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<br />1r=5t PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREe) <br /> <br />NEW HOME CONTRACT <br /> <br />_NO..... (Completed Construction) <br />0.........,. NOTICE: Not For Use or Condominium nsactions or Closings Prior to Completion of Construction <br />1. PARTIES: . 0 f 0 (Seller) agrees to <br />sell and convey to . N (Buyer) and <br />Buyer agrees to buy from Seller the Property ibed below. <br /> <br />2. PROPERTY: Lot 3- 4 ,Block 0b, <br />Addition, City of L , ounty of Hew" ( I 5 , <br />Texas, known as e . <br />(address/zip code), or as describea on a ched exhibit, toge her with: (i) improvements, <br />fixtures and all other property located thereon; and (ii) all rights, privileges and appurtenances <br />thereto including but not limited to: permits, easements(, and cooperative and association <br />memberships. All property sold by this contract is called the 'Property". <br /> <br />3. SALES PRICE: <br />A. Cash portion of Sales Price payable by Buyer at closing.................. $ <br /> <br />B. Sum of all financing described below (excluding any loan funding <br />fee or mortgage insurance premium) ........................................... $ <br /> <br />C. Sales Price (Sum of A and B) ...................................................... $ q<6, DDDO() <br /> <br />4. FINANCING: The portion of Sales Price not payable in cash will be paid as follows: (Check <br />applicable boxes below) <br />U A. THIRD PARTY FINANCING: One or more third party mortgage loans in the total amount of <br />$ (excluding any loan funding fee or mortgage insurance premium). <br />(1) Property Approval: If the Property does not satisfy the lenders' underwriting <br />requirements for the loan(s), this contract will terminate and the earnest money will be <br />refunded to Buyer. <br />(2) Einancin~ Approval: (Check one box only) <br />U (a) ThiS contract is subject to Buyer being approved for the financing described in the <br />attached Third Party Financing Condition Addendum. <br />o (b) This contract is not subject to Buyer being approved for financing and does not <br />involve FHA or VA financing. <br />o B. ASSUMPTION: The assumption of the unpaid principal balance of one or more promissory <br />notes described in the attached TREC Loan Assumption Addendum. VI <br />o C. SELLER FINANCING: A promissory note from Buyer to Seller of $ 0\ , <br />secured by vendor's and deed of trust liens, and containing the terms and conditions <br />described in the attached TREC Seller Financing Addendum. If an owner policy of title <br />insurance is furnished, Buyer shall furnish Seller with a mortgagee policy of title insurance. <br /> <br />5. EARNEST MONEY: Upon execution of thO contract b both p Buye shall deposit <br />$ SODC5::! as earnest mone w' h i i <e, <br />as escrow agent, at (:) It? <br />(address). Buyer shall deposit additional earnest m ney of $ with escrow <br />agent within days after the effective date of this contract. If Buyer fails to deposit the <br />earnest money as required by this contract, Buyer will be in default. <br /> <br />6. TITLE POLICY AND SURVEY: <br />A.TITLE POUCY: Seller shall furnish to Buyer at <br />title insurance (Title Policy) issued by I <br />(Title Company) in the amou t of e Sales Price, <br />dated at or after closing, insuring Buyer against loss under the provisions of the Title Policy, <br />subject to the promulgated exclusions (including existing building and zoning ordinances) and <br />the following exceptions: <br />III Restrictive covenants common to the platted subdivision in which the Property is located. <br />2 The standard printed exception for standby fees, taxes and assessments. <br />3 Liens created as part of the financing described in Paragraph 4. <br />4 Utility easements created by the dedication deed or plat of the subdivision in which the <br />Property is located. <br />(5) Reservations or exceptions otherwise permitted by this contract or as may be approved by <br />Buyer in writing. <br />(6) The standard printed exception as to marital rights. <br />(7) The standard printed exception as to waters, tidelands, beaches, streams, and related <br />. matters. <br />(8) The standard printed exception as to discrepancies, conflicts, shortages in area or boundary <br />lines, encroachments or protrusions, or overlapping improvements. Buyer, at Buyer's expense, <br />may have the exception amended to read, "shortages in area". <br />B. COMMITMENT: Within 20 days after the Title Company receives a copy of this contract, <br />Seller shall furnish to Buyer a commitment for ti insurance (Commitment) and, at Buyer's <br />expense, legible copies of restrictive covenants a do ents evidencing exceptions in the <br />Commitment (Exception Documents) other than st ndard printed exceptions. Seller <br /> <br />Initialed for identification by Buye and Seller TREC NO. 24-6 <br /> <br />02-13-06 <br /> <br />