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490,~ , TEXAS ASSOCIATION OF REALTORSO COMMERCIAL CONTRACT FINANCING ADDENDUM U3E OF THIS FORM BY PERSONS WHO ARE NOT MEMBERS OF THE TEXAS ASSOCIATION.OF REALTORSO IS NOT AUTHORI7FD, mTexas Associalion of REALTORSO, Inc. 2005 ADDENDUM TO COMMERCIAL CONTRACT BETWEEN THE UNDERSIGNED PARTIES CONCERNING THE PROPERTY AT Corner of Loo 286 and H 82 West The portion of the Sales Price not payable in cash will be paid as follows: (Check all that apply.) Q A. THIRD PARTY FINANCING: Pro the (1) The contract is contingent upon Buyer obtaining a third pai y loan(s) secured wi hthe thenit al interest rate amount of $ for not less than Years not to exceed . ~u-j % per annum. . (2) Buyer will apply for the third party loan(s) described in Paragraph A(1) promptly after the effective date. If Buyer cannot obtain the loan(s), Buyer may give Seller written notice within days after the effective date and the contract will terminate and the earnest money, less any independent consideration under Paragraph 7B(1) of the contract, will be refunded to Buyer. If Buyer does not give such notice within the time required, this contract will no tonger be subject to the contingency described in this Paragraph A. (3) Each note to be executed under this addendum is to be secured by vendor's and deed of trust liens. ❑ B. ASSUMPTION: (1) Buyer will assume the unpaid principal balance of the existing promissory note secured by the Property payable to dated which balance at closing will be $ • the (2) Buyer's initial payment will be the first payment due after st B e ur ng assum the pntion ote ~f reco ded I in note includes all obligations imposed by the deed of tru (recording reference) in the real property records of the county where the Property is located. (3) If the unpaid principal balance of the assumed loan t closihetbe adjusted by the net amount of balance stated in Paragraph B(1), the cash payable a 9 wIl any variance; provided, if the total principal balance of the assumed loan varies in an amount greater than $ at closing, either party may terminate this contract and the earnest money will be refunded to Buyer unless either party elects to eliminate the excess in the variance by an appropriate adjustment at closing. (4) Buyer may terminate the contract and the earnest money, less any independent consideration under requires: Paragraph 76(1) of the contract, will be refunded to Buyer if the note holder nd Seller declines to pay (a) Buyer to pay an assumption fee in excess of $ such excess; or (b) an increase in the interest rate to more than (c) any other modification of the loan documents. lien and (5) Unless Seller is released of liability on any a on execution~and deli ery eof o_ trust to secure assumption, which will be automaticallY eleased release by the note holder. Page 1 of 3 (TAR-1931) 10-18-05 Coldwetl Banker 3749 Lamar AveParis, TX 75460 Montgomery - M Phone: (903) 782 - 9800 Fax: (903) 782 - 9172 Chad Brown Produced with ZipFormG by zipLogix 18070 FiReen Mile Road, Fraser, Michigan 48026 www ziaLoaix com - 000089