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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 are
<br />not satisfied, or in the event of a breach of this contract by
<br />Seller, then the earnest money shall be returned to Buyer, but
<br />such return shall not affect any other rcneedics available to
<br />Buyer for sorh breach. In the cvi•rtt this urfe•r is arre•pted :end
<br />Buyer breaches this contract, then the• earnest looney shall 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 brnkcr 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 clrsing, and the principal
<br />balance assumed shall be computed as of the 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. Unless Buyer has otherwise specifically
<br />agreed in writing, the existing loan must be assumable without
<br />either acceleration of the amount secured 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. Tht• escrow :account, if any, shall be
<br />purchased by Buyer.
<br />S. PROMISSORY NOTE AND DEED OF TRUST: In the
<br />event a promissory note secured by a decd of trust is given by
<br />Buyer tar Seller as part 61' tlu• payment of the purchase price, the
<br />promissory note and deY•d of trust shall be in the form of and
<br />contain the provisions or the currently approved N. C. Bar
<br />Association Forms i and 5, as mo lined in paragraph 3(c) on the
<br />reverse side hereof.
<br />4. PROBATIONS AND ADJUSTMENTS: Unless otherwise
<br />provided, the following items shall be prorated and either
<br />adjusted between the parties or paid at closing.
<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 be paid by Seller;
<br />(c) All late listing penalties, if any, shall be paid by Seller;
<br />(d) Rents, if any, for the Property shall be prorated to the
<br />date of closing:
<br />(c) Aterued, but unpaid interest and other Charges to Seller, if
<br />any, shall be computed to the date of closing and paid by Seller.
<br />Interest and other charges prepaid by Seller shall be credited to
<br />Seller at closing and paid by Buyer. (Other charges may include
<br />FHA mortgage insurance 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 closing 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 />(h) All dve(Le or tnest, liens and other rhargt� against the
<br />Property, not assumed by Buyer, must be paid and cancelled by
<br />Seller prior to or at closing.
<br />(c) Tide must be delivered at closing by general warranty deed
<br />Anil roue be I'm simply roarkotalrk: title. free of all encumbrances
<br />except ad valorem taxes for the current year (prorated to the date
<br />of closing), utility easements and unviolated restrictive
<br />covenants that do not materially affect the value of the Property
<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 see forth in this
<br />contract.
<br />6. INSPECTIONS: .Unless otherwise stated herein: (i) the
<br />electrical, plumbing, heating and cooling systems, and built-in
<br />appliances, if any, shall be in good working order at closing;
<br />(ii) the roof, gutters. structural components, foundation,
<br />fireplaces) 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 /sewer systems, 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 systems, items and conditions inspected
<br />by a reputable inspector or contractor, at 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 (c) refusing to
<br />complete them. If Seller elcees not m complete or provide for
<br />the completion of tits repairs, then 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 T14E COST OF ANY WELL /WATER
<br />AND SEPTIC /SEWER SYSTEM INSPECTION.
<br />RECOMMENDATION: Buyer should have any inspections made
<br />prior to incurring exprruos for closing.
<br />7. 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 Pat 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 befote closing so as
<br />to permit treatment, if any, and repairs. if any, to be completed
<br />prior to closing. All treatment required shall be paid for by
<br />Seller and completed prior to closing, units 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 />(h) 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 Buyer is advised -that the inspection and
<br />report described in this paragraph may not always reveal either
<br />structural damage or damage caused by agents or organisms other
<br />than wood•ciestroying 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 />DESTROI 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 />agreement, 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 bereft 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 />agreement of the patties and there are no representations,
<br />inducements or other provisions other than thou 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 REALTOR6 or broker and
<br />Seller as contained in any listing contract or other agreement
<br />between them.
<br />N.C. Bar Form NO, Z, 0 1967, IwCo
<br />.. 321-
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