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<br />Ai OFFICES
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<br />:zF..'peI$.... IIO-rl1l6r
<br />saor Son FaIIpoIsaor San fOl'1IO _ eoo.nlll'
<br />sao' Son F"'poISun. 110-71116'
<br />6lI47 Son F..'poIlI.... II1H7Oll7
<br />1100 W.. ~ &0. II. F_,mm
<br />"lI!iO Torrey C/IIIO ",",,/SuIl. UlCH701I
<br />6I2Il fM IIlIII WOOl/Suh. '2\077_
<br />"'" 91. M..,'IIS.". 17&-n079
<br />777 N, EkIr. ..., /SuII. UO,n079
<br />n02 FM IIlIII EIIIISu.. IQl.n:MI
<br />IOOIl Soul-" Fwy./Sul'. IOI-n070
<br />
<br />_110,
<br />7110-311'
<br />7...2112
<br />711)..111.
<br />710-1201
<br />150-_
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<br />131,'217
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<br />112,1_
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<br />COMMONWEALTH lAND
<br />TITLE COMPANY OF HOUSTON
<br />
<br />I
<br />I
<br />
<br />EARNEST MONEY CONTRACT-COMMERCIAL IMPROVED PROPERTY
<br />THIS CONTRACT FORM HAS BEEN PREPARED FOR USE BY MEMBERS OF THE HOUSTON BOARD OF REALIDRS, BY ITS LEGAL
<br />COUNSEL, AN ATIORNEY AT LAW LICENSED IN TEXAS, AND APPROVED FOR USE IN A TRANSACTION INVOLVING THE SALE.
<br />OF COMMERCIAL IMPROVED PROPERTY, SUCH APPROVAL RELATES 10 THIS CONTRACT FORM ONLY. nns FORM HAS Nor ,
<br />BEEN DRAFTED FOR A SPECIFIC TRANSACTION AND NO REPRESENTATION IS MADE AS TO TIlE LEGAL VALIDITY OR '
<br />ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. TERMS AND PROVISIONS THAT ARE Nor APPLICABLE
<br />SHOULD BE STRICKEN BY THE PARTIES, THE PARTIES ARE ADVISED TO CONSULT THEIR ATTORNEYS BEFORE SIGNING.
<br />
<br />1. PARTIES, ,TAMES E. STEWARl' and wife, F.T .!=lIE croI<t'STEWART (Seller)
<br />agrees to sell and convey to CITY OF LA POro'E, a nnmicipnl corporation
<br />(Buyer) and Buyer agrees to buy from Seller the following propeny for .the consideration and upon and subject to the terms, provisions, and
<br />conditions hereinafter set fonh,
<br />
<br />2. PROPERTY: A tract of land situated in T.i'! Port-F!, H';:trr; ~ County, Texas, together
<br />with all buildings, improvements, fixtures, and all propeny of every kind and character and description owned by Seller located on, attached
<br />to, or used in connection with the PropenYi and all privileges, and appunenances pertaining thereto including any right, tide and interest of
<br />Seller in and to adjacent streets, alleys, or rights-of-way, Seller's interest in and to all leases or rents, and security deposits, Seller's interest in
<br />and to all licenses and permits with respecr to tht Property, Seller's interest in all service, maintenance, management or other contracts relating
<br />to the ownership or operation of the Property, Seller's interest in all wamnties or guaranties relating to the Property or to any tangible personal
<br />property and fixtures located on, attached to, or used in connection with the Property, and Seller's interest in any trade names used in connection
<br />with the Property; all of the above hereinafter collectivel)' called "Property", described as follows and/or as set out on Exhibit "Aft attached hereto,
<br />and incorporated herein:
<br />
<br />IDts 15 through 26, both inclusive, all in Block 41,
<br />TaVN OF LA PORl'E, Harris County, Texas, together with
<br />all improvements thereon situated.
<br />
<br />The metes and bounds description determined by the survey of the Property hereinafter provided for wl1l replace Exhibit "Aft attached hereto
<br />in the event it should differ from the attached exhihir. Any property to be excluded from this sale should be set forth under Special Provisions below.
<br />
<br />3. CONTRAcr SALES PRICE:
<br />
<br />A, Cash payable at closing. . . . . . . . . . . . . . , . . . . , , , . , , , , , , , . . . , . . . , , . , . . . . . . . . , . . . . , . . . . . . . . . , . . , . . ,$ 90,000 - 00
<br />
<br />B, Sum of all notes described in Paragraph 4 below. , , , , . , . , , , , . . , . . . , . . . . . . . , . . . . . . . . . . . . . . . . . . . . . , . $ -Q-
<br />C. Sales Price (Sum of A and B). . , . . , . . , , . . . . , . . , , , . , , . , , , , , . , . , . , . . . . . . . . . . . . . . . , , . . . , , , . . . . . . . ,$ 90.000 - 00
<br />
<br />4. FINANCING:
<br />
<br />o A. SUBJECT 10: Buyer takes subject to, and docs not assume payment of, the unpaid balance of that promissory ,note to
<br />dated ' and
<br />d!Xs not assume those obligations Imposed by the Deed of Trust, securing payment of said note, recorded in the county where the Property
<br />Is situated. Buyer shall pay the installment payment due after the date of closing. The principal balance at closing
<br />will be $ , allowing for an agreed $ variance, The cash payable at closing ,hall be adjusted
<br />for the amounr of such variance. Should this not be acceptable to the note holder, or if the variance exceeds the amount above, or
<br />should the terms of the note or deed of trust or interest rate be modified, or should Buyer be required to pay a uansfer fee in
<br />eXcess of $ , this Contract may be terminated at Buyer's option and the Earnest Money shall be refunded to Buyer.
<br />
<br />DB, ASSUMPTION: Buyer shall assume the unpaid balance of that promissory note payable to
<br />dated , and those obligations imposed by the Deed of Trust recorded in Volume
<br />, Page of the Deed of Trust Records in the county where the Property is situated, Buyer shall pay the installment
<br />payment due after the date of closing, The assumed principal balance at closing will be $ , allowing (Qr an agreed
<br />S variance. The cash payable at closing shall be adjusted for the amount of such variance. Buyer shall apply for
<br />assumption approval withiro days from the effective date hereof and shall make every reasonable effort to obtain the same. If the
<br />variance exceeds the above amount, or the existing iruerest rate is increased above %, or any other terms are modified, or
<br />Buyer is required to pay an assumption fee in excess of $ , or assumption approval cannot be obtained within
<br />days (rom the effective date hereof, this Contract may be terminated at Buyer's option and the Earnest Money shall be refunded to Buyer.
<br />
<br />DC. THIRD PARTY FINANCING: This Contrnct is subject to approval o( a loan (or Buyer by a third party In the amount o(
<br />
<br />$ payable in in5tallments for not less than yean with the interest rate not to exceed %
<br />per annum, and with each principal and..inrerest installment not to exceed $ , 0 including Interest 0 plus Interest.
<br />Buyer shall apply for the loan within days from the effective date hereof and shall make every reasonable effort to obtain
<br />approval. If the loan has not been approved within days from the effective date hereof, this Contract shall terminate and
<br />the Earnest Money shall be refunded to Buyer.
<br />
<br />o D. SELLER FINANCING: Buyer shall execute a promissory note to Seller in the principal sum of S
<br />interest per annum, and payable: (Check I, 2, 3 and/or 4 belQw)
<br />o (I) In full un the day of , 19
<br />
<br />..
<br />
<br />, bearing
<br />
<br />%
<br />
<br />, with accrued interest being due and payable
<br />
<br />. , ~. 'I
<br />
<br />o (2) In 0 monthly 0 annual 0 other:
<br />
<br />each, hel:inninj; on rhe Jay IIf
<br />the day of
<br />',"paid, 5hall he ,hen due and pa\'ahlc, ,
<br />
<br />installments of $ . 0 including Interest 0 plus interesJ
<br />, 19 , and continuing regularly thereafter until
<br />. 19 , when the entire amount of principal and Interest then remaining
<br />
<br />3/84
<br />
<br />Poll/C I of 6
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