Orange County NC Website
Browse       Search
DocuSign Envelope ID:25564DEE-41EF-45E7-80D8-212E6649AB56 <br /> (vii) Flood Hazard: Investigation of potential flood hazards on the Property, and/or any requirement to purchase flood <br /> insurance in order to obtain the Loan. <br /> (viii)Utilities and Access: Availability, quality, and obligations for maintenance of utilities including water, sewer, electric, <br /> gas,communication services, stormwater management,and means of access to the Property and amenities. <br /> (ix) Streets/Roads: Investigation of the status of the street/road upon which the Property fronts as well as any other street/road <br /> used to access the Property, including: (1) whether any street(s)/road(s) are public or private, (2) whether any street(s)/road(s) <br /> designated as public are accepted for maintenance by the State of NC or any municipality, or(3) if private or not accepted for <br /> public maintenance, the consequences and responsibility for maintenance and the existence, terms and funding of any <br /> maintenance agreements. <br /> (x) Fuel Tank:Inspections to determine the existence,type and ownership of any fuel tank located on the Property. <br /> NOTE: Buyer is advised to consult with the owner of any leased fuel tank regarding the terms under which Buyer may lease <br /> the tank and obtain fuel. <br /> (c) Repair/Improvement Negotiations/Agreement: Buyer acknowledges and understands that unless the parties agree <br /> otherwise, THE PROPERTY IS BEING SOLD IN ITS CURRENT CONDITION. Buyer and Seller acknowledge and understand <br /> that they may, but are not required to, engage in negotiations for repairs/improvements to the Property. Buyer is advised to make <br /> any repair/improvement requests in sufficient time to allow repair/improvement negotiations to be concluded prior to the expiration <br /> of the Due Diligence Period. Any agreement that the parties may reach with respect to repairs/improvements shall be considered an <br /> obligation of the parties and is an addition to this Contract and as such, must be in writing and signed by the parties in accordance <br /> with Paragraph 20. <br /> NOTE: See Paragraph 8(c),Access to Property and Paragraph 8(m),Negotiated Repairs/Improvements. <br /> (d) Buyer's Obligation to Repair Damage: Buyer shall, at Buyer's expense,promptly repair any damage to the Property resulting <br /> from any activities of Buyer and Buyer's agents and contractors, but Buyer shall not be responsible for any damage caused by <br /> accepted practices either approved by the N.C. Home Inspector Licensure Board or applicable to any other N.C. licensed <br /> professional performing reasonable appraisals, tests, surveys, examinations and inspections of the Property. This repair obligation <br /> shall survive any termination of this Contract. <br /> (e) Indemnity: Buyer will indemnify and hold Seller harmless from all loss, damage,claims, suits or costs, which shall arise out of <br /> any contract,agreement, or injury to any person or property as a result of any activities of Buyer and Buyer's agents and contractors <br /> relating to the Property except for any loss, damage, claim, suit or cost arising out of pre-existing conditions of the Property and/or <br /> out of Seller's negligence or willful acts or omissions.This indemnity shall survive this Contract and any termination hereof. <br /> (f) Buyer's Right to Terminate: Buyer shall have the right to terminate this Contract for any reason or no reason,by delivering to <br /> Seller written notice of termination (the "Termination Notice") during the Due Diligence Period (or any agreed-upon written <br /> extension of the Due Diligence Period), TIME BEING OF THE ESSENCE. If Buyer timely delivers the Termination Notice, this <br /> Contract shall be terminated and the Earnest Money Deposit shall be refunded to Buyer. <br /> (g) CLOSING SHALL CONSTITUTE ACCEPTANCE OF THE PROPERTY IN ITS THEN EXISTING CONDITION <br /> UNLESS PROVISION IS OTHERWISE MADE IN WRITING. <br /> 5. BUYER REPRESENTATIONS: <br /> (a) Loan: Buyer ❑ does X❑ does not intend to obtain a new loan in order to purchase the Property. If Buyer is obtaining a new <br /> loan, Buyer intends to obtain a loan as follows: ❑ FHA ❑ VA (attach FHA/VA Financing Addendum) ❑ Conventional <br /> X❑ Other: Cash loan at a ❑ Fixed Rate ❑ Adjustable Rate in the principal amount of <br /> plus any financed VA Funding Fee or FHA MIP for a term of year(s),at an initial interest rate not to exceed <br /> %per annum(the"Loan"). <br /> NOTE: Buyer's obligations under this Contract are not conditioned upon obtaining or closing any loan. <br /> NOTE: If Buyer does not intend to obtain a new loan, Seller is advised, prior to signing this offer, to obtain documentation from <br /> Buyer which demonstrates that Buyer will be able to close on the Property without the necessity of obtaining a new loan. <br /> (b) Other Property:Buyer ❑ does %❑ does not have to sell or lease other real property in order to qualify for a new loan or to <br /> complete purchase. <br /> NOTE: This Contract is not conditioned upon the sale of Buyer's property unless a contingent sale addendum such as Standard <br /> Form 2A2-T is made a part of this Contract. <br /> os Page 5 of 13 <br /> STANDARD FORM 2-T <br /> Revised 7/2018 <br /> Buyer initials Seller initials ©7/2018 <br /> Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.z!pLooix.com 509 Central <br />