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, <br />TEXAS ASSOCIATION OF REALTORSO <br />COMMERCIAL CONTRACT FINANCING ADDENDUM <br />USE OF THIS FORM BY PERSONS WHO ARETO a~~~ oOot REA~TORS In ~~pp5 ON OF REALTORSB~ IS NOT AUTHORIZED. <br />CADDENDUM TO COMMERCIAL CONTRACT BETWE RNr ATUNDERSIGNED PARTIES CONCERNING <br />THE PROPE <br />Corner of Loo 286 and H 82 West <br />The portion of the Sales Price not payable in cash will be paid as follows: (Check all that 8pply.) <br />A. THIRD PARTY FINANCING: Property the <br />(1) The contract is contingent upon Buyer obtaining a third pai y loan(s) secured wi hbhe thenit al nterest rate <br />amount of $ for not less than Years <br />not to exceed ~ % per annum. <br />(2) Buyer will apply for the third party loan(s) described in Paragraph A(1) promptly after the effective <br />days <br />date. If Buyer cannot obtain the loan~act w ilyteman ae andethe ea nest money'te'ss any independent <br />after the effective date and the cont <br />consideration under Paragraph 76(1) of the contract, will be refunded to Buyer. If Buyer does not <br />give such notice within the time required, this contract will no tonger be subject to the <br />contingency described in this Paragraph A. <br />(3) Each note to be executed under this addendum is to be secured by vendor's and deed of trust liens. <br />❑ B. ASSUMPTION: ' <br />(1) Buyer will assume the unpaid principal balance of the existing promissory note secured by the <br />Property payable to <br />dated which balance at closinclosing. g will be $ 2) Buyer's initial payment will be the first payment due after trust B e cur ngSthe Pntion ote ~f rehcorded ing <br />(note includes all obligations imposed by the deed of (recording reference) <br />in the real property records of the county where the Property is located. vafies <br />loan 3) If the unpaid principal balance of the assumed loan as hetbe adjusted by the net amount of <br />( balance stated in Paragraph B(1), the cash payable at closig wIl loan <br />amount any variance; provided, if the total prin balance <br />may terminatet h s contract and the earnest <br />greater than $ at closi g, Pay <br />money will be refunded to Buyer unless either party elects to eliminate the excess in the variance by <br />an appropriate adjustment at closing. endent (4) Buyer may terminate the contract and the eaaee~ s{ Buer if the note holder on assumptionconsideratrequires:ion ef <br />Paragraph 7B(1) of the contract, wilf be refun y and Seller declines to pay <br />(a) Buyer to pay an assumption fee in excess of $ <br />such excess; oo; or <br />(b) an increase in the interest rate to more than <br />(c) any other modification of the loan documents. lien <br />and (5) Unless Seller is released of liability on any assumelleased on executio~~and deli ery eof <br />trust to secure assumption, which will be automaticallY e <br />release by the note holder. <br />Page 1 of 3 <br />(TAR-1931) 10-18-05 <br />Montgomery - M <br />Coldwell Banker 3749 Lamar Av aaris(9 3~ ~826 9172 Chad Brown <br />Phonc: (903) 782 - 9800 <br />Produced with ZipFormG by zipLogix 16070 Fifteen Mile Road, Fraser, Michigan 48026 wv+w:ziolatix.com <br />ol CIPf'C6L <br />