2019-248-E Housing - Kennon Craver legal services for 509 Central Ave

Browse Search

DocuSign Envelope ID:25564DEE-41EF-45E7-80D8-212E6649AB56 (b)Items Leased or Not Owned: Any item which is leased or not owned by Seller, such as fuel tanks, antennas, satellite dishes and receivers,appliances,and alarm and security systems must be identified here and shall not convey: (c) Other Fixtures/Unspecified items: Unless identified in subparagraph (d) below, any other item legally considered a fixture is included in the Purchase Price free of liens. (d) Other Items That Do Not Convey: The following items shall not convey (identijy those items to be excluded under subparagraphs(a)and(c)): Seller shall repair any damage caused by removal of any items excepted above. 3. PERSONAL PROPERTY: The following personal property shall be transferred to Buyer at no value at Closing: NOTE: Buyer is advised to consult with Buyer's lender to assure that the Personal Property items listed above can be included in this Contract. 4. BUYER'S DUE DILIGENCE PROCESS: WARNING: BUYER IS STRONGLY ENCOURAGED TO CONDUCT DUE DILIGENCE DURING THE DUE DILIGENCE PERIOD.If Buyer is not satisfied with the results or progress of Buyer's Due Diligence,Buyer should terminate this Contract, PRIOR TO THE EXPIRATION OF THE DUE DILIGENCE PERIOD,unless Buyer can obtain a written extension from Seller. SELLER IS NOT OBLIGATED TO GRANT AN EXTENSION. Although Buyer may continue to investigate the Property following the expiration of the Due Diligence Period,Buyer's failure to deliver a Termination Notice to Seller prior to the expiration of the Due Diligence Period will constitute a waiver by Buyer of any right to terminate this Contract based on any matter relating to Buyer's Due Diligence.Provided however,following the Due Diligence Period,Buyer may still exercise a right to terminate if Seller fails to materially comply with any of Seller's obligations under Paragraph 8 of this Contract or for any other reason permitted under the terms of this Contract or North Carolina law. (a) Loan: Buyer,at Buyer's expense,shall be entitled to pursue qualification for and approval of the Loan if any. NOTE: Buyer's obligation to purchase the Property is not contingent on obtaining a Loan. Therefore, Buyer is advised to consult with Buyer's lender prior to signing this offer to assure that the Due Diligence Period allows sufficient time for the appraisal to be completed and for Buyer's lender to provide Buyer sufficient information to decide whether to proceed with or terminate the transaction. (b) Property Investigation: Buyer or Buyer's agents or representatives, at Buyer's expense, shall be entitled to conduct all desired tests, surveys, appraisals, investigations, examinations and inspections of the Property as Buyer deems appropriate, including but NOT limited to the following: (i) Inspections: Inspections to determine the condition of any improvements on the Property, the presence of unusual drainage conditions or evidence of excessive moisture adversely affecting any improvements on the Property, the presence of asbestos or existing environmental contamination, evidence of wood-destroying insects or damage therefrom, and the presence and level of radon gas on the Property. (ii) Review of Documents: Review of the Declaration of Restrictive Covenants, Bylaws, Articles of Incorporation, Rules and Regulations,and other governing documents of any applicable owners' association and/or subdivision. If the Property is subject to regulation by an owners' association, it is recommended that Buyer review the completed Residential Property and Owners' Association Disclosure Statement provided by Seller prior to signing this offer.It is also recommended that the Buyer determine if the owners' association or its management company charges fees for providing information required by Buyer's lender or confirming restrictive covenant compliance. (iii) Insurance: Investigation of the availability and cost of insurance for the Property. (iv) Appraisals:An appraisal of the Property. (v) Survey: A survey to determine whether the property is suitable for Buyer's intended use and the location of easements, setbacks,property boundaries and other issues which may or may not constitute title defects. (vi) Zoning and Governmental Regulation: Investigation of current or proposed zoning or other governmental regulation that may affect Buyer's intended use of the Property, adjacent land uses, planned or proposed road construction, and school attendance zones. os Page 4 of 13 STANDARD FORM 2-T Revised 7/2018 Buyer initials Seller initials ©7/2018 Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.z!pLooix.com 509 Central