|
<br />12. SALES EXrE~SES TO BE PI", .' CASH AT OR PRIOR TO CLOSlr-:G:
<br />i: .......
<br />A. Sc:llcr'~ Expenses:
<br />(I) Any insrecllons, repom and repairs requIred of Seller herein, and in rhe Addendum.
<br />(2) All cost ofrcleasing eXisting loans and recording the releases; tax statements; 1/2 of any escrow fee; rreparation of Deed; copies ofrestric.
<br />lions 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 ofr-:Ole, Deed of Trust and other loan documents, recording fees, Mon.
<br />gagee's Title Policy, credit repons); 1/2 of any escrow fee; one year premium for hazard Insurance unless insurance is prorated; and expenses
<br />stipulated to be raid by Buyer under other provisions of this contract.
<br />. C. If any sales expenses exceed the maximum amount herein stipulated to he paid by either pany, either, pany may terminate this contract
<br />unless the othcr pany agrees to pay such excess.
<br />
<br />13. PRORATIONS: Imuranre (at Buyer's option). taxes and any rent.'i and maintenann: fees. shall bc prorated ro the Closing Date.
<br />
<br />14. TITLE APPROVAL: If Abstract is furnished, Seller shall deliver same to Buver within 20 davs from the effective date hereof. Buver shall have
<br />20 days from datc of receipt of Abmact to deliver a copy of the title opinion to' Seller, Slating a~y objections to tille, and only obieciions 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) reo
<br />strictive covenants affecting the Property (ii) any discrepancies, conflicts or shortages in area or boundary lines or any encroachments, or any
<br />ovcrlapping of improvements (iii) all taxes for the current and subsequent years (iv) any existil)g 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, Scller shall have 30 days to cure the same. Exceptions permined in the Deed and zoning or-
<br />dinances shall nOl be valid objections to title. Seller shall furnish al Seller's expense tax statements sho.....ing 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 restricti\'c
<br />covenants and utiliry easemcnts common to the planed suhdh'ision of .....hich 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 pan of Property is damaged or destroyed by fire or other casualty 10ss;Seller shall restore the same to its previous
<br />condition as soon as reasonably possible, but in any event by Closing Date; and if Seller is unable to do so .....ithout fault, this contract shall ter.
<br />minate and Earnest Money shall be refunded .....ith no Broker's fee due.
<br />
<br />16. D;FAULT: If Buyer fail~ to comply here.....ith, Seller may either enforce specific performance or terminate this contract and receive the Earnest
<br />Money as liquidated damages, one-half of .....hich (but not exceeding thc herein recited Broker's fee) shall be paid by Seller to Broker in full pay-
<br />ment for Broker's sen'ices. 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 I a..... . If completion of sale is pre\'ented by Buyer's default, and Seller elects to enforce specific performance,
<br />the Broker's fee is payable only ifand .....hen 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 .....ho is the prevailing party in any legal proceeding against any other signatory brought
<br />under or with relation to this contract or transaction shall be additionally entitled to recover court costs and reasonable attorney fees from the
<br />non-pre\'ailing party.
<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 before
<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 fails 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 dosing, Earnest Money shall be applied to any cash down payment required, next to Buyer's dosing 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 Title 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 d.elay. Representations shall survive do.sing.
<br />
<br />AGREEMENT OF PARTIES: This contract contains the entire agreement of the panies and cannot be changed excepl 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 />fect of an}~ part, 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 Any:
<br />
<br />EXECUTED in multiple originals effective tr -f.- day of
<br />
<br />LAST PARTY SIGNS). '
<br />
<br />.
<br />
<br />20.
<br />21.
<br />
<br />.......
<br />
<br />
<br />,I?P
<br />
<br />(BROKER FILL IN THE DATE
<br />
<br />Listing Broker
<br />
<br />License No.
<br />
<br />
<br />~
<br />~V'~
<br />
<br />By
<br />
<br />Co- Broker
<br />
<br />License No.
<br />
<br />S,ellers A~dr~ss ' .
<br />
<br />~~~U~j ~~-'--/
<br />~~ ~~
<br />Buye 1
<br />ta~tP~ ~~ry
<br />
<br />Buyer's Address
<br />
<br />Tel.
<br />
<br />By
<br />
<br />Receipt of $
<br />
<br />Earnest Money is acknowledged in the form
<br />
<br />of
<br />
<br />Tel.
<br />
<br />Escrow Agent
<br />
<br />Date
<br />
<br />By
<br />
<br />The: form afthis contract has been apprlwed by the Texas Real Estate Commission and the State Bar ofTexa~. Such approval relates to
<br />this l'ontraCt form only. No representation is made as to the legal \'alidity or adequacy of any pro\'ision in any specific transaction. It is
<br />not suitable lor complex transactions. Extensl\'e ridcrs or additions are not to be used. (8-;8) TREC No. 6.0
<br />
|