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HomeMy WebLinkAbout1998 S Everett & Eva F Kennedy Attorney - Land Purchase Contract - Kennedy Property -05-06-1998-9aOI'ri:R TO PURCIiASG AND CONTRACT 2 a Orange County, North Carolina ,asBttyer, hereby offers to purchase and _ E.H. Keene y an wi e, Eva F Kenney , as Setter, upon acceptance of said offer, agrees to sell and convey, all of that plot, piece or parcel of land described below, together with all improvements located Thereon and such fixtures and personal property as are listed below (collectively referred to as "the Property"), upon the following terms and conditions: Township I. REAI, PROPERTY: Located in the ~ of Cedar Grove ,County of Orange ,State of North Carolina, being known as and more particularly described as: Street Address Zip Legal Description: see i i a tat e ereto (^ All ^ A portion of the property in Deed Reference: Book ,Page No. County.) NOTE: Prior to signing the Offer to Purchase and Contract, Buyer is advised to review Restrictive Covenants, if any, which may limit the use of the Property, and to read the Declaration of Restrictive Covenants, By-Laws, Articles of Incorporation, Rules and Regulations, and other governing documents of the owners' association and/or the subdivision, if applicable. - 2. FIXTURES: The following items, if any, are included in the purchase price free of liens: any built-in appliances, light fixtures, ceiling fans, attached Floor coverings, blinds and shades including window hardware, window and door screens, storm windows, combination doors, awnings, antennas, satellite dishes and receivers, burglar/fire/smoke alarms, pool and spa equipment, solar energy systems, attached fireplace screens, gas logs, fireplace inserts, electric garage door openers with controls, outdoor plants and trees (other than in movable containers), basketball goals, storage sheds, mailboxes, wall and/or door mirrors, and any items attached or affixed to the Property, EXCEPT the following items: 3. PERSONAL PROPERTY: The following personal property is included in the purchase price: J. PURCHASE PRICE: The purchase price is ~ t 0.0 and shall be paid as follows: (a) $ ,EARNEST MONEY DEPOSIT by ^ cash ^ personal check ^ bank check ^ certified check ^ other to be deposited and held in escrow by as escrow agent, until the sale is closed, at which time it will he credited to Buyer, or until this contract is otherwise terminated. In the event (I) this offer is not accepted; or (2) any of the conditions hereto are not satisfied, then all earnest monies shall he returned to Buyer. In the event of breach uF this contract by Seller, upon Buyer's request, all earnest monies shall be returned to Buyer, but such return shall not affect any other remedies available to Buyer for such breach. In the event this offer is accepted and Buyer breaches this contract, then all earnest monies shall be forfeited upon Seller's request, bw receipt of such forfeited earnest monies shall not affect any other remedies available to Seller for such breach. NOTE: In the event of a dispute between Seller and Buyer aver the return or forfeiture of earnest money held in escrow by a broker, the broker is required by state law to retain said earnest money in the bmker's trust or escrow account until a written release from the parties consenting to its disposition has been obtained or until disbursement is ordered by a rnurt of competent jurisdiction. - (b) $ , ADDITTONAL EARNEST MONEY DEPOSIT to be paid to escrow agent no later than (~) $ , BY ASSUMPTION of the unpaid principal balance and all obligations of Seller on the existing loan (s) secured by a deed of trust on the Property in accordance with the attached Loan Assumption Addendum. (d) $ , BY SELLER FINANCING in accordance with the attached Seller Financing Addendum. (e) $ 110,000.00 ,BALANCE of the purchase price in cash at closing. 5. CONDI'f10NS: (State N/A in each blank that is not a condition to this cantrnct.) (a) The Buyer must he able to obtain a loan commitment un or before ,effective through the date of closing, for a ^ FIIA ^ VA (attach FFIANA Financing Addendum) ^ Conventional ^ Other loan at a ^ Fixed Rate ^ Adjustable Rate ^ Other: in the principal amount of for a term of year(s), at an interest rate not to exceed % per annum, with mortgage loan discount points not to exceed % of the loan amount. Buyer agrees to use his best efforts to secure such commitment. Brryer shall be responsible for all costs with respect to any loan obtained by Duyer, except if Seller is to pay any of the Buyer's loan closing costs including discount paints, those costs are as follows: In the event Buyer fails to pmvirle Seller with written evidence of the loan commitment within five days after receipt of a written request from Seller (but such request may not be made before the loan commitmem date listed above), Then Seller may terminate this contract unless Buyer waives the loam commitment condition. (h) There must be no restriction, easement, Tuning or other governmental regulation that would prevent the reasonable use of the read property far purposes. (c) The Property must be in substantially the same or better condition at closing as on the date of this offer, reasonable wear and tear excepted. (d) All deeds of tntst, liens and other charges against the Property, not assumed by Buyer, must be paidmnd satisfied by Seller prior to or at closing such that cancellation may be promptly obtained following closing. Seller shall remain obligated to obtain any such cancellations following closing. fe) Title must he delivered at closing by GENERAL WARRANTY DEED unless otherwise stated herein, and must be fee simple marketable title, froe of all encumbrances except: ad valorem taxes for the current year (pmmted through the date of closing); utility easements and unviolated restrictive rnvenants that do not materially affect the value of the Property; and such otherencumhrances as may be assumed or specifically approved by Buyer. The Property must have legal access to a public right of way. 6. SPECIAL ASSESSMF,NTS: Seller warrants that there are no governmental special assessments, either pending or confirmed, for sidewalk, paving, water, sewer, or other improvements on or adjoining the Property, and no owners' association special assessments, except as follows: f Insert "None" or the identification of such assessments, if any.) Seller shall pay all confirmed owners' asscx:iation assessments and all continned governmemal assessments, if any, and Buyer shall take title subject to all pending assessments, if any, unless otherwise agreed as follmvs: 7. PROBATIONS AND ADJUSTMF,NTS: Unless otherwise provided, the following items shall be prorated and either adjusted between the ponies or paid at closing: (a) Ad valorem taxes nn real property shall be prorated nn a calendar year basis through the date of closing; (b) Ad valorem taxes nn personal property for the entire year shall he paid by the Seller unless the personal property is conveyed to the Brryer, in which case, the personal property taxes shall be prorated nn a calendar year basis Through the date of closing. (c) All late listing penalties, if any, shall be paid by' Seller. (d) Remy, if any, for the Property shall be prorated through the date of closing. (e) Owners' association dues, and other like charges shall be prorated dlnmgh the date of closing. Seller represents that the regular owners' association duex, if aoy, are $ per tS. CLOSING I?XI'F.NSI:S: Scllcr shall pay fur prcpanuiun of a decd and all other docunlenls necessary la perform Sealer's ohlig;uions undrr this agreement, and for excise tax (revenue stamps) required by law. Buyer shall pay for recording the deed and tar preparation and recording of all instruments required to secure the balance of the purchase price unpaid at closing. 9. FUEL: Buyer agrees la purchase from Seller the fuel, if any, situated in any tank nn the Property at the prevailing rate with the cost of measurement tllereaf, if any, being paid by Seller. I(1. EV IDENCE OF TITLE: Seller agrees to use his best efforts to deliver to Buyer as soon as reasonably possible after the acceptance of this after, copies of all title information in possession of or available to Seller, including but not limited to: title insurance policies, attorney's opinions nn title, surveys, covenants, deeds, notes and deeds of trust and easements relating to the Property. I I. LAIDOR AND MATERIAL: Seller shall furnish at closing an affidavit and indemnification agreement in form satisfactory to Buyer showing That all labor and materials, if any, furnished to the Property within 120 days prior to the date of closing have been paid for and agreeing to indemnify Buyer against all loss from any cause or claim arising therefrom. NC Bar Association Form No. 2, ©~ 996. This Standard Form has been apOroveA jointly by the: PrinteA by Agreement with the NC Bar Association - 1981 NORTH CAROLINA BAR ASSOCIATION - NC Bar Form No. 2 ~•~,in.,,.. v r., i,,,. n,,. t~~ varlM inv llP Mr' ~7n55 NORTH CAROLINA ASSOCIATION OF REALTORSO" ,INC. -StanAarA form No ? 12. I'RUI'I:R"f S' DISCLOSURE AND INSPEC'f10NS: la) Yruperty Disclosure: ^ Buyer has receiveJ'a signet copy of the Residential Property Disclosure Statement prior to the signing of this Offer to Purchase ant Cuntract. ^ Buyer Iran NOT receive) a signet copy of the Residential Property Disclosure Statement prior to the signing of this Offer to Purchase ant Cuntract and shall have the right to terminate or withdraw this contract without penrlry upon receipt of the Residential Property Disclosure Statement provided such termination or withdrawal notice is hand delivered or mailed to Seller or Seller's Agent within three Jays following receipt of same. ^ Exempt from Residential PiupiSrty Disclosure Statement because (SEE GUIDELINES) ^ The Property is residential and was built prior to 1978 (Attach Lead-Based Paint or Lead-Based Paint Hazards Disclosure AJdenJwn.) lb) Property Inspection: Unless otherwise st:dcd herein, ur as otherwise provided con an inspection aJJenJum attache) hereto, Buyer shall have tlrc uptiun ul inspecting ur. obtaining at Buyei s expense, inspections to determine the cunJition of the Property. Unless otherwise stale) hcrcin, it is a condition of Ibis contract Ihal: (i) the built-in appli:urces, electrical system, plumbing system, heating and cooling systeors, rxlf coverings (including (lashing and gullets), derors and windows, exterior surfaces, structural congwncnts (ilx;luding founJatiuns, culwuns, chinulcys, Ihwrs, walls, Cl'lIII1gS alrll rUUIS), Ixrrl'heti alt) llccks, lireplae:es:urd Ilucs, crawl space auJ :LLtic ventilation syslenrs (il any), water and sewer systems (public and private), shall be perlirnuing the function fur which intended and shall not be in nee) of itmttediate repair. (ii) there shall be no unusual Drainage cunditiuos ur evidence ul excessive; nruislure adversely al leering dx: structure(s): ant (iii) tlx;rc shall lx: uu friable asbestos ur existing cnvirmnrcntal cuntaminatiun. lmspections must be wmpleted un ur Ix:fure ~yvrr is ~dviud to h•wc •nrv iusrx:ctiuns grade prior to inculringgxnenses Ibr clusine a 1 in sul'licient time to ocrmit •urv reyuircd reoairs to be cumt~leted by closin,_ (c) Wood-Urstruyiug lauds: Unless otherwise slate) hereto, Buyer shall have the option ul'ubtainiug, at Buyer's expense, a report from a license) pest cootrul operator un a standard 1'onn in accordance with the regulations of the North Carolina Structural Pest Control Camniltee, stating that there was nu visible evidence of woexl-destroying insects and cuntainiog mu indication of visible Damage therefrom. The report must be obtained in sul ticicnt time su as to permit treaUnent, if any, and repairs, il' any, to be completed prior to closing. AlI treatment reyuired shall be paid for by Seller and completed prior w closing, unless otherwise agreed upon in writing by the parties. The Buver is advised th'+t the inscection report des~~ribed in •~ w, w . if new constntction, Seller shall provide a standard warranty of termite soil treatment. (d) Repairs: Pursuant to any inspections in (b) and/or (c) above, if any repairs arc necessary, Seller shat) have the option of (i) completing them. (ii) providing for their completion, or (iii) refusing to complete them. IC Seller elects not to complete or provide for the completion of the repairs, then Buyer shall have the uptiun of (iv) accepting the Property iu its present condition, or (v) terminating this contract, in which case all earnest monies shall be relunded. Unless otherwise state) herein, ur as otherwise provided on an inspetaion ed hereto, any items nut covered by (b) (i), b (ii), b (iii) ant (c) alwve are excltxled from repair negotiations under this contract. (e) Acceptance: CLOSING SI1AL•i-• CONS fl'1'U'1'F ACCEI'TANCI' Ol' EACII OFTIIESYS'1'FM1Iti ITFIVIS ANU CONpffIONti 1 ISTEU ABOVE IN ITS TIiEN EXISTING CONDITION UNLESS PROVISION IS nTUFRWISE MADE IN WRITING. 13. REASONABLE ACCESS: Seller will provide reasonable access to Buyer or Buyer's representatives for the purposes of appraisal, inspection, and/or evaluatimt. Buyer may conduct awalk-through inspection of the Property prior to closing. IJ. CLOSING: Closing shall lx: defilxd as the date attd time: of recording ul'tlx: Deed. All Ironies agree to execute any atxl all dtxunxnts atld papers necessary in cunnectiun with closing and tmusfer of title wt ur belbre Jude 1 . 1998 , at a place designated by Buyer. 'tlte decd ;. to be rrtaele to OranPe Cotutty, North Carolina P 0 I3ox 181 Hillsboroueh NC 27278 IS. l'USS1iS51UN: Unless utlrerwise provided herein, possession shall Ix: Delivered •at clwing. hl the event Ixrssessiun is NO"C to be dchvcred •rt closing: ^ a buyer possession before closing agreement is attached. OR, ^a seller possession after closing agreement is attached. lG. OTHER PROVISIONS ANU CONDITIONS: (ITEMIZE ALL ADDENDA -CO Tl IIS CON"I'RACT AND ATTACH I(EKGTO. SEE LIST OF STANDARD FORM ADUGNDA AVAILABLE) See Exhibit B attached hereto. 17. RISK OE LOSS: The risk of loss ur damage by I ire ur other casurlty prior w closing shall be upon Seller. If the improvements on the Property are destroyed or ntaterirlly damaged prior to closing, Buyer stay terminate this contract by written rxxice delivered to Seller or Seller's agent and all deposits shall be returned to Buyer. In tlx: event Buyer Does NO'f elan to terminate this contact, Buyer shall be entitled to receive, in addition to the Property, any of the Seller s insurance proceeds payable un account of the damage or destruction applicable to the Property being purchased. 18. ASSIGNMENTS: This contract rrtay not be assigned without the written consent of all p:uties, but if assigned by agreement, then this contract shall be binding on the assignee and his heirs mxl successors. 19. PARTIES: Tltis contract shall be bilxling upon attd shall inure to the belrelit of the parties, i.e., Buyer and Seller noel their heirs, successors arnl assigns. As uw:d herein, words in the singular ilxaude tlx: plural alxl the masculine includes the feminine mxl neuter garders, as appropriate. 20. SURVIVAL: If arty provision Itercin contained wltictl by its Itature alld el'fee:t is required to be observed, kept or performed alter the clositlg, it shall survive the closing and remain binding upon and for the benefit of the parties hereto until fully observed, kept or performed. 21. ENTIKE AGREEMENT: Phis control contains the entiro •agrcenrent of the parties and there are no representations, inducements or other provisions other than those expressed herein. All changes,additions ordeletiotts hereto nwst be in writing a~xJ signet by all parties. Nothing contained hcrcin shall alter any agrce:nrcnl lxtween a REAI; COR• nr broker and Seller ur Buyer as cuulained in any listing agreement, buyer agency agreenteut, or any other agency agreement lxtwrr-n thorn. 22. EXECUTION: This offer shall become a binding contwct when sighed by both Buyer and Seller This contract is executed under seal in signed multiple originals, all of which together constitute Otte attd the saute instrument, with a signed original being retained by each party and each REALTOR'or broker hereto, attel the parties adopt the word "SEAL" beside their signatures below. lF YOU DO NOT UNDERSTAND THIS OFFER TO PURCHASE AND CONTRACT OR FEEL THAT IT DOES NOT PROVIDE FOR YOUR LEGAL NEEDS, YOU SHOULD CONSULT A NORTH CAROLINA REAL ESTATE ATTORNEY BEFORE YOU SIGN IT. Buyer acknowled res having oracle an m -site •rsonal exawiualiun of the Properly prior to the making of thi [Cer. ORANGE NTY, NORTH 0 By: Buyer (SL'AL) Seller E.H. Kenned (Sent) SSlI'ax ID SSlfax IU# Buyer ~ (SEAL) Seller Eva F. Kennedy ~;~~ _ ~ ~~,,,,,u,1SEAL) ssirax 1Da Ssn'ax -DN -~l7 Date: Date- ~ - 1d - 4 St s I hereby acknowledge receipt oC tl-e earnest utuney hcrcin set forth and agree lu hold noel disburse the scone in accordrnce with the terms Ireton[. Date firm: uy: ^ Buyer's Agent ^ Seller's (sub)agent Selling AgenUFinn/I'hone Acting as ^ Dual Agent O Seller's (sub)agent Listing AgenUFirnt/Phone Acting as ^ Dual Agent Printed by Jamas Williams & Co., Inc. ©1998 NC 9AR ASSOCIATION-Form No. 2 NC ASSOCIATION OP REAITORS~, INC.-Form No. 2 4 PIN 9858-84-1233 Exhibit A Property described in the deed recorded at Book 452, Page 552 of the Orange County Registry and as shown on the plat of the survey of the property prepared by Alois Callemyn Land Surveyors which plat is dated October 15, 1996 and revised lsg-12 kennedy.exA 5 Exhibit B Seller will provide to Buyer, at closing, recordable form, the plat of the property Callemyn Land Surveyors substantially the prepared by Alois Callemyn Land Surveyors and entitled "Property Surveyed For Reita be delivered to Buyer shall be revised to property surveyed for Orange County, North revised to eliminate the lines of and the 50' R/W" and to make such other minor chan fully paid for and in prepared by Alois same as that plat dated October 15, 1996 Brooks." The plat to show that it is Carolina and further title of the "PROPOSED ges so as to conform the plat to be in recordable form. lsg-12 kennedy.exB