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<br />.. EARNEST MONEY CONTRACI'-eOMMERClAL IMPROVED PROPEKrY
<br />, THIS CONTRAcr FORM HAS BEEN PREPARED FOR USE BY MEMBERS Of THE HOUSlON BOARD Of REAL1ORS, BY ITS LEGAL
<br />COUNSEL, AN ATIORNEY AT LAW LICENSED IN TEXAs, AND APPROVED FOR USE IN A 11lANSAcrION INVOLVING THE SALE
<br />Of OOMMERCIAL IMPROVED PROPERTI'. SUCH APPROVAL RELATES 10 THIS OON11lAcr FORM ONLY. THIS FORM HAS NOT
<br />BEEN ,DRAfTED FOR A SPECIFIC TRANSACTION AND NO REPR1!SENTATION IS MADE AS 1'0 mE LEGAL VALIDITY OR
<br />ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION, TERMS AND PROVISIONS nlAT ARE Nor APPLICABLE
<br />SHOULD BE STRICKEN BY THE PARTIES, THE PAJmES ARE ADVISED 1'0 CONSUI:I' THEIR ATI'ORNEYS BEfORE SIGNING.
<br />
<br />NIKI D' LAYNE' WARDEN
<br />1. PARTIES. NEAL HINSOO and' wife, SEIMA JOYCE HINSON, and DARRELL WARDEN and wife, (Seller)
<br />apes co lell and convey rn CITY OF IA PORl'E. a municiPal corporation .
<br />(Buyer) and Buyer apes co buy from Seller the following property for ,the considemtion and upon and subject 10 the terms, provisions, and
<br />conditiOns hereinafter let forth. " '
<br />
<br />2. PROPEK1"Y: A mct of laiid situated in La FOrte, Harris '. County, Tc:xas, IOgether
<br />with all buildings, improvements, fixtUres, and all propertY of 'every kind and character and 'description owned by Seller located on. attached
<br />co, or used in connection with the ~; and all privileges, and appun:enancc;s penaining theselO including any right, title and intereSt of
<br />Seller in and 10 adjacent sneets, alleys. or rightJ.of~, Seller's interest in and U) all leases or rena. and security depDlits. Seller's interest in
<br />arid 10 alllicensa and pennits with respeCt to 'th~ Prorenv, Sell~r.s inrerest in all service, maintenance, management'or other contraca relating
<br />10 the ownetShip or operation of the Property, Seller's inrerest in all ",..nanties or gulllanties relating 10 the Property or 10 any lBnIible peaonal
<br />pzopa:tY and fixtures located on, attached to, or used in connection with the Property, and Seller', interest in any U8de names used in connection
<br />with the Property; all of the above hereinafter collectiveh' called "Property", described as follows anc:llor as set out on Exhibit "A" attached hereto
<br />uu1inc:orpollM herein:
<br />
<br />lots 1-5 and lots 29-32 and the abandoned alley between IDts 1-5 and
<br />lots 29-32, Block .1158, 'l'CWN OF IA PORl'E, in Harris County,' Texas,
<br />according to the map thereof recOrded in Vol. 60, Pg. 112 of the Deed
<br />Records of Harr~~ County, TexaS, SAVE ANDEXCEPl' the E.10' -of IDts 29-32
<br />thereof cdnveyed to the State of Texas as, recorded in Vol. 1005, Pg. 530,
<br />Vol. l:000, Pg. 214, Vol. 995" Pg. 601, arid Vol. 1003, Pg. 87, Deed Records.
<br />The metes and bounds description, derennined by the ."NeV .of the Property hereinafter prov~ed for wlll RPlIK;tl Exhlbit -A" atiached heretO '
<br />in the ~t it should differ from the ateached exhibit. Any propertY to hi: ,excluded from this sale should be let forth under Special Provisions below.
<br />
<br />3. CONTRACT SALES PRICE:
<br />
<br />A.. Cash payable at closing... .,..... .'~.;,..;...................................... ............ ..... .:.$
<br />
<br />'B. Sum of all nota described in Pamgmph -4 beiow...... -..........~. ........ ........ ...... .'.. ...... $
<br />
<br />c., Sales Price (Sum of A and B)... ~.......... ..... ..................... ..... ........... ...... ....$
<br />
<br />100,000.00
<br />,65,000.00
<br />165.000.00
<br />
<br />-4. 'FINANCING: ' '
<br />o A. SUBJECT 10: 'Buyer um subject 'to, ana ~ not, assume paym,ent of. ihe unpaid balance Qf ~t ~ro~iisory II\Ote -
<br />Gared ,and
<br />d!* not assume thole obligations in\posed by the Deed ofTNSt, securi1'\lplWlnCl\t or said note,:=:cmIcd in the c:oumy where the P10peRy
<br />is situared. Buyer s'hall :pay the insmUment :payment .due after 1:he 4ate .of ~1osing. The prlnctpal hUance at closlril
<br />will be $ , :allowing lor :an agreed S wriancc. The cuh :payable at dceing ihall be adjusted
<br />for the 'amount 'of 'Such 'Variance.. Should this:not be :acceptable, to me note holder, :or lf .the wriance cxcceds the amount ,above, or
<br />should thetenns 'Of th~ nore :or Qeed Df 'nust <01' interest :ate be modified. Dr should :Buyer .be ,required '10 pay a mnsfer f~e ,in
<br />Gcm <of $ , , 1:his 'ContraCt may !be _mated :at Buyer;' 'qnion:and the Eamest Monev ..hall he :n:funded to Buyer.
<br />o B. ASSUMPTION: Buyer shRIl.assum~ ~he .unpaid Dalance .of 1:hat promiuory ;l\or.epayable ." ,
<br />dated ,,' and 1:hose obiigations ~mposec1by 'the Deed .of TNSt :recorded:in \blum~
<br />, Pag~ <of me Deed 6fJNSt Reccm1s in lthe co~ty where ihc Property :Is :situareCt. 'Buyer sh~ll,pay me :inltallment
<br />payment due .aher the 4Iate :of c1osinl. The ;assumec1-princlpal balance :at .clO1i1'\l1lVlll :be :s . :8Ilowlng fQr an agreed
<br />:$ wriilnce. The ash ~ie at d~ing :ihBll be :adjusreCt :for :the .amount J:4 :suCh 'VlIriancc. :Buyer .ihBlI ~ly for
<br />auumption approval wlthll" Gays:&om lthe ,effectlve.date :hereofmUl -iha1l.makecveryrreuonable ,effort.1O obtain,du:.IlIIDC. lfthe
<br />wriance, exceeds th~ above :amount, t01' ith~ -existing Jnrerest :rate :is 'increased :above !!KI, U .any .other:II:IIDI ale modifieCl. lOr
<br />" 'Buyer -inequirecho ,pay:an assuzn~ion:fee.in 'excess of$' " , ,.or:aisumptlon 1ippmva1 annat be:o'btainec1 Wkhln' ,
<br />.days from the effective 4ate hereof, :this 'Connacnnay.be :wmlnated:at :Buyer'.. ~t1on:ana ihc Earnest Mcmey.aha1l be'ftifuniJecl :m:Buyer.
<br />tJ ;c~ nilRD P.Alln' ENi\NClNG: Thil ~tract:lis .ubj~ :ro a~hof III iloan ~~ ~~ ':qy'~' Shhd ~'Jiii;~':aw;unt.of ,
<br />, ., $ , lPaya'bledn' i1nmillmenu:farnotJeuihan '}'elIII',wlthsh~:lntetesuate:nOt~cxCeed"'" ...... ~')6 ;
<br />,per .annum, :and 'with eaCh :princlpa' :anil.1merest iinlta11ment mot :l:ocxcc~ '$' .:0 Uu!ludinldnterelt ~!p1us;lnrerest. !
<br />:Buyer :shall apply :for lih~ iloan 'WIthin, .days :from :the -effective :date hereof:and ..hall :malce every :reasonable cR'ort :co IObtain
<br />.. .., :approval.llf the :Joan 'Ihu mot !been alpprovaa 1lVlihin ..'. .. .days imm :the effective ,Gate:hereOf: dlis ,Conaact shBll_lnate:ana
<br />-'........'- ,,-, :th:Ea IU :1...~IIIL- --:I__:J d "
<br />. e mest-'YIoncysnII IIJII::n:JUIlliIe rto:Suyer; ..-,.... ..--. ..-.... ..... '.., ,....,-....-...-, ,.,._,.~.- ' :'....J., ,..r'
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<br />_~,.. ri:.' SELlEJlENANcNO:iB~:ih8ll~~~~:note':uiseileriln:the;prinCipal:s~dJ,65..00() .'00 -~;~' ,.,'-:..O'~ '')6 !
<br />~tereit;per:annum,:anaiP.yaDle:((OheCki.'2;3;ana/or~:below,. ~:':'" ," " ,,' .. . ;',:..' ,~:,:,;: f': ' :
<br />, 1I3 i,(l) ilnlwlloon:thf' 1st dayldl . JulY ,.,..,..,.~9. 92.',',. '.;;~ia,_..~.M..jJ:I:.~~._~h..I:.. iJM. -~ r_,.A:L'
<br />. I. .,., ." ."',
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<br />, D :including ,in~~D ;plus :inb:resJ
<br />,J9. .;and contlnulnITC\rUlarIY1:hereafter:untll
<br />,"<When :the;entlre:amount of princlp8l.anddnrnst:thenmnalnlng
<br />
<br />:0 '(2) .In :0 monthly ,0 :annuli I :0 ,other'
<br />.each, hCR,innini:,nn rrhc: ' .ollv,tll
<br />:ihf' iJay,cj( .'
<br />'I/nl!~id, 'lIhall ,he rrhen ,du~ ;and IPBvablc."
<br />
<br />:installmenu .of:S
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<br />Pal!c J o( 6
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<br />3/84
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