This agreement is between (“Seller”) and Oakmont Capital, LLC and/or assigns (“Buyer”). The Buyer and Seller, when mentioned together, may be referred to as Parties. Seller agrees to sell to the buyer the property known as: (“Property”). The parties agree to the following terms and conditions:

Buyer will pay $ as an earnest money deposit, which shall be deposited with said title/escrow company upon execution of this Agreement by both parties and shall be credited to Buyer at Closing. If the Buyer fails to close, then the earnest money will be forfeited to the Seller as full and liquidated damages. If Seller cannot deliver marketable and insurable title to the Property to the Buyer at Closing, then Buyer will receive the return of the earnest money deposit, and the transaction will be null and void and of no further legal force and effect.

Buyer will pay the purchase price of $ to Seller. The purchase price shall be paid as follows: Buyer shall take title to the Property subject to the existing mortgage(s) and/or deed(s) of trust currently encumbering the Property. Buyer shall assume responsibility for making all future payments on said existing financing. Any difference between the purchase price and the existing loan balance(s) shall be paid to Seller at closing, less any agreed-upon deductions, pro-rations, and closing costs.

Lender:

Approximate Loan Balance: $    Monthly Payment: $    Interest Rate: %

Loan Number (last 4):    Payment includes:

Seller shall provide Buyer with current mortgage statement(s) and loan information within five (5) business days of execution of this Agreement. Buyer’s obligation to close is contingent upon verification of the above loan information.

The Buyer is purchasing the Property “as is.” The Seller will make no repairs or improvements to the property prior to closing. However, this agreement is contingent upon satisfactory inspections of the property by the Buyer or Buyer’s agents or potential assignees. These inspections shall be at the Buyer’s expense and within the thirty (30) day due diligence period starting from the effective date of this Agreement (“The Inspection Period”). Inspections shall be at a date and time established by Buyer and agreeable to Seller (and/or tenants), which shall not be unreasonably withheld. If, for any reason whatsoever, Buyer is unsatisfied with the results of the inspections, Buyer may cancel this Agreement within two (2) days after the expiration of the Inspection Period and receive a refund of all earnest money deposits. Unless otherwise noted, all barns, sheds, and structures will remain on the property.

Closing will be on or before , 20. If closing is not possible within this time due to issues that arise during the title search, the closing may be extended for 90 days at the option of the Buyer. Buyer will select the closing agent, and Buyer will pay for all escrow and/or closing company costs, as well as recording fees and documentary stamp taxes. Seller will convey title via General Warranty Deed at closing. The existing mortgage(s) shall remain in Seller’s name and shall not be paid off at closing. Buyer shall take title subject to said existing financing and shall be responsible for all future payments. If the property is leased at the time of closing, then rents will be pro-rated, and any and all tenant security deposits and prepaid rental payments will be transferred to the Buyer at closing. All ad valorem and non-ad valorem real property taxes and any personal property taxes for the current year will be pro-rated as of the closing date. If this year’s tax bill is not yet available, the prior year’s tax bill will be used to estimate the current year’s taxes. All pro-rations shall be considered to be final. Any delinquent or currently due taxes will be paid by the Seller on or before closing.

Seller understands and acknowledges that the existing mortgage(s) may contain a “due-on-sale” clause which gives the lender the right (but not the obligation) to accelerate the loan and demand full payment if the property is sold or transferred without the lender’s prior written consent. Both parties acknowledge and accept this risk. Buyer agrees to make all mortgage payments in a timely manner to minimize the likelihood of lender action. Buyer makes no guarantees that the lender will not enforce the due-on-sale clause. In the event the lender exercises the due-on-sale clause, Buyer shall either pay off the existing loan, refinance the property, or return the property to Seller in substantially the same condition, less normal wear and tear.

Buyer shall provide Seller with proof of payment on the existing mortgage(s) upon reasonable written request, no more than once per quarter. Buyer shall maintain hazard insurance on the property at all times with coverage at least equal to the existing policy limits. Seller shall be notified within five (5) business days if Buyer intends to sell, transfer, or further encumber the property, for notification purposes only, not approval.

Seller shall make the property accessible to Buyer, Buyer’s partners, agents, assignees, contractors, lenders, or appraisers prior to closing. Buyer may market the property or the sale of the contract to purchase the property before the close of escrow, including using the MLS or other online listing services. The Agreement is assignable and subject to satisfactory inspection of the property by the Buyer.

Buyer’s employees or agents may hold a real estate salesperson or broker license in the State of North Carolina. Buyer and/or his employees are not representing any party, and Buyer and Seller agree that each acts in their best interest. The buyer’s exact vesting is to be determined at closing.

Seller hereby acknowledges and agrees to the following: (a) the existing mortgage(s) will remain in Seller’s name after closing and Seller’s credit may be affected if payments are not made timely; (b) Buyer may resell, lease, or otherwise dispose of the Property without Seller’s consent; (c) all negotiations and deadlines with Buyer have been at arm’s length and no duress or undue influence has been exerted by Buyer; (d) Seller is aware that Buyer may be purchasing the Property for immediate and/or concurrent resale and profit; and (e) Seller warrants that Seller is advised by Seller’s independent attorney, CPA, and/or Realtor and not on the Buyer’s advice. This transaction does not constitute a loan assumption or novation. The Seller’s acknowledgments as executed by Seller together with this Agreement are hereby incorporated herein by said reference.

If legal action is needed to enforce any part of this Agreement, the prevailing party is entitled to reasonable attorney fees and costs, including any incurred-on appeals or in the negotiation or alternative dispute resolution of the dispute. Buyer shall have the remedy of specific performance.

This Agreement is the entire Agreement between the Parties. No other representations have been made or relied on in making this Agreement. If any part or provision in this Agreement is held to be invalid or unenforceable, the remaining valid provisions will stay in force and effect.

The property is to be vacant and left in “broom clean” condition on the day of closing. The sale price includes any and all appliances contained in the subject premises. Seller agrees to cooperate with the closing agent for execution of any and corrective instruments as required to cure/clear title.

• BUYER AGREES TO PURCHASE PROPERTY IN “AS-IS” CONDITION
• CONTRACT SUBJECT TO ACCEPTABLE INSPECTION
• BUYER WILL PAY FOR ALL ESCROW/CLOSING COMPANY COSTS
• PROPERTY PURCHASED SUBJECT TO EXISTING FINANCING
• BUYER ASSUMES RESPONSIBILITY FOR ALL FUTURE MORTGAGE PAYMENTS

Seller must accept and sign this Agreement within 10 days of Buyer’s signature. If not accepted by this date and time, the Agreement is invalid and of no further legal effect.

Notices under this agreement may be delivered by mail, electronic mail, or overnight delivery and shall be deemed “delivered” upon pressing “send” on electronic mail or three (3) calendar days thereafter posting the same properly addressed in the mail or overnight delivery.