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<br />Co'mmercial Unimproved Contract Concerning
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<br />B. II, withou!J~l.Jlt, Seller is unable within the lime allowed 10 deliver the commitment, Buyer may: ,,,~";"~'
<br />(1) terminate this contract and receive the earnest money, less the independent consideration paid for Buyer's right to
<br />terminate under Paragraph 7B(3), as the sole remedy; or
<br />(2) extend the time for performance up to 15 days and the closing will be extended as necessary.
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<br />C. Except as provided in Paragraph 15B, if Seller fails to comply with this contract, Seller is in default and Buyer may:
<br />(1) enforce specific performance, or seek such other relief as may be provided by law, or both; or
<br />(2) terminate this contract and receive the earnest money, less the independent consideration paid for Buyer's right to
<br />terminate under Paragraph 7B(3), as liquidated damages, thereby releasing the parties from this contract.
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<br />16. ATIORNEY'S FEES: If Buyer, Seller, any broker, or any escrow agent is a prevailing party in any legal proceeding brought under
<br />or with relation to this contract or this transaction, such party is entitled to recover from the non-prevailing parties all costs of such
<br />proceeding and reasonable attorney's fees. This Paragraph 16 survives closing.
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<br />17. ESCROW:
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<br />A. At closing, the earnest money must be applied first to any cash down payment, then to Buyer's closing costs, and any excess
<br />will be refunded to Buyer.
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<br />B. If both parties make written demand for the earnest money, escrow agent may require payment of unpaid expenses incurred
<br />, on behalf of the parties and a written release of liability of escrow agent from all parties.
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<br />C. If one party makes written demand for the earnest money. escrow agent will give notice of the demand by providing to the
<br />other party a copy of the demand. If escrow agent does not receive written objection to the demand from the other party within
<br />30 days afler the date escrow agent sent the demand to the, other party, escrow agent may disburse the earnest money to the
<br />party making demand, reduced by the amount of unpaid expenses incurred on behalf of the party receiving the earnest money
<br />and escrow agent may pay the same to the creditors.
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<br />D. Escrow agent will deduct the independent consideration paid for Buyer's right to terminate under Paragraph 7B(3) before
<br />;disbursing any earnest money to Buyer ana will pay the independent consideration to Seller.
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<br />E. 11 escrow agent complies with this Paragraph 17, each party hereby releases escrow agent from all claims related to the
<br />disbursal-of the earnest money.
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<br />F. ,Notices under this Paragraph 17 must be sent by certified mail, return receipt requested. Notices to escrow'agent are effective
<br />,upon receipt by escrow agent.
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<br />18.' MA:rERIAL FACTS:
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<br />A. To the best of Seller's knowledge and belief: (Check (1) or (2) only.)
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<br />o (1) Seller is not aware of any material defects to the Property except as stated in the attached Property Condition Statement.
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<br />o (2) Seller is not aware of any of the following, except as described otherwise in this contract:
<br />(a) any material physical defects to the Property;
<br />(b) any pending or threatened litigation, condemnation, or assessment affecting the Property;
<br />(c) any environmental hazards or conditions that affect the Property; ,
<br />(d) whether the Property is or has ever been used for the storage or disposal of hazardous materials or toxic waste, a
<br />dump site or landfill, or any underground tanks or containers;
<br />(e) whether radon, asbestos insulation or fireproofing, urea-formaldehyde foam insulation, lead-based paint, or other
<br />pollutants or contaminants of any nature now exist or have ever existed on the Property;
<br />(f) whether wetlands, as defined by federal or state law or regulation, are on the Properly; and
<br />(g) whether threatened or endangered species or their habitat are on the Property.
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<br />(Describe any exceptions to (a)-(g) in Paragraph 11 or an addendum.)
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<br />B. Each written lease Seller is to fumish to Buyer under this contract must be in full force and effect according to its terms without
<br />amendment or modification that is not disclosed to Buyer in writing. Seller must disclose, in writing, to Buyer if any of the
<br />following exist at the time Seller provides the leases to Buyer or subsequently occur before closing:
<br />(1) any modifications, amendments, or default by landlord or tenant under the leases;
<br />(2) any failure by Seller to comply with Seller's obligations under the leases;
<br />(3) any circumstances under the lease that entitle the tenant to terminate the lease or seek any offsets or damages;
<br />(4) any non-occupancy of the leased premises by a tenant;
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<br />fTAR-1802) 11-5-99
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<br />Initialed '''' IdentWocalion by Buye' ~ and son., LlL d
<br />TAR, P.O. Box 2246, Austin, TX 78768-2246
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