Agenda - 1-3-17 Reg. Meeting - Laserfiche WebLink

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except as same may be changed pursuant to Section 1 (h) "Buver's Notice Address" shall be as follows: BHAVESH MERCHANT, 5703 WHISPERWOOD DR, DURHAM. NC 27713__ except as same may be changed pursuant to Section 12. ❑ (i) If this block is marked, additional terms of this Agreement are set forth on Exhibit B attached hereto and incorporated herein by reference. (Note: under North Carolina law, real estate agents are not permitted to draft conditions or contingencies to this Agreement,) Section 2. Sale of Property and Paylneili of Purchase Price: Seller agrees to sell and Buyer agrees to buy the Property for the Purchase Price. Section 3. Proration of Expenses and Payment of Costs: Seller and Buyer agree that all property taxes (on a calendar year basis), leases. rents, mortgage payments and utilities or any other assumed liabilities as detailed on attached Exhibit B, if any, shall he prorated as of die date of Closing. Seller shall pay for preparation of a deed and all other documents necessary to perform Seller's obligations under this Agreement. excise tae (revenue stamps), any deferred or rollback taxes. and other conveyance fees or taxes required by law, and the following: Buyer shall pay recording costs, costs of any title search, title insurance, survey, the cast of any inspections or investigations undertaken by Buyer under this Agreement and the following: Each party shall pay its own attorney's Section 4. Deliveries: Seller agrees to use best etl'orts to deliver to Buyer as soon as reasonably possible after [lie Contract Date copies of all information relating to the Property in possession of or available to Seiler, including but not limited to: title insurance policies. surveys and copies of all presently effective warranties or service contracts related to the Property. Seller authorizes (1) any attorney presently or previously representing Seller to release and disclose any title insurance policy in such attorneys file to Buyer and both Buyer's and Seller's agents and attorneys: and (?) the Property's title insurer or its agent to release and 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 attorneys. if Buyer does not consummate the Closing for any reason other than Seller default, then Buyer shall return to Seller all materials delivered by Seller to Buyer puntutnt to this Section 4 (or Section 7, if applicable). if any. and shall, upon Seller's request, protide to Seller copies of (subject to the ownership and copyright interests of the preparer thereof) any and all studies, reports. surveys and other infomhation relating directly to the Property prepared by or at the request of Buyer, its employees and agents, and shall deliver to Seller, upon the release of the Earnest Money. copies of all of the foregoing without any warranty or representation by Buyer as to the contents, accuracy or correctness thereof. Section 5. Evidence of Title: Seller agrees to conivy fee simple marketable and insurable title to the Property free and clear of all liens, encumbrances and detects of title other than: (a) zoning ordinances affecting the Property, (b) Leases (if applicable) and (c) matters of record existing at the Contract Date that are not objected to by Buyer prior to the end of the Examination Period ("Permined Exceptions''): provided that Seller shall be required to satisfy. at or prior to Closing, an} encumbrances that may be satisfied by the payment of a fixed sum of money, such as deeds of trust. mortgages or statutory liens. Seller shall not enter into or record any insirunieut that affects the Property (or any personal property listed on Exhibit A) after the Contract Date without the prior written consent of Buyer, which consent shall not be uhreascnably withheld, conditioned or delayed. Section 6. Conditions: This Agreement and the rights and obligations of the parties under this Agreement are hereby made expressly conditioned upon fulGlhnent (or waiver by Buyer, whether explicit or implied) of the following conditions: (a) New Loan: The Buver must be able to obtain the loan. if any, referenced in Section I (b)(ii). Buyer must be able to obtain a firnn commiunent for this loan oil or before _ _ effective through the date of Closing. Buyer agrees to use its best efforts to secure such commitment and to advise Seller inrinediately upon receipt of lender's decision. On Buyer Initials V Nai Assoctauon I urns No. 13 4. 2000 Seller Initials Page 3 of 7 This Standard Form has bcai approvLd jointly by the \onh Carolina Bar Asatctation - NC Bur Form No. 13 Minh Carolina Association W RFAL TORS". Inc - Standard Tann No. 590-T 060