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this ______ day of ______ , 2006, by and between Blue River Ridge at Blowing Rock, LLC (“Seller”) and _________________,____ _____________________, (collectively or singularly “Purchaser”). This Contract shall become binding on the date of last execution by both of the parties hereto, subject to receipt of the required Earnest Money referenced herein. WITNESSETH: 1. Property Description. In consideration of the mutual promises contained in this Contract, Purchaser agrees to buy and Seller agrees to sell, the real estate described in Exhibit A attached hereto and made a part of this Agreement, and more commonly known as Lot ______(“Property"), being a portion of the development known as the Grandfather Vistas Community, located in Caldwell County, North Carolina ("Project"). 2. Purchase Price. Purchaser agrees to pay as the full Purchase Price of the Property the sum of $_ ____________ (Purchase Price") payable as follows: a. Earnest Money Deposit:$ __________ , by confirmed funds no later than Ten (10) days of the date of this Contract. b. The balance of the Purchase Price by certified funds to be paid at Closing. Balance Amount:$________________ 3. Earnest Money Deposits: This Contract is accompanied by an Earnest Money Deposit which, in total, must equal at least ten (10%) percent of the Purchase Price (the “Earnest Money”), as indicated in Section 2 above, to be deposited with Mr. Phil Murdock, Jr., Esq. of the Nexsen Pruet Closing Network, LLC (“Escrow Agent”) to be held and disbursed in accordance with the terms of this Contract. 4. Closing Date. The parties agree that the terms of this Contract shall be complied with and the closing of this transaction shall take place (the “Closing”) on or before the earlier to occur of (i) three (3) business days following the preparation of Buyer’s loan package; or on (ii) ___________ (“Closing Date”). Closing shall be held on the Closing Date, and to be conducted in collaboration with the Escrow Agent, unless the parties agree otherwise. 5. Financing Condition. Seller and Purchaser acknowledge that Seller, through its listing agent, has arranged for favorable financing terms for each purchaser, subject to approval under the terms of such financing. In the event
Purchaser does not qualify for such financing, and, within three (3) business days of notice regarding such non-qualification, Purchaser shall have the right to terminate this Contract, by giving Seller and the Escrow Agent two (2) business days prior written notice, and upon such notice shall have the Earnest Money returned to the Purchaser with no further obligation on the part of Purchaser or Seller. 6. Conveyance of Property. At Closing, Seller shall convey marketable title to the Property to Purchaser in fee simple by general warranty deed, free from encumbrances except those of record in the county in which the Property is located, and those that Purchaser agrees under this Contract to assume. If an owner's title commitment can be issued by an ALTA title insurance company, without any unusual or extraordinary exceptions, at standard rates, Seller shall be deemed to have complied with the obligation to convey marketable title. 7. Closing Expenses. Seller shall be responsible for preparation of the deed, all brokerage fees and real estate commissions and Seller shall also pay for the Attorney’s Fees so long as Purchaser utilizes the services of the Escrow Agent. Purchaser shall be responsible for all other closing fees, bank or mortgage fees, all revenue or tax stamps, all other Closing costs. 8. Prorations. All county property taxes, municipal taxes (if any), maintenance assessments and other applicable charges shall be prorated as of the closing date. 9. Mortgage/Deed of Trust Release. Seller agrees that it will obtain, following Closing, release of the Property from any Mortgage/Deed of Trust lien, if any, which may cover the Property. 10. Association Covenants and Restrictions. Purchaser expressly understands and agrees that the Property shall be conveyed subject to the recorded plat, to the general easements, equitable restrictions, limitation on use, and affirmative obligations to pay charges, and the covenants and restrictions, as amended, referenced in and a part of the declaration otherwise referred collectively as the (C)onditions, (C)ovenants and (R)estrictions for Grandfather Vistas. The CCR’s may include, but shall not be limited to, restrictions and covenants regarding architectural standards, minimum home size, maintenance of common areas and assessment of fees related thereto. 11. Condition of Property. It is agreed that Purchaser purchases, and seller sells the Property in an "as is" condition, and neither seller nor its agents has made any commitments or accepted any obligations for further work on the Property or in the neighborhood of the Property, other than completion of the roadways and utilities within the Project, except as may be expressly set forth in this Contract. Moreover, Purchaser acknowledges that neither seller nor its agents has made any pledges, covenants or commitments in regard to the
development of the project which has induced the purchase of the Property except as stated in this Contract, the covenants, the recorded plat. 12. Disclaimer by Brokers and Agents. The parties acknowledge that the Listing and Cooperating Broker(s) and their Agent(s) give no guaranty or warranty of any kind, express or implied, as to the physical condition of the Property or as to the merchantability or fitness for a particular purpose of the Property, and that Purchaser has relied solely upon his own investigation and the opinion of the closing attorney in regards to the condition of the Property or the title thereof. 13. Facsimile and Other Electronic Means. The parties agree that the offer, any counteroffer and/or acceptance of any offer or counteroffer may be communicated by use of a fax or other secure electronic means, including but not limited to electronic mail and the internet, and the signatures, initials and handwritten or typewritten modifications to any of the foregoing shall be deemed to be valid and binding upon the parties as if the original signatures, initials and handwritten or typewritten modifications were present on the documents in the handwriting of each party. Notice to either party shall be effective when addressed to the respective notice address of each party provided in the Notice Addendum attached hereto. Notwithstanding the above, any notice to Seller must be accompanied by a required notice to: Mr. Phil Murdock, Jr. Esq. Nexsen Pruet Closing Network, LLC 1425 Constitution Blvd. Rock Hill, SC 29732 Phone: (803)366-8999 Fax: (803)980-1158 Cell:(803)517-8998 14. Default. On Purchaser's failure to comply with the terms of this Contract within the stipulated time, and after receipt of notice of Purchaser's default with a five (5) day right to cure, Seller may: (a) because of the difficulty in ascertaining actual resulting damages, retain the Earnest Money deposit as liquidated and agreed damages; or (b) seek specific performance of the Contract; or (c) sue for damages; or any combination of all three as Seller sees fit and in its sole discretion. On a default by Seller, and after notice with a five day right to cure, Purchaser may: (a) cancel the Contract and obtain a refund of the earnest money deposit; or (b) seek specific performance of the Contract. 15. Sole Agreement & Addendums. This Contract supersedes any and
all understandings and agreements between the parties and constitutes the sole and entire agreement between the parties. No oral statements or representations shall be considered a part of this Contract. Any modifications must be in writing and acknowledged by the parties. Nothing in this Contract shall be intended or construed to limit any right of Purchaser arising from the Interstate Land Sales Full Disclosure Act. This contract may, however, be subject to specific terms or conditions which are detailed further in Exhibit “B”. In order to be effective, however, any such Addendum must be executed in the same format as the Contract to which same is attached. 16. Binding Effect. This Contract is binding on the heirs, personal representatives, successors and assigns of the parties. 17. Assignment. The rights of Purchaser pursuant to this Contract may not be assigned without the written authorization of the Seller. 18. Enforceability. Should any provisions of this Contract be void or become unenforceable at law or in equity, the remaining provisions shall remain in full force and effect and shall not in any manner be affected or impaired by the void or unenforceable provisions. 19. Multiple Counterparts. This Contract may be executed in multiple counterparts each of which shall be deemed an original and shall be given the same force and effect as if all parties had executed one and the same original. 20. No Waiver. No failure of a party to exercise any power or right granted under this agreement or to insist on strict compliance with any obligation specified in this Contract, and not practice at variance with the terms of this Contract, shall constitute a waiver of that power or right unless expressly authored in writing by the affected party. 21. Notice. The notice address provided by Purchaser below shall be deemed the appropriate address for notice or any return of deposit required hereunder. When deposited in the United States Postal Service, with applicable postage, the requirements for notice or return of deposit shall be deemed to have been satisfied.
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IN WITNESS WHEREOF, this Agreement has been duly executed on the dates indicated below by the parties.
Witness: ____________________________ ____________________________
_______________________________ Print Name: ______________________ Date: _________________________ _______________________________ Print Name: _____________________ Date:__________________________
Purchaser Address: ____________________________ __ _________________________
SELLER: Witnesses: Blue River Ridge at Blowing Rock, LLC
___________________________By:____________________________ Its:__________________________ ___________________________ Date:________________________
ACKNOWLEDGED BY THE SELLING OR DESIGNATED AGENT: ___________________________