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<br />Contract Concerning 323 N. 7th St.. La Porte. TX Page Four 01-06-03 <br />(Address of Property) <br /> <br />treatments prior to the Closing Date, Buyer may do so and receive reimbursement from <br />Seller at closing. The Closing Date will be extended up to 15 days, if necessary, to complete <br />repairs and treatments. <br />G. ENVIRONMENTAL MATTERS: Buyer is advised that the presence of wetlands, toxic <br />substances, including asbestos and wastes or other environmental hazards, or the presence <br />of a threatened or endangered species or its habitat may affect Buyer's intended use of the <br />Property. If Buyer is concerned about these matters, an addendum promulgated by TREC or <br />required by the parties should be used. <br />H. RESIDENTIAL SERVICE CONTRACTS: Buyer may purchase a residential service contract <br />from a residential service company licensed by TREC. If Buyer purchases a residential <br />service contract, Seller shall reimburse Buyer at closing for the cost of the residential <br />service contract in an amount not exceeding $ . Buyer should review any <br />residential service contract for the scope of coverage, exclusions and limitations. The <br />purchase of a residential service contract is optional. Similar coverage may be <br />purchased from various companies authorized to do business in Texas. <br /> <br />8. BROKERS' FEES: All obligations of the parties for payment of brokers' fees are contained in separate <br />written agreements. <br /> <br />9. CLOSING: t\ ~ ~ I <br />A. The closing of the sale will be on or before ~ vIOf(}) 30 , 20~ or within 7 days <br />after objections to matters disclosed in the Commitment or by the survey have been cured, <br />whichever date is later (Closing Date). If either party fails to close the sale by the Closing <br />Date, the non-defaulting party may exercise the remedies contained in Paragraph 15. <br />B. At closing: <br />(1) Seller shall execute and deliver a general warranty deed conveying title to the Property to <br />Buyer and showing no additional exceptions to those permitted in Paragraph 6 and furnish <br />tax statements or certificates showing no delinquent taxes on the Property. <br />(2) Buyer shall pay the Sales Price in good funds acceptable to the escrow agent. <br />(3) Seller and Buyer shall execute and deliver any notices, statements, certificates, affidavits, <br />releases, loan documents and other documents required of them by this contract, the <br />Commitment or law necessary for the closing of the sale and the issuance of the Title <br />Policy. <br />C. Unless expressly prohibited by written agreement, Seller may continue to show the Property <br />and receive, negotiate and accept'back up offers. <br />D. All covenants, representations and warranties in this contract survive closing. <br /> <br />10. POSSESSION: Seller shall deliver to Buyer possession of the PropertY. in its present or required <br />condition, ordinary wear and tear excepted: 0 upon closing and funding 0 according to a temporary <br />residential lease form promulgated by TREC or other written lease required by the parties. Any <br />possession by Buyer prior to closing or by Seller after closing which is not authorized by a written <br />lease will establish a tenancy at sufferance relationship between the parties. Consult your insurance <br />agent prior to change of ownership or posseSSion because insurance coverage may be limited or <br />terminated. The absence of a written lease or appropriate insurance coverage may expose the parties <br />to economic loss. <br /> <br />11. SPECIAL PROVISIONS: (Insert only factual statements and business details applicable to the <br />sale. TREC rules prohibit licensees from adding factual statements or business details for which a <br />contract addendum, lease or other form has been promulgated by TREC for mandatory use.) <br /> <br />***THE CITY OF LA PORTE MAKES NO REPRESENTATIONS OR WARRANTY WHATSOEVER WHETHER <br />EXPRESSED, IMPLIED OR STATUTORY WITH RESPECT TO THE PROPERTY. BUYER AGREES THAT <br />BUYER IS NOT RELYING ON ANY WARRANTY OR REPRESENTATIONS OF CITY OR ANY AGENT, EMPLO mE, <br />REPRESENTATIVE, DIRECTOR OR OFFICER OF CITY. <br />***ALL WARRANTIES ARE THROUGH THE BUILDER: BAYOU HOUSING PARTNERS, INC. <br /> <br />Initialed for identification by Buyer//)J~. C <br /> <br />and Seller ~+- <br /> <br />01A TREC NO. 20-6 <br />