VACATION RENTAL ADDENDUM

1. Existing Vacation Rentals. The Property is subject to vacation rental agreement(s) as defined by the Vacation Rental Act (Chapter 42A of the North Carolina General Statutes) during the following time period(s): __________________________________________.

2. Information to be Provided by Seller. Check only ONE of the following options:
__Disclosure After Closing

(a) Except as provided in (b) and (c) below, within ten (10) days after Closing, Seller shall disclose to Buyer each tenant's name and address and shall provide Buyer a copy of each vacation rental agreement covering the time period(s) set forth above.

(b) In lieu of providing Buyer a copy of each such agreement, where Seller or Seller's agent utilizes a standard form vacation rental agreement, Seller may provide Buyer with a copy of the part of each such agreement that contains information unique to the tenancy (including any provisions that have been added, deleted or modified), the amount to be paid by the tenant, and the parties' signatures, along with one copy of the standard form vacation rental agreement.

(c) Notwithstanding (a) or (b) above, the parties agree that if prior to Closing, Buyer engages Seller's rental agent to continue to manage the Property after Closing, the rental agent is authorized to provide the information required in (a) or (b) above to Buyer.

__Disclosure Before Closing Within twenty (20) days after the Effective Date of this Contract or five (5) days prior to the date set forth in paragraph 15 of the Contract, whichever occurs sooner, Seller shall disclose to Buyer each tenant's name and address and shall provide Buyer a copy of each vacation rental agreement covering the time period(s) set forth above. If Seller fails to provide Buyer a copy of each such agreement, Buyer may terminate this Contract by written notice to Seller at any time thereafter, but prior to the first to occur of (i) Buyer receiving a copy of each such agreement or (ii) Closing.

3. Additional Vacation Rentals. Check only ONE of the following options:
__Seller may enter into additional vacation rental agreements after the Effective Date of this Contract, provided that such agreements shall be on similar terms as the Property is currently rented. This authorization shall not constitute Buyer's agreement to honor any such agreements that end more than 180 days after Closing. Seller shall disclose to Buyer information concerning any such additional agreements in accordance with the applicable provision of paragraph 2 above.
__Seller may not enter into additional vacation rental agreements after the Effective Date of this Contract.

4. Rental Manager Information. If the Property is being managed for Seller, the name, address and telephone number of the rental manager is as follows: ___________________________.

NOTE: The Vacation Rental Act contains provisions that apply to the voluntary transfer of property used for vacation rentals, including, but not limited to, the following:

-Buyer will take title subject to vacation rental agreements that end not later than 180 days after closing; if vacation rental agreements end more than 180 days after closing, those tenants have no right to enforce the terms of the vacation rental agreements unless Buyer agrees in writing to honor them.

-Tenants are entitled to a refund of any payments for vacation rental agreements not so honored by Buyer.

-Not later than twenty (20) days after closing, the Buyer or the Buyer's agent shall (i) notify each tenant in writing of the property transfer, the Buyer's name and address, and the date the Buyer's interest was recorded; (ii) advise each tenant whether he or she has the right to occupy the property subject to the terms of the vacation rental agreement and the Vacation Rental Act; and (iii) advise each tenant of whether he or she has the right to receive a refund of any payments made by tenant. HOWEVER, if Buyer engages as Buyer's broker and rental agent for the Property the broker who procured the tenant's vacation rental agreement for Seller, Buyer shall have no obligation under (i), (ii) and (iii) within this paragraph with regard to those tenants whose vacation rental agreements must be honored under the Vacation Rental Act or with regard to those tenants whose vacation rental agreements Buyer has agreed in writing to honor.

This NOTE is provided for informational purposes only and does not create any contractual obligations between Buyer and Seller or Buyer and tenant.

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STANDARD FORM 2A13-T © 7/2006
This form jointly approved by:
North Carolina Bar Association
North Carolina Association of REALTORS®, Inc.

IN THE EVENT OF A CONFLICT BETWEEN THIS ADDENDUM AND THE OFFER TO PURCHASE AND CONTRACT OR THE VACANT LOT OFFER TO PURCHASE AND CONTRACT, THIS ADDENDUM SHALL CONTROL.

THE NORTH CAROLINA ASSOCIATION OF REALTORS®, INC. AND THE NORTH CAROLINA BAR ASSOCIATION MAKE NO REPRESENTATION AS TO THE LEGAL VALIDITY OR ADEQUACY OF ANY PROVISION OF THIS FORM IN ANY SPECIFIC TRANSACTION. IF YOU DO NOT UNDERSTAND THIS FORM OR FEEL THAT IT DOES NOT PROVIDE FOR YOUR LEGAL NEEDS, YOU SHOULD CONSULT A NORTH CAROLINA REAL ESTATE ATTORNEY BEFORE YOU SIGN IT.

Buyer___________________ Date_____ Seller____________________ Date____
Buyer___________________ Date_____ Seller____________________ Date____

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STANDARD FORM 2A13-T © 7/2006

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Greg Cremia
Terry Rush Cremia
Broker/Owners
Shore Realty
800-647-1868
e-mail
PO Box 1977
Nags Head, NC 27959

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Working With Real Estate Agents / Termination of Contract / Residential Property Disclosure /Request Loam Commitment / Repair Agreement / Offer To Purchase / Offer To Purchase Lot / Notice To Seller / Termination of Lot / Contingent Sale / Exclusive Buyer / Dual Agency / Lead Paint / List For Sale / List Lot For Sale / Amend Contract / Agency Disclosure