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3400 Old Tigertown Rd Paris, TX 75460 (Address of Property) 4. FINANCING: The portion of Sales Price not payable in cash will be paid as follows: (Check applicable boxes below) gg A. THIRD PARTY FINANCING: One or more third party mortgage loans in the total amount of $ 27 ,500.00 (excluding any loan funding fee or mortgage insurance premium). (1) Property Approval: If the Property does not satisfy the lenders' underwriting requirements for the loan(s), this contract will terminate and the earnest money will be refunded to Buyer. (2) Financing Approval: (Check one box only) ~ (a) This contract is subject to Buyer being approved for the financing described in the attached Third Party Financing Condition Addendum. o (b) This contract is not subject to Buyer being approved for financing and does not involve FHA or VA financing. o B. ASSUMPTION: The assumption of the unpaid principal balance of one or more promissory notes described in the attached TREC Loan Assumption Addendum. o C. SELLER FINANCING: A promissory note from Buyer to Seller of $ , secured by vendor's and deed of trust liens, and containing the terms and conditions described in the attached TREC Seller Financing Addendum. If an owner policy of title insurance is furnished, Buyer shall furnish Seller with a mortgagee policy of title insurance. 5. EARNEST MONEY: Upon execution of this contract by both parties, Buyer shall deposit $ 1 .000.00 as earnest money with Stone Title Co. , as escrow agent, at 33 1st N W, Paris, TX 75460 (address). Buyer shall deposit additional earnest money of $ with escrow agent within days after the effective date of this contract. If Buyer fails to deposit the earnest money as required by this contract, Buyer will be in default. 6. TITLE POLICY AND SURVEY: A. TITLE POLICY: Seller shall furnish to Buyer at ~ Seller's 0 Buyer's expense an owner policy of title insurance (Title Policy) issued by: Stone Title Co. (Title Company) in the amount of the Sales Price, dated at or after closing, insuring Buyer against loss under the provisions of the Title Policy, subject to the promulgated exclusions (including existing building and zoning ordinances) and the following exceptions: (1) The standard printed exception for standby fees, taxes and assessments. (2) Liens created as part of the financing described in Paragraph 4. (3) Reservations or exceptions otherwise permitted by this contract or as may be approved by Buyer in writing. (4) The standard printed exception as to marital rights. (5) The standard printed exception as to waters, tidelands, beaches, streams, and related matters. (6) The standard printed exception as to discrepancies, conflicts, shortages in area or boundary lines, encroachments or protrusions, or overlapping improvements. Buyer, at Buyer's expense, may have the exception amended to read, "shortages in area". . B. COMMITMENT: Within 20 days after the Title Company receives a copy of this contract, Seller shall furnish to Buyer a commitment for title insurance (Commitment) and, at Buyer's expense, legible copies of restrictive covenants and documents evidencing exceptions in the Commitment (Exception Documents) other than the standard printed exceptions. Seller authorizes the Title Company to deliver the Commitment and Exception Documents to Buyer at Buyer's address shown in Paragraph 21. If the Commitment and Exception Documents are not delivered to Buyer within the specified time, the time for delivery will be automatically extended up to 15 days or the Closing Date, whichever is earlier. C. SURVEY: The survey must be made by a registered professional land surveyor acceptable to the Title Company and any lender. (Check one box only): o (1) Within days after the effective date of this contract, Seller shall furnish to Buyer and Title Company Seller's existing survey of the Property and a Residential Real Property Affidavit promulgated by the Texas Department of Insurance (Affidavit). The existing survey 0 will 0 will not be recertified to a date subsequent to the effective date of this contract at the expense of 0 Buyer 0 Seller. If the existing survey is not approved by the Title Company or Buyer's Lender, a new survey will be obtained at the expense of 0 Buyer 0 Seller no later than 3 days prior to Closing Date. If Seller fails to furnish the existing surveyor Affidavit within the time prescribed, Buyer shall obtain a new survey at Seller's expense no later than 3 days prior to Closing Date. o (2) Within 20 days after the effective date of this contract, Buyer shall obtain a new survey at Buyer's expense. Buyer is deemed to receive the survey on the date of actual receipt or the date specified in this paragraph, whichever is earlier. Initialed for identification by Buyer 1i- _ and Seller _ _ (TAR-1701) 2-13-06 Produced with ZipForm™ by RE FormsNet, LLC 18025 Fifteen Mile Road, Clinton Township, Michigan 48035 www.zioform.com Contract Concerning Page 2 of 9 02-13-06 TREC NO. 25-5 Page 2 of 9 Womack to Pose ,...