08-03-09 Special Called Regular Meeting of the La Porte Development Board of Directors

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.- Commercial Unimproved Contract Concerning (2) The survey required under Paragraph 6B(1) must be made by.a Registered Professional Land Surveyor acceptable to the title company. The survey must: (a) identify the Property by metes and bounds or platted lot description; (b) show that the survey was made and staked on the ground with comers permanently marked; (c) set forth the dimensions and total area of the Property; (d) show the location of all improvements, highways, streets, roads, railroads, rivers, creeks or other waterways. fences. easements, and rights-cf-way on the Property with all easements and rights-of-way referenced to their recording information; (e) show any discrepancies or conflicts in boundaries, any visible encroachments, and any portion of the Property lying within the 100-year flood plain as shown on the current Federal Emergency Management Agency map; and (f) contain the surveyor's certificate that the survey is true and correct. C. Buyer's Obiections to the Commitment and Survey: (1) Within 5' 0 days after Buyer receives ali of the items required in Paragraphs 6A and 68 (the commitment, copies of the documents evidencing the title exceptions, and survey), Buyer may object in writing to matters disclosed in the items if: (a) the matters disclosed constitute a defect or encumbrance to title other than those permitted by this contract or liens that Seller will satisfy at closing or Buyer will assume at closing; or (b) the items show that any part of the Property lies in a1 OO-year flood plain. (2) Seller may, but is not obligated to, cure Buyer's timely objections within 20 days after Seller receives the objections. The closing date will be extended as necessary to cure the objections. If Seller fails to cure the objections by the time required, Buyer may terminate this contract by providing written notice to Seller within 5 days after the time by which Seller must cure the objections. If Buyer terminates,the eamest money, less the independent consideration paid for Buyer's right to terminate under Paragraph 7B(3), will be refunded to Buyer. (3) Buyer's failure to timely object or terminate under this Paragraph 6C is a waiver of Buyer's right to object except that Buyer will not waive the requirements. in Schedule C of the commitment. 7. PROPERTY CONDITION: (Check A or B only.) o A. 'Pre5E!nt Condition: (Check (1) or (2) only.) ~ Buyer accepts the Property in its present "as-is" condition. O;(2) Buyer accepts the Property in its present condition except that Saller, at Seller's expense, will complete the following before closing: o B. Feasibility Period and RiQht to Terminate: N(,1 (1) Deliverv of Prooerty Information: Within days afler the effective date, Seller will deliver to Buyer the following items to the extentthat the items are in Seller's possession or are readily available to Seller. Any item not delivered is deemed not to be in Seller's possession or readily available to Seller. The items Seller will deliver are: (a) copies of all current leases pertaining to the Property, including any modifications, supplements, or amendments to the leases; (b) copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller will not pay in full on or before closing; (c) copies of all previous environmental assessments, studies, or analyses made on or relating to the Property; (d) property tax statements for Ihe Property for the previous 2 calendar years; and (e) (2) Insoections. Studies. or Assessments: (a) Within days after the effective date, Buyer, at Buyer's expense, may complete or cause to be completed inspections, studies, or assessments of the Property. Inspections, studies, or assessments may include, but are not limited to: (i) physical property inspections; Oil economic feasibility studies; (iii) environmental assessments; and (iv) engineering studies. ITAC_1Dn?\ 11_1;..00 !)A Initialed for Identification by Buyer . . ~ and Seller.ill.....ri..M- TAR. P.O. Box 2246, Au tin, TX 78768-2246 Page 3 I