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OFFER TO PURCHASE AND CONTRACT
<br />� r
<br />as Buyer,
<br />hereby offers to purchase and Vinton A. w,1fe,M2rtha G. Hoyle as Seller,
<br />upon acceptance of said offer, agrees to sell and convey. all of that plot, piece or parcel or land described below, together with all improvements
<br />located thereon and such personal property as is listed below (the real and personal property are collectively referred to as "the Property'), in
<br />accordance with the Standard Provisions onlhcc REVERSE SIDE HEREOF and upon the following terms and conditions:
<br />1. REAL PROPERTY: Located in the Jw o1 (, h n pp Ljia 7 1 County of Oran e
<br />State of North Carolina, being known as and more particularly described as:
<br />Street Address Homestead Road Cha el Hill, Zip 27516
<br />Legal Description 34.10 acres OCd
<br />W
<br />2. PERSONAL PROPERTY:
<br />. -.... S. PURCHASE PRICE: The purchase price is $ 8 5 2 5 O D . D and shall be paid as follows:
<br />(a) j ,in earnest money paid by (cash: bank. certified, or personal check)
<br />with the delivery of this contract, to be held in escrow by , as agent,
<br />until the sale is closed, at which time it will be credited to Buyer, or until this contract is otherwise terminated and it is
<br />disbursed in accordance with the Standard Provisions on the REVERSE SIDE HEREOF;
<br />(b) j by assumption of the unpaid principal balance and all obligations of Seller on the existing loan secured by a deed of trust
<br />on the Property;
<br />(c) j 302 ,SOD . OO. by a promissory note secured by a purchase money dyed of trust on the Property with intermi prior to default at the raw of
<br />7 ioper annum payable as follows; 19 uarterl avment 1
<br />f ' nano.-i-nct to be ov de
<br />Prepayment restrictions and /or penalties, if any, shall be:
<br />Assumption or transfer rights, if any, shall be:
<br />(d)$ 5 5 0 r 0 0 0. 0 O,rhr"rtee try MMLI""OPhee 7+1 -Pirr cash at closing;.
<br />4. CONDITIONS: (Suit N/A in each blank of paragraph 4(a) and 4(b) that is not a condition to this contract.)
<br />(a) The Buyer must be able to obtain a film commitment on or before _ NIA , effective through the date of closing,
<br />"fora loan in the principal amount of S
<br />rate not to exceed —� for a term of —N-LA— yea r(s), at an interest
<br />�•� % Per annum, with mortgage loan discount points not to exceed --N-ZA— ,o of the loan amount. Buyer agrees to use his best
<br />efforts to secure such commitment and to advise Seller immediately upon receipt of the lender's decision. If Seller is to pay any loan closing costs, those casts
<br />are as follows:
<br />(b) The Buyer must be able to assume the unpaid principal balance of the existing loan described in paragraph 3(b) above for the remainder of the
<br />loan term, at an interest rate not to exceed —,.N-Z$` % per annum fixed (or describe type of loan)_
<br />with mongagc loan assumption and /or discount points not to excmtl N /A qo of rile Ivan balance. (Ste Standard Provision No. 2). If such assumption
<br />requires the lenders approval, approval must be granted on or before N
<br />secure such approval and to advise Seller immediately upon his receipt of the lender's decision, If Seller is to pay any loan[ assumption costsbcsefforts sts
<br />are as follows: N/A
<br />(e) There must be no restriction, casement, zoning Or other goverourI regulation that would prevent the reasonable use of the real property for
<br />V
<br />5. ASSESSMENTS: Seller warrants that there are no special assessments, tither pending or confirmed, for sidewalk, paving, water, sewersps-
<br />other improvements on or adjoining the Property, except as follows: _ Nnn a _
<br />(Insert "None' or the identification of such assessments, if any. The agreement
<br />for payment or proration of any assessments indicated is to be set forth in paragraph G below,)
<br />6. OTHER PROVISIONS AND CONDITIONS:
<br />(a) All of the Standard Provisions on the REVERSE SIDE HEREOF are understood and shall app to thi�nst �ment, except the following numbered
<br />Standard Provisions shall be deleted: (1 f none are to be deleted, state "None' 1 � 1 4
<br />revised to read: Ad valorem taxes on weal property shall be prorated on
<br />a calendar year basis to the date of closing; any deferred taxes shall be
<br />Paid at closing by Seller;
<br />(b) "As soon as possible" in Paragraph 7 shall be deemed to mean when Sellers can furnish
<br />Buyer with estate closing letters from the Internal Revenue Service and the N.C. Dept. of Revenu
<br />(c) Martha G. Hoyle joins in the execution of this contract to bind herself to convey any
<br />marital interest she might have in the real property and for no other purposes.
<br />IF TfIERE ARE ANY ADDENDA 'I "O 11115 CONTRACT", INDICATE ABUvF: AND ATTACH I IERKTO,
<br />7. GLO5INC: A11 parties agree to execute any and all dqc menu and papcn ncc—ry in connection with closing and transfer of title on or
<br />before a Gsi hl o(See 6 p ataplaee designated by
<br />The dcedistvbe made to Oran a Count North Carolina `- ---~ --
<br />8, POSSESSION: Possession shall be delivered
<br />In the event that Buyer has agreed that possession is not delivered at closing, then Seller agrees to pay to Buyer the sum of $
<br />and including the date of closing to and including the date that possession is to be delivered as above set forth. per day from
<br />9. COUNTERPARTS; This offer shall became a binding contract -lien signed by both Byer and Seller, It is to be Signed in
<br />counterparts with a signed counterpart being retained by each party hereto and the escrow agent, if any.
<br />Date of Offer:
<br />Date of Acc [ante: �+
<br />Buyer ___-- [SEAL) Seller •�y�y.e� y�
<br />Buyer , I //t 71 (SEAL)
<br />_�(Sl•:A1.) Seller //( s SEAL)
<br />Date
<br />1 hereby acknowledge receipt of the earnest money herein set forth and agree to hold and disburse the same in accordance with the terns hereof.
<br />F-1 in
<br />By:
<br />Name of Selling Agent /Firm
<br />Name of Listing Agent /Firm
<br />N -C. Bar Assoc. Form No. 2, Q 1987" This Standard Form has been adpromd jointly by the:
<br />°nrnrd by Sane— wail the N.C. air nt_ _l NORTH CAROLINA BAR ASSOCIATION
<br />umer wlllwms 6 Co.. Inc. avr 127 • v..d4lrwa;r. ti r _r.._. NORTH CAROLINA ASSOCIATION OF REALTORSt- IN('
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