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<br />
<br />Commercial Unimproved Contract Concerning
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<br />125 South 3rd Street, La Porte, Texas
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<br />12. SALES EXPENSES:
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<br />A. Seller's Expenses: Seller will pay for the following in cash at or before closing:
<br />(1) releases of existing liens, other than those liens assumed by Buyer, including prepayment penalties and recording fees;
<br />(2) release of Seller's loan liability, ii applicable;
<br />(3) tax statements or certificates;
<br />(4) preparation of the deed;'
<br />(5) one-half of any escrow fee;
<br />(6) costs to record any documents to cure title objections that Seller must cure; and
<br />(7) other expenses that Seller will pay LInder other provisions of this contract.
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<br />B. Buver's Expenses: Buyer will pay for the following in cash at or before closing:
<br />(1) all loan fees or expenses (for example, application fees, origination fees, discount fees, appraisal fees, assumption fees,
<br />recording fees, tax service fees, mortgagee title policy expenses, credit report fees, document preparation fees, interest
<br />expense that Buyer's lender requires Buyer to pay at closing, and other fees required by Buyer's lender);
<br />(2) preparation of any deed of trust;
<br />(3) recording fees for the deed and any deed of trust;
<br />(4) premiums for flood insurance as may be required by Buyer's lender;
<br />(5) one-half of any escrow fee;
<br />(6) copy and delivery fees for delivery of the title commitment and related documents; and
<br />(7) other expenses that Buyer will pay under other provisions of this 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 through the
<br />closing date.
<br />(2) If the amount of ad valorem taxes lor the 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 taxes for the year in which the sale closes vary from
<br />the amount prorated at closing, the parties will adjust the prorations when the tax statements for the year in which the sale
<br />closes become available. This Paragraph 13A(2) survives closing.
<br />f3) If Buyer assumes a loan or is taking the Property subject to an existing lien, Seller will transfer all reserve deposits held by
<br />the ler)der for the payment of taxes, insurance premiums, and other charges to Buyer at closing and Buyer will reimburse
<br />such amounts to Seller by an appropriate adjustment at closing.
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<br />B. :Rollback Taxes:
<br />(J) 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, penalties, or interest (assessments) for periOds before closing, the
<br />assessments will be the obligation of 0 Seller 0 Buyer. This Paragraph 13B(1) survives closing.
<br />(2) If this sale or Buyer's use of the Property after closing results in additional assessments for periods before closing, the
<br />assessments will be the obligation of 0 Seller CI Buyer. This Paragraph 13B(2) survives closing.
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<br />C. Rent and Securitv Deposits: At closing, Seller wiil tender to Buyer all security deposits and the following advance payments
<br />received by Seller 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 wi!: be remitted by the recipient to the party to whom it was
<br />prorated within 5 days after the rent is received. This Paragraph 13C survives closing.
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<br />14. CONDEMNATION: If 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 of the condemnation
<br />proceedings and the earnest money, less the independent consideration paid for Buyer's right to terminate under Paragraph
<br />7B(3), will be refunded 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) Seller and the sales price will be reduced by the same amount; or
<br />(2) Buyer and the sales price will not be reduced.
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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) enforce specific performance, or seek other relief as may be provided by law, or both; or
<br />. (2) terminate this contract and receive the earnest money as liquidated damages, thereby releasing the parties from this
<br />contract.
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<br />(TAR-1802) 11-5-99
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<br />Initialed for Identification by Buyer _. _and Seller _'_
<br />TAR, P.O. Box 2246, Austin, TX 78768-2246
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