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Contract Conceming zoes Fitzhuah Paris, _75460 Page 5 of 8 06-30-08
<br />(Address of Property)
<br />12. SETTLEMENT AND OTHER EXPENSES:
<br />A. The foilowing expenses must be paid at or prior to closing:
<br />(1) Expenses payable by Selier (Seller's Expenses):
<br />(a) Releases of existing liens, including prepayment penalties and recording fees; release
<br />of Seller's loan liability; tax statements or certificates; preparation of deed; one-half
<br />of escrow fee; and other expenses payable by Seller under this contract.
<br />(b) Seller shall also pay an amount not to exceed $ to be applied in the
<br />following order: Buyer's Expenses which Buyer is prohibited from paying by FHA, VA,
<br />Texas Veterans Land Board or other governmental loan programs, and then to other
<br />Buyer's Expenses as allowed by the lender.
<br />(2) Expenses payable by Buyer (Buyer's Expenses):
<br />(a) Loan origination, discount, buy-down, and commitment fees (Loan Fees).
<br />(b) Appraisal fees; loan application fees; credit reports; preparation of loan documents;
<br />interest on the notes from date of disbursement to one month prior to dates
<br />of first monthly payments; recording fees; copies of easements and restrictions;
<br />mortgagee title policy with endorsements required by lender; loan-related inspection
<br />fees; photos; amortization schedules; one-half of escrow fee; all prepaid items,
<br />including required premiums for flood and hazard insurance, reserve deposits for
<br />insurance, ad valorem taxes and special governmental assessments; final compliance
<br />inspection; courier fee; repair inspection; underwriting fee; wire transfer fee;
<br />expenses incident to any loan; and other expenses payable by Buyer under this
<br />contract.
<br />B. Buyer shall pay Private Mortgage Insurance Premium (PMI), VA Loan Funding Fee, or FHA
<br />Mortgage Insurance Premium (MIP) as required by the lender.
<br />C. If any expense exceeds an amount expressly stated in this contract for such expense to be
<br />paid by a party, that party may terminate this contract unless the other party agrees to pay
<br />such excess. Buyer may not pay charges and fees expressly prohibited by FHA, VA, Texas
<br />Veterans Land Board or other governmental loan program regulations.
<br />13. PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and
<br />rents will be prorated through the Closing Date. The tax proration may be calculated taking into
<br />consideration any change in exemptions that will affect the current year's taxes. If taxes for the
<br />current year vary from the amount prorated at closing, the parties shall adjust the prorations
<br />when tax statements for the current year are available. If taxes are not paid at or prior to
<br />closing, Buyer shall pay taxes for the current year.
<br />14. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty
<br />after the effective date of this contract, Seller shall restore the Property to its previous condition
<br />as soon as reasonably possible, but in any event by the Closing Date. If Seller fails to do so due
<br />to factors beyond Seller's control, Buyer may (a) terminate this contract and the earnest money
<br />will be refunded to Buyer (b) extend the time for performance up to 15 -days and the Closing
<br />Date will be extended as necessary or (c) accept the Property in its damaged condition with an
<br />assignment of insurance proceeds and receive credit from Seller at closing in the amount of the
<br />deductible under the insurance policy. Seller's obligations under this paragraph are independent
<br />of any other obligations of Seller under this contract.
<br />15. DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may
<br />(a) enforce specific performance, seek such other relief as may be provided by law, or both, or
<br />(b) terminate this contract and receive the earnest money as liquidated damages, thereby
<br />releasing both parties from this contract. If, due to factors beyond Seller's control, Seller fails
<br />within the time allowed to make any non-casualty repairs or deliver the Commitment, or
<br />survey, if required of Seller, Buyer may (a) extend the time for performance up to 15 days and
<br />the Closing Date will be extended as necessary or (b) terminate this contract as the sole
<br />remedy and receive the earnest money. If Seller fails to comply with this contract for any other
<br />reason, Seller will be in default and Buyer may (a) enforce specific performance, seek such
<br />other relief as may be provided by law, or both, or (b) terminate this contract and receive the
<br />earnest money, thereby releasing both parties from this contract.
<br />16. MEDIATION: It is the policy of the State of Texas to encourage resolution of disputes through
<br />alternative dispute resolution procedures such as mediation. Any dispute between Seller and
<br />Buyer related to this contract which is not resolved through informal discussion xI] will ❑ will not
<br />be submitted to a mutually acceptable mediation service or provider. The parties to the
<br />mediation st5all bear the mediation costs equally. This paragraph does not preclude a party
<br />from seeking equitable relief from a court of competent jurisdiction.
<br />17. ATTORNEY'S FEES: A Buyer, Seller, Listing Broker, Other
<br />prevails in any legal proceeding related to this contract is
<br />attorney's fees and all costs of such proceeding.
<br />Broker, or escrow agent who
<br />entitled to recover reasonable
<br />(TAR 1601) 06-30-08 Initialed for identiflcation by Buyer J and Seller
<br />Produced with ZipFormS by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 ~
<br />TREC NO. 20-8 Page 5 of 8
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