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

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- ig;~~~~ Commercial Unimproved Contract Concerning B. At closing, Seller will deliver, at Seller's expense, a ~neral 0 special warranty deed. T.f.\'ttCleed must include a vendor's lien if any part of the sales price is financed. The deed must convey good and indefeasible title to the Property and show no exceptions other than those permilled under Paragraph 6 or other provisions of this contract. Seller must convey the Property at closing: (1) with no liens, assessments, or other security interests against the Property which will not be satisfied out of the sales price unless securing loans Buyer assumes; (2) without any assumed loans in defaUlt; and (3) with no persons in possession of any part of the Property as lessees, tenants at sullerance, or trespassers except tenants under the written leases assigned to Buyer under this contract. C. At closing, Seller, at Seller's expense, will also deliver: (1) tax statements showing no delinquent taxes on the Property; (2) an assignment of all leases to or on the Property; , (3) to the extent assignable, an assignment to Buyer of any licenses and permits related to the Property; (4) evidence that the person executing this cont@ctis legally capable and authorized to bind Seller; and (5) any notices, statements, certificates, or other documents required by this contract or law necessary to convey the Property, all of which must be completed by Seller as necessary. D. At closing, Buyer will: (1) pay the sales price in good funds acceptable to the escrow agent; (2) deliver evidence that the person executing this contract is legally capable and authorized to bind Buyer; and (3) execute and deliver any notices, statements, certificates, or other documents required by this contract or law necessary to close the sale. E. Unless the parties agree olherwise, the closing documents v.rill be as found in the basic forms in the currentedilion of the Slate Bar of Texas Real Estate Forms Manual without any additional clauses. 10. POSSESSION: Seller will deliver possession of the Property to Buyer on DA-r;z:; OF'- (" ./O'}/ /1/ G in its present or required repaired condition, ordinary wear and tear excepted. Until closing;\Seller will operate the'Property in the same manner as on the effeCtive date. Any possession by Buyer before closing or by Seller'after closing that is not authorized by a separatewrilten lease agreement is a landlord-tenant at sufferance relationship between the'parties. 11. SPECIAL PROVISIONS: (Identify exhibit if special provisions are contained in an attachment.) '. ITAR-1802) 11-5-99 InlllaJed lo<ldentW",""", by Buy..- r-1Yt and SeU.. ldL,1I1f TAR, P.O. Box 2246, Austin, TX 78768-2246 Page 50