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STANDARD PROVISIONS
<br />1. EARNEST MONEY: In the event this offer is not
<br />accepted, or in the event that any of the conditions hereto arc
<br />not satisfied, or in the event of a breach of this contract by
<br />Seller, then the earnest money shall be rcturneil to buyer, but
<br />such return -shall not affrrt any other u•nlediea available to
<br />Buyer for such breach, In the event this offer is at'eepu•d anti
<br />Buyer brtachts this contract, then the earnest nwucy 001 be
<br />forfeited, but such forfeiture shall not affect any other remedies
<br />available to Seller for such breach. NOTE:: In the event of a
<br />dispute between Seller and Buyer over the return or forfeiture of
<br />earnest money held in escrow by a broker, the brnkrr is required
<br />by state law to retain said earnest money in his trust or escrow
<br />account until he has obtained a written release from the parties
<br />consenting to its disposition or until disbursement is ordered by
<br />a court of competent jurisdiction.
<br />2. LOAN ASSUMED: In the event a loan is assumed as part
<br />of the payment of the purchase price, then all payments due
<br />from Seller thereon must be current at cicsing, and the principal
<br />balance assumed shall be computed as of tilt date of closing.
<br />The amounts shown for the assumption balance and cash at
<br />closing shall be adjusted as appropriate at closing to reflect the
<br />final computations. Unles Buyer has otherwise specifically
<br />agreed in writing, the existing —loan must be assumable without
<br />either acceleration of the amount sccurcd or any change in the
<br />original terms of the note and deed of trust. Buyer shall be
<br />responsible for all loan assumption costs. Seller shall have no
<br />obligation to pay any loan assumption costs unless specifically
<br />set forth in this contract. The escrow ac'cnunx. if any, shall be
<br />purchased by Buyer.
<br />3. PROMISSORY NOTE AND DEED OF TRUST: In the
<br />event a promissory note secured by a decd or trust is given by
<br />Buyer u> Seller as part of the payment ul' the purchase price, the
<br />promissory note and tievd of Iru.t shall be in the form or and
<br />contain the pruvisiolts of the currcntly ;tppruved N. C. liar
<br />Association Forms I and 5, as maliGod in paragraph 3(C) on the
<br />reverse side hereof.
<br />4. PRORATIONS AND ADJUSTMENTS: Unless otherwise
<br />provided, the following items shall be prorated and either
<br />adjusted between the parties or paid at cloning,
<br />(a) Ad valorem taxes on real property shall be prorated on a
<br />calendar year basis to the date of closing:
<br />(b) Ad valorem taxes on personal property for the entire year
<br />shall 'tic paid by Seiler;
<br />(c) All late listing penalties, if arty, shall be paid by Seller-.
<br />(d) Rents, if any, for the Property shall be prorated to the
<br />date of closing;
<br />(c) Accrued, but unpaid interest and othcx charges to Scllcr, if
<br />am, shall be computed to the date of closing and paid by Sellcr.
<br />Interest and other charges prepaid by 5eller shall be credited to
<br />Seller at closing and paid by Buyer. (Ocher charges may include
<br />P14A mortgage irtsurancr premiums, private mortgage insurance
<br />premiums and homeowner's association dues.)
<br />5. FIRE AND OTHER CASUALTY: The risk of loss or
<br />damage by fire or other casualty prior to ; iosing shall be upon
<br />Seller.
<br />6. CONDITIONS:
<br />(a) The Property must be in substantially the same condition at
<br />closing as on the date of this offer, reasonable wear and tear
<br />excepted.
<br />(b) All deeds or trust. liens and nthrr charges against the
<br />Property, not assumed by Buyer, must be paid and cancelled by
<br />Seller prior to or at closing,
<br />(c) Title must be delivered at closing by general .warranty deed
<br />and must be fti- simple marketable title, free of all encumbrances
<br />except ad valorem taxes for the current year (prorated to Elie date
<br />of closing), utility easements and unviolated restrictive
<br />covenants that do not materially affect the value of ;hc Prope --y
<br />and such other encumbrances as may be assumed or specifically
<br />approved by Buyer. The Property must have legal access to a
<br />public right of way.
<br />7. NEW LOAN: Buyer shall be responsible for all costs
<br />with respect to any new loan obtained by Buyer. Seller shall
<br />have no obligation to pay any discount fee or other charge in
<br />connection therewith unless specifically set forth in this
<br />contract.
<br />8. INSPECTIONS: Unless otherwise slated herein: (i) the
<br />electrical, plumbing, heating and cooling systems and built4n
<br />appliances, if any, shall be in good working order at closing;
<br />(ii) the roof, gutters. structural components, foundation.
<br />fireplace(s) and chimney(s) shall be performing the function for
<br />which intended and shall not be in need of immediate repair;
<br />(iii) there shall be no unusual drainage conditions or evidence of
<br />excessive moisture adversely affecting the structure(s); and (iv)
<br />the well /water and septic /sc-cr systcros, if any, shall be
<br />adequate, not in need of immediate repair and performing the
<br />function for which intended. Buyer shall have the option to
<br />have the above listed systernt . items and conditions inspected
<br />by a reputable iaspcctor or contractC -, a; Buyer's expense
<br />(unless otherwise provided in this contract), but such
<br />inspections must be completed in sufficient time before closing
<br />to permit any repairs to be completed by closing. If any repairs
<br />are necessary, Seller shall have the option' of (a) completing
<br />them, (b) providing for their completion, or (e) refusing to
<br />complete them. If Seller elects not to complete or provide for
<br />the cnmplt•tiun of the repain, rhvn buyer shall have the option
<br />of (d) accepting the Property in its present condition, or (e)
<br />terminating this contract, in which case the earnest money shall
<br />be refunded- Closing shall constitute acceptance of each of the
<br />systems, items and conditions listed in (i), (ii), (iii) and (iv)
<br />above in its then existing condition unless provision is
<br />otherwise made in writing.
<br />IF BUYER OBTAINS A VETERANS ADMINISTRATION (VA)
<br />LOAN, SELLER SHALL PAY THE COST OF ANY WELL /WATER
<br />AND SEPTIC /SEWER SYSTEM INSPECTION.
<br />RECOMMENDATION: Buyer should have any inspections made
<br />prior to incurring expenses for cla,ing.
<br />11. WOOD - DESTROYING INSECTS: Unless otherwise
<br />stated herein Buyer shall have the option of obtaining, at
<br />Buyer's'expense, a report from a licensed pest control operator
<br />on a standard form in accordance with the regulations of the
<br />North Carolina Structural Pest Control Committee, stating that
<br />there was no visible evidence of wood - destroying insects and
<br />containing no indication of visible damage therefrom. The
<br />report must be obtained in sufficient time before closing so as
<br />to permit treatment, if any, and repairs, if any, to be completed
<br />prior to c!cx;ing, All treatment required &hall b, paid for by
<br />Seller and completed prior to closing, unless otherwise agreed
<br />upon in writing by the parties. If any structural repairs are
<br />necessary. Seller shall have the option of (a) completing them,
<br />(b) providing for their completion, or (c) refusing to complete
<br />them, If Seller elects not to complete or provide for the
<br />completion of structural repairs, then Buyer shall have the
<br />option of (d) accepting the Property in its present condition, or
<br />(c) terminating this contract, in which case the earnest money
<br />shall be refunded. The Buver is advised that the inspection and
<br />report described in this paraglal2h maX not always reveal either
<br />structural damage or damage caused by assents or organisms ocher
<br />than wood- destroving insects. If new construction, Seller shall
<br />provide a new construction termite guarantee.
<br />IF BUYER OBTAINS A VETERANS ADMINISTRATION (VA)
<br />LOAN. SELLER SHALL PAY THE COST OF THE WOOD -
<br />DESTRO) ING INSECT REPORT.
<br />10. LABOR AND MATERIAL: Seller shall furnish at
<br />closing an affidavit and indemnification agreement in form
<br />satisfactory to Buyer showing that all labor and materials, if
<br />any, furnished to the Property within 120 days prior to the date
<br />of closing have been paid for and agreeing to indemnify Buyer
<br />against all loss from any cause or claim arising therefrom.
<br />11. FUEL: Buyer agrees to purchase from Seller the fuel, if
<br />any, situated in a tank on the Property at the prevailing rate,
<br />with the cost of measurement thereof, if any, being paid by
<br />Seller.
<br />12, CLOSING EXPENSES: Seller shall pay for the
<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 />Preparation and recording of all instruments required to secure
<br />the balance of the purchase price unpaid at closing. .
<br />13. EVIDENCE OF TITLE: Seller agrees to use his best
<br />efforts to deliver to Buyer as soon as reasonably passible after
<br />the acceptance of this offer, copies of all title information in
<br />possession of or available to Seller, including but not limited
<br />to: title insurance policies, attorney's opinions on title.
<br />surveys, covenants, deeds, notes and deeds of trust and
<br />easements relating to the Property,
<br />14. ASSIGNMENTS: This contract may not be assigned
<br />without the written agreement of all parties, but if assigned by
<br />agreemenE, then this contract shall be binding on the assignee
<br />and his heirs and successors.
<br />15. PARTIES: This contract shall be binding upon and shall
<br />inure to the benefit of the parties and their heirs, successors and
<br />assigns. As used herein, words in the singular include the plural
<br />and the masculine includes the feminine and neuter genders, as
<br />appropriate.
<br />16. SURVIVAL: If any provision herein contained which by
<br />its nature and effect is required to be observed, kept or performed
<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 />observed, kept or performed.
<br />17. ENTIRE AGREEMENT: Buyer acknowledges that he has
<br />inspected the Property, This contract contains the entire
<br />agrccmcnt of the parties and there are no representations,
<br />inducements or other provisions other than those expressed in
<br />writing. All changes, additions or deletions hereto must be in
<br />writing and signed by all parties. Nothing contained herein
<br />shall alter any agreement between a REALTORO or broker and
<br />Seller as contained in any listing contract or other agreement
<br />between them.
<br />N.C. Bar Form Nc. 2, a). 198', It1'Cc
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