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8. PREFERRED LENDERS: The BUYER(S) is not required to use one of Highland Holdings', Inc. preferred lenders. The BUYER(S)
<br />is free to obtain mortgage services from any source they choose. It should be noted that Highland Hollings, Inc. has a business
<br />relationship with multiple lenders. Because of this relationship, if you select one of our Preferred Lenders as your LENDER, that
<br />selection may provide Highland Holdings, Inc. a financial or other benefit. However, by obtaining the BUYER'S MORTGAGE LOAN
<br />through one of Highland Holdings', Inc. preferred lenders. Highland Holdings, Inc. agrees to pay the following closing costs:
<br />• Construction Interest on Construction/Perm Loans
<br />• Documentary Stamps on Deed
<br />• Survey
<br />• Termite & Sol[ Treatment
<br />• Recording Fees
<br />• Owner's Title Insurance & Endorsements
<br />In addition Buyers agree to authorize Lender to disclose any and all pertinent loan qualifying information to Seller including but not
<br />limited to; Income, DTI, FICO scores, etc.
<br />9. FAILURE TO OBTAIN LOAN: If within 45 days from the date this Purchase and Sales Agreement is executed by the Buyer(s),
<br />through no fault of the Buyer(s), the mortgage company, a Government Agency, a not -for -profit agency, and/or other institutions
<br />passing upon the credit of the Buyer(s), fail to provide an unconditional loan and/or funding assistance approval in writing for financing,
<br />subject only to receipt of an acceptable appraisal, updating the Buyer's documents within 60 days of Closing and normal closing
<br />conditions, then Seller may, at its option, terminate this Purchase and Sales Agreement either verbally or in writing and then return the
<br />earnest money deposit to the Buyer(s). Upon return of the deposit by Seller, all obligations of the parties hereunder shall terminate. If
<br />conditional loan approval has been obtained, but the Buyer(s) alters their financial condition in a way that disqualifies them from final
<br />loan approval, the BUYER(S) will be in default of the PURCHASE AND SALES AGREEMENT and the SELLER will have the right to
<br />terminate the PURCHASE AND SALES AGREEMENT and retain all of the EARNEST MONEY DEPOSITS, OPTION DEPOSITS and
<br />other amounts the BUYER(S) has delivered as the SELLER'S liquidated damages.
<br />10. CHANGE OF LENDER: Once an Acceptable Loan Approval has been obtained by BUYER(S) from SHELTER MORTGAGE, LLC
<br />or any other LENDER, it is in the best interest of both the Buyer(s) and the Seller to not change Lenders. If Buyer chooses to change
<br />lenders after a full loan approval has been received, Buyers failure to close caused by refusal to loan or by the new lender or by
<br />Buyer's election not to close shall constitute a default under this contract as provided in Paragraphy 9 above. Seller must approve
<br />change and receive full loan approval from new lender within 5 business days of notification from Buyer and acceptance from Seller.
<br />Buyer understands and agrees that they will NOT change lenders within 30 days of closing.
<br />11. PRORATIONS: Seller shall prorate all real estate taxes, Homeowner's Association dues, assessments and other charges against
<br />the Home as of the date of Closing. After either the Construction / Perm closing, or after the End Loan closing, the Buyer(s) will be
<br />responsible for all such charges whether or not these charges were levied or assessed before or after Closing.
<br />12. LANDSCAPING / DRAINAGE: All grading, fill, disposition of trees and control of water flow will be performed in a lawful manner,
<br />but otherwise will be completed at Seller's sole discretion. Certain areas of the Lot may be left in their natural state and may not be
<br />landscaped in any way. At Closing, Seller's responsibility with respect to soil erosion, soil conditions, drainage, grass, shrubbery and
<br />landscaping terminates and Buyers responsibility begins. Seller is not liable for trees or lack thereof, or damages or destruction of
<br />trees on the property and makes no warranty whatsoever as to the type, location or amount of trees which will be on the property
<br />and/or the condition of those trees before, after or during construction.
<br />13. LOTS: Each Lot is unique in its size, shape and drainage characteristics. Buyer(s) understands and agrees that the size of the lot
<br />slope; the exact location of sidewalks and driveways (if any); and the drainage patterns of their lot will differ from the model home
<br />plans, drawings or renderings they have examined. Seller reserves the right to determine the location and configuration of the house
<br />upon the lot subject to subdivision requirements. In the event that the type of house desired by Buyer(s) will not fit on the lot within
<br />subdivision requirements, Seller shall so notify Buyer(s) and if Closing has not occurred, this Purchase and Sales Agreement shall be
<br />terminated and the deposits returned to Buyer(s), and the parties shall be released from all further liability hereunder. In the event this
<br />is discovered after the Closing of a Construction / Perm loan and prior to the modification of the loan, the exclusive remedy available to
<br />Buyer(s) shall be to re -convey property to Seller without lien except the construction loan and Seller shall reimburse Buyer(s) for down
<br />payment and closing costs. After modification Buyer(s) is limited to damages, which are recoverable at law.
<br />14. -_X_ FHA / VA: In the event the loan application is rejected by either FHA, VA, the mortgage company, or other institutions passing
<br />upon the credit of the Buyer(s), then the earnest money deposit shall be refunded to Buyer(s), less credit report charges, appraisal fee,
<br />rental charges and damage to house, if any, and this Purchase and Sales Agreement shall be null and void, provided however, if
<br />Buyer(s) either fails to apply for a loan or is rejected because Buyer(s) fails to timely supply FHA, VA, the mortgage company, or other
<br />institutions Information or documents required to process the application, then the earnest money deposit shall be forleited. It is
<br />expressly agreed that, notwithstanding any other provisions of this Purchase & Sales Agreement, the Buyer(s) shall not be obligated to
<br />complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise
<br />unless the Buyer(s) has been given In accordance with HUD/FHA or VA requirements a written statement issued by the Federal
<br />Housing Commissioner, Department of Veterans Affairs, or a direct endorsement lender, setting forth the appraised value of the
<br />property of not less than $236,394.00. The appraised valuation is arrived at to determine the maximum mortgage the Department of
<br />Housing and Urban Development will insure. HUD does not warrant the value or the condition of the property. The Buyer(s) should
<br />satisfy himself/herself that the price and condition of the property are acceptable. The Buyer(s) shall, however, have the privilege and
<br />option of proceeding with the consummation of this Purchase and Sales Agreement without regard to the amount of the reasonable
<br />value established by the Veterans Administration or the Federal Housing Administration. Seller agrees to complete the proposed
<br />construction in accordance with plans and specifications heretofore submitted to the FHA or VA and to obtain an FHA or VA
<br />Compliance Inspection Report showing satisfactory compliance. Receipt by Seller of FHA or VA final Compliance Inspection Report
<br />shall constitute conclusive evidence of completion.
<br />C
<br />Client ID: A33940
<br />CGC058580 ver. 8/1 t BUYER(S) INITIALS 074(' Page 2 of 9
<br />Raymond L. Givhan Jr. and Victoria Givhan / 36134 Shady Bluff Lp Base
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