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STANDARD PROVISIONS
<br />1. EARNEST MONEY: In the event this offer is not accepted, or
<br />in the event that any of the conditions hereto are not satisfied, or in the
<br />event of a breech of this contract by Seller, then earnest money shall be
<br />returned to Buyer, but such return shall not affect any other remedies
<br />available to Buyer for such breach. In the event this offer is accepted
<br />and Buyer breaches this contract, then the earnest money shall be
<br />forfeited, but such forfeiture shall not affect any other remedies
<br />available to Seller for such breach.
<br />2. LOAN ASSUMED: In the event a loan is assumed as part of the
<br />payment of the purchase price, then all payments due from Seller
<br />thereon must be current at closing, and the principal balance assumed
<br />shall be computed as of the date of closing,. The amounts shown for
<br />the assumption balance and cash at closing shall be adjusted as
<br />appropriate at closing to reflect the final computations. Unless Buyer
<br />has otherwise specifically agreed in writing, the existing loan must be
<br />assumable without acceleration of the amount secured or any change in
<br />the original terms of the note and deed of trust and without imposition
<br />of any charge, fee or cost to Buyer other than a reasonable transfer fee
<br />or similar charge not to exceed 5100 00. The escrow account, if any,
<br />shall be purchased by Buyer
<br />3. PROMISSORY NOTE AND DEED OF TRUST: In the event
<br />a promissory note secured by a deed of trust is given by Buyer to Seller
<br />as part of the payment of the purchase price, the promissory note and
<br />deed of trust shall be in the form of and contain the provisions of the
<br />promissory note and deed of trust forms approved by the N C Bar
<br />Association as Forms 4 and 5. _
<br />4. PRORATIONS AND ADJUSTMENTS: Unless odrerwise pro-
<br />vided, the following items shall be prorated and adjusted between the
<br />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 shall
<br />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 date of
<br />closing.
<br />5. FIRE OR OTHER CASUALTY: The risk of loss or damage by
<br />fire or other casualty prior to closing shall be upon 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 excepted.
<br />(b) All deeds of trust, liens and other charges against the Property,
<br />not assumed by Buyer, must be paid and canceled by Seller prior to or
<br />at closing.
<br />(c)Title must be delivered at closing by general warranty deed and
<br />must be fee simple marketable title, free of all encumbrances except
<br />ad valorem taxes for the current year (prorated to date of closing),
<br />utility easements and unviolated restrictive covenants that do not
<br />materially affect the value of the Property and such other
<br />encumbrances as may be assumed or specifically approved by Buyer
<br />The subject Property must have legal access to a public right of way.
<br />7, NEW LOAN: Buyer shall be responsible for all charges made
<br />to Buyer with respect to any new loan obtained by Buyer and Seller
<br />shall have no obligation to pay any discount fee or other charge in
<br />connection therewith unless specifically set forth in this contract.
<br />8. UTILIIIES: Unless other wise stated herein, the electrical,
<br />plumbing, heating and cooling systems and built -in appliances, if any,
<br />shall be in good a working order at closing. Buyer has the option to
<br />have the same inspected by reputable inspector or contractor at
<br />Buyer =s expense, but such inspections must be completed in
<br />sufficient time before closing so as to permit repairs, if any, to be
<br />completed by closing, If any repairs are necessary, Seller shall have
<br />the option of (a) completing them, (b) providing for their completion
<br />or (e) refusing to complete them If Seller elects not to complete the
<br />repairs, then Buyer shall have the option of (a) accepting the Property
<br />acceptance of the electrical, plumbing, heating and cooling systems
<br />and built -in appliances in their existing condition unless provision is
<br />otherwise made in writing pursuant to this paragraph
<br />(RECOMMENDATION: Buyer should have any inspections
<br />made prior to incurring expenses for closing.)
<br />IY
<br />9. TERMITES, ETC.: Unless otherwise stated herein, Seller shall
<br />provide at Seller's expense a statement showing the absence of
<br />termites, woad - destroying insects and organisms and structural
<br />damage therefrom on Standard Form No, I in accordance with the
<br />regulations of the North Carolina Stmctuml Pest Control Committee,
<br />or if new construction, a new construction termite bond. All
<br />extermination required and repair of damage therefrom shall be paid
<br />for by Seller and completed prior to closing, unless otherwise agreed
<br />in writing by the parties.
<br />10. LABOR OR MAIERIAL: Seller shall furnish at closing an
<br />affidavit and indemnification agreement in form satisfactory to Buyer
<br />showing that all labor or materials, if any, famished to the Property
<br />within 120 days prior to the date of closing have been paid and
<br />agreeing to indemnify Buyer against all loss from any cause or claim
<br />arising therefrom.
<br />11. FUEL OIL: Buyer agrees to purchase from Seller the fuel oil,
<br />if any, situated in a tank on the premises for the prevailing rate per
<br />gallon with the cost of measurement thereof, if any, being bome by
<br />Seller
<br />12, CLOSING EXPENSES: Seller shall pay for the preparation of
<br />a deed and for the revenue stamps required by law Buyer shall pay
<br />for recording the deed and for preparation and recording of all
<br />instruments required to secure the balance of the purchase price
<br />unpaid at closing.
<br />13, EVIDENCE OF TITLE: Seller agrees to exercise his best
<br />efforts to deliver to Buyer as soon as reasonably possible after the
<br />acceptance of this offer, copies of all title information in possession of
<br />or available to Seller, including but not limited to: title insurance
<br />policies, attorney's opinions on title, surveys, covenants, deeds, notes
<br />and deeds of trust and easements relating to the real and personal
<br />property described above.
<br />14, ASSIGNMENTS: This contract may not be assigned without
<br />the written agreement of all parties, but if the same is assigned by
<br />agreement, then the same shall be binding on the Assignee and his
<br />heirs
<br />15. PARTIES: This contract shall be binding and shall inure to
<br />the benefit of the parties and their heirs, successors and assigns. The
<br />Provisions herein contained with respect to promissory notes and
<br />deeds of trust shall be binding upon and shall inure to the benefit of
<br />all parties to the same as well as subsequent owners of die Property
<br />and the said notes and deeds of trust . As used herein, words in the
<br />singular include the plural and the masculine includes the feminine
<br />and neuter genders, as appropriate
<br />16. SURVIVAL: Any provision herein contained which by its
<br />nature and effect if required to be observed, kept or performed after
<br />the closing shall survive the closing and remain binding upon and for
<br />the benefit of the parties hereto until fully observed, kept or
<br />performed
<br />17, ENTIRE AGREEMENT: Buyer acknowledges that he has
<br />inspected the above- described property . This contract contains the
<br />entire agreement of the parties and there are no representations,
<br />inducements, or other provisions other than those expressed in
<br />writing. All changes, additions or deletions hereto must be in writing
<br />and signed by all parties. Nothing herein contained shall alter any
<br />agreement between a REALTOR. and the Seller as contained in any
<br />listing contract or other agreement between them.
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