|
<br />J~. SALES EXPESSES TOBE PAl, 'CASH ATOR PRIOR TOCLOSIl'G:
<br />-.,
<br />A, Seller'~ Expen~e~:
<br />(I) Any inspecllon~, reports and repairs required of Seller herem, and in the Addendum.
<br />(2) All COSl ofrelcasmg exisling loans and recordmg the releases; lax slatemena: 112 of any esrrow fee; rreparalion of Deed; copie~ ofrt:strlc.
<br />tion~ and ea~ements; other expenses sllpulaled 10 be paid by Seller under olher pro\'lsions of this contract.
<br />R. Buycr'~ Expen~es: All expenses incident to any loan (q:., preparalion of No Ie, Deed of Trust and other loan documents. recordinl! fees, Mort-
<br />gagee\ Tille Policy, credll rtports); 1/2 of any escrow fee; one year premium for hazard insurance unless insurance is proraled; and expen' ':s
<br />sllpulaled 10 he paId by Buyer under other pro\'isions of this contr~ct.
<br />. C. If any salts exrcnse~ exceed Ihe maximum amount hercin slipulated to be paid by either party, either, party may lerminalc this ContraCI
<br />unltss Ihe othcr party agrees to pay such ex.:es~.
<br />
<br />PRORATIONS: Insurance (at Bu)'er's option). laxes and any rentS and maintenance fees. shall be proratC'd to the Closin~ Date.
<br />
<br />TITLE APPROVAL: If Ahstract is furnished, Seller shall deli\'er same to Buver within 20 davs from the effecth'e date hereof. Buver shall ha\'e
<br />20 days from date of receipt of AbstraCI 10 deli\'er a copy of the title opinion 10 Seller, Slating a~y objections to litle, and only obieciions so slated
<br />shall be considered. If Title Policy is furnished. the Title Policy shall ~uarantee Buyer's title to be good and indefeasible subject only to (i) re-
<br />slrictive co\,enants affecting the Propert)' (ii) any discrepancies, connicts or shortages in area or boundary lines or any encroachments, or any
<br />overlapping ofimpro\'ements (iii) all taxes for the current and subsequent years (iv) any existing building and zoning ordinances (\.) rights of par-
<br />tics in posses ion (\'i) any liens created as security for the sale consideration and (\'ii) any reser\'ations or exceptions contained in the Deed. In
<br />eilher inslance, if title objeclions are disclosed, Seller shall ha\'e 30 days 10 cure the same. Exceptions permitted in the Deed and zoning or.
<br />dinances' shall nOI be \'alid objections to title. Seller shall furnish at Seller's expense tax Slalements 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 restricti\'e
<br />covenants and utililY easements common to the platled subdi\'ision of which the Propcrty is a part and any other reser\'ations or exceptions :117-
<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. CASUAL TY LOSS: If any part of Property is damaged or deslroyed by fire or other casualty loss; Seller shall restore the same to its pre\'ious
<br />condition as soon as rea~onably 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 ^'ioney shall be refunded with no Broker's fee due.
<br />
<br />16. DEFAULT: If Buyer fail~ 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 withoul 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 ten:ninate this contract and recei\'e 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) terminale
<br />this contract and receive the Earnest Money, thereby releasing Seller from this contract (ii) enforce specific performance hereofor (iii) seek such
<br />Other relief as may be provided by law. If completion of sale is pre\'ented by Buyer's default, and Seller dects 10 enforce specific performance.
<br />Ihe Broker's fee is payable only if and when Seller collects damages for such default by suit, compromise, selllement or otherwise, and after firsl
<br />deducling the expenses of collection, and then only in an amount equal to one-half of that ponion collected, but nOI exceeding the amount of
<br />Broker's fee.
<br />
<br />17. A TTORNEY'S FEES: Any signatory 10 Ihis contract who is the pre\'ailing pany 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 anorney fees from the
<br />non-prevailing 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 pany (ii) has the right to require the receipt, release and authorization in writing of all panies before
<br />paying Ihe deposit to any party and (iii) is not liable for interest or other charge on the funds held. If any pany unreasonably fails to agree in
<br />writing to an appropriate rdease of Earnest Money, then such pany shall be liable to the other panies to the extent provided in paragraph Ii.
<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. REPRESENT A TlONS: 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 witho~t d,elay. Representations shall survive clQsing.
<br />
<br />AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed excepl by their wrinen 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 anorne)' BEFORE signing. The Broker cannot give you legal advice - only factual and business details concern-
<br />ing land and improvements. Anorneys 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 anorneys. '
<br />
<br />Seller's Any:
<br />
<br />EXECUTED in multiple originals effective the~ .:lay of
<br />
<br />LAST PARTY SIGNS).
<br />
<br />13.
<br />14.
<br />
<br />20.
<br />21.
<br />
<br />
<br />, 19a
<br />
<br />(BROKER FILL IN THE DATE
<br />
<br />Listing Broker
<br />
<br />License No,
<br />
<br />
<br />By
<br />
<br />Co-Broker
<br />
<br />License No.
<br />
<br />
<br />Tel.
<br />
<br />By
<br />
<br />Receipt of S
<br />
<br />Earnest Money is acknowledged in the form
<br />
<br />of
<br />
<br />Buyer '
<br />
<br />bOt fiLl: .1,'A,..,..L ~'-'PJ
<br />Buyer's Address , '
<br />
<br />. Tel.
<br />
<br />Escrow Agent
<br />
<br />Date
<br />
<br />By
<br />
<br />The ii-um ofl~is contract has been approved by the Texas Real Estate Commission and the Slate Bar of Tex3s. Such appro\'al relates to
<br />this contra.:! lorm only. No representation is made as 10 Ihe legal \'alidity or adequacy of any pro\'ision in aO\' specific transaction. It is
<br />not suilable lor complex transactions. EXlensi\"C riders or additions are not to be used. (8-78) TREe ~o. 6:0
<br />
|