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<br />Commercial Contract - Improved Property concerning
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<br />!Xl (1) Seller is not aware of any material defects to the Property except as stated in the attached Property
<br />Condition Statement.
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<br />908 and 912 West Main Street,La Porte
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<br />o (2) Seller is not aware of any of the following, except as described othelWise in this contract:
<br />(a) any subsurface: structures, pits, waste, springs, or improvements;
<br />(b) any pending or threatened litigation, condemnation, or assessment affecting. the Property;
<br />(c) any environmental hazards or conditions that affect the Property;
<br />(d) whether the Property is or has been used for the storage or disposal of hazardous materials or
<br />toxic waste, a dump site or landfill, or any underground tanks or containers;
<br />(e) whether radon, asbestos insulation or fireproofing, urea-formaldehyde foam insulation, lead-
<br />, based paint,' toxic mold (to the extent that if adversely affects the health of ordinary occupants),
<br />or other pollutants or contaminants of any nature now exist or ever existed on the Property;
<br />(f) whether wetlands, as defined by federal or state law or regulation, are on the Property;
<br />(g) whether threatened or endangered species or their habitat are on the Property; and
<br />(h) any material physical defects in the improvements on the Property.
<br />(Describe any exceptions to (a)-(g) in Paragraph 11 or an addendum.)
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<br />B. Each written lease Seller is to furnish to Buyer under this contract must be in full force and effect
<br />according to its terms without amendment or modification that is not disclosed to Buyer in writing. Seller
<br />must disclose, in writing, to Buyer if any of the following exist at the time Seller provides the leases to '
<br />the Buyer or subsequently occur before closing:
<br />(1) any modifications, amendments, or default by landlord or tenant under the leases;
<br />(2) any failure by Seller to comply with Seller's obligations under the leases;
<br />(3) any circumstances under any lease that entitle the tenant to terminate the lease or seek any offsets
<br />or',damages;
<br />(4) any non-occupancy of the leased premises by a tenant;
<br />(5) any advance sums paid by a tenant under any lease;
<br />(6) any 'concessions, bonuses, free rents, rebates, brokerage commissions, or other matters that affect
<br />any 'lease; and
<br />(1) any amounts payable under the leases that have been assigned or encumbered, except as security
<br />for>'Joan(s) assumed or taken subjecHo under this contract.
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<br />19. NOTICES: 1\11 notices between the parties under this contract must be in writing and are effective when
<br />hand-delivered, mailed by certified mail return receipt requested, or sent by facsimile transmission to the
<br />parties addresses or facsimile numbers stated in Paragraph 1. The parties will send copies of any notices to
<br />the broker representing the party to whom the notices are sent.
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<br />20. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person" as defined by applicable law, or if Seller fails
<br />to deliver at closing an affidavit that Seller is not a foreign person, then Buyer will withhold from the sales
<br />proceeds at closing an amount sufficient to comply with applicable tax law and deliver the amount withheld
<br />to the Internal Revenue Service (IRS), together with appropriate tax forms. IRS regulations require filing
<br />written reports if currency in excess of specified amounts is, received in the transaction.
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<br />21. DISPUTE RESOLUTION: The parties agree to negotiate in good faith'in an effort to resolve any dispute
<br />related to this contract that may arise. If the dispute cannot be resolved by negotiation, the parties will
<br />. submit the dispute to mediation before resorting to arbitration or litigation and will equally share the costs of
<br />a mutually acceptable mediator. This paragraph survives termination of this contract. This paragraph does
<br />not preclude a party from seeking equitable relief from a court of competent jurisdiction.
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<br />22. AGREEMENT OF THE PARTIES:
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<br />A. This contract is binding on the parties, their heirs, executors, representatives, successors, and
<br />permitted assigns.
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<br />(TAR-1801) 2-6-02
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<br />loitialed fo, Ideotificatipo by B'"
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<br />Seller~.?- ,
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<br />Page 11 of 14
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