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<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 />maximum of ten (10) days from the Closing Date, or any extension of the Closing Date agreed-upon in writing, in which to close
<br />without payment of interest. Following expiration of the ten-day period, the party not ready to close shall be responsible for paying
<br />to the other party (if ready, willing and able to close) interest on the purchase price at the rate of eight percent (8%) per
<br />annum accruing from the end of the ten-day period until closing occurs, or the contract is terminated. Should the delay in
<br />closing continue for more than thirty (30) days from the last agreed-upon extension of the Closing Date, however, then the
<br />non-delaying party shall have the unilateral. right to terminate the contract and receive the earnest money, but the right to such
<br />receipt shall not affect any other remedies available to the non-delaying party for such breach.
<br />CLOSING SHALL CONSTITUTE ACCEPTANCE OF THE PROPERTY IN ITS THEN EXISTING CONDITION UNLESS
<br />PROVISION IS OTHERWISE MADE IN WRITING.
<br />12. POSSESSION: Unless otherwise provided herein, possession shall be delivered at Closing. No alterations, excavations, tree
<br />removal or other such activities may be done before possession is delivered. Seller shall remove, by the date possession is made
<br />available to the Buyer, all personal property which is not a part of the purchase and all garbage and debris from the Property.
<br />13. PROPERTY INSPECTION/INVESTIGATION (Choose ONLY ONE of the following Alternatives):
<br />^ ALTERNATIVE 1:
<br />(a) Soil, Water, Utilities And Environmental Contingency: This contract is contingent upon Buyer obtaining report(s) that (i) the soil
<br />is suitable for Buyer's Intended Use, (ii) utilities and water aze available to the Property, (iii) there is no environmental contamination,
<br />law, rule or regulation that prohibits, restricts or limits Buyer's Intended Use, and (iv) there is no flood hazard that prohibits, restricts
<br />or limits Buyer's Intended Use (collectively the "Reports"). All costs and expenses of obtaining the Reports shall be borne by Buyer.
<br />Buyer shall use Buyer's best efforts to obtain such Reports. If the Reports cannot be obtained, Buyer may terminate this contract and
<br />the Earnest Money Deposit shall be refunded to Buyer. Buyer waives this condition unless Buyer provides written notice to Seller by
<br />s / s o / 2 0 0 8 that this condition cannot be satisfied, TIME BEING OF THE ESSENCE.
<br />~) Sewer System (check only ONE ):
<br />Buyer has investigated the costs and expenses to install the sewer system approved by the Improvement Permit attached hereto as
<br />Exhibit A and hereby approves and accepts said Improvement Permit.
<br />^ Seller represents that the system has been installed, which representation survives Closing, but makes no further representations as to
<br />the system. Buyer acknowledges receipt of the Improvement Permit attached hereto as Exhibit A. Buyer shall have the option of
<br />inspecting or obtaining, at Buyer's expense, inspection(s) to determine the condition of the system. If the system is not performing the
<br />function for which intended and is in need of immediate repair, Buyer may terminate this Contract and the Earnest Money Deposit shall be
<br />refunded to Buyer. Buyer waives this condition unless Buyer provides written notice to Seller by n/a that
<br />this condition cannot be satisfied, TIME BEING OF THE ESSENCE.
<br />^ This contract is contingent upon ® Buyer ^ Seller ("Responsible Party") obtaining an Improvement Permit or written evaluation
<br />from the County Health Department ("County") fora (check only ONE) ^ conventional or ^ other connection to public system
<br />ground absorption sewage system for a n/a bedroom home. All costs and expenses of obtaining such Permit or written evaluation
<br />shall be borne by Responsible Party unless otherwise agreed. In any event Seller, by no later than n/a ,shall
<br />be responsible for clearing that portion of the Property required by the County to perform its tests and/or inspections. Responsible Party
<br />shall use best efforts to obtain such Permit or written evaluation. If the Improvement Permit or written evaluation from the County cannot
<br />be obtained by May 3 0 , 2 0 o s (date), either party may terminate this Contract and the Eanest Money Deposit shall be
<br />refunded to Buyer.
<br />^ Buyer has investigated and approved the availability, costs and expenses to connect to a ^ public or ^ community sewer system.
<br />(c) CLOSING SHALL CONSTITUTE ACCEPTANCE OF THE PROPERTY IN ITS THEN EXISTING CONDITION
<br />UNLESS PROVISION IS OTHERWISE MADE IN WRITING.
<br />® ALTERNATIVE 2: This Alternative applies ONLYifAlternative 2 is checked AND Buyer has paid the Option Fee.)
<br />(a) Property Investigation with Option to Terminate: In consideration of the sum set forth in paragraph 2(c) paid by Buyer to Seller
<br />(not Escrow Agent) and other valuable consideration, the sufficiency of which is hereby acknowledged (the "Option Fee"), Buyer shall
<br />have the right to terminate this contract for any reason or no reason, whether related to the physical condition of the Property or otherwise,
<br />by delivering to Seller written notice of termination (the "Termination Notice") by 5:00 p.m. on n/a ,TIME
<br />BEING OF THE ESSENCE (the "Option Termination Date"). At any time prior to Closing, Buyer shall have the right to inspect the
<br />Property at Buyer's expense (Buyer is advised to have all inspections of the Property, including but not limited to those
<br />m;itters set forth in Alternative 1, performed prior to the Option Termination Date).
<br />(b) Exercise of Option: If Buyer delivers the Termination Notice prior to the Option Termination Date, TIME BEING OF THE
<br />ESSENCE, this contract shall become null and void and all earnest monies received in connection herewith shall be refunded to Buyer;
<br />however, the Option Fee will not be refunded and shall be retained by Seller. If Buyer fails to deliver the Termination Notice to Seller
<br />prior to the Option Termination Date, then Buyer will be deemed to have accepted the Property in its physical condition existing as
<br />of the Option Termination Date; provided such acceptance shall not constitute a waiver of any rights Buyer has under paragraphs 3,
<br />4 or 5 above. The Option Fee is not refundable, is not part of any earnest monies, and will be credited to the purchase price at Closing.
<br />(c) CLOSING SHALL CONSTITUTE ACCEPTANCE OF THE PROPERTY IN ITS THEN EXISTING CONDITION
<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 7/2007 ©7/2007 A
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