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<br />1106 8ayshore Drive, ~a porte, TX
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<br />Commercial Unimproved Contract Concerning
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<br />12. SALES EXPENSES:
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<br />A. Seller's Exoenses: Seller will pay lor the following in cash at or belore closing:
<br />(1) releases of exisllng liens. other than those liens assumed by Buyer, including prepayment penalties and recording lees;
<br />(2) release 01 Seller's loan liabiUty. Ii applicable;
<br />(3) tax statements or certificates;
<br />(4) preparation ot the deed;'
<br />(5) one-half 01 any escrow fee;
<br />(6) costs to record any documents to cure lille objections that Seller must eure; and
<br />(7) other expenses that Seller win pay under other provisions olthis contract.
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<br />B. Bwer's Ellpenses: Buyer will pay lor the following in cash at or before closing:
<br />(1) all lean fees or expenses (lor e)C8mple, application fees, origination fees, discount lees, appraisal lees, assumption fees,
<br />recording fees, tall service lees, mortgagee title policy expenses, credit report lees, document preparation lees, inlerest
<br />expense that Buyer's lender requires Buyer to pay at closing, and other fees required by Buyer's lender);
<br />(2.) preparation 01 any deed 01 trust;
<br />(3) recording lees lor the deed and any deed of trust;
<br />(4) premiums for flood insurence as may be required by Buyer's lender;
<br />(5) one-half at any escrow fee;
<br />(6) copy and delivery lees for delivery of the IIUe commitment and related documents; and
<br />(7) olher expenses that Buyer win pay under other provisions of th~ contract.
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<br />13. PRORATIONS, ROLLBACK-TAXES, RENT, AND DEPOSITS:
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<br />A. Prorations: ;
<br />(1) Interest on any assumed loan, taxes, rents, and any expense reimbursements from tenants will be prorated lhrougllthe
<br />closing dale.
<br />(2) It the amount of ad valorem talles lor Ihe year in which the sale closes is not available on the closing: date, taxes will be
<br />prorated on the basis of taxes assessed in the previous year. If the talleS lor the year In which the sara closes vary Irom
<br />the amount prorated at ctosing, the parties will adjust the prorations when the tall statements for the year In which the sale
<br />closes become avaDable. This Paragl!lph 13A(2) survives closing. .
<br />fS) If Buyer asSumes a loan or is taking the Property subjecl10 an existing lien, Seller wilf transfer all reserve deposits held by
<br />100 lender for the paymenl of taxes, Inwranc;e p'r~~luin;s, 1;md. Qther charges to Buyer at closing and Stlyer will reimburse
<br />sucli amounts to Seller by an al?Propriate adjustment at closing.
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<br />B, :F.Wllback Taxes:
<br />'(iI~ If Seller changes the use of the Property before closing or If a denial of a special valuation on the' Property claimed by
<br />Seller results In the assessment of additional taxes, penallles, or Interest (assessments) lor periods before dosing, the
<br />assessments win be the obligation of 0 Seller 0 Buyer. This Paragraph 13B(1) survives closing.
<br />(2) If this sale or Buyer's use 01 the Property after closing results in additionaf assessments for periods belore closing. the
<br />assessments wiU be the o))ligalion of 0 selierO Buyer. ThI$ Paragraph 13B(2) survives closing.
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<br />C. Rent and Security Deoosits: At closing, SeDer wiil tender 10 Buyer aD security deposits and the following advance payments
<br />recel~ed by SeUer for periods after closing: prepaid expenses, advance rental payments, and other advance payments paid by
<br />tenants. Rents prorated to one party but received by the other party will be remItted by the recipient to the party to whom it was
<br />. prorated within 5 days alter the rent is received. This Paragraph 13C survi\o"8S.closing.
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<br />14. CONDEMNATION: It before closing, condemnation proceedings are commenced against any part of the Property, Buyer may:
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<br />A. terminate this contract by proViding written notice to Seller within 15 days after Buyer is advised 01 the condemnation
<br />proceedings and the earnest money, less the independent conslderaUon paid lor Buyer's right to terminate under Paragraph
<br />7B(3), will be relunded to Buyer; or .
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<br />B. appear. and defend in the condemnation proceedings and any award will, at Buyer's election, belong to:
<br />(1) SeHer and the sales price will be reduced by the same amount; or
<br />(2) Buyer and the sales price wlU not be re~uced,
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<br />15. DEFAULT:
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<br />A. If Buyer fails to comply with this contract, Buyer is in default and Seller may:
<br />(1) enlorce $peciflc performance, or seek other reliel as may be provided by law, or both; or
<br />(2) terminate this contract and receive the earnest money as liquidated .cfamages, thereby releasing the parties from this
<br />contract.
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<br />(TAR-1802) 11-5-99
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<br />Inllial~d for Idenllncalion by Buyer ~and Seller(?ri. :5._
<br />TAR, P.O. BOll 2246,Austln, TX78768-2246
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