Agenda - 6-b - Approval to Acquire Property at 509 Central Avenue, Hillsborough

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13 conditions existing as of the date of this offer that would prohibit Buyer from performing Buyer's financial obligations in accordance with this Contract,except as may be specifically set forth herein. (d)Residential Property and Owners'Association Disclosure Statement(check only one): ❑ Buyer has received a signed copy of the N.C. Residential Property and Owners' Association Disclosure Statement prior to the signing of this offer. ❑ Buyer has NOT received a signed copy of the N.C.Residential Property and Owners' Association Disclosure Statement prior to the signing of this offer and shall have the right to terminate or withdraw this Contract without penalty (including a refund of any Due Diligence Fee) prior to WHICHEVER OF THE FOLLOWING EVENTS OCCURS FIRST: (1)the end of the third calendar day following receipt of the Disclosure Statement; (2)the end of the third calendar day following the Effective Date; or(3)Settlement or occupancy by Buyer in the case of a sale or exchange. ❑ Exempt from N.C. Residential Property and Owners' Association Disclosure Statement because (SEE GUIDELINES): (e)Mineral and Oil and Gas Rights Mandatory Disclosure Statement(check only one): ❑ Buyer has received a signed copy of the N.C. Mineral and Oil and Gas Rights Mandatory Disclosure Statement prior to the signing of this offer. ❑ Buyer has NOT received a signed copy of the N.C. Mineral and Oil and Gas Rights Mandatory Disclosure Statement prior to the signing of this offer and shall have the right to terminate or'withdraw this Contract without penalty(including a refund of any Due Diligence Fee) prior to WHICHEVER OF THE FOLLOWING EVENTS OCCURS FIRST: (1)the end of the third calendar day following receipt of the Disclosure Statement; (2)the end of the third calendar day following the Effective Date; or(3)Settlement or occupancy by Buyer in the case of a sale or exchange. ❑ Exempt from N.C.Mineral and Oil and Gas Rights Mandatory Disclosure Statement because(SEE GUIDELINES): Buyer's receipt of a Mineral and Oil and Gas Rights Mandatory Disclosure Statement does not modify or limit the obligations of Seller under Paragraph 8(g) of this Contract and shall not constitute the assumption or approval by Buyer of any severance of mineral and/or oil and gas rights,except as may be assumed or specifically approved by Buyer in writing. NOTE: The parties are advised to consult with a NC attorney prior to signing this Contract if severance of mineral and/or oil and gas rights has occurred or is intended. 6.BUYER OBLIGATIONS: (a)Responsibility for Proposed Special Assessments:Buyer shall take title subject to all Proposed Special Assessments. (b)Responsibility for Certain Costs:Buyer shall be responsible for all costs with respect to: (i) any loan obtained by Buyer, including charges by an owners association and/or management company as agent of an owners' association for providing information required by Buyer's lender; (ii) charges required by an owners' association declaration to be paid by Buyer for Buyer's future use and enjoyment of the Property, including, without limitation, working capital contributions, membership fees, or charges for Buyer's use of the common elements and/or services provided to Buyer,such as"move-in fees"; (iii)determining restrictive covenant compliance; (iv)appraisal; (v) title search; (vi)title insurance; (vii) any fees charged by the closing attorney for the preparation of the Closing Disclosure, Seller Disclosure and any other settlement statement; (viii)recording the deed;and (ix)preparation and recording of all instruments required to secure the balance of the Purchase Price unpaid at Settlement. (c) Authorization to Disclose Information: Buyer authorizes the Buyer's lender(s), the parties' real estate agent(s) and closing attorney: (1)to provide this Contract to any appraiser employed by Buyer or by Buyer's lender(s); and(2)to release and disclose any buyer's closing disclosure,settlement statement and/or disbursement summary,or any information therein,to the parties to this transaction,their real estate agent(s)and Buyer's lender(s). 7.SELLER REPRESENTATIONS: (a)Ownership: Seller represepts that Seller: ❑has owned the Property for at least one year. ❑has owned the Property for less than one year. ❑ does not yet own the Property. (b)Lead-Based Paint(check if applicable): ❑ The Property is residential and was built prior to 1978 (Attach Lead-Based Paint or Lead-Based Paint Hazards Disclosure Addendum {Standard Form 2A9-T}). Page 6 of 16 STANDARD FORM 2-T Buyer's Initials Seller's Initials Revised 7/2018 ©7/2018