05-A Zoning Change Request 2885 Stillhouse Rd

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.AUG-29-2007(lilEOl 11110 Stone Title (FRX)903 785 6792 P. 00710\ a ContrllCtCancemln\l We"~ S'~e.. 'tr;. ~~\\~ fU.l~ Co. U. \.lD. '{\\OD ,..-~'t,'S Pago Saf8 ~.u.06 . (AddraD af Prap.rty) 13. PROMTXONS AND ROLLBACK TAXES: A. PROAAnONS: Taxes fOr the c:urrent Ye<)r, Interest, maintenance fees, assessment:;, dues and rents will be protated through the Closing OQtc. The tax proratlon may be calculoted taking Into consldor1ltlon any c:hange \n exemptions that will ~f(ect the current year's taxes. If taxes ror the current yetlr ...ary frOm tho amount prorated.at dosing, the parties shall adjust the pror3tIOn$ when tax. statements for the current year are available. If taxa~ lire not pale! at or piior to closing. Buyer shall pay taxes for the current year. a. ROl.LBACK. iAXeS: If this $ale or Buyer's use or the PrQPerty after dosing results In the assessment of aCfdll:lonal taxeS, penalties or Interest (ASsessments) for perIods prior to dosing, the ASsessm-=nts will be the oblJgatlon of Bl.lycr. If Seiler's change in use of the Property priDr to dosing or denial of a special use valuation on the Prapel'tV Claimed by Seller resull$ In As:;cssments for periods prior to closing, the ASsessments wiD be the obligation Df SeDor. Obtlgatlcms Imposed by this paragraph will survive C1O$lng. 14. CASUALTY LOSS: If any part of the Property i:: damaged or destroyed by flreor other casualty afttr the effective date of thif; cantr'ad:, Seller shall1'8stol'9 the PropertY to Its previous condition :., !:ClDn as reasonably POlOSlblc, but In any event by th~ Crosin$! Date. If Seller fall~ to do '0 due to fac:tal'S beyond Seller's control, BUYl;'!r may (a) termInate ttus contract and the eamest maney will be rcfundedto Buyer (b) extend the time for performance up tD 15 dny$ and the Closing Date will be extended 8$ necessary or (e) oa;cpt the property in Il::i damaged c:!:)ndltlon with an a::s19nment of Insurance proceeds ana receille credit from seUer at closing In tl1e amount of the deductIble under the Insurance polley. seller's abngatJons under thIS pal'2lgraph are Independent ar any ather obligations 0' Seller under thIS contract. Rt: C ilS, DEFAULT: If Buyer falls tD compl wlttt thl c:ontract, Buyer will be In default and Seller may ~ 1!' .. .. , · or (b) ')opt, terminate thIS contl'3~ and re e e earnest money as Ilguldated damages. thereby releaSing ~.,&I both pZlrtles frcm this contract. If, due to factors beyond SCller's control, Seiter fails within the ""\ ~ time allowed to malce al1Y non-casualty rc:pOllrs or deliver the Commitment, or survey. If required ..\ ,:,tf\ I of Seller, Buyer may (a) extend the time fOr pcrformanee up to 15 days end tne ClaSlng Deb: will ~\"" be extended aG necessary or (b) terminate thIS contract as the sole remedy and rec;elve the , earnesr money. If seller foils EO comply with thlo contract for any other n:3Son, Seller will be In default and Buyer may (a) enfOrce specific perfarmance. seelc. such ather relief as may be pravlded by law, or both, or Cb) terminate thIS contract and receive the eamestmoney. thereby releasing beth partles from this contract. . 1G. MEDIATION: It IS the policy of the State of Texas to encourage resolution of disputes through alternative dispute resolution procedures such as mediation. Arr( diSpute betitte.en Seller i1nd Buyer related to thIS contract which i!: not resolved through Ihfolmal discussion ~will-Cwlll not be submItted to a mutually :.ceeptable mediation service or provider. The parties to the mediation shall bear the medla~lon casts equnlly. This paragraph does not preclude a P:lrty from seeking equitablo re.llel'from a cour't afcompetentjurlSdld:lan. 1". ATTORNE'rS FEES: The prevallJng ~rtY In any legal pl't)Ceedlng related to thIS contract is entitled to rec:Olter" reasonable ~ttameY's fees and 1311 costs of sue" proceeCllng Incuned by the prevallin" party. 18. ESCROW: A. esc~ow: The escrow agent is not (i) a party to tills contract and aoes not have liabilitY for the performanr:c or nonperformance or any ~arty to thi$ eontract, en) Il:lble for Intel'8$t on the earnest money and (iiI) Ji8ble far the loss of any earnest money caused by the failure of BraY. financial Inl>tlbJtlon 1n which the eamest money has been deposited unless tho financlal Institution 15 acti~ as escrow agent. B. EXPeNSES: AC closing, the eamcst money mu5l1: be applied first to any cash down payment, then to Buyer's ecpenses and any excess refunded to Suyel'. If no C/o!:l~ occurs, escrcw agent may I"8qulre ~ment of unpaid expenses Incurred on behalf of tfie parties and a wril:tCl'l release of liabUlty of esC"DW agent frOm all partIeS. . c. DEMAND: Upon tem1ination of thIs contl'ect. either party Of the escrow agent may send a release af eeme$t money to each party and the partl~ Shall execute counterparts or the release ancl deliver same to the esCfDW ~gent. If either pa~ fails to execute the release. either party may make a written demand to the escrow agent for thQ Gamest monlW. If only one party makes written dam,lOcl for the C:Olrnest money, (!$crow agent :s:haU promptlY pl"ClVlde a CQp.y of the demsnd to the ather party. If escrow agent dooc nOI: receive written objec:tian tel the demand from the ather party within 15 days, I!:scrow agent may dlsbu~ the eamest money to the party making demand redueed by the amount of unpaid expenses In!;urred on behalf of the: party ~Ivlng the earnest money and esaow agent may pay the same to the creditors. If escrow agent com lias with the prOvisions of thl$ paragrapti, each party hereby releaseS escrow agent from II dverse claIms related to tl\e disbun;al of the earne$t money. Initialed for ldentlflcatlon by 8uyer. and Seller TRee: NO. 9-6 lil"'I~'l OIOILOO'd 26L9 59L E06(X~d) an!1 auo:lS L2 : II (3nl)L002-110-d3S .- .-r ..1 If