|
<br />......... ......-.:
<br />
<br />...J.;;: 'SALES EXI'ENSES TO BE PAID IN AI AT OR PRIOR TO CLOSING:
<br />
<br />A. Seller'l Expenlu: '
<br />(I) Any in~peclloiu, repom and repairs required of Seller herein, and in the Addendum. '..
<br />(2) All COlt of relea~ing uilling loanl and recording the rdeue~; lax SlalemenUi 1/2 ohny elcrow feci preparalion of Deed; copin ofrestric.
<br />lionl and ea~emenll; olher upenlel ~Iipulaled 10 be paid by Seller under other provilions ofthil conuacl.
<br />B. Buy:r'l Expenlel: All upenlu incidenllo any loan (e.g" preparalion of No Ie, Deed ofTrusl and'olher loan documenls, recording fees, MOrl'
<br />gagee's Tille Polity, credil reports); 1/2 of any elcrow feci one year premium for hazard insurance unless insurance is proraled; and expenses
<br />slipulated to be paid by Buyer under olher provisions oflhis contract.
<br />C, If any sales expense~ exceed Ihe maximum amounl herein Slipulaled 10 be paid by eilher pany, eilher pany may terminale Ihi~ contraCI
<br />unless Ihe olher pany agrees 10 pay such excess.
<br />
<br />13, PRORATIONS: Insurance (at Buyer'~ option), taxes and any renu and mainlenance fees, shall be prorated to the Closing Dare.
<br />
<br />14,! TItLE APPROVAL: If Abstract is furni~hed, Seller shall deliver same to Buyer within 20 days from the effective date hereof. Buyer shall have
<br />20 day~ from dale of receipl of Absuact 10 deliver a copy of the Iille opinion to Seller, stating any objections to title, and only objections so staled
<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 covenanu affecling the Propeny (ii) any discrepancies, conflicts or shortages in area or boundary lines or any encroachments, or any
<br />overlapping of improvemenu (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 a~ security for the sale consideration and (vii) any reservalil'ns or exceptions contained in the Deed. In
<br />either instance, if title objeclions arc disclosed, Seller shall have 30 days to cure the same. Exceptions permilled in the Deed and zoning or.
<br />dinance~ shall not be valid objeclions to title. Seller shalt furni~h al Seller's expense tax statemenlS showing no ddinquentt3Xes and a General
<br />',Warranty Deed conveying lille subject only to liens securing debt crealed as pan of the consideration, taxes for the current year, usual restrictive
<br />: covenanlS and utililY easemenu common to the plaited subdivision of which the Propeny is a pan and any other reservations or exceptions ac'
<br />i ceptable to Buyer. The NOle shall be secured by Vendor's and Deed of Trust liens. In case of dispute as 10 the form of Deed"Deed of Trust or
<br />: NOle, such shall be upon a form prepared by the Slate Bar of Texas.
<br />
<br />15. ; CASUALTY LOSS: If any pan of Propeny i~ damaged or destroyed by fire or other casualty loss, Seller shall restore the same to ils previous
<br />; condition as soon as rea~onably possible, bUI in any evenl by Closing Dale; and if Seller is unable to do so wilhout fault, this conuact shallter-
<br />minate and Earnest Money shall be refunded with no Broker's fee due.
<br />
<br />16. . DEFAULT: If Buyer faib to comply htrewith, Seller may either enforce specific performance or terminate Ihis contract and receive Ihe Earnest
<br />. Money as liquidated damages, o'ne.half of which (bul not exceeding the herein recited Broker's fee) shall be paid by Seller to Broker in full pay.
<br />I 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 Ihe time herein specified, Buyer may c:ither terminate this conuact and receive the Earn,est Money as Ihe sole remedy"and no,
<br />: Broker's fee shall be earned, or extend the time.up to 30 days, If Seller fails to comply herewith for any other reason, Buyer may (i) terminate
<br />: this contracl and receive the Earnest Mane}', Ihereby releasing Seller from this contract (ii) enforce specific performance hereof or (iii) seck such
<br />olher rdief as may be provided by law. If completion of sale is prevented by Buyer's default, and Seller clem to enforce specific performance,
<br />the Broker's fee is payable only if and when Seller collecls damages for such default by suit, compromise, selllement or otherwise, and after first
<br />deducting the 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.
<br />
<br />17. ATTORNEY'S FEES: Any signatory to this contract who is the prevailing pany in any/legal proceeding against any ethcr signatory brought
<br />under or with relalion to this contract or transacJion shall be additionally entitled to recover coun costs an~ reasonable allorney,fees from the
<br />non.prevailing pany. . -,
<br />IS. ESCROW: Ear~est Money is deposited with Escrow Agent with the understanding thin Escrow Agent (i) docs not assume or have any liability
<br />for performance or nonperformance of any pany (ii) has the right to require the receipt, release and authorization in writing of all panics befo~e
<br />paying the deposit to any pany and (iii) is not liable for inlereSI or other charge on the funds held, If any pany unreasonably falls 10 agree 10
<br />writing 10 an appropriate rdease of Earnest Money, then such pany shall be liable 10 the other panics to the extenl provided in pa,ragraph 17.
<br />Al closing, Earnest Money shall be applied to any cash down payment required, next to Buyer's closing COSlS and any excess refunded to Buyer,
<br />Before Buyer shall be entitled 10 refund of Earnest Money, any actual expenses incurred or paid on Buyer's behalf shall be deductcd therefrom
<br />and paid to the creditors entitled thereto.
<br />
<br />19. REPRESENTATIONS: Seller represcnts Ihatthere will be no Title I liens, unrecorded liens or Uniform Commercial Code liens agail\st any of
<br />the Propeny on Closing Date. If any representation above is unuue this connact may be lerminated by Buyer and, the Earnest Money shall be
<br />r~funded without delay. Representations shall survive closing.
<br />
<br />AGREEMENT OF PARTIES: This conlraCl contains the entire agreement of the panics and cannot be changed except by their wrinen consent.
<br />
<br />CONS1:JLT YOUR ATTORNEY: This is intended to be a legally binding conuact. READ IT CAREFULLY. If you ,do not understand the ef.
<br />. feCI of any pan, consult your allorney BEFORE signing. The Broker cannot give you legal advice - only factual and business del ails concern-
<br />, ing land and improvements. Anorneys to represent panics may be designated below, and, so employment may be accepted, Broker shall
<br />: promptly deliver a copy of this contract to such allorneys.
<br />
<br />Seller's AllY: .
<br />
<br />EXECUTED in multiple originals effective the$ .:lay of
<br />LAST PARTY SIGNS),
<br />
<br />e
<br />
<br />20.
<br />21.
<br />
<br />Buyer's AllY: Rnox W. Askins
<br />-\11.14' ... ~o.h , I ~e'B
<br />
<br />(BROKER FILL IN TilE DATE
<br />
<br />U'~B~~a:J1~L
<br />
<br />3/ ?>D7 B-
<br />License No.
<br />
<br />~/?~~
<br />lIer J. P. QIUDLEIGH
<br />
<br />By
<br />
<br />If/k
<br />
<br />License No.
<br />
<br />Seller 0
<br />
<br />9210 .fJ-athe, Houston, Texas, 77055
<br />Seller's Address
<br />
<br />(464-019l
<br />.679 ~
<br />Tel.
<br />
<br />Co-Broker
<br />
<br />Receipl of S
<br />
<br />Earnesl .\\oney is acknowledged in the form
<br />
<br />BuY" CIT[ ~
<br />BUY"~ · · ~
<br />
<br />By
<br />
<br />of
<br />
<br />Tel.
<br />
<br />Buyer's Address
<br />
<br />Date
<br />
<br />Escrow Agent
<br />
<br />By
<br />
<br />T~e form o"t~is canlraCI ,ha~ been app~o\"l:d by Ihe Texas Real ESlate Commission and the State Bar of Texas. Such appro\'al relates to
<br />thiS contra.:t ~orm only, :-;0 Jl:pre~enlallon IS made as to the legal \'alidil): or adequac~' of any pro\'ision in an)' specific transaclion. Ii is
<br />nOI suilablc lor complex IransaCllons, EXlensi\'c riders or addiliof!s arc not to be used. (S.iS) TREC 1\0, 6.0
<br />
<br />"'"
<br />
|