06-1651 Sale of Real Estate to Unicorp National Developments, Inc.

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2. Title: Seller shall furnish and convey title by general warranty deed showing the property to be free and clear of all leases, liens, encumbrances, and encroachments, but subject, however, to ad valorem real property taxes for the year of closing (prorated) and subsequent years. The Seller shall reserve a drainage easement over Properties 1 and 2 to accommodate stormwater drainage, retention, detention and treatment of stormwater to accommodate adjacent rights-of-way, said easements to be granted by separate document. The Seller shall retain a 10 foot maintenance easement over Property 3 to be granted by separate document. >) <iJ 10(;, tV' 3. Time for Acceotance: If th~ ~~Jrt; ct is not'executed and delivered by the Seller and by the Buyer on or before February' ,2006 at 12 o'clock Noon this Contract shall be null and void. The date of the Contrac , for purposes of performance hereunder, shall be regarded as the date when the last one of the Seller and the Buyer has properly executed the Contract. 4. Closina Date. The closing shall be held on a date and time acceptable to Seller and Buyer, to wit: on or before thirty (30) days following receipt of the final approval of the subdivision/engineering site plan and the recordation of the plat (but not later than November 30, 2006.) The closing shall be held in the law office of Stenstrom, Mcintosh, Colbert, Whigham, Reischmann & Partlow, P.A. or at such other place as may be designated by Seller. Buyer shall be entitled to two (2) additional thirty (30) day extensions of the Closing Date by depositing with the Escrow Agent an additional amount of Ten Thousand ($10,000.001 Dollars per extension. All extension payments shall be credited toward the purchase price. 5. Evidence of Title: Within twenty (20) days from the Effective Date, the Seller shall, at the Seller's sole expense, obtain an Owner's Title Insurance Binder underwritten by Commonwealth Land Title Insurance Company, or some other title company acceptable to Buyer and Buyer's lender, agreeing to insure title to the property in the amount of the purchase price, subject to no exceptions other than those matters set forth on the standard printed exceptions customarily contained in an owner's marketable policy. For purposes herein, the Effective Date shall mean the date on which the last party signed this Contract. 6. Curative Riahts: If the title commitment discloses matters that render the title unmarketable, Seller shall have thirty (30) days from the date of delivery thereof to have the exceptions removed from the commitment or closing shall be extended thirty (30) days after removal of curing, or the time expressly specified in this Contract, whichever is later. If the Seller fails to have the commitment exceptions removed or the defects cured within the specified time, Buyer may terminate this Contract and receive the return of the aforementioned deposit(s) or Buyer may elect, upon notice to the Seller within ten (10) days after the expiration of the thirty (30) days curative period, to take title as it then is. Should the title commitment or abstract reveal the presence of mechanics' liens, or other matters curable by payment of money, the bonding of such liens shall be deemed to have cured the defect arising because of such liens. 7. Exoenses: Documentary stamps on the deed shall be paid by Seller. The cost of the title insurance shall be paid by the Seller, at minimum legal rates. Buyer shall pay for recording the deed. 2