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BK: 00028 PG -0135
<br />a. Seller is the owner of good and marketable fee simple title to the Property, free and
<br />clear of all liens, royalty reservations or obligations, easements, restrictions,
<br />options, reservations, mortgages, security titles and interests, covenants,
<br />conditions, rights of way, licenses, permits, encumbrances, leases, tenancies, claims
<br />of tenants in possession and rights of any kind, except encumbrances that have
<br />been disclosed to Purchaser in writing.
<br />b. So long as this Agreement remains in force, Seller will not lease, rent or convey all or
<br />any portion of the Property or any interest therein, except those portions previously
<br />leased by Seller, or enter into any Agreement granting to any person or entity any
<br />right with respect to the Property, or any portion thereof, without first obtaining the
<br />prior written consent of Purchaser.
<br />c. Seller is not now a party to any litigation, investigation or other proceeding, nor to
<br />the knowledge of Seller is any such litigation, investigation or proceeding
<br />threatened, which relates to the Property, directly or indirectly, or Seller's right to
<br />sell the Property.
<br />d. Seller has no knowledge of any pending, threatened or contemplated condemnation
<br />proceedings which will or may affect the Property in any respect whatsoever.
<br />e. Seller has no notice of and is not aware of any violations of any laws, ordinances,
<br />orders, restrictive covenants or other requirements affecting the Property, and
<br />there are no violations of record of any of the foregoing.
<br />f. There are no commitments to governmental authorities or agencies or utilities or
<br />quasi -governmental entities which affect the Property and no conditions of the
<br />zoning of the Property which have not been completely fulfilled.
<br />g. There are no taxes, assessments or levies of any type (except ad valorem taxes for
<br />calendar year in which closing occurs) relating to the Property which are presently
<br />due and payable or which may become a lien or other charge against any part of the
<br />Property.
<br />h. The Improvements are within the boundary lines of the Real Property as described
<br />on EXHIBIT A, and there are no encroachments onto the Real Property by any
<br />adjoining land owner.
<br />i. None of the Property is located within an area designated as having special flood
<br />hazards on the applicable Official Flood Hazard Map of the Federal Insurance
<br />Administration.
<br />j. The Property is presently zoned under the
<br />zoning ordinance of Lee County, North Carolina.
<br />k. No default now exists under any instrument affecting, encumbering, or secured by
<br />the Property, or any part thereof, nor is there any fact or condition which might,
<br />after notice or lapse of time or otherwise, become such a default.
<br />I. Neither the execution and delivery of this Agreement by Seller nor the
<br />consummation of the transaction herein contemplated shall, after notice or lapse of
<br />time or otherwise, result in a breach of any of the terms or provisions of or
<br />constitute a default under any article, indenture, agreement, contract, instrument,
<br />or obligation to which Seller is a party or by which Seller or the Property or any
<br />portion thereof is bound or encumbered, or constitute a violation of any applicable
<br />law relating to Seller or the Property.
<br />m. Seller has the right, legal capacity, power, and authority to enter into this
<br />Agreement and to convey the Property to Purchaser pursuant to the terms and
<br />provisions hereof. The execution of this Agreement by Seller, the performance by
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