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<br />12 SALES EX PENSES TO BE PAID n'.'H AT OR PRIOR TO CLO~I NG: .
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<br />. A; Sc:I,c:r'~ ExpC:II~t:~'
<br />(I) Any mspc:cllons, repon~ and repairs required of Seller herein, and in the Addendum,
<br />(2) All cost of reieasm~ extSllng loans and recordmg the n:leases; tax statements; 112 of any escrow fee; rreparation of Dc cd; COplCS of reSIr1C-
<br />lIun~ and casements; other expenses stipulated to be paid by Seller under other provisions ofthi~ contract.
<br />B, Buyer's Expenses: All expenses incident to any loan (e,g" preparation of Note, Deed of l' rust and other loan documents, recording fees, Mon-
<br />gagee's Titlc Policy, credll repons); 112 of any escrow fec; one year premium for hazard insurance unless insurance is proratcd; and expenses
<br />stipulated to be paid by Buyer under other provisions of this comrac\.
<br />C. If any sales expen~es exceed the maximum amoum herein stipulated to be paid by either pany, either pany may terminate this contract
<br />unless the other party agrees to pay such excess,
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<br />)3, PRORATIONS: Insurance (at Buyer's option), taxes and any rents and maimenance fees, shall be prorated to the Closing Date,
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<br />14, TITLE APPROVAL: If Abstract is furnished, Seller shall deliver same to Buyer within 20 days from the effective date hereof. Buyer shall ha\'e
<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 covenams 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 subsequem years (iv) any existing building and zoning ordinances (v) rights of par-
<br />ties in pussesion (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 permined in the Deed and zoning or,
<br />dinance~ shall nOl be valid objections to title, Seller shall furnish at Sellerts 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 />covenams and utility casements common to the planed 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 Vendorts and Deed of Trust liens, In case of dispute as to the form of Deed, Deed of l' rust or
<br />Note, such shall be upon a form prepared by the State Bar of Texas,
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<br />I 5. 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 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,
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<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 Brokerts 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 tQ 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 prevemed 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, senlement or otherwise, and after first
<br />deducting .he expenses of collection, and then only in an amount equal to one-half of that ponion collected, but not exceeding the amount of
<br />Broker's fee,
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<br />17, ATTORNEY'S FEES: Any signatory to this contract who is the prevailing 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 pany,
<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 pany 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 panies 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,
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<br />19, REPRESENT A TIONS: 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 delay, Representations shall survive closing,
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<br />20, AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their wrinen consent,
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<br />21. 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 any pan, 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 employment may be accepted, Broker shall
<br />promptly deliver a copy of this contract to such anorneys,
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<br />Seller's Any: Buyer's Any:
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<br />EXECUTED in multiple originals effective the _ day of , 19 (BROKER FILL IN THE DATE
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<br />LAST PARTY SIGNS).
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<br />Listing Broker
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<br />License No,
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<br />Seller
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<br />By
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<br />Seller
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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 />Tel.
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<br />Receipt of $
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<br />Earnest ,'v\oney is acknowledged in the form
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<br />62
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<br />By
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<br />of
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<br />'f C;i,ty, ~,ge;r;-
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<br />Buyer's Address
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<br />Tel.
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<br />Escrow Agent
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<br />Date
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<br />By
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<br />The furm of this contract has been approved by the Texas Real Estate Commission and the State Bar of l' ex as, Such approval relates to
<br />this comraCl form only, No representation is made as to the legal \'3lidit)' or adequacy of any provision in any specific transaction, It is
<br />not suitable for complex transactions, Extensi\'e riders or additions arc not to be used, (8-78) TREC No, 6-0
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