O-2009-3145 earnest money contract/purchase of property at 125 South 3rd Street for Fire Station No. 1

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4_ COmmercial Unimproved Contract Concerning 125 South 3rd Street, La Porte, Texas (c) If the sales priR~ is adjusted by more than 10% of the stated sales price, either party may terminate this contract by providing wdtien,notice to the other party within _ days after the terminating party receives the survey. If neither party terminates this contract or if the variance is 10% or less, the adjustment to the sales price will be made to the cash portion of the sales price payable by Buyer. 4. FINANCING: Buyer will finance the portion of the sales price under Paragraph 3B as follows: (Check all that apply.) a A. Third Party Financina: A third party note(s) in the total amount of $ . This contract: a (1) is not contingent upon Buyer obtaining third party financing. a (2) is contingent upon Buyer obtaining third party financing in accordance with the attached Financing Addendum. a B. Assumotion: In accordance with the attached Financing Addendum, Buyer will assume the unpaid principal balance of the first lien promissory note, which balance at closing will be $ a c. Seller Financina: The delivery of a promissory note and deed of trust from Buyer to Seller under the terms of the attached Financing Addendum in the amount of $ 5. EARNEST MONEY: Not later than 3 days after the effective date, Buyer must deposit $ 2, 500 . 00 as earnest money with American Title Company (escrow agent) at 5003 r'nlll'>(Y~ Park, Deer Pnrk, 'T'PXn!:; 77.'136 (escrow agent's address). If Buyer fails to timely deposit the earnest money, Seller may terminate this contract by providing written notice to Buyer before Buyer deposits the earnest money. Buyer may instruct the escrow agent to deposi~ the earnest money in an interest-bearing account at a federally insured financial institution and to credit any interest to Buyer. 6. TITLE POLICY AND SURVEY: A. Title Policv: (1) Seller, at Seller's expense, will furnish Buyer an Owner's Policy of Title Insurance (the title policy) issued'by A mpr i r.rl n 'T'i +-1 p r'nmprl ny (the title company) in the amount of the sales price, dated at or after c1osmg, insuring Buyer against loss under the title policy, 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 of title policy unless this: contract provides otherwise. '- (2) The standard printed exception as to area boundaries: (Check (a) or (b) only.) a (a) will not be deleted from the title policy. a (b) will be deleted from the title policy at the expense of a Buyer a Seller. (3) Buyer may object to any restrictive covenants on the Property within the time required under Paragraph 6C. (4) Within 2Q... days after the effective date, Seller will fumish Buyer a commitment for title insurance (the commitment) including legible copies of recorded documents evidencing title exceptions. Seller authorizes the title company to deliver the commitment and related documents to Buyer at Buyer's address. B. Survey: (1) Within ~ days after the effective date: (Check all that apply.) ~ (a) Buyer will obtain a survey of the Property at Buyer's expense and deliver a copy of the survey to Seller. a (b) Seller, at Seller's expense, will fumish Buyer a survey of the Property dated after the effective date. a (c) Seller will deliver a true and correct copy of Seller's existing survey of the Property dated Seller, at Seller's expense: . a (i) will have the existing survey recertified on a date not earlier than a (ii) will not have the existing survey recertified. (TAR-1802) 11-5-99 Initialed for Identification by Buyer _, _ and Seller _, _ TAR, P.O. Box 2246. Austin, TX 78768-2246 Page 2 of ~