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<br />'6 "-'
<br />
<br />(v)
<br />(vi)
<br />(vii)
<br />
<br />Not enter intn any written or 0111 service contract or other agreement with ~SreCI to the Property that will not he fully performed
<br />by Seller nn .or ~fnre the'CI05ing Date, or thar will not be cancellable by Buyer without liability on or after the Closing Date, without
<br />th,e prior wrinen consent of Buyrr; ,
<br />
<br />Nor enter mto, or alter, amend, or otherwise modify, or supplement any lease without the prior wrin~n consent of Buyrrj
<br />
<br />Nor Rnlnt an}' bonus, free month's rental, rebate or orher concession to any present or' future tenanr of the Property;
<br />
<br />Advise Buyer promptly of any litigation, arbitration, administnltive hearing, or legislation before any governmental body or agency
<br />of which ~eller becomes aware, concerning or affecting the Property which is Instituted or threatened after the date he~of;
<br />
<br />Keep, observe, and perfonn all its ~bligations under the loan(s) assumed or taken subject to;
<br />
<br />Not 'take; or o!1'lt to take any action that would have the ~ffect of violating any oE the repnisentations, warranties, covenants, and
<br />agreements of Seller contained in this Contract, ' '
<br />
<br />(iv)
<br />
<br />. (viii)
<br />. (ix)
<br />
<br />19. USE OF PROPERTI': Seller 0 has IX has not claimed'the benefit of laWs pennining a special use valuation for the purposes of payment of ad
<br />valorem taxes on'the Property, and if so, Seller ~presents that he was legally entitled to claim such benefits. If Seller claimed such benefit and
<br />aner the pure"hase is closed, Buyer changes the use of tne Property and the same results in the assessment of additional taxes, such additional
<br />taxes 'will be the obligation of the Buyer. The representatIon herein shall survive closing.
<br />
<br />20.
<br />
<br />PROPERTI' SURVEY: Within days from effective date hereof, Seller, at Seller's sole cost and expense, shall cause to be delivered
<br />to Buyer a cunent plat or survey of the Property, prepared by a surveyor acceptable ro the parties and the Title Company closing this mnsaction,
<br />The survey shall certify to the Buyer and Title Company that: (i) the survey was made and staked on the ground; (i1) the plat shows the location
<br />of all improvements, highways, streets,- roads, railroads, rivers, creeks, or other waterways, (ences, easements, and rights-of.way on or adjacent to
<br />the Property, if any; (iii) there are no visible discrep~ncies, conflicts, or encroachments except as shown on the survey plat; (iv) the Property does
<br />not lie in the 100 year flood plain as established by the U. S. Anny Cotp of Engineers or any other governmental body; (v) the survey plat is
<br />a tNe, conect"and accurate representation of the Property; and (vi) the survey sets forth the number of total acres/square feet comprising the
<br />Property, together with a metes and bounds de~cription thereoE. All casements and rights-of~y shall be referenced to the recording information
<br />applicable to the documents creating such easemc;nts ot rights-of-way which have been recorded with the County Clerk of the County in which
<br />the Property is located, The survey shall locate and mark all comers and angles of the Property's perimeter on the ground with p"cnnanent, buried iron
<br />surveyor's stakes.
<br />
<br />SUrvey wai verl by buyer.
<br />
<br />21. CONDEMNATiON: If prior to Closing Date condemnation proceedings are co~menced against' any ponion of the Propeny, Buyer may, at 'rs
<br />o"tion, tenninate this ,~gteement by written notice to Seller within days aner Buyer is advised of the commencement of condemnation
<br />proceedings and the' earnest money shall be refunded to Buyer, or ,Buye~ shall have the right to appear and defend In. such condemnation pro-'
<br />ceedings, and any award In condemnation shall, at the Buyers election, become the property of Seller and reduce the purchase price by the same .
<br />amQunt or shall become the property of Buyer and the purehase price shall not be reduced, ' '
<br />
<br />22. cAsUALTY LOSS: R.isk '011011 by 'damage or destrUction to rhe Property prior to ,the dosing shall be borne by Seller, In the event any such
<br />damage or destrUction 'is not lul.\y repaiiCd prior to closing, Buyer! at, its option, may either (i) tenninate this Agreement, in which event the
<br />Earnest Money shall be relunded to Buyet, and neither party shall hive Iny fu~her rights or obligations punuant to this Conmct, or (Ii) ,elect
<br />to dose the mnsacrion', In which event Seller's right to,all insurance proceeds resulting from such damage or destrUction shall be assigned In
<br />writing by Seller to Buye.
<br />
<br />23. MISCEllANEOUS:
<br />
<br />A, Any norice required or pennined to be delivered hereunder shall be deemed received when personally delivered or sent by United State
<br />mail, postage prepaid, certified mail, return receipt requested, addressed to Seller or Purchaser, as the qase mav be, at the address set Iorth
<br />below th,e signature of such party hereto,
<br />
<br />B. This ConmC:t shall be construed under and in accordance with the laws of the Srate of Texas, and all obligations of the parties created
<br />hereunder are pcrfonnable in Harris County, Texas.
<br />, ' '
<br />C. This Conmct shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executOrs, adminisaators, legal
<br />representatives, successors, and assigru. "
<br />
<br />D. In case anyone or more the provisions contained in this Contract shall for any reason be held to be invalid, illegal, and unenforceable in
<br />any respect, such invalidity, illegality, or unenforceability shall not affect any other provision hereof, and this Conaact shall be consm'cd
<br />as if such invali~, illegal, or unenforceable provision had never been contained herein,
<br />
<br />E. This Conmct consritines the sole and only agreement of the parties herero and supersedes any ,prior undemandlngs or wrItrcn or oral ~mcnts
<br />betWeen the parties respecting the within subject maner and cannot be changed except bY their wrinen consent.
<br />
<br />F. Time is of the essence of this Conmct.
<br />, ,
<br />0, Words of any gender used in this Conmct shall be held and constrUed to Include any other gender, and words in the singular number shall
<br />be held to' include the plural, and vice versa, unless the' context requi,res otherwise, ,
<br />
<br />H. In acc~rdance with t\:le requirements of the Texas Real Estate License At:.t, Buyer is hereby advised by Broker: (I) that it should be furniShed
<br />with or obtain ~ policy of title insurance or have the abstract covering the Property examined by any attOrney of its own selec~ion, and (2)
<br />that unless otherwise agreed to in writing by the parties hereto, Broker and Co-Broker are being paid by Seller and are representing Seller
<br />in this mnsaction. .
<br />
<br />24. ASSIONMENT:,
<br />
<br />[J A, Buyer may not assign this contract.
<br />
<br />DB. Burer may assign this ~n~~t and all righ~s h~reunder and shall be relieved of any future liability under rhis Contract provided the
<br />assIgnee shall assume an writing all the obligations of Buyer hereunder.
<br />
<br />25. TERMINATION OF OFFER: Unless accepted by Seller, as evidenced by Seller's signature hereto and delivered to Buyer by 5:00 P.M., the
<br />
<br />, , day of ' , .' , 19 , this offer to purchase shall be null and void and all parties hereto shall stand
<br />relieved and release~ of any and all liability o.r obligations hereunder and all Earnest Money shall be returned to Buyer.
<br />
<br />,26, CONSULT YOUR ATTORNEY: This is intended to be a legally binding conmct. READ IT CAREFULLY. NO REPRESENTATION OR
<br />RECOMMENDATION IS MAD; BY BROKER OR ITS AGENTS OR EMPLOYEES AS 10 TIlE LEGAL SUFFICIENCY, LEGAL EFFECT.
<br />OR TAX CONSEQUENCES. OF THIS DOCUMENT OR THE n,ANSACTlON REL4.T1NG THERETO. THESE ARE QUESTIONS
<br />FOR YOUR ATIOR.NEY. CONSU~T YOUR ATTORNEY BEFORE SIGNING. The Broker cannot give you legal advice - only factual
<br />and ~usiness details conc~ming land and improvements.
<br />
<br />l':lI!" ; 0'( ,.,
<br />
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