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<br />-:
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<br />o (3) Interest only in 0 monthly 0 annual 0 or her:
<br />beginning on the day of
<br />day of.
<br />
<br />, 19
<br />
<br />installmenrs of $ each,
<br />, 19 , and continuing regularly thereafter until the
<br />, 19 . and thereafter in 0 monthly 0 annual 0 other:
<br />. 0 including interest 0 plus interest, beginning on the
<br />, 19 , and continuing regularly thereafter until the day of
<br />, when the entire amount of principal and interest then remaining unpaid shall be
<br />
<br />installments of $
<br />
<br />day of.
<br />
<br />due and payable.
<br />
<br />d (4) The Note shall provide for no personal or cOl'pOmte liability in the event of a default, it being understood that the holder of the
<br />Note may look only to the security provided by the Deed of Trust and retained vendor's lien to enforce the payment of the indebtedness,
<br />o (5) The Deed of Trust securing payment of the' Note shall provide that if all or any part of the Property or an interest therein is sold
<br />or tmnsferred by Buver without the prior written consent of the holder of the Note, the holder of the Note may, at its option,
<br />declare all the sums secured by the Deed of Trust to be immediately due and pavable.
<br />Any Seller financed note may be prepaid in whole or in part at any time without penalty. Any prepayments are to be applied toward the payment
<br />o( the installments of principal last maturing, but interest shall immediately cease upon amount of principal prepaid. The lien securing payment
<br />o( such note will be inferior to any lien securing any loan assumed, taken subject to or given In connection with third "arty financing. Each
<br />note herein provided shall be secured by Vendor's and Deed of Trust liens and assignment of leases. A Vendor's Lien and Deed of Trost to secure
<br />any auumption, or Buyer's perfonnance if taken subject to, shall be required, which lien shall be automatically released on execution and delivety
<br />of a release by noteholder. In case of dispute as to the fonn of the Deed, Note(s), or Deed of TNst(s), fonns rrepared by the State Bar of Texas
<br />shall be used. Each note herein provided shall contain provision for accelemtion of maturity in the event of default and for the payment of
<br />reasonable attorney's fees if the note is placed in the hands of an attorney for collection.
<br />
<br />S. EARNEST MONEY: As a condition precedent to the validity of this Contmct, $ 500.00
<br />as Earnest Money with Ccmronweal th Land Title Canpany
<br />bearing account, upon execution of the Contmct by both parties,
<br />
<br />is herewith tendered and is to be deposited
<br />as Escrow Agent, and placed in an interest
<br />
<br />6. CLOSING: The closing of the sale (the "Closing Date") shall take place at the Title Company on or before October 15 19 88
<br />unless such date is changed in writing by Seller and Buyer, or otherwise extended as herein provided.
<br />A. At the closing, Seller shall deliver to Buyer, at Seller's sole cost and expense, the following:
<br />
<br />(I) A duly executed and acknowledged Geneml Warranty Deed conveying good and indefeasible title in fee simple to all of the Property,
<br />free and clear of any and all liens, encumbmnces, conditions. easements, assessments, reservations and restrictions. except as pennitted
<br />herein and/or approved by Buyer in writing;
<br />
<br />(2) An Owner's Policy of Title Insurance (the "Title Policy") i~ued by Ccmronweal th land Title CCI'l1Panv
<br />
<br />(the Title Company) in the full amount of the Sales Price, dated as of closing, insuring Buyer's .fee simple title to
<br />the Property to be good and indefeasible subject only to those title exceptions pennitted herein, or as may be 'approved by Buyer
<br />in writing, and the standard printed exceptions contained in the usual fonn of the Title Policy, provided, however:
<br />(a) the exception as to area and boundaries ~shall not be deleted 0 shall be deleted except for "any shortages in area" and if
<br />deleted, such deletion shall be an expense of . ;
<br />(b) the exception as to restrictive covenants shall be endorsed "None of Record", unless any existing restrictive covenants are
<br />approved by Buyer;
<br />(c) the exception as to taxes shall be limited to taxes for the current year and subsequent years, and subsequent assessments
<br />for prior years due to changes in land usage or ownership;
<br />
<br />(3) A Bill of Sale containing warm.uies to title, conveying title, free and clear of all liens, to any personal property specified herein
<br />and an assignment of leases, prepaid rents, security deposits, and tmde name, and to the e."Ctent assignable, licenses and pennits,
<br />maintenance, management or other contmcts, warranties or guamnties, duly executed by Seller;
<br />
<br />(4) A current rent roll duly certified by Seller;
<br />
<br />(5) If requested by Buyer, to the extent assignable, an assignment of anyone or more of the insumnce policies held by Seller pertaining
<br />to the Property, duly executed bv Seller:
<br />
<br />(6) Furnish evidence of its capacity and authority for the closing of this tmnsaction;
<br />
<br />(7) Execute all other necessary documents to close this tmnsaction.
<br />
<br />B. At the closing, Buyer shall perform the following:
<br />
<br />(1) Pay the cash portion of the Sales Price;
<br />
<br />(2) Execute the noteCs) and deed(s) of trust provided for herein;
<br />
<br />(3) Furnish evidence of its capacity and authority (or the closing o( this tmnsactioni
<br />
<br />(4) Furnish to Seller and/or Third Party Lender, at Buyer's expense, a mortgagee's policy issued by Title Company (or the benefit of
<br />the holder(s) of the deed(s) of trust provided for herein;
<br />
<br />(5) Execute all other necessary documents to close this tmnsaction.
<br />(6) Execute an assumption agreement for payment of any broke~ge leasing commissions that become due and payable after the date
<br />of closing.
<br />
<br />7. FEASIBIUlY STUDY AND INSPECfION: Buyer BJ is 0 is not gmnted the right to conduct an engineering, and/or market and economic
<br />(easibility Itudy ("Feasibility Study") o( the Property, and a physical inspection ("Inspection") of all improvemenu, furtum, mechanical equip-
<br />ment, and personal property being sold hereby. In the event Buyer iJ granted such right Buyer shall ha~ 1 RO days from the effectlw
<br />date hereof to perfonn such study and inspection and in this regard. Buyer or his designated agents may enter upon the Property (or pwposes
<br />of.uch analysis, or other tesu and inspections which may be de~~ed necessary by Buyer. If Buyer detennlnes, in hla sole ludiment, that t!'e
<br />Property is nor suitable for any reason for Buyers intended use or purpose, or is not in satisfactory condition, then Buyer may, on written notice
<br />to Seller, on or before 1 RO days from the effective date hereof, tenninate this agreement, and It shall be null and void for all purposes
<br />and the Earnest Money shall be returned to Buyer. I( the written notice- is not given to Seller within such period, thJa condition and any and
<br />all objectiON with respect to the Feasibility Study and Inspection shall be deemed to have been waived by Buyer for all pwpoeet. In the event
<br />thla Conmct shall not close, through no fault of Seller, Buyer shall restolt: the Pro~rty to Its original condition, If' changed due to the tests
<br />and Inspections perfonned by Buyer. and shall provife Seller with a copy of the results of any tesu and Inspections made by Buyer, excluding ,.
<br />any market: and economic feasibility studies. The study/inspection shall be at buyer's expense. -.
<br />
<br />8. BROKER'SFEE: Charles n_ Rq{lp-, Rnylp 'Rp::Ilty Listing
<br />Broker ( 6 %) anrl
<br />Co-BIOlr.er (6 %) (collectively the "Broker"), as Broker, has negotiated this sale and Seller agrees to pay Brolc.er In Harrla County, Texas,
<br />on consummation of this sale or on Seller's default (unless otherwise provided herein) B total cash (ee of
<br />of the total Sales Price, which Escrow Agent shall pay from the sales proceeds, Each of the parties repre,sen~ to the other that It has not Incurred
<br />any liability for brokerage fees or commissions in connection with this tmnsaction other than the hablhty of Seller 81 set forth above. Each
<br />party Indemnifies and agrees to hold the other pa, . harmless from any and all claims and/or expense raultlna to the other party by reason
<br />of a breach of the representation made by such party herein.
<br />
<br />9. POSSESSION: The possession o( the Property shall be delivered to Buyer at funding in its present condition, ordinary wear and tear excepted,
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