|
provided such termination or withdrawal notice is hand delivered or mailed to Seller or Seller's Agent within three days following receipt of same.
<br /> [] Exempt from Residential Property Disclosure Statement because (SEE GUIDELINES) undeveloped
<br /> [] The Property is residential and was built prior to 1978 (Attach Lead-Based Paint or Lead-Based Paint Hazards Disclosure Addendum.) ,.
<br />
<br />(b) Property Inspection: Unless otherwise stated herein, or as otherwise provided on an inspection addendum attached hereto, Buyer shall have
<br />the option of inspecting or, obtaining at Buyer's expense, inspections to determine the condition of the Property. Unless otherwise stated herein, it
<br />is a condition of this contract that: (i) the built-in appliances, electrical system, plumbing system, heating and cooling systems, roof coverings
<br />(including flashing and gutters), doors and windows, exterior surfaces, structural components (including foundations, columns, chimneys, floors,
<br />walls, ceilings and roofs), porches and decks, fireplaces and flues, crawl space and attic ventilation systems (if any), water and sewer systems
<br />(public and private), shall be performing the function for which intended and shall not be in need of immediate repair; (ii) there shall be no unusual
<br />drainage conditions or evidence of excessive moisture adversely affecting the structure(s); and (iii) there shall be no friable asbestos or existing
<br />environmental contamination. Inspections must be completed on or before 12/31/2002 . Buyer is advised to have any inspections
<br />made prior to incurrinq expenses for closinq and in sufficient time to permit any required repairs to be completed by closing.
<br />
<br />(c) Wood-Destroying Insects: Unless otherwise stated herein, Buyer shall have the option of obtaining, at Buyer's expense, a report from a
<br />licensed pesi control operator on a standard form in accordance with the regulations of the North Carolina Structural Pest Control Committee, stating
<br />that there was no visible evidence of wood-destroying insects and containing no indication of visible damage therefrom. The report must be obtained
<br />in sufficient time so as to permit treatment, if any, and repairs, if any, to be completed prior to closing. All treatment required shall be paid for
<br />by Seller and completed prior to closing, unless otherwise agreed upon in writing by the parties. The Buyer is advised that the inspection report
<br />described in this paraqraph may not always reveal either structural damaqe or damaqe caused by a.qents or or.qanisms other than wood-destroyin.q
<br />insects. If new construction, Seller shall provide a standard warranty of termite soil treatment.
<br />
<br />(d) Repairs: Pursuant to any inspections in (b) and/or (c) above, if any repairs are necessary, Seller shall have the option of (i) completing them, (ii)
<br />providing for their completion, or (iii) refusing to complete them. If Seller elects not to complete or provide for the completion of the repairs, then
<br />Buyer shall have the option of (iv) accepting the Property in its present condition, or (v) terminating this contract, in which case all earnest monies
<br />shall be refunded. Unless otherwise stated herein, or as otherwise provided on an inspection addendum attached hereto, any items not covered
<br />by (b) (i), b (ii), b (iii) and (c) above are excluded from repair negotiations under this contract.
<br />
<br />(e) Acceptance: CLOSING SHALL CONSTITUTE ACCEPTANCE OF EACH OF THE SYSTEMS, ITEMS AND CONDITIONS LISTED
<br />ABOVE IN ITS THEN EXISTING CONDITION UNLESS PROVISION IS OTHERWISE MADE IN WRITING.
<br />
<br />and/or evaluation. Buyer may conduct a walk-through inspection of the Property prior to closing.
<br />
<br />14. Closing: Closing shall be defined as the date and time of recording of the deed. All parties agree to execute any and all documents
<br />and papers necessary in connection with closing and transfer of title on or before 12/31/2002 , at a place designated
<br />by Buyer.
<br />The deed is to be made to Cabarrus County
<br />
<br />15. POSSESSION: Unless otherwise provided herein, possession shall be delivered at closing. In the event possession is NOT to be delivered at
<br />closing: [] a buyer possession before closing agreement is attached. OR, a seller possession after closing agreement is attached.
<br />
<br />16. OTHER PROVISIONS AND CONDITIONS: (ITEMIZE ALL ADDENDA TO THIS CONTRACT AND ATTACH HERETO. SEE LIST
<br />OF STANDARD FORM ADDENDA AVAILABLE.)
<br />Se Exhibit A
<br />
<br />17. RISK OF LOSS: The risk of loss or damage by fire or other casualty prior to closing shall be upon Seller. If the improvements on the Property
<br />are destroyed or materially damaged prior to closing, Buyer may terminate this contract by written notice delivered to Seller or Seller's agent and all
<br />deposits shall be returned to Buyer. In the event Buyer does NOT elect to terminate this contract, Buyer shall be entitled to receive, in addition to the
<br />Property; any of the Seller's insurance proceeds payable on account of the damage or destruction applicable to the Property being purchased.
<br />
<br />18. ASSIGNMENTS: This contract may not be assigned without the written consent of all parties, but if assigned by agreement, then this contract
<br />
<br />
<br />
|