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Commercial Contract - Unimproved Property Concerning Corner of Loo 286 and H 82 West C. At ciosing, Selier will execute and deliver, at Sellers expense, aM general ❑ special warranty deed. The deed must include a vendor's lien if any part of the sales price is financed. The deed must convey good and indefeasible title to the Property and show no exceptions other than those permitted under Paragraph 6 or other provisions of this contract. Seller must convey the Property: (1) w i t h no liens, assessments, or other security interests against the Property which will not be satisfied out of the sales price, unless securing loans Buyer assumes; (2) without any assumed loans in default; and (3) with no persons i~ tepossession nants unde~the wr'tten leases ass gned to Buyer under this cont acterance, or trespassers excep D. At closing, Seller, at Seller's expense, will also deliver to Buyer. (1) tax statements showing no delinquent taxes on the Property; (2) an assignment of all leases to or on the Property; (3) to the extent assignable, an assignment to Buyer of any licenses and permits related to the Property; (4) evidence that the person executing this contract is legally capable and authorized to bind Seller; (5) an affidavit acceptable to the escrow agent stating that Seller is not a foreign person or, if Seller is a foreign person, a written authorization for the escrow agent to: (i) withhold from Seller's proceeds an amount sufficient to comply applicable tax law; and (ii) deliver the amount to the Internal Revenue Service (IRS) together with appropriate tax forms; and (6) any notices, statements, certificates, affidavits, releases, and other documents required by this contract, the commitment, or law necessary for the closing of the sale and issuance of the title policy, all of which must be completed by Seller as necessary. E. At closing, Buyer will: (1) pay the sales price in good funds acceptable to the escrow agent; (2) deliver evidence that the person executing this contract is legally capable and authorized to bind Buyer; (3) sign and send to each tenant in a lease for any part of the Property a written statement that: (a) acknowledges Buyer has received and is responsible for the tenant's security deposit; and (b) specifies the exact dollar amount of the security deposit; (4) sign an assumption of all leases then in effect; and (5) execute and deliver any, notices,he statements, certifcates, or other documents required by this contract or law necessary to close t F. Unless the parties agree otherwise, the closing documents will be as fo.und in the basic forms in the current edition of the State Bar of Texas Real Estate Forms Manual without any additional clauses. 11. POSSESSION: Seller will deliver possessif hr ted to completep ordinary wear and t a~excepted in its present condition with any repairs Seller is obli9a Any possession by Buyer before closing or by Seller after closing that is not authorized by a separate written lease agreement is a landlord-tenant at sufferance relationship befinreen the parties. 12. SPECIAL PROVISIONS: (Identify exhibit if snec ~iel nl'OVlai P~o red by'Subway Corporation for the Contract is contingent on locatio g P construction of a Subway franchised store. Contract is also contingent on buyer obtaining proper zoning for the construction of a Subway Restaurant. Seller agrees to cooperate with buyerif rezoning is necessary. Buyer will pay buyer's agent commission according to separate agreement. Seller Page 7 of 12 and~ AR-1802 10-18-05 Initialed for ldentification by Buyer~. ~ > produced with ZipFormG by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zioLoqix.com Montgomery - M m 000083