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

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-- Commercial Unimproved Contract Concerning (b) In connection with Buyer's inspections, studies, and assessments, Buyer must: (i) employ only trained and qualified inspe'ctOrs and assessors; (ii) notify Seller, in advance, of when the inspectors or assessors will be on the Property; (iii) abide by any reasonable entry rules or requirements that Seller may require; (iv) not interlere with existing operations or occupants of the Property; and (v) restore the Property to its original condition if altered due to inspections, studies, or assessments that Buyer completes or causes to be completed. (c) Except for those matters that arise from the negligence of Seller or Seller's agents, Buyer is responsible for any claim, liability, encumbrance, cause of action, and expense resulting from Buyer's inspections, studies, or assessments, including any property damage or personal injury. Buyer will indemnify, hold harmless, and defend Seller and Seller's agents against any claim involving a matter for which Buyer is responsible under this paragraph. (3) Riaht to Terminate: Buyer may terminate this contract for any reason within '5' 0 days after the effective date by providil)g SsJler with written notice of termination. If Buyer terminates, the earnest money will be refunded to Buyer less $ I u o);t that Seller will retain as independent consideration for Buyer's right to terminate under this paragraph. The independent consideration is to be credited to the sales price only upon closing of the sale. Buyer has tendered the independent consideration to Seller upon payment of the full amount specified in Paragraph 5 to the escrow agent. If Buyer does not terminate within tne lime required, Buyer accepts the Property in its present condition. (4) Retum of Property'lntormation: If this contract terminates for any reason, Buyer will, not later than 10 days after the termination date: (a) return to Seller all those items described in Paragraph 7B(1) that Seller delivered to Buyer and all copies that Buyer made of those items; and (b) deliver copies of all inspection and assessment reports (excluding economic feasibility studies) related to the Property that Buyer completed or caused to be completed. This Paragraph 7B(4) survives termination. (5) Contracts Affectina Ooerations: After Buyer's right to terminate under 7B(3) expires, Seller may not enter into, amend, or terminate any other contract that affects the operations of the Property without Buyer's prior written approval. 8. BROKERS: A. The brokers to this sale are: listing Broker License No. liisting Broker. o represents Seller. "Q acts as an intermediary between Seller and Buyer. Other Broker Other Broker represents Buyer. License No. B. Fees: (Check (1) or (2) only.) D (1) Seller will pay Listing Broker the fee specified by separate written commission agreement between Listing Broker and Seller. Listing Broker will pay Other Broker the tee specitied in the Agreement Between Brokers found below the parties' signatures to this contract. D (2) At closing, Seller will pay: listing Broker a total cash fee of: D _ % of the sales price. D Other Broker a total cash fee of: D _ % of the sales price. D The cash fees will be paid in brokers from the Seller's proceeds at closing. County, Texas. Seller authorizes escrow agent to pay the NOTICE: Chapter 62, Texas Property Code, authorizes a broker to secure an earned commission with a lien against the Property. C. The parties may not amend this Paragraph 8 without the written consent of the brokers affected by the amendment. 9. CLOSING: A. The closing of the sale will be on or betore Oa.G#/?t::/Z I q I ?-DD? or within 7 days after objections to title have been cured. whichever date"is later (the closing date). If either party fails to close by the closing date, the non-defaulting party may exercise the remedies in Paragraph 15. fTAR-1802) 11-5-99 InID.1ed lo"dentlllcation by Buyer '0ftl and Sol1er m.. /JlJf TAR. P.O. Box 2246, Austin, TX 78768-2246 Page 4 of