O-2009-3130 earnest money contract/purchase former Happy Harbor Nursing Home property 1106 Bayshore Drive

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Commercial Unimproved Contract Concerning 1106 Bayshore Drive, ~a porte, TX (c) II the sales price is adjusted by more than 10"/. 01 the slated sales price, either party may terminate this contract by providing wrilien-nolice 10 the other party wilhin _ days aller Ihe terminating party receives the survey. II neither party terminates this contract or il the variance Is 10% or less, the adjustment to the sales price will be made 10 the cash ponlon of the sales price payable by Buyer. 4. FINANCING: Buyer willlinance the portion 01 the sales price under Paragraph 3B as follows: (Check all that apply.) Q A. Third Party Financina: A third party note(s) in the total amount 01 S . This contract: Q (1) is l1Q1 contingent upon Buyer oblaining third party linancing. Q (2) is contingent upon Buyer obtaining third party financing in accordance with the attached Financing Addendum. Q B. ~sumolion: In accordance with the attached Financing Addendum, Buyer will assume the unpaid principal balance or the first lien promissory note, which balance at closing will be $ Q C. Seller Financina: The delivery 01 a promissory note and deed of trust trom Buyer to Seller under the terms of the attached Financing Addendum in the amount 01 $ 5. EARNEST MONEY: Nollater than 3 days after the effective date, Buyer must deposit $ 50 , 000 . 00 as earnest money with American Title Company (escrow agent) at 5003 C;;lle'1e Park, Deer Park, Texas 77536 (escrow agent's address). If Buyer fails to timely deposit the earnest money, Seller may lerminate this contract by providing written nolice to Buyer before Buyer deposits the earnest money. Buyer may instruct the escrow agent to deposit the earnesl money in an interesl-bearing account at a lederally insured financial inslilulion and to credit any interest to Buyer. 6. TITLE POLICY AND SURVEY: A. Title Policv: (1) Seller, at Seller's expense, will lurnish Buyer an Owner's Polil.Y 01 Title Insurance (the title policy) issued by AmericanTi tIe Company (the title company) in the amount ollhe sales price. daled at or alter closing, insuring Buyer against loss under the tille poficy, subject only to: (a) those title exceptions permitted by this contract or as may be approved by Buyer in writing; and (b) the standard printed exceptions contained in the promulgated form 01 litle policy unless this contract provides otherwise. (2) The standard printed exception as to area boundaries: (Check (a) or (b) only.) Q (a) will not be deleted from the titie policy. a (b) will be deleted from the tille policy at the expense of Q Buyer a SeUer. (3) Buyer may object to any restrictive covenants on the Property within the time reqUired under Paragraph 6C. (4) Within -1Q... days after the elleclive date, Seller will furnish Buyer a commitment lor tiUe insurance (the commitment) including legible copies of recorded documents evidencing title exceptions. Seller authorizes the tille company to deliver the commitment and related documents to Buyer at Buyer's address. B. Survev: J 0 f...6 ~ (1) Within ~ days after the effective date: (Check all thai apply.) 'JA (a) Buyer will obtain a survey ollhe Property at Buyer's expense and deliver a copy 01 the survey to Seller. _ (b) Seller, at Seller's expense. willlumish Buyer a survey 01 the Property dated after the effective date. Q (e) Seller will derIVer a true and correct copy of Seller's existing survey 01 the Property dated Seller, at Seller's expense: a (i) willhavetheexistingsurveyrecertifiedonadatenotearlierthan l!ia~e af this BSRt:Fa8~ Q (ii) will not have the existing survey recertified. (TAR-1802) 11-5-99 Initialed lorldenlilicalion by Buye~. _ and Seuer~ct'S:_ TAR, P.O. Box 2246, Austin, TX 78768-2246 Page 2 01 9