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(b) No Special Taxes: The Property is not subject to special taxes or assessments for roadway, sewer, or water improvements or other public improvements. (c) Options; Leases: No options or other contracts have been granted or entered into which are still outstanding and which give any other party a right to purchase any interest in the Property or any part thereof and there are no leases in effect with respect to all or any part of the Property. (d) Mechanic's Liens: No payments for work, materials, or improvements furnished to the Property will be due or owing at Closing and no mechanic's liens, materialman's lien, or other similar lien shall be of record against the Property at the time of Closing. (e) Floor Conditions: The Property has not suffered any damage nor required any extraordinary repairs due to flooding or inadequate drainage. (f) Indemnification and Hold Harmless: Seller shall indemnify and hold harmless Buyer from and against any losses, cause of action, suits, damages, costs and expenses whatsoever (including without limitation reasonable attorney's fees and expenses) arising out of or related directly or indirectly to any inaccuracy with respect to Seller's representations contained in Section 13 or in this Section 14. Section 15. 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 shall, 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 16. Applicable Law: This Agreement shall be construed under the laws of the state in which the Property is located. Section ~7. Tax-Deferred Exchange: In the event Buyer or Seller desires to effect a tax- deferred exchange in connection with the conveyance of the Property, Buyer and Seller agree to cooperate in effecting such exchange; provided, however, that the exchanging party shall be responsible for all additional costs associated 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 party, as shall be required to give effect to this provision. THIS DOCUMENT IS A LEGAL DOCUMENT. EXECUTION OF THIS DOCUMENT HAS LEGAL CONSEQUENCES THAT COULD BE ENFORCEABLE IN A COURT OF LAW. THE NORTH CAROLINA ASSOCIATION OF REALTORS ® MAKES NO REPRESENTATIONS CONCERNING THE LEGAL SUFFICIENCY, LEGAL EFFECT OR TAX CONSEQUENCES OF THIS DOCUMENT OR THE TRANSACTION TO WHICH IT RELATES. IF YOU DO NOT FEEL THIS DOCUMENT MEETS YOUR NEEDS, YOU MAY WISH TO CONSULT YOUR ATTORNEY. CLT 66391 lv8 (7 of 10)