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notice delivered in accordance herewith. Section 13. Entire Agreement: This Agrecntent constitutes the sole and entire agreement among tine parties hereto and no modification of this Agreement shall be binding unless in writing and signed by all parties hereto. Section Id. Enforceability: This Agreement shall become a contract when a signed by both Buyer and Seller and such signing is communicated to both parties: it being expressly agreed that the notice described in Section 12 is not required for effective communication for the purposes of this Section 11, ']'his Agreement shall be binding upon and inure to the benefit of the parries. their heirs, successors and assigns and their personal representatives. Section 15. Adverse Information and Compliance with Laws: (a) Seller Knowledge: Seller has no actual knowledge of (i) condemnations) affecting, or contemplated with respect to the Property; (ii) actions, suits or proceedings pending or threatened against the Property; (iii) changes contemplated in any applicable laws, ordinances or restrictions affecting the Property; or (iv) governmental special assessments, either pending or confined, for sidewalk, paving, water, sewer, or other improvements on of adjoining the Property, and no pending or confinned owners' association special assessments. except as follows: (Insert "None" or the identification of any matters relating to (i) through (iv) above, if any). assessments and all governmental assessments confirmed as of the time of Closing. if any, pending assessments, if any, unless otherwise agreed as follows: Seller shall pay all owners' association and Buyer shall take title subject to all Seller represents that the regular owners' association dues, if any, are SV-_ - ______ Per (b) Contnlfance: To Seller's actual knowledge, (i) Seller has complied with all applicable laws. ordinances, regulations. statutes. rules and restrictions pertaining to or affecting the Property: (ii) performance of the Agreement will not result in the breach of, constitute any default under or result in die imposition of any lien or encumbrance upon the Property under any agreement or other Instrument to which Seller is a party or by which Seller or the Property is bound; and (iii) there are no legal actions, suits or other legal or administrative proceedings pending or threatened against the Property. and Seller is not aware of any facts which might reculr in anv such action, suit or other proceeding. Section 16. Survival of Representations and Warranties: All representations, warranties, covenants and agreements made by the parties hereto shall survive the Closing and delivery of the deed. Seller slwlh at or within six (6) months after the Closing, and without further consideration, execute, acknowledge and deliver to Buyer such other documents and instruments, and take such other action as Buyer may reasonably request or as may be necessary to more effectively transfer to Buyer the Property described herein in accordance with this Agreement. Section 17. Applicable Law:'I his Agreement shall be construed under the laws of the state in which the Property is located. This form has only been approved for use tit North Carolina. Section 18. Assignment: this Agreement is freely assignable unless otherwise expressly provided on Exhibit B. Section 19. Tax -Deferred Exchange: In the event Buyer or Seller desires to effect a tax-deferred exchange in connection with the conveyance of the Properly, Buyer and Seller agree to cooperate in effecting such exchange; provided, however, that the exchanging patty shall be responsible for all additional costs associmcd with such exchange, and provided further. that a non -exchanging party shall not assume any additional liability with respect to such tax-deferred exchange. Seller and Buyer shall execute such additional documents, at no cost to the non -exchanging parry, as shall be required to give effect to this provision. Section 20. Memorandum of Contract: Upon request by either party, the parties hereto shall execute a memorandum of contract in recordable form setting forth such provisions hereof (other than the Purchase Price and other sums due) as either party may wish to incorporate. Such memorandum of contract shall contain a statement that it automatically terminates and the Property is released from any effect thereby as of a specific date to be stated in the memorandum (which specific date shall be no later than the date of Closing). The cost of recording such memorandum of contract shall he borne by the party requesung execution of sallic Section 21. Authority: Each signatory to this Agrecntent represents and warrants that Ire or she has full authority to sign this Buyer initials NC Bar A.--cKiaiinn Forni No. 13 t: 2006 Seller Initials — Page fi of 7 This Standard Fo in has been approved jointly by iha: Nonh Carolina Bar Association - NC Bar lural No. 13 Vorth Carolina Assocwion ul'RE.ALTORS' Inr - St:mdu,a Form Nn 50-T 063