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061
<br />or before the above date. Buyer has the right to terminate this Agreement for failure to obtain the loan referenced in Section I (b)(ii) by
<br />delivering to Seller written notice of" termination by die above date. rime being of the e8xenee. If Buyer delivers such notice, this
<br />Agreement shall be null and void and Earnest Money shall he refunded to Buyer. If Buyer fails to deliver such notice, then Buyer will
<br />be deemed to have waived the loan condition. Notwithstanding the foregoing. after the above date. Seller may request in writing from
<br />Buyer a copy of the commitment letter. If Buyer fails to provide Seller a copy of the commitment letter within fisc (5) days of receipt
<br />of Seller's request, then Seller may terminate this Agreement by written notice to Buyer at any time thereafter, provided Seller has not
<br />then received a copy of the commitment letter, and Buyer shall receive a return of Earnest Money.
<br />(b) Qualification for Financing: If Buyer is to assume any indebtedness in connection with payment of the Purchase Price,
<br />Buyer agrees to use its beat efforts to qualify for the assumption. Should Buyer fail to qualify. Buyer shall notify Seller in writing
<br />immediately upon lender's decision, whereupon this Agreement shall terminate, and Buyer shall receive a return of Earnest Money.
<br />(c) Title Examination: After the Contract Date, Buyer shall. at Buyer's expense. cause a title examination to be made of the
<br />Property before the end of the Examination Period. In the event that such title examination shall show that Seller's title is not fee
<br />simple marketable and insurable. subject only to Pennitted Exceptions, then Buyer shall promptly notify Seller in writing of all such
<br />title defects and exceptions, in no case later than the end of the Examination Period, and Seller shall have thirty (30) days to cure said
<br />noticed defects. if Seller does not cure the defects or objections within thirty (30) days of notice thereof, then Buyer may terminate
<br />this Agreement and receive a return of Farnest Money (notwithstanding that the Examination Period may have expired). If Buyer is to
<br />purchase title insurance, the insuring company must be licensed to do business in the state in which the Property is located. Title to the
<br />Property must be insurable at regular rates, subject qtly to standard exceptions and Permitted L-xception%.
<br />(d) Same Condition: if the Property is not in substantially the same condition at Closing as of the date of the offer,
<br />reasonable wear and tear excepted, then the Buyer may (i) terminate this Agreement and receive a return of the Earnest Money or (ii)
<br />proceed to Closing whereupon Buyer shall be entitled to receive, in addition to the Property, any of the Seller's tnsurance proceeds
<br />payable on account of the damage or destruction applicable to the Property.
<br />(e) Inspections: Buyer, its agents or representatives, at Buyer's expense and at reasonable times during normal business
<br />hours, shall have the right to enter upon the Property for the purpose of inspecting, examining, performing soil boring and other
<br />testing, conducting timber cruises, and surveying Clic Property. Buyer shall conduct a)1 such on-site inspections, examinations, soil
<br />boring and other testing. timber cruises and surveying of the Property in a good and workmanlike manner, shall repair any damage to
<br />the Property caused by Buyer's entry and on-site inspections and shall conduct same in a manner that does not unreasonably interfere
<br />with Sellers or any tenant's use and enjoyment of the Properly. In that respect, Buyer shall make reasonable efforts to undertake on-
<br />site inspections outside of the hours any tenant's business is open to the public and shall give prior notice to any tenants of any entry,
<br />onto any tenant's portion o1' the Property for the purpose of conducting inspections. Upon Seller's request, Buyer shall provide to
<br />Seller evidence of general liability insurance. Buyer shall also have a right to review and inspect all contracts or other agreements
<br />affecting or related directly to the Property and shall be entitled to review such books and records of Seller that relate directly to the
<br />operation and maintenance of the Property, provided. however, that Buyer shall not disclose any information regarding this Property
<br />for any tenant therein) unless required by law and the same shall be regarded as confidential, to any person. except to its attorneys,
<br />accountants, lenders and other professional advisors, in which case Buyer shalt obtain their agreement to maintain such
<br />confidentiality. Buyer assumes all responsibility for the acts of itself, its agents or representatives in exercising its rights under this
<br />Section NO and agrees to indemnify and hold Seller harmless from any damages resulting therefrom. This indemnification obligation
<br />of Buyer shall survive the Closing or earlier termination of this Agreement. Buyer shall, at Buyer's expense. promptly repair any
<br />damage to the Property cawed by Buyers entry and un -sur inspections. Except as provided in Section b(c) above. Buyer shall have
<br />from the Contract Date through the end of the Examination Period to perforin the above inspections, examinations mid testing. IF
<br />BUYER CHOOSES NOT TO PURCHASE THE PROPERTY, FOR AN t' REASON OR NO REASON, AND PROVIDES
<br />WRITTEN NO'T'ICE TO SELLER THEREOF PRIOR TO THE EXPIRATION OF THE EXAiNT1NATION PERIOD, THEN
<br />THIS AGREEMENT SHALL TERMINATE, AND BUYER SHALL RECEIVE A RETURN OF THE EARNEST NIONF,Y.
<br />Section 7. Leases (Check one of (he following, as applicable):
<br />V if this box is checked, Seller affirmatively represents and warrants that there are no Leases (as hereinafter defined)
<br />affecting the Property.
<br />❑ Ifthis box is checked. Seller discloses that there are one or more leases affecting the Property (oral or written. recorded or
<br />not -"Leases") and the hollowing provisions are hereby trade a part ofthis Agreement.
<br />(a) All Leases shall be itemized on Exhibit B;
<br />Buyer Initials _ _ _ Seller Initials __ .
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<br />NC Bar Asu ciatim Form Nur. 13 i:3lNlh This Staiutard Fop n liar batt approval ioin11% by t1k:
<br />Mu ti Carolina Bat k iociatim - NC Bat Pum No t i
<br />North r,'arolim A�inrciatism of REALTORS', Inc - Standard rotor No. 580-T
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