing. if any repairs
<br />not satisfied, or the event of
<br />Seller, then the earnest money shall be returned to Buyer, but
<br />are necessary. Seller shall have the option of (a) completing
<br />such return shall not affect any other remedies available to
<br />them, (b) providing for their completion. or (c) refusing to
<br />If Seller not to complete or provide for
<br />Buyer for such breach- In the event this offer is accepted and
<br />the earnest money shall be
<br />complete them- elects
<br />the completion of the repairs, then Buyer shall have the option
<br />Buyer breaches this contract, then
<br />forfeited, but such forfeiture shall not affect any other remedies
<br />of (d) accepting the Property in its present condition, or (e)
<br />in case the earnest monev shall
<br />available to Seller for such breach. NOTE: In the event of a
<br />between Seller Buyer over the return or forfeiture of
<br />terminating this contract, which
<br />be refunded. Closing shall constitute acceptance of each of the
<br />dispute and
<br />held in escrow by a broker, the broker is required
<br />systems, items and conditions listed in (i), (ii). (iii) and (iv)
<br />earnest money
<br />by state law to retain said earnest money in his trust or escrow
<br />above in its then existing condition unless provision is
<br />account until he has obtained a written release from the parties
<br />otherwise made in writing,
<br />BUYER OBTAINS A VETERANS ADMINISTRATION (VA)
<br />consenting to its disposition or until disbursement is ordered by
<br />IF
<br />LOAN, SELLER SHALL PAY THE COST OF ANY WELL/WATER
<br />a court of competent jurisdiction.
<br />AND SEPTIC /SEWER SYSTEM INSPECTION.
<br />2. LOAN ASSUMED: In the event a loan is assumed as part
<br />RECOMMENDATION: Buyer should have any inspections made
<br />of the payment of the purchase price. [hen all payments due
<br />and the
<br />prior to incurring expenses for closing.
<br />from Seller thereon must be current at closing, principal
<br />be as of the date of closing.
<br />9. WOOD - DESTROYING INSECTS: Unless otherwise
<br />balance assumed shall computed
<br />The amounts shown for the assumption balance and cash at
<br />stated herein Buyer shall have the option of obtaining, at
<br />from a licensed pest control operator
<br />closing shall be adjusted as appropriate at closing to reflect the
<br />Buyer's expense, a report
<br />form in accordance with the regulations of the
<br />final computations. Unless Buyer has otherwise specifically
<br />on a standard
<br />North Carolina Structural Pest Control Committee, stating that
<br />agreed in writing, the existing loan must be assumable without
<br />change in the
<br />there was no visible evidence of wood - destroying insects and
<br />either acceleration of the amount secured or any
<br />of the note and deed of trust- Buyer shall be
<br />containing no indication of visible damage therefrom. The
<br />original terns
<br />responsible for all loan assumption costs- Seller shall have no
<br />report must be obtained in sufficient time bcfote closing so as
<br />to treatment, if any, and repairs, if any, to be completed
<br />obligation to pay any loan assumption costs unless specifically
<br />if any. shall be
<br />permit
<br />prior to closing. All treatment required shall be paid for by
<br />set forth in this contract. The escrow, account,
<br />Seller and completed prior to closing, unless otherwise agreed
<br />purchased by Buyer-
<br />upon in writing by the parties. if any structural repairs are
<br />3. PROMISSORY NOTE AND DEED OF TRUST: In the
<br />Seller shall have the option of (a) completing them,
<br />event a promissory note secured b. a deed of mess is given by
<br />necessary,
<br />(b) providing for their completon• or (e) refusing to complete
<br />Buver to Seller as part of the payment of the purchase price., the
<br />them. if Seller elects not to complete or provide for the
<br />promissory note and deed of trust shall be in the form of and
<br />completion of structural repairs, then Buver shall have the
<br />contain the provisions of the currently approved N. C. Bar
<br />option of (d) accepting the Property in its present condition, Or
<br />Association Forms 4 and 5, as modified in paragraph 5(c) on the
<br />(e) terminating this contract, in which case the tamest money
<br />reverse side hereof.
<br />shall be refunded. The Buver is advised that the inspection and
<br />.
<br />4. PRORATIONS AND ADJUSTMENTS: finless otherwise
<br />report described in this paragraph may not aiways reveal either
<br />provided, the following items shall be prorated and either
<br />structural dama or dams caused by agents or or anisms other
<br />adjusted between the parties or paid at closing-
<br />than wood- destroving _insects. If new construction, Seller shall
<br />(a) Ad valorem taxes on real property shall be prorated on a
<br />Provide a new construction termite guarantee.
<br />calendar year basis to the date of closing:
<br />IF BUYER OBTAINS A VE'T'ERANS ADMINISTRATION (VA)
<br />(b) Ad valorem taxes on personal property for the entire year
<br />LOAN, SELLER SHALL PAY THE COST OF THE WOOD -
<br />shall be paid by Seller:
<br />DESTROYING INSECT REPORT.
<br />(c) All late listing penalties, if any, shall be paid by Seller:
<br />10. LABOR AND MATERIAL: Seller shall furnish at
<br />(d) Rents, if any, for the Property shall be prorated to the
<br />closing an affidavit and indemnification agreement in form
<br />date of closing;
<br />satisfactory to Buyer showing that all labor and materials, if
<br />(e) Accrued, but unpaid interest and other charges to Seller, if
<br />any, furnished to the Property within 120 days prior to the date
<br />any, shall be computed to the date of closing and paid by Seller.
<br />of closing have been paid for and agreeing to indemnify Buyer
<br />Interest and other Charges prepaid by Seller shall be credited to
<br />against all lass from any cause or claim arising therefrom.
<br />Seller at closing and paid by Buyer. (Other charges may include
<br />11. FUEL: Buyer agrees to purchase from Seller the fuel, if
<br />FHA mortgage insurance premiums, private mortgage insurance
<br />any, situated in a tank on the Property at the prevailing rate,
<br />premiums and homeowner's association dues -)
<br />with the cost of measurement thereof, if any, being paid by
<br />5. FIRE AND OTHER CASUALTY: The risk of loss or
<br />Seller.
<br />damage by fire or ocher casualty prior to closing shall be upon
<br />12, CLOSING EXPENSES: Seller shall pay for the
<br />Seller.
<br />preparation of a deed and for the excise tax (revenue stamps)
<br />required by law. Buyer shall pay for recording the deed and for
<br />6. CONDTTIONS:
<br />(a) The Property must be in substantially the same condition at
<br />preparation and recording of all instruments required To secure
<br />closing as on the date of this offer, reasonable wear and tear
<br />the balance of the purchase price unpaid at closing.
<br />OF TITLE: Seller agrees to use his best
<br />excepted
<br />liens ocher charges against the
<br />13. EVIDENCE
<br />efforts to deliver to Buyer as soon as reasonably possible after
<br />(b) All deeds of trust, and
<br />Property, not assumed by Buyer, must be paid and cancelled by
<br />the acceptance of this offer• copies of all title information in
<br />Seller prior to or at closing.
<br />possession of ar available to Seller• including but not limited
<br />title,
<br />(c) Title must be delivered at closing by general warranty deed
<br />to: title insurance policies, attorney's opinions on
<br />deeds, notes and deeds of trust and
<br />and must be fee simple marketable title, free of all encumbrances
<br />surveys, covenants,
<br />except ad valorem taxes for the current year (prorated to the date
<br />easements relating to the Property,
<br />be assigned
<br />of closing), utility easements and unviolated restrictive
<br />covenants that do not materially affect the value of the Property
<br />14. ASSIGNMENTS: This contract may not
<br />without the written agreement of all parties, but if assigned by
<br />and such other encumbrances as may be assumed or specifically
<br />agreement• then this contract shall be binding on the assignee
<br />approved by Buver. The Property must have legal access to a
<br />and his heirs and successors.
<br />15. PARTIES: This contract shall be binding upon and shall
<br />public right Of way-
<br />7. NEW LOAN: Buyer shall be responsible for all costs
<br />inure to the benefit of the' parties and their heirs, successors and
<br />with respect to any new loan obtained by Buyer. Seller shall
<br />assigns. As used herein, words in the singular include the plural
<br />have no obligation to pay any discount fee or other charge in
<br />and the masculine includes the feminine and neuter genders, as
<br />I connection therewith unless specifically set forth in this
<br />appropriate-
<br />16. SURVIVAL: If any provision herein contained which by
<br />contract.
<br />S. INSPECTIONS: Unless otherwise stated herein: (i) the
<br />its nature and effect is required to be observed, kept or performed
<br />electrical, plumbing. hearing and cooling systems and built -in
<br />after the closing, it shall survive the closing and remain
<br />binding upon and for the benefit of the parties hereto until fully
<br />appliances, if any, shall be in goad working order at closing:
<br />1 (ii) the roof, gutters• structural components, foundation.
<br />fireplace(s) and chimney(s) shall be performing the function for
<br />observed, kept or performed.
<br />17. ENTIRE AGREEMENT: Buyer acknowledges that he has
<br />which intended and shall not be in need of immediate repair;
<br />inspected the Property. This contract contains the entire
<br />( (iii) there shall be no unusual drainage conditions or evidence of
<br />agreement of the parties and there are no representations,
<br />inducements other other than those expressed in
<br />a excessive moisture adversely affecting the structure(s): and (iV)
<br />if shall be
<br />or provisions
<br />writing. All changes, additions or deletions hereto must be in
<br />the well /water and septic/sewer systems, any
<br />• adequate, not in need of immediate repair and performing the
<br />writing and signed by all parties. Nothing contained herein
<br />function for which intended. Buyer shall have the option to
<br />shall alter any agreement between a REALTOR` or broker and
<br />have the above listed systems, items and conditions inspected
<br />Seller as contained in any listing contract or other agreement
<br />by a reputable inspector or contractor, at Buyer's expense
<br />between them.
<br />N.C. Bar Fn No ?. 1987 IWCn
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