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<br />terminated and all earnest monies shall be refunded to Buyer, even if the Loan Condition has been waived as provided in paragraph 3.
<br />If this contract is NOT subject to a financing contingency requiring an appraisal, Buyer shall arrange to have the appraisal
<br />completed on or before n/a
<br />(d) All deeds of trust, liens and other charges against the Property, not assumed by Buyer, must be paid and satisfied by Seller prior
<br />to or at Closing such that cancellation may be promptly obtained following Closing. Seller shall remain obligated to obtain any
<br />such cancellations following Closing.
<br />(e) Title must be delivered at Closing by GENERAL WARRANTY DEED unless otherwise stated herein, and must be fee side
<br />marketable and insurable title, free of all encumbrances except: ad valorem taxes for the current year (prorated through the date of
<br />Closing); utility easements and unviolated restrictive covenants that do not materially affect the value of the Property; and such
<br />other encumbrances as may be assumed or specifically approved by Buyer. The Property must have legal access to a public right
<br />of way.
<br />6. SPECL~I. ASSESSMENTS: NOTE: For purposes of this agreement, a "confirmed" special assessment is defined as an
<br />assessment that has been approved by a governmental agency or an owners' association for the purpose(s) stated, whether or
<br />not it is fully payable at time of closing. A "pending" special assessment is defined as an assessment that is under formal
<br />consideration by a governing body. Seller warrants that there are no pending or confirmed governmental special assessments for
<br />sidewalk, paving, water, sewer, or other improvements on or adjoining the Property, and no pending or confirmed owners' association
<br />special assessments, except as follows: (Insert "None" or the identification of such assessments, if any):
<br />None
<br />Unless otherwise agreed, Seller shall pay all owners' association assessments and all governmental assessments confirmed through the time
<br />of Closing, if any, and Buyer shall take title subject to all pending assessments disclosed by Seller herein, if any.
<br />7. PROBATIONS AND ADJUSTMENTS: Unless otherwise provided, the following items shall be prorated and either adjusted
<br />between the parties or paid at Closing: (a) Ad valorem taxes on real property shall be prorated on a calendar year basis through the
<br />date of Closing; (b) All late listing penalties, if any, shall be paid by Seller; (c) Rents, if any, for the Property shall be prorated through
<br />the date of Closing; (d) Owners' association dues and other like charges shall be prorated through the date of Closing. Seller
<br />represents that the regular owners' association dues, if any, are $ n/a per n/a
<br />Unless otherwise agreed, Buyer shall pay any fees required for obtaining account payment information on owners'
<br />association dues or assessments for payment or proration and any charge made by the owners' association in connection with
<br />the disposition of the Property to Buyer, including any transfer and/or document fee imposed by the owners' association.
<br />8. EXPENSES: Unless otherwise agreed, Buyer shall be responsible for all costs with respect to any loan obtained by Buyer, appraisal,
<br />title search, title insurance, recording the deed and for preparation and recording of all instruments required to secure the balance of the
<br />purchase price unpaid at Closing. Seller shall pay for preparation of a deed and all other documents necessary to perform Seller's
<br />obligations under this agreement, and for excise tax (revenue stamps) required by law. Seller shall pay at Closing $ n/a
<br />toward any of Buyer's expenses associated with the purchase of the Property, including any FHA/VA lender and inspection costs that
<br />Buyer is not permitted to pay, but excluding any portion disapproved by Buyer's lender.
<br />9. EVIDENCE OF TITLE: Seller agrees to use his best efforts to deliver to Buyer as soon as reasonably possible after the Effective
<br />Date of this contract, copies of all title information in possession of or available to Seller, including but not limited to: title insurance
<br />policies, attorney's opinions on title, surveys, covenants, deeds, notes and deeds of trust and easements relating to the Property. Seller
<br />authorizes (1) any attorney presently or previously representing Seller to release-and disclose any title insurance policy in such
<br />attorney's file to Buyer and both Buyer's and Seller's agents and attorneys; and (2) the Property's title insurer or its agent to release and
<br />disclose all materials in the Property's title insurer's (or title insurer's agent's) file to Buyer and both Buyer's and Seller's agents and
<br />attorneys.
<br />10. LABOR AND MATERIAL: Seller shall furnish at Closing an affidavit and indemnification agreement in form satisfactory to
<br />Buyer showing that all labor and materials, if any, furnished to the Property within 120 days prior to the date of Closing have been
<br />paid for and agreeing to indemnify Buyer against all loss from any cause or claim arising therefrom.
<br />11. CLOSING: Closing shall be defined as the date and time of recording of the deed and shall be on or before o ~ / a o / o s
<br />(the "Closing Date").All parties agree to execute any and all documents and papers necessary in connection with Closing and transfer
<br />of title on or before the Closing Date at a place and time designated by Buyer. The deed is to be made to
<br />School House Rd, Partners
<br />Absent agreement to the contrary in this contract or any subsequent modification thereto, the following terms shall apply: If either
<br />party is unable to close by the Closing Date, then provided that the party is acting in good faith and with reasonable diligence to
<br />proceed to closing, such party shall be entitled to reasonable delay of the Closing Date and shall give as much notice as possible to
<br />the non-delaying party and closing agent. In such event, however, either party for whom the Closing Date is delayed shall have a
<br />his form jointly approved by: North Carolina Bar Association, North Carolina Association of REALTORS Inc.
<br />REPARED BY: Stepney edwards, broker
<br />TANDARD FORM 12-T Revised 112008 ©1/2008
<br />eaIFA$T®Software, C~7L008, Version 6.17 Beta. Software Registered to: Office Manager, Exit Realty Southpoint / A
<br />var initia~c ~4. i~~~ 05/21/08 14:24:04 _ ~C ~'/ ~ .7/1 ,FPa94r~3.fif T
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