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(a) An initial binder of $5,000.00 ("Binder #I") which has already been paid to be
<br />held in escrow by Moretz &Skufca, PLLC (the "Escrow Agent") in accordance with the terms of
<br />Paragraph 25 and to be applied to the Purchase Price at Closing.
<br />(b) A second binder payment of $20,000.00 ("Binder #2") will be paid to Morehead
<br />Title Company within three (3) business days of the full execution of this Contract by both
<br />parties. Binder #1 and Binder #2 shall collectively be referred to as the "Binder." Escrow Agent
<br />may upon request by Buyer transfer the Binder to a North Carolina licensed title insurance
<br />company to hold in escrow for the benefit of the parties as set forth herein so that interest may be
<br />earned thereon.
<br />(c) The balance of the entire Purchase Price in immediately realizable funds paid to
<br />Seller at Closing either by (i) a certified check, or (ii) by wire delivery of funds through the
<br />Federal Reserve System to an account designated in writing by Seller, less a credit for the Binders
<br />and subject to the other prorations and adjustments as set forth herein.
<br />3. CLOSING. The closing (the "Closing") and date of transfer for the Properly shall take
<br />place one hundred-eighty (180) days from the Effective Date. The Closing shall take place in the offices
<br />of Moretz &Skufca, PLLC. At the sole discretion of the Buyer, the Closing and the Buyer's Inspection
<br />Period may be extended for up to one hundred-eighty (180) additional days upon payment of $5,000.00
<br />per thirty (30) day period, which shall be non-refundable, does not apply to the Purchase Price and shall
<br />be paid directly to the Seller within three (3) business days after the expiration of the prior period.
<br />4. BUYER'S INSPECTION PERIOD
<br />(a) For purposes of this Contract, the "Buyer's Inspection Period" shall be the period
<br />commencing on the Effective Date and ending upon the Closing date.
<br />(b) Buyer, with Seller's reasonable cooperation, shall make all such inspections as it
<br />deems desirable within the Buyer's Inspection Period. Buyer agrees to indemnify and hold Seller
<br />harmless from all liabilities, claims, damages, liens, costs and expenses (including reasonable
<br />attorneys' fees) in connection with its inspection of the Property. Buyer is authorized to conduct
<br />customary environmental inspections. Notwithstanding anything to the contrary, in the event of a
<br />release or similar occurrence resulting in liability to Buyer under any environmental law, rule or
<br />regulation, Seller agrees to indemnify and hold Buyer harmless from all liabilities, claims,
<br />demands, liens, costs'and expenses (including reasonable attorneys' fees) in connection therewith.
<br />(c) Within five (5) days from the date of this Contract, Seller shall provide Buyer
<br />copies of all title and leasing information in Seller's possession or reasonably available to Seller
<br />including, but not limited to, title insurance policies, attomeys' opinions on title, copies of all
<br />documents relating to all title exceptions, surveys, site plans, deeds, deeds of trust, promissory
<br />notes, loan agreements relating to the Property, plans, drawings, studies, and zoning letters,
<br />certificates or other information, true copies of all current leases and all extensions or
<br />modifications thereof, and any management contracts, maintenance or supply contracts and all
<br />similar agreements related to the Property.
<br />(d) If, during the Buyer's Inspection Period, Buyer is not satisfied with any of the
<br />matters inspected or reviewed by it with respect to the Property or for any other reason, Buyer
<br />may elect in its sole and absolute discretion to terminate the Contract by giving written notice of
<br />such decision to Seller. Upon such notification, the full amount of the Binder (plus interest) shall
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