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<br />installments o( $
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<br />Installments o( $ ., , elch,
<br />, ,,19 " , and condnulna resularly thereafter until the
<br />, 19 , and thereafter in 0 monthly 0 ~nUll 0 other:
<br />, 0 including Interest 0 plUl Interest, beginnlna on the
<br />, 19 , Ind contlnulni reSUlldy thereaher until tb.. day o(
<br />, w~en the entire amount ,of principal and Interest then leI1\alnlng unpaid shall be
<br />
<br />:....: I
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<br />0, (3) Interest only In 0 monthly '0 annUal 0 other:
<br />beginnlni on chI' ' 'day 0(' ,
<br />day of.
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<br />. "I=,t
<br />
<br />day of
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<br />, 19
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<br />due Ind payable. . ' _...-.. ..-..-, .. ...., , .' ,
<br />o (4) The Note shall provide for no penonal or cOrporate liability 1ft' theeYent of a default.. It being undmcood that the holder of the
<br />Note may look only to the security provided by the Deed o(Tnllt and retained. vendor's lien 10 enforce the payment of the indebtedness.
<br />o '(5) The Deed of Tnllt securing payment of the Note shall provide that If all or any part of the PiOPCrty or an Interest therein II sold
<br />or transferred by Buyer without the prior written consent of the holder of the Note, the holder of the Note may, at Its option,
<br />declare all the sums secured by the Deed o( Tnllt to be Immediately due and plyable.
<br />, Any Seller financed note may be prepaid in whole or In part It any time without penalty. Any prepayments are,lO be applied taWBId the payment
<br />of the inltallments of princlpallut maNring, but Interest shalllmmedlltely ceuc upon amount of principal prepaid, The lien securing payment
<br />of such note will be Inferior to any lien securinl any loan assumed; talce~ subject to or glven,ln connection with thUd ~arty flnancinll. Each '
<br />nOte herein provided shall be secured bv ~ndor's and Deed ofTnllt liens and assignment oflelSCl. A ~ndor's Li~ and Deed ofTnllt to secure
<br />any assUmption, or Buyer's penonnance If taken subject to, shall be required, which lien shall be aUlOmatlcally rel~ on execution and delivery
<br />of. a release by noteholder. In case of disputl! as to the fonn of the Deed, Note(s); or Deed of Tnllds), fonns "repaled bv the State Bar of Texas
<br />. shall be used. Each note herein provided shall contain provision for acceleration of maNrity In the event of default and for the payment of
<br />. reasonable attOmey's fees If the note is placed In the hands o( an attomey for collection.
<br />
<br />5. EARNEST MONEY: h a condition pre~ent to the validity of this Contract, $ l, 000 .00
<br />u Earnest Money wid> C"1'Tll1lDnweal th Land Title ~y
<br />bearing account, upon execution of the Contract by both parties.
<br />
<br />6. aDSING: The closing of the sale (the "Closing Date") shall take' piace at the Tide Company on or before October 15 19 91
<br />unless such date is changed in writing by ~eller and Buyer, or otherwise extended as herein provided.
<br />'A. At the closing, Seller shall deliver to Buyer, ai: Seller's sole cost and expense, the following:
<br />
<br />(1) A duly executed and acknowledged General Warranty Deed conveying good and indefeasible tide In fee simple to all of the 'Property,
<br />free and clear of any and IlIlicns, encumbrances, conditions, easemenu;assessmenu, reservations and restrictions, except u pennltted
<br />herein and/or approved by Buyer In, writing; ,
<br />
<br />(1) An Owner's Policy of Title Ins~rance (the "Tide Policy") iss~ed bv ecmronweal th Land Ti tie Canpany
<br />(the Tide Company) In the full amount of the Sales Price, dated u of clostni, INuring' Buyer'. fee simple tide 10
<br />the PlOpeny CO be good and indefeasible subject only'lO thC?le title exceptions pennltted herein, or, u may be' appiond by Buyer
<br />in writing, and the srandard printed exceptions contained in the Ulual fonn of the Title Policy. provided, however. '
<br />(i) the exception as to area and boundaries XI shall. not be deleted 0 'shall be deleted except for "any _hortBgesln arei" and If
<br />deleted. soch deletion shall be an expense of ' ;
<br />, (b) the exception as ro restrictive covenants shall be endorsed "None of Record", unless any exlstinll restrictiw covenants are
<br />approved by, Buyer; " ' , . "
<br />. (c) the exception as to raices shall be limited to taxes for the current year and subsequent years, and subsequent assessments
<br />for, prior years due' ro changes in land usaire or ownershipi
<br />, (3) A Bill of Sale conrail,inl warranties to title, conveying title. free and clear of all liens, to any personal pmpertY IpcClfled herein
<br />, and an assignment o( feases, prepaid rents, security deposits. and trade name, and 10 che eXtent ass~gnable, licenses and pennlts,
<br />maintenance, management or other contracts, 'warranties or gua~nties, duly executed bv Seller; ,
<br />(4) A current rent 1011 duly certified by Seller;
<br />
<br />(5) If requested by BuYer. to the exrent assignable. l!n assignmenr o( anyone or more of the insumnc~ policies held by Seller penail~lng
<br />tQ the PropertY, duly executed bv Seller; ,
<br />
<br />(~) Fumish evidence of its capacity and authori~ for the closing of this transaction;
<br />
<br />(7) Execute all other necessary dOcuments ro' close this transacrion,
<br />B. At' t~e closing, Buyer shall ,perform the follOwing:
<br />
<br />(1) Pay the cash portion of the Sales Price;
<br />(2) Execute the ,note(s) and deed(s) of tNSt. provided for herein;
<br />
<br />(3) Fumlsh evidence of Its capacity and authority for the dosing of this transaction;
<br />(4) FUrnish 10 Seller and/or Third Pany Lender, at Buyer's expenie, a mortgagee's policy Issued bv Title Company for the benefit of
<br />'the holder(s) of the deed(s) o,f trUSt provided for herein; " , , "
<br />
<br />(5) Execute all other necessary documents to close thl; transaction. ' ,
<br />(6) Execute an assumption agreement for payment:of,any bioke~ge leasing commissions thai become due and payable after the da~
<br />of closinl. '
<br />
<br />, Is herewith tendered and is to be deposited
<br />u Esctow Agent, and placed in an interest
<br />
<br />,. to',' . ' .
<br />'7, 'FEASIBIUTY STUDY AND INSPECTION: Buyer 0 II R Is not'pantcd the right, 10' conduct an 'engineering, and/or iaarlret and economic
<br />faalbility study ("feasibility Study") of the 'PlOperty, and a physical inspection ("Inspection") of alllmpmvementl, flxturCa, mechanical equip'
<br />ment, and personal plOperty being sold hereby. In the event Buyer II gmnted such right Buyer shall tun- days &om the c&crlw
<br />date haeof to perfonn such study and inspection an~ In this regard, Buyer or his designated agents may enter upon the Praperty for pulpo6el
<br />of auch analysis, or other tests and Inspections which may be dee~ed necessary bv Buyer. If Buyer determines, In hlI,sole Judplent, that the
<br />,Property II nor suitable for any reason for 'Buyers Intended uac: or purpose, or II not In satisfactory cOndition. then Buyer may, on written notice
<br />10 Sell~ on or before days &om the efFective date hereof, terminate this agreement, and it shall be null 1M wid for all purposes
<br />" and the Eamest Money shall be reNmed 10 Buyer. If the written notice II not given to Seller within such period, this condition and any and
<br />all objectIOns wldl respect to the feasibility Study Ind Inspection shall be deemed 10 have been waiwd bv Buyer mr aU purpoIeI. In the ew:nt
<br />thll Conaact shall not close, duough no fault of Seller, Buyer shall restOre the PlOperry 10 'Its originalcondltlc;m; If,chanaed due,to the tem
<br />" ", and inlpec:dON performed bv Buyer, and shall provide .seller with a copy of the results of any tests and Insp'ections made by Buyer, excluding
<br />,':' 'any mar~ and economic feaslbllity"studles. The study/inspection shall ~ at buyer's expense. . ..:1\. .. '. r!; , :.', ,"'.";:" 1'"
<br />~:.i.::- .:,.' '.. '....:. ".:, .,":, : .~, ..: .:1.. ~"'. . .. '
<br />8.. BROKEJl'S FEE. Bqy ArPA RAn' (";:l'rVt:. RP-"'Il t:;y ',. .. '. - .., "
<br />BlOlcer ( 96) and
<br />
<br />:" , Co-Bmker ( 96) (collectively 'the ~BlOlcer"); u BlOker, has negotiated this sale and ~ller aP:ea 10 pay Bmker In HmIa County, Texaa,
<br />on consummation of this ..Ie or on Seller's default (unless otherwise provided herein) .. IOtal cuh' fee ,., S6. 000 .00
<br />',_ of the IOtal Sales Price, which ~ Agent shall pay flOm the sales plOCCeds, Each of the partlel represents lO'the other that it has not incunecI
<br />any liability for bmlcerage fees or commissiON '.In connection with this transaction other' than the liability of Seller' u set Curth above. Each
<br />, party indemnlfles and qrees 10 hold the other pa, , hannleu &om any and all claims and/or expense resulting ro the other puty bv reason
<br />of a ~reach of the ~resentatl~ made bv such pattY hen:ln. '.. ' '" ,', ,.. 1~; , ", ,: .. .
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<br />9. l'OSSESSION: The possession of the Property shall be,delivered to Bu~~ ~t fundi~g in i~ present coiulltion~ o:minarJ wear IIUI tear excepted.
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<br />Listlftl
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<br />3184
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