Grandfather Vistas Contract

8/15/2019 Grandfather Vistas Contract

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AGREEMENT TO BUY AND SELL REAL ESTATE

THIS AGREEMENT TO BUY AND SELL REAL ESTATE ("Contract") ismade this ______ day of ______ , 2006, by and between Blue RiverRidge at Blowing Rock, LLC (Seller) and _________________,____

_____________________, (collectively or singularly Purchaser). This Contractshall 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 promisescontained in this Contract, Purchaser agrees to buy and Seller agrees to sell, thereal estate described in Exhibit A attached hereto and made a part of thisAgreement, and more commonly known as Lot ______(Property"), being aportion 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 ofthe Property the sum of $_____________ (Purchase Price") payable as follows:

a. Earnest Money Deposit:$ __________ , by confirmed funds nolater than Ten (10) days of the date of this Contract.

b. The balance of the Purchase Price by certified funds to be paid atClosing.

Balance Amount:$________________

3. Earnest Money Deposits: This Contract is accompanied by anEarnest Money Deposit which, in total, must equal at least ten (10%) percent ofthe Purchase Price (the Earnest Money), as indicated in Section 2 above, to bedeposited 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 ofthis Contract.

4. Closing Date. The parties agree that the terms of this Contract shall becomplied 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 thepreparation of Buyers loan package; or on (ii) ___________ (Closing Date).Closing shall be held on the Closing Date, and to be conducted in collaborationwith 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 eachpurchaser, subject to approval under the terms of such financing. In the event


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Purchaser does not qualify for such financing, and, within three (3) business daysof notice regarding such non-qualification, Purchaser shall have the right toterminate this Contract, by giving Seller and the Escrow Agent two (2) businessdays prior written notice, and upon such notice shall have the Earnest Moneyreturned to the Purchaser with no further obligation on the part of Purchaser or

Seller.

6. Conveyance of Property. At Closing, Seller shall convey marketabletitle to the Property to Purchaser in fee simple by general warranty deed, freefrom encumbrances except those of record in the county in which the Property islocated, and those that Purchaser agrees under this Contract to assume. If anowner's title commitment can be issued by an ALTA title insurance company,without any unusual or extraordinary exceptions, at standard rates, Seller shallbe 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 payfor the Attorneys Fees so long as Purchaser utilizes the services of the EscrowAgent. Purchaser shall be responsible for all other closing fees, bank ormortgage 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 ofthe 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 expresslyunderstands and agrees that the Property shall be conveyed subject to therecorded plat, to the general easements, equitable restrictions, limitation on use,and affirmative obligations to pay charges, and the covenants and restrictions, asamended, referenced in and a part of the declaration otherwise referredcollectively as the (C)onditions, (C)ovenants and (R)estrictions for GrandfatherVistas. The CCRs may include, but shall not be limited to, restrictions andcovenants regarding architectural standards, minimum home size, maintenanceof common areas and assessment of fees related thereto.

11. Condition of Property. It is agreed that Purchaser purchases, andseller sells the Property in an "as is" condition, and neither seller nor its agentshas made any commitments or accepted any obligations for further work on theProperty or in the neighborhood of the Property, other than completion of theroadways and utilities within the Project, except as may be expressly set forth inthis Contract. Moreover, Purchaser acknowledges that neither seller nor itsagents has made any pledges, covenants or commitments in regard to the


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development of the project which has induced the purchase of the Propertyexcept as stated in this Contract, the covenants, the recorded plat.

12.Disclaimer by Brokers and Agents.The parties acknowledge thatthe 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 theProperty or as to the merchantability or fitness for a particular purpose of theProperty, and that Purchaser has relied solely upon his own investigation and theopinion of the closing attorney in regards to the condition of the Property or thetitle thereof.

13.Facsimile and Other Electronic Means.The parties agree that theoffer, any counteroffer and/or acceptance of any offer or counteroffer may becommunicated by use of a fax or other secure electronic means, including but notlimited to electronic mail and the internet, and the signatures, initials andhandwritten 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 andhandwritten or typewritten modifications were present on the documents in thehandwriting of each party. Notice to either party shall be effective whenaddressed to the respective notice address of each party provided in the NoticeAddendum attached hereto.

Notwithstanding the above, any notice to Seller must be accompanied by arequired notice to:

Mr. Phil Murdock, Jr. Esq.Nexsen Pruet Closing Network, LLC

1425 Constitution Blvd.Rock Hill, SC 29732Phone: (803)366-8999Fax: (803)980-1158Cell:(803)517-8998

14.Default. On Purchaser's failure to comply with the terms of thisContract within the stipulated time, and after receipt of notice of Purchaser'sdefault with a five (5) day right to cure, Seller may: (a) because of the difficulty inascertaining actual resulting damages, retain the Earnest Money deposit asliquidated 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 itssole 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 moneydeposit; or (b) seek specific performance of the Contract.

15. Sole Agreement & Addendums. This Contract supersedes any and


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all understandings and agreements between the parties and constitutes the soleand entire agreement between the parties. No oral statements or representationsshall be considered a part of this Contract. Any modifications must be in writingand acknowledged by the parties. Nothing in this Contract shall be intended orconstrued 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 aredetailed further in Exhibit B. In order to be effective, however, any suchAddendum must be executed in the same format as the Contract to which sameis attached.

16. Binding Effect. This Contract is binding on the heirs, personalrepresentatives, 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 orbecome unenforceable at law or in equity, the remaining provisions shall remainin full force and effect and shall not in any manner be affected or impaired by thevoid or unenforceable provisions.

19. Multiple Counterparts. This Contract may be executed in multiplecounterparts each of which shall be deemed an original and shall be given thesame 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 grantedunder this agreement or to insist on strict compliance with any obligationspecified in this Contract, and not practice at variance with the terms of thisContract, shall constitute a waiver of that power or right unless expresslyauthored in writing by the affected party.

21. Notice. The notice address provided by Purchaser below shall bedeemed the appropriate address for notice or any return of deposit requiredhereunder. When deposited in the United States Postal Service, with applicablepostage, the requirements for notice or return of deposit shall be deemed to havebeen satisfied.

REST OF PAGE LEFT BLANK INTENTIONALLY


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IN WITNESS WHEREOF, this Agreement has been duly executed on the datesindicated below by the parties.

Witness: PURCHASER:

___________________________________________________________

____________________________ Print Name: ______________________Date: _________________________

_______________________________ ___________________________ Print Name: _____________________

Date:_____________________________________________________

Purchaser Address:

______________________________ _________________________

SELLER:

Witnesses: Blue River Ridge at Blowing Rock, LLC

___________________________ By:____________________________Its:__________________________

___________________________ Date:________________________

ACKNOWLEDGED BY THE SELLINGOR DESIGNATED AGENT:

___________________________

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Grandfather Vistas Contract