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<br />F_ ~..\~ES EXPF.!'o:SES TO BF.PA,~ " CASH AT OR PRIOR TOCLOSll'G:
<br />
<br />A. Seller'~ Expeme~:
<br />(I) Any m~rc:Cllon~, repom and repairs reqUired of Seller herem, and in the Addendum.
<br />(2) All cml of releasmg exisllnr: loans and record lOr: the releases; lax statements; 1/2 of any escrow fee; preparallon of Deed; copie~ of reslrlc-
<br />lions and ea~ements; olher expense:. stipulated to be paid by Seller under OIher pro\"lslOns of this contraCt.
<br />B. Huy~r'~ Expense~: All expense~ mcidentto any loan (q:., preparation ofl'OIe. Deed of Trust and OIher loan documents, recordmJ; fee~, Mon-
<br />gal!ee'~ Tille Pohcy, credil repons); 1/2 of any e~crow iec; one year premIUm for hazard insurance unless insurance is proraled; and expenses
<br />sllpulaled 10 be paid by Buyer under olher provisions ofthi~ contrac!.
<br />C. If any ~3Ie~ expen~es exceed Ihe maxImum amount hcrem stipulated to be paid hy either p:my, either, pany may terminate thi~ contract
<br />unless the other pany apt:e~ 10 pay such eXl-ess.
<br />
<br />PRORATIONS: In~uranre (at Buyer'~ option). taxes and any renL~ aod mainrenann' fees. shall be prorated to the CJosinl! Date,
<br />
<br />TITLE APPROVAL: If AbstracI is fUi nished, Seller shall deliver same to Buver wilhin 20 days from the effeCtive date hereof. Buver shall have
<br />20 days from date of receipt of Abstract l(l delivcr a copy of the title opinion 10 Seller, stating a~y objeclions to litle, and only obieciions so slaled
<br />shall be considered. If Title Policy is furnished, the Title Policy shall guarantee Buyer's title to be good and indefeasible subiecI only to (i) re-
<br />strictive covenants affecting the Propeny (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 />tics in possesion (vi) any liens created as securilY for the sale consideration and (\'Ii) any reservations or exceplions contained in the Deed. In
<br />either inslance, if title objeCtions are disclosed, Seller shall h:l\'e 30 days 10 cure the same. Exceptions permined in ihe Deed and zoning or-
<br />dinances' shall not be valid objections to litle. Seller shall furnish at Seller's expense tax statements showing no delinquem,taxes and a General
<br />Warranty Deed conveying til]e subjecI only 10 liens securing debt created as pan of the consideration, taxes for the current year, usual restrictive
<br />co\'cnants and ulility casements common to the planed subdh'ision of which the Propeny is a pan and any OIher reservations or exceptions ac-
<br />ceplable to Buyer. The Note shall be secured by Vendor's and Dced 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 Propeny is damaged or destroyed by fire or other casualty loss,' Seller shall restore the same to its previous
<br />condition as soon as reasonably possible, but in any evcnt by Closing Date; and if Seller is unable to do so withoul faull, 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-ha]fofwhich (but not exceeding the herein recited Broker's fee) shall be paid by Seller to Broker in full pay-
<br />ment for Broker's ser\'ices. If Seller is unable without faull to deliver Abstract or Title Policy or to makc any non-casually repairs required
<br />hcrein within the time herein specified, Buyer may either terminate this contract and receive the Earnest h\oney as the sole remedy, and no
<br />Broker's fec shall be earned, or cxtend the time up to 30 days. If Seller fails to comply hcrewith for any other reason, Buyer may (i) terminate
<br />this contract and receive the Earnest Money, thcreby relcasing Seller from this contract (ii) enforce specific performance hereof or (iii) seek such
<br />OIher rcliei as may be provided by law. If completion of sale is prevenled by Buyer's default, and Seller elects 10 enforce specific performance,
<br />the Broker's fee is payable only if and when Seller collects damages for such default by suit, compromise, selllcmenl or otherwise, and after first
<br />dcducling the cxpcnses of collection, and then only in an amount equal to one-half of thaI portion collected, but not exceeding the amount of
<br />Broker's fee.
<br />
<br />17 _ A TTORNEY'S FEES; Any signatory 10 this contract who is the prevailing party in any lega] proceeding against any OIher signatory brought
<br />under or with relation to this comract or transaction shall be additionallv entitled to recover court COStS and reasonable anornev 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 ha\'e any liability
<br />for performance or nonperformance of any party (ii) has the righl to require the receipt, release and authorization in writing of all .panies befo~e
<br />paving the deposit to any party and (iii) is not liable for interest or other charge on the funds held. If any party unrea'sonably falls to agree 10
<br />wrjting to an appropriate release of EarneSt Money, then such party shall be Iiab]e to the OIher parties to the extent provided in paragraph 17.
<br />Al 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 Title I liens, unrecorded liens or Uniform Commercial Code liens against any of
<br />the Property on Closing Date. If any reprcsentation above is untrue this contract may be terminated by Buyer and the Earnest Money shall be
<br />refunded without d,elay. Representations shall survive clQsing.
<br />
<br />AGREE.\1ENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except 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); pim, consult your anorney 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 employmem 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
<br />
<br />LAST PARTY SIGNS).
<br />
<br />.
<br />
<br />13.
<br />14.
<br />
<br />20.
<br />21.
<br />
<br />1/),Y"" Any
<br />day of, ',lit!#'
<br />
<br />,'19~
<br />
<br />(BROKER FILL IN THE DATE
<br />
<br />Listing Broker
<br />
<br />License No.
<br />
<br />
<br />-/~tlr7"~
<br />
<br />By
<br />
<br />Co-Broker
<br />
<br />License No.
<br />
<br />
<br />Tel.
<br />
<br />By
<br />
<br />Receipt of $
<br />
<br />EarneSt Money is acknowledged in thc form
<br />
<br />of
<br />
<br />Buyer
<br />
<br />Ioo.{ tued~ jlp~...'7L,
<br />Buyer's Address (j-
<br />
<br />Tel.
<br />
<br />Escrow Agent
<br />
<br />Date
<br />
<br />By
<br />
<br />The form of this contract has been appro\'ed by the Texas Rcal ESlale Commission and the Slale Bar of Texas. Such approval relales 10
<br />this contract form only. No representation is made as to the lc~al \'alidilY or adequacy of any prO\'ision in any spccific transaclion. It is
<br />not suitable for compl,ex transaclions. Extensive riders or additions are not to be used. (8-78) TREe ~ll. 6-0
<br />
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