AG 2005 08 15 - Laserfiche WebLink

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3. Earnest Money. (a) Contemporaneously herewith, Purchaser shall deliver to the Escrow A~ent, upon acceptance by the Board of Commissioners, the sum of five percent (5 Yo) of tIle purchase price (which sum is herein called the "Earnest Money"). (b) Throughout the term of this Agreement, Escrow Agent shall hold and disburse the Earnest Money in accordance with the terms and conditions of this Agreement, and as required by NCGS s160A-269. (c) On the Closing Date, the Earnest Money will be applied as part payment of the Purchase Price. . 4. Closing. The closing of the purchase and sale of the Property (herein called "Closing") shall be held at the offices ofRobert M. Critz, P.A., at sucn time and on such date (herein called the "Closing Date"), as may be specified by written notice from Purchaser to Seller not less than ten (10) days prior thereto; provided. however, that the Closing Date shall be on or before the date one hundred twenty (120) days after the Effective Date (herein called the "Final Closing Date") and, if Purchaser shall fail to give notice designating the Closing Date, the Closing Date shall be, and the Closing shall take place at 2:0D P.M. on, the Fina1 Closing Date. 5. Access and Inspection: Delivery of Documents and Information by Seller: Examination by Purchaser. (a) Between the date of this Agreement and the Closing Date, Purchaser and Purchaser's agents and designees snaIl have the right to enter the Property for the purposes of inspecting same, and making surveys, mechanical and structural engIneering studies, environmental assessments, and any other investigations and inspections as Purchaser may reasonably require to assess the condition of the Property. Purchaser shall provide Seller with copies of all documentation reporting the results of such tests or inspections if Purchaser fails to purchase the Property. (b) On or before the date seven (7) days after the Effective Date, Seller shall deliver to Purchaser, if not previously delivered, or make available to Purchaser for examination or copying by Purchaser, at the address for Purchaser set forth in paragJ:aph 20 hereinafter, the following documents and information with respect to the Property: (1) All surveys, plans, specifications, environmental, engineering, architectural, construction, and mechanical data relating to the -Property, includin,g reports ~uch as so.ils reports and env.iron:nentaI audits, which are in Seller s possessIOn or which Seller can obtaIn WIth reasonable effort; (2) All real property and other ad v~lorem tax ~i11s and utility bil!s regarding the Property for the two-year peflod precedIng the date of this Agreement; (3) True,. correct and complete copies of all po~icies .of insurance carried by Seller With respect to the Property, together With eVidence of the premiums paid by Seller therefor; (4) A copy of any policy of title insurance issued in fa:,or of Seller, together with legible copies of all instruments referenced thereIn; and Page 2 of 14 E-Io