Agenda - 08-25-2008 - c1 - Laserfiche WebLink

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~a~ real estate broker ("Broker") is required by state law (and Escrow Agent, if not a Broker, hereby agrees) to retain said earnest money in the Escrow Agent's trust or escrow account until Escrow Agent has obtained a written release from the parties consenting to its disposition or until disbursement is ordered by a court of competent jurisdiction. Alternatively, if a Broker is holding the Earnest Money, the Broker may deposit the disputed monies with the appropriate clerk of court in accordance with the provisions of N.C.G.S. §93A-12. ^ (CHECK IF APPLICABLE) THE PARTIES AGREE THAT A REAL ESTATE BROKERAGE FIRM ACTING AS ESCROW AGENT MAY PLACE ANY EARNEST MONIES DEPOSITED BY BUYER IN AN INTEREST BEARING TRUST ACCOUNT, AND THAT ANY INTEREST EARNED THEREON SHALL BELONG TO THE ESCROW. AGENT IN CONSIDERATION OF THE EXPENSES INCURRED BY • MAINTAINING SUCH ACCOUNT AND RECORDS ASSOCIATED THEREWITH. (b) $ n/a (ADDITIONAL) EARNEST MONEY DEPOSIT to be paid to Escrow Agent no later than n/a ,TIME BEING OF THE ESSENCE WITH REGARD TO SAID DATE. (c) $ n/a ,OPTION FEE in accordance with paragraph 13, Alternative 2, to be paid to Seller on the Effective Date as set forth in paragraph 22. (NOTE: If Alternative 2 applies, then do not insert $0, N/A, or leave blank). (d) $ a/a , BY ASSUMPTION of the unpaid principal balance and all obligations of Seller on the existing loan(s) secured by a deed of trust on the Property in accordance with the attached Loan Assumption Addendum. (e) $ a/a , BY SELLER FINANCING in accordance with the attached Seller Financing Addendum. (~ $ 79, 500. ,BALANCE of the purchase price in cash at Closing. 3. LOAN CONDITION: (a) Loan. Buyer must be able to obtain a ®Conventional ^ Other: ala loan at a ®Fixed Rate ^ Adjustable Rate in the principal amount of n/a for a term of 3o year(s), at an initial interest rate not to exceed 7 % -per annum, with mortgage loan discount points not to exceed o % of the loan amount. ("Loan"). (b) Loan Obligations: The Buyer agrees to: (i) Make written application for the Loan, authorize any required appraisal and pay any necessary fees within 45 days after the Effective Date; (ii) Promptly furnish Seller written confirmation from the lender of having applied for the Loan. If Buyer fails to furnish Seller written confirmation from the lender of having applied for the Loan, Seller may make written demand for compliance. If Buyer does not furnish Seller written confirmation from the lender of application within five (5) days after such demand, then Seller may terminate this contract by written notice to Buyer at any time thereafter, provided Seller has not received either written evidence of the application or a waiver of the Loan Condition, and all Eamest Money shall be forfeited to Seller as liquidated damages and as Seller's sole and exclusive remedy for Buyer's failure to close, but without limiting Seller's rights under paragraph 14 for damage to the Property. Buyer further agrees to: (iii) Pursue qualification for and approval of the Loan diligently and in good faith; (iv) Continually and promptly provide requested documentation to lender. (c) Inability to Obtain Loan Approval: If Buyer has complied with Buyer's Loan Obligations (iii) and (iv) above, then within 60 .days after the Effective Date (or any agreed-upon written extension of this deadline) TIMEBEINGOFTHEESSENCE, Buyer shall have the right to terminate this contract for inability to obtain Loan approval by delivering to Seller written notice of termination. If Buyer has timely delivered such notice, this contract shall be null and void and all Earnest Money shall be refunded to Buyer. If Buyer fails to deliver such notice, then Buyer will be deemed to have waived this condition. Thereafter, if Buyer fails to close based upon inability to obtain the Loan, then all Earnest Money shall be forfeited to Seller as liquidated damages and as Seller's sole and exclusive remedy for Buyer's failure to close, but without limiting Seller's rights under paragraph 14 for damage to the Property. (WARNING: Buyer is advised to consult with Buyer's lender to assure that the number of days allowed for Buyer to obtain the Loan is sufficient to allow Buyer's lender time to take all reasonable steps necessary to provide reliable loan approval.) 4. FLOOD HA7.ARn DISCLOSURE/CONDITION (Choose ONE of the following alternatives): ^ To the best of Seller's knowledge, the Property IS located partly or entirely within a designated Special Flood Hazard Area. Buyer understands that it may be necessary to purchase flood insurance in order to obtain any loan secured by the Property from any federally regulated institution or a loan insured or guaranteed by an agency of the U.S. Government. ® To the best of Seller's knowledge, the Property IS NOT located partly or entirely within a designated Special Flood Hazard Area. If, following the Effective Date of this contract, it is determined that the Property is located partly or entirely within a designated Special Flood Hazard Area according to the current FEMA flood map, or if this contract is subject to a Loan Condition and Buyer's lender requires Buyer to obtain flood insurance as a condition of making the Loan, then in either event Buyer shall have the right to terminate this contract upon written notice to Seller, and all earnest monies shall be refunded to Buyer. 5. OTHER CONDITIONS: (a) There must be no restriction, easement, zoning or other governmental regulation that would prevent the reasonable use of the Properly for aee exhibit A & s purposes ("Intended Use"). This form jointly approved by: North Carolina Bar Association, North Carolina Association of REALTORS®, Inc. PREPARED BY: Stepney Edwards, Broker STANDARD FORM 12-T Revised 7/2007 ©7/2007 _. _