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<br />Con;rJct L(\11Cernlng ~110 Elk loiQlloW' tlr'lve
<br />(Addrds ot PropertY)
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<br />PllOfJ Five 01.Clfii-C3
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<br />,he Assessments will be -;he otlllgat!or. of a~yer. If Seller'S change :n uSP. of the Prope.'ty prior' to
<br />closing or denial cf a special l.J5e v3luatlonon the Pro:perty claimed by Selle, results In
<br />A$$e~s;ments for periods prior to dosin9. the Asse,sments will be the obligation of Sellt':r,
<br />OblIgations Imposed by this para~raph will survive closing.
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<br />14. CASUALTY LOSS: If any pal"!: of the Property Ii damaged Or destroyed by fire or other
<br />casualty i!lftC!:r the effective dat~ of !:h:s contractl Seller sha!1 restore the property to Its prevIous
<br />condition ~$ $oon M reasonably possIble, but II"; 1.l1'lY event by the ClosIng OS1:e. If Seller falls
<br />to d~ so due to factors beyond Seller's control, Buyer may (a) termInate thiS cont:reet and tl'le
<br />earnest money will be refunded to Buyer (b) ex~nd the t.ime for performance up to lS day;; and
<br />the Closing Da~e wO: be extended as necessary Ot' Cc) accept the Property In Its damaged
<br />COI'1dltlon wit" illn assignment of Insu:-cnce proceeds and receive credit tT:trn Seller at closin;l In
<br />the emount of the deductible under the Il"lsurMce policy. Seller's obligations under this
<br />pi!l;r~gral'h are inde.pendant of ~ny obllQ2tlooS of Selle:- ;,lnder Paragraph 7,
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<br />15. DEFAULT. If I3l,1yer falls to com;:lly with this contra~t Buyer will be In defeult, end 'seller may
<br />ca) enforce specific performance., seek such other relief as may !:Ie provided by law, or both, or
<br />(b) terminate this contract ~md r~(:elve the eamest money a5 liquidated damages, thereby
<br />releasing both parties from this contract, If, due to factors beyond Seller's control, Seller falls
<br />within the tJme allowed to make any non-casualty repairs Or C1ell....er the, commitment. or survey,
<br />If reQulre(l of Sellar, Sl.Jyer may (e) extend trre time for performance up to lS d~ys and the
<br />Closinc Date will be extended as nece.ss2Jry or (b) terminate this contr~et as the $ole remedy and
<br />receive the gamest money. If Seller falls to' comply wIth this cQntract for l!Iny other rC!ll:l.son,
<br />Seller will be In d~fo\,lft and Buyer ITlay (a) enl'orce s~ciflc;: performar.C2, seek such other ~I1er
<br />as may be provided by law, Or both, or (b) termInate this contraC': and rec:~lve tt',e earnest
<br />money, thereby releasing both parties from this contract.
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<br />Hi, Mt:OlATION: It 15 the polley of the State of Texas to encouraoe resolution of dlsputes through
<br />~lternatlve dispute resolutiOn procerlures such as mediation. Any dispute betw~en Seller i!lnd
<br />Euyer related to this Ctlntract whlcr :5 not resolved through Inform.!!! diScussion Uwlll Dwlll not
<br />be submitted to a mutually acceptC!lble mediation selVlce Or provider. TM I'artles to the
<br />medlatlor $hall bellr the ml!!dlatlon costs equally, ThiS para9raph does not preClud~ a party from
<br />s~klng eq:.rit21ble relief from a court of competent Jurlsdletton.
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<br />1'. An'ORNEytS FEES: The prevalllrg party In any legal proceeding related to thls contract 13
<br />entitled to recover reasonable. attorney's fees il~d ell costs of $uc:h proeeedlng Incurred by the
<br />prevaillnc party.
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<br />18. ESCROW: The escrow agent i~ not (a) a party tp thIs contnlct and d~ not have liability for the
<br />, performance or non~erformanc:e 0' any party to this cor'1trl!lct, (b) lIatble for Interest on the
<br />earnest money and (e) liable for th~ 105S of any earne~t money c:aus@d by the failure of 8ny
<br />finanCial instItutIon in whl~h the earnest money has been deposited unless the flntlnclal
<br />instItution Is ~ttlno as escrow age"., At closIng, the, earnes~ money ml.Jtot he al'pllE:d ~rst to any
<br />cllsh dowr. payment, ch~n to Bwyer's expar'\ses and any axt':e5S refunded to euyer. If both
<br />parties m;,ke written demal'ld for ~he earnest money, esO"ow agent may require payment e;f
<br />unpaid expenses Incurred on behalf of the parties i!lIld a written rl'!!lease of /lability of escrow
<br />~gent from aU ~art]es. If one party makes written deMand for the earnest money, escrow agent
<br />sh~11 give notlee of the Clemanc by providing to the other party I!I copy of tl"le d~nd. If escrow
<br />agent does not receive written objectlQn ttl ti"le de:-nand from the other p2!rty Wltl'ltn 30 days
<br />after notice to the other party, escrow agent may disburse the earnest money to the p"rty
<br />making demand reduc;ed by the amount cf unplitJd I!lxpenses incurred on behalf of the partY
<br />rec:eivlng tl'l~ earnest money and escrow agent may pay the Sl.lm<< to the credlmrs. If escrow
<br />agent compiles with the provisions of thiS p"rag/'i)ph, each party hereby rel~a'e5 escrow aoen~
<br />from all :!dverse claims related to the dlsbIJrsal of the earnest money, Escrow agent's notice to
<br />the other party wlil be el'fec;tlve whet'! deposited In the U. S. Mall, postage prepaid, certIfied
<br />mall, ret:.Jrn reC$lpt requested, ai::dl'E!sstd to t:he other party at such parry's address shown
<br />bel~w. Notice of objec:;jon to the demand wlll be deemed effective upon r=~elpt by esCtOW agent,
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<br />19. REPRESENTATIONS: Seller represl!!nts that as of the CIO:i>lng 03t~ (9) there will be no liens,
<br />assessments, or security Interests against the Property whiCh will not be satisfied out of the
<br />sales proceecs unless ~turln9 payment of any loans aSSL:meC! by auyer and (b) assuned loans
<br />wlll not bI? in default. If any representation of Seller in this contract Is untrue on the Closing
<br />Date, buyer may terminate thiS c:ontn;l~t and the ellrnest money will be refunded ~o Buyer.
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<br />InItialed for IdentificatIon by Buy~r
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<br />01A TR.Ee NO. 9-S
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