Orange County NC Website
Browse       Search
3 <br />Paragraph, Buyer shall have the right to the return of the Earnest Money as described in <br />Pazagraph 2(a) of the Contract. <br />b. If the contingency stated in this Paragraph is met, the closing of the sale and <br />purchase of the Property (the "Closing") shall take place no earlier than April 15, 2005, and no <br />later than , 2005 (the "Closing Date"). <br />3, Paragraph 6 of the Contract is hereby deleted and the following substituted in its <br />place: <br />Buver's Inspection Period. <br />a. For purposes of this Contract, the phrase "Buyer's Inspection Period" shall be <br />defined as the period of time commencing on the date First above written and ending at 11:59 <br />p.m.. E.S.T. on , 2005. <br />b, Subject to Seller's rights to enter the Property, Buyer, with Seller's reasonable <br />cooperation, shall make all such inspections of the Property and the public record as it deems <br />desirable within the Buyer's Inspection Period. Buyer agrees to indemnify and hold Seller (and <br />the current owner of the Property as of the Effective Date) hazmless from al] liabilities, claims, <br />damages, liens, costs and expenses (including reasonable attorneys' fees) that Seller may incur in <br />connection with Buyer's inspection of the Property, Buyer is authorized to conduct customary <br />environmental inspections; provided, however, no soil borings or other invasive tests may be <br />conducted on the Property without the prior written consent of Seller. <br />c. Within ten (10) days from the Effective Date, Seller shall provide Buyer with <br />copies of all title information in Seller's possession or reasonably available to Seller including, <br />but not limited to, title insurance policies, attorneys' opinions on title, copies of all documents <br />relating to all title exceptions, surveys, site plans, deeds, deeds of trust, promissory notes, loan <br />agreements relating to the Property, plans, drawings, studies, and zoning letters, certificates or <br />other information, Nothing in this provision shall require the Seller to make any investigation of <br />the Title for the Property other than to provide information to the Buyer that already is in its files <br />on the date of this Contract. Specifically, this provision shall not impose any continuing <br />obligation upon the Seller to supplement the information originally supplied to the Buyer <br />pursuant to this pazagraph,. <br />d. If, during the Buyer's Inspection Period, Buyer is not satisfied with any of the <br />matters inspected or reviewed by it with respect to the Property, Buyer may elect in its sole and <br />absolute discretion to terminate the Contract by giving written notice of such decision to Seller. <br />Failure to provide notice prior to the end of the Buyer's Inspection Period shall be deemed a <br />waiver of the Buyer's rights to such termination under this Contract.. Time is of the essence with <br />respect to this Paragraph 6(d).. <br />e. If Buyer elects to proceed with this transaction following the expiration of <br />Buyer's Inspection Period, Buyer agrees and acknowledges that it is purchasing the Property in <br />its "as-is, where is," with all faults and conditions thereon, except as may otherwise be expressly <br />provided in this Contract. <br />RTP 93901v2 <br />