12 Zoning; Public Hearing - Laserfiche WebLink

Home Browse Search

Commercial Contract Financing Addendum concerning Corner of Loop 286 and Hwv 82 West (9) Deposits for Taxes and Insurance: Together with the principai and interest instaliments, Buyer ❑ will ❑ will not deposit with Seller a pro rata part of the estimated annual ad valorem taxes on the Property and a pro rata part of the estimated annual insurance premiums for the improvements on the Property. (a) If Buyer deposits taxes and insurance deposits with Seller, Buyer agrees that the taxes and insurance deposits are only estimates and may be insufficient to pay total taxes and insurance premiums. Buyer agrees to pay any deficiency within 30 days after Seller notifies Buyer of any deficiency. Buyer's failure to pay the deficiency is a default under the deed of trust. (b) If any superior lien holder on the Property collects payments for taxes and insurance, any requirement to deposit taxes and insurance deposits with Seller under this addendum is inoperative so long as payments are being made to the superior lien holder. (10) Any event that constitutes a default under any superior (ien constitutes a default under the deed of trust securing the note. (11) The note will include a provision for reasonable attorney's fees for any collection action. (12) Unless the parties agree otherwise, the form of the note and loan documents will be found in the current edition of the State Bar of Texas Real Estate Forms Manual without any additional clauses. ❑ D. CREDIT APPROVAL ON ASSUMPTION OR SELLER FINANCING: (1) To establish Buyer's creditworthiness for assumption approval or seller financing, Buyer will deliver ' to Seller the following information (Buyer's documentation) within days after the effective date of the contract: - ❑(a) verification of employment, including salary; ❑(b) verification of funds on deposit in financial institutions; ❑ (c) current financial statement; ❑ (d) credit report; ❑(e) tax returns for the following years ' a M (2) If Buyer does not timely deliver Buyer's documentation or Seller determines, in Seller's solE discretion, that Buyer's creditworthiness is not acceptable, Seller may terminate the contract by giving written notice to Buyer not later than days after the date Buyer must deliver Buyer'E documentation under Paragraph D(1) and the earnest money, less any independent consideratior under Paragraph 713(1) of the contract, will be refunded to Buyer. If Seller does not timely terminatE the contract under this paragraph, Seller will be deemed to have accepted Buyer's credit. ❑ E. SPECIAL PROVISIONS: Buyer rey Martin Date Buyer L Martin Date 7-D Seller ~ Montgome DatF Seller DatE Page 3 of : - M (TAR-1931) 10-18-05 Produced with ZipFomO by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www zioLoaix com Montgomery _ OOOr91