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<br />Money, the Broker may deposit the disputed monies with the appropriate clerk of court in accordance with the provisions of
<br />N.C.G.S. §93A-12.
<br />~ (CHECK IF APPLICABLE) THE PARTIES AGREE THAT A REAL ESTATE BROKERAGE FIRM ACTING AS
<br />ESCROVVAGENT MAY PLACE ANY EARNEST MONIES DEPOSITED BY BUYER IN AN INTEREST BEARING
<br />TRUST ACCOUNT, AND THAT ANY INTEREST EARNED THEREON SHALL BELONG TO THE ESCROW
<br />AGENT IN CONSIDERATION OF THE EXPENSES INCURRED BY MAINTAINING SUCH ACCOUNT AND
<br />RECORDS ASSOCIATED THEREWTTH.
<br />(b) $ n/ a , (ADDITIONAL) EARNEST MONEY DEPOSIT to be paid to Escrow Agent no later than
<br />a/a , TI1t~BEING OF TSEESSENCE WITH REGARD TO SAID DATE.
<br />(c) $ n/ a ,OPTION FEE in accordance with paragraph 13, Alternative 2, to be paid to Seller on the Effective Date
<br />as set forth in paragraph 22. (NOTE: If Alternative 2 applies, then do not insert $0, N/A, or leave blank).
<br />(d) $ n/ a , BY ASSUMPTION of the unpaid principal balance and all obligations of Seller on the existing loan(s)
<br />secured by a deed of trust on the Property in accordance with the attached Loan Assumption Addendum
<br />(e} $ n/a , BY SELLER FINANCING in accordance with the attached Seller Financing Addendum
<br />(~ $ s o , 5 0 0 . , BALANCE of the purchase price in cash at Closing.
<br />3. LOAN CONDITION:
<br />(a) Loan. Buyer must be able to obtain a ®Conventional ~ Other: n/ a
<br />loan at a ®Fixed Rate ~ Adjustable Rate in the principal amount of n/a for a term of
<br />points not to exceed
<br />_ year(s), at an initial interest rate not to exceed
<br />of the loan amount. ("Loan").
<br />per annum, with mortgage loan discount
<br />(b) Loan Obligations: The Buyer agrees to:
<br />(i) Make written application for the Loan, authorize any required appraisal and pay any necessary fees within
<br />days after the Effective Date;
<br />is
<br />(ii) Promptly furnish Seller written confirmation from the lender of having applied for the Loan.
<br />If Buyer fails to furnish Seller written confirmation from the lender of having applied for the Loan, Seller may make written demand for
<br />compliance. If Buyer does not furnish Seller written confirmation from the lender of application within five (5) days after such demand,
<br />then Seller may terminate this contract by written notice to Buyer at any time thereafter, provided Seller has not received either
<br />written evidence of the application or a waiver of the Loan Condition, and all Earnest Money shall be forfeited to Seller as liquidated
<br />damages and as Seller's sole and exclusive remedy for Buyer's failure to close, but without limiting Seller's rights under pazagraph 14
<br />for damage to the Property. Buyer further agrees to:
<br />(iii) Pursue qualification for and approval of the Loan diligently and in good faith;
<br />(iv) Continually and promptly provide requested documentation to lender.
<br />(c) Inability to Obtain Loan Approval: If Buyer has complied with Buyer's Loan Obligations (iii) and (iv) above, then within
<br />s o days after the Effective Date (or any agreed-upon. written extension of this deadline) TI1I~BEING OF THEESSENCE,
<br />Buyer shall have the right to terminate this contract for inability to obtain Loan approval by delivering to Seller written notice of
<br />termination. If Buyer has timely delivered such notice, this contract shall be null and void and all Earnest Money shall be refunded to
<br />Buyer. If Buyer fails to deliver such notice, then Buyer will be deemed to have waived this condition. Thereafter, if Buyer fails to
<br />close based upon inability to obtain the Loan, then all Earnest Money shall be forfeited to Seller as liquidated damages and as Seller's
<br />sole and exclusive remedy for Buyer's failure to close, but without limiting Seller's rights under pazagraph 14 for damage to the Property.
<br />(WARNING: Buyer is advised to consult with Buyer's lender to assure that the number of days allowed for Buyer to obtain the
<br />Loan is sufficient to allow Buyer's lender time to take all reasonable steps necessary to provide reliable loan approval.)
<br />4a. FLOOD HAZARD DISCLOSURE/CONDTTION (Choose ONE of the following alternatives):
<br />To the best of Seller's knowledge, the Property IS located partly or entirely within a designated Special Flood Hazazd Area.
<br />Buyer understands that it may be necessary to purchase flood insurance in order to obtain any loan secured by the Property
<br />from any federally regulated institution or a loan insured or guaranteed by an agency of the U.S. Government.
<br />® To the best of Seller's knowledge, the Property IS NOT located partly or entirely within a designated Special Flood Hazard Area.
<br />If, following the Effective Date of this contract, it is determined that the Property is located partly or entirely within a designated
<br />Special Flood Hazard Area according to the current FEMA flood map, or if this contract is subject to a Loan Condition and Buyer's
<br />lender requires Buyer to obtain flood insurance as a condition of making the Loan, then in either event Buyer shall have the right
<br />to terminate this contract upon written notice to Seller, and all earnest monies shall be refunded to Buyer.
<br />5. OTHER CONDITIONS:
<br />(a) There must be no restriction, easement, zoning or other governmental regulation that would prevent the reasonable use of the
<br />Property for Residential Real Estate Development (35 - 40 Lots) purposes("Intended Use").
<br />(b) The Property must be in substantially the same or better condition at Closing as on the date of this offer, reasonable wear and tear
<br />excepted.
<br />(c) The Property must appraise at a value equal to or exceeding the purchase price or, at the option of Buyer, this contract maybe
<br />This form jointly approved by: North Carolina Bar Association, North Carolina Association of REALTORS Inc.
<br />PREPARED BY: Stepney edwards, broker
<br />STANDARD FORM 12-T Revised 1/2008 ©1/2008
<br />ReaIFA$T®Software, ©2008, Version 6.17 Beta. Software Registered to: Office Manager, Exit Realty SouthpoiM
<br />05/21/08 14:24:04
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