Firstly Don, you should tell us where you live. A southern 122 may have just surface rust and the areas you've described are common places where rust begins. Inside the engine compartment, where the fenders join the body and the fenders area in front of the doors are also common areas that tend to deteriorate. I'd more closely inspect the sub-frame, where the rear coil springs join the body, the undercarraige, floorpans, (lift the carpets as well), front crossmember, or better still have it towed to a reputable garage and have them do a thorough inspection.

Most body panels are still available, but a badly rusted uni-body frame is enough to look elsewhere, IMHO.
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Cam a.k.a. CVOLVO.COM