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<br />12. SALES EXPENSES TO BE PAID IN CASH
<br />
<br />A. ' Seller's. Expenses:
<br />(1) Any inspections, reports and repairs required of Seller herein, and in the Addendum.
<br />(2) All cost of releasing existing loans and recording the releases; tax statements; 1/2 of any escrow fee; preparation of Deed; copies of restric-
<br />tions and easements; other expenses stipulated to be paid by Seller under other provisions of this contract.
<br />B. Buyer's Expenses: All expenses incident to any loan (e.g., preparation of Note, Deed of Trust and other loan documents, recording fees, Mort-
<br />gagee's Title Policy, credit reports); 1/2 of any escrow fee; one year premium for hazard insurance unless insurance is prorated; and expenses
<br />stipulated to be paid by Buyer under other provisions of this contract.
<br />C. If any sales expenses exceed the maximum amount herein stipulated to be paid by either party, either party may terminate this contract
<br />unless the other party agrees to pay such excess.
<br />
<br />13. PRORATIONS: Insurance (at Buyer's option), taxes and any rents and maintenance fees, shall be prorated to the Closing Date.
<br />
<br />14. TITLE APPROVAL: If Abstract is furnished, Seller shall deliver same to Buyer within 20 days from the effective date hereof. Buyer shall have
<br />20 days from date of receipt of Abstract to deliver a copy of the title opinion to Seller, stating any objections to title, and only objections so stated
<br />shall be considered. If Title Policy is furnished, the Title Policy shall guarantee Buyer's title to be good and indefeasible subject only to (i) re-
<br />strictive covenants affecting the Property (ii) any discrepancies, conflicts or shortages in area or boundary lines or any encroachments, or any
<br />overlapping of improvements (iii) all taxes for the current and subsequent years (iv) any existing building and zoning ordinances (v) rights of par-
<br />ties in possesion (vi) any liens created as security for the sale consideration and (vii) any reservations or exceptions contained in the Deed. In
<br />either instance, if title objections are disclosed, Seller shall have 30 days to cure the same. Exceptions permitted in the Deed and zoning or-
<br />dinance~ shall not be valid objections to title. Seller shall furnish at Seller's expense tax statements showing no delinquent taxes and a General
<br />Warranty Deed conveying title subject only to liens securing debt created as part of the consideration, taxes for the current year, usual restrictive
<br />covenants and utility easements common to the platted subdivision of which the Property is a part and any other reservations or exceptions ac-
<br />ceptable to Buyer. The Note shall be secured by Vendor's and Deed of Trust liens. In case of dispute as to the form of Deed, Deed of Trust or
<br />Note, such shall be upon a form prepared by the State Bar of Texas.
<br />
<br />15. CASUALTY LOSS: If any part of Property is damaged or destroyed by fire or other casualty loss, Seller shall restore the same to its previous
<br />condition as s,oon as reasonably possible, but in any event by Closing Date; and if Seller is unable to do so without fault, this contract shallter-
<br />minate and Earnest Money shall be refunded with no Broker's fee due.
<br />
<br />16. DEFAULT: If Buyer fails to comply herewith, Seller may either enforce specific performance or terminate this contract and receive the Earnest
<br />Money as liquidated damages, one-half of which (but not exceeding the herein recited Broker's fee) shall be paid by Seller to Broker in full pay-
<br />ment for Broker's services. If Seller is unable without fault to deliver Abstract or Title Policy or to make any non-casualty repairs required
<br />herein within the time herein specified, Buyer may either terminate this contract and receive the Earnest Money as the sole remedy, and no
<br />Broker's fee shall be earned, or extend the time up to 30 days. If Seller fails to comply herewith for any other reason, Buyer may (i) terminate
<br />this contract and receive the Earnest Money, thereby releasing Seller from this contract (ii) enforce specific performance hereof or (iii) seek such
<br />other relief as may be provided by law. If completion of sale is prevented by Buyer's default, and Seller elects to enforce specific performance,
<br />the Broker's fee is payable only if and when Seller collects damages for such default by suit, compromise, settlement or otherwise, and after first
<br />deducting the expenses of collection, and then only in an amount equal to one-half of that portion collected, but not exceeding the amount of
<br />Broker's fee.
<br />
<br />17. ATTORNEY'S FEES: Any signatory to this contract who is the prevailing party in any legal proceeding against any othcr signatory brought
<br />under or with relation to this contract or transaction shall be additionally entitled to recovcr court costs and reasonable attorney fees from the
<br />non-prevailing party.
<br />
<br />18. ESCROW: Earnest Money is deposited with Escrow Agent with the understanding that Escrow Agent (i) does not assume or have any liability
<br />for performance or nonperformance of any party (ii) has the right to require the receipt, release and authorization in writing of all parties befo~e
<br />paying the deposit to any party and (iii) is not liable for interest or other charge on the funds held. If any party unreasonably falls to agree In
<br />writing to an appropriate release of Earnest Money, then such party shall be liable to the other parties to the extent provided in paragraph 17.
<br />At closing, Earnest Money shall be applied to any cash down payment required, next to Buyer's closing costs and any excess refunded to Buyer.
<br />Before Buyer shall be entitled to refund of Earnest Money, any actual expenses incurred or paid on Buyer's behalf shall be deducted therefrom
<br />and paid to the creditors entitled thereto.
<br />
<br />19. REPRESENTATIONS: Seller represents that there will be no Ti;le I liens, unrecorded liens or Uniform Commercial Code liens against any of
<br />the Property on Closing Date. If any representation above is untrue this contract may be terminated by Buyer and the Earnest Money shall be
<br />refunded without delay. Representations shall sun'ive closing.
<br />
<br />AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their written consent,
<br />
<br />CONSULT YOUR ATTORNEY: This is intended to be a legally binding contract. READ IT CAREFULLY. If you do not understand the ef-
<br />feet of any pan, consult your attorney BEFORE signing. The Broker cannot give you legal advice - only factual and business details concern-
<br />ing land and improvements. Attorneys to represent parties may be designated below, and, so employment may be accepted, Broker shall
<br />promptly deliver a copy of this contract to such attorneys:
<br />
<br />Seller's Atty:
<br />
<br />EXECUTED in multiple originals effective the
<br />
<br />LAST PARTY SIGNS).
<br />
<br />OR PRIOR TO CLOSING:
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<br />!':'
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<br />20.
<br />21.
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<br />Buyer's Any:
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<br />(BROKER FILL IN THE DATE
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<br />Listing Broker
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<br />License No.
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<br />Co-Broker
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<br />License No.
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<br />Seller:s Address
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<br />Buyer's Address
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<br />Receipt of $
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<br />Earnest Money is acknowledged in the form
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<br />Escrow Agent
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<br />Date
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<br />The lorm of this contract has been approved by the Texas Real Estatc Commission and the Statc Bar of Texas. Such approval relates to
<br />this contract form only. No representation is made as to the legal validity or adequacy of any provision in any specific transaction. It is
<br />not suitable lor complex transactions. Extensive riders or additions are not to be used. (8-78) TREC No. 6-0
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