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<br />€t <br /> <br />10-29-01 <br /> <br />PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) <br /> <br />IQUAL NOU..... <br />DPPOIlT\JNITT <br /> <br />THIRD PARTY FINANCING CONDITION ADDENDUM <br />TO CONTRACT CONCERNING THE PROPERTY AT <br /> <br />323 N. 7th Sf- T.,=, Pnrt-I'>. 'T'X 77571 <br />(Street Address and City) <br /> <br />Buyer shall apply promptly for all financing described below and make every reasonable effort to <br />obtain financing approval. Financing approval will be deemed to have been obtained when the <br />lender determines that Buyer has satisfied all of lender's financial requirements (those items <br />relating to Buyer's assets, income and credit history). If financing (including any financed PMI <br />premium) approval is not obtained within _ days after the effective date, this contract will <br />terminate and the earnest money will be refunded to Buyer. Each note must be secured by <br />vendor's and deed of trust liens. <br /> <br />CHECK APPLICABLE BOXES: <br /> <br />[B" A. <br /> <br />CONVENTIONAL FINANCING: <br />ur (1) A first mortgage loan in the principal amount of $ (P5! 000 . (excluding <br />any financed PMI premium), due in full in 30 year(s), with interest not to <br />exceed UI"I-- % per annum for the first ~O year(s) of the loan with Loan Fees <br />not to exceed 1, % of the loan. The loan will be IE( with 0 without PMI. <br />o (2) A second mortgage loan in the principal amount of $ Zl,OOO (excluding <br />any financed PMI premium), due in full in 10 year(s), with interest not to <br />exceed 0 % per annum for the first I C) year(s) of the loan with Loan <br />Fees not to exceed Z, % of the loan. The loan will be 0 with ~without PMI. <br /> <br />o B. TEXAS VETERANS' HOUSING ASSISTANCE PROGRAM LOAN: A Texas Veteran's Housing <br />Assistance Program Loan of $ for a period of at least years at the <br />interest rate established by the Texas Veteran's Land Board at the time of closing. <br /> <br />Dc. FHA INSURED FINANCING: A Section FHA insured loan of not less than <br />$ (excluding any financed MIP), amortizable monthly for not less than <br />years, with interest not to exceed % per annum for the first year(s) <br />of the loan with Loan Fees not to exceed % of the loan. As required by HUD-FHA, <br />if FHA valuation is unknown, "It is expressly agreed that,. notwithstanding any other <br />provision of this contract, the purchaser (Buyer) shall not be obligated to complete the <br />purchase of the Property described herein or to incur any penalty by forfeiture of earnest <br />money deposits or otherwise unless the purchaser (Buyer) has been given in accordance <br />with HUD/FHA or VA requirements a written statement issued by the Federal Housing <br />Commissioner, Department of Veterans Affairs, or a Direct Endorsement Lender setting <br />forth the appraised value of the Property of not less than $. . The <br />purchaser (Buyer) shall have the privilege and option of proceeding with consummation of <br />the contract without regard to the amount of the appraised valuation. The appraised <br />valuation is arrived at to determine the maximum mortgage the Department of Housing and <br />Urban Development will insure. HUD does not warrant the value or the condition of the <br />Property. The purchaser (Buyer) should satisfy himself/herself that the price and the <br />condition of the Property are acceptable. n <br /> <br />If the FHA appraised value of the Property (excluding closing costs and MIP) is less than the <br />Sales Price, Seller may reduce the Sales Price to an amount equal to the FHA appraised <br />value (excluding closing costs and MIP) and the sale will be closed at the lower Sales Price <br />with proportionate adjustments to the down payment and loan amount. <br /> <br />Initialed for identification by Buyer / fJ} .e. C,. and Seller i(1+- <br />-, <br /> <br />01A <br />