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k-uuiw. - . ...,. <br />(including existing building and zoning ordinances) and the following exceptions: is located. <br />(1) Restrictive covenants common to the platted subdivision in which the Property <br />(2) The standard printed exception for standby fees, taxes and assessments. <br />(3) Liens created as part of the financing described in Paragraph 4. <br />(4) Utility easements created by the dedication deed or plat of the subdivision in which the <br />Property is located. <br />(5) Reservations or exceptions otherwise permitted by this contract or as may be approved by <br />Buyer in writing. <br />(6) The standard printed exception as to marital rights. <br />(7) The standard printed exception as to waters, tidelands, beaches, streams, and related <br />matters. <br />(8) The standard printed exception as to discrepancies, conflicts, shortages in area or boundary <br />lines, encroachments or protrusions, or overlapping improvements. Buyer, at Buyer's expense, <br />may have the exception amended to read, "shortages in area ". <br />B. COMMITMENT: Within 20 days after the Title Company receives a copy of this contract, Seller <br />shall furnish to Buyer a commitment for title insurance (Commitment) and, at Buyer's <br />expense, legible copies of restrictive covenants and documents evidencing exceptions in the <br />Commitment (Exception Documents) other than the standard printed exceptions. Seller <br />authorizes the Title Company to deliver the Commitment and Exception Documents to Buyer <br />at Buyer's address shown in Paragraph 21. If the Commitment and Exception Documents are <br />not delivered to Buyer within the specified time, the time for delivery will be automatically <br />extended up to 15 days or the Closing Date, whichever is earlier. <br />C. SURVEY: The survey must be made by a registered professional land surveyor acceptable to <br />the Title Company and any lender(s). (Check one box only) <br />❑ (1) Within days after the effective date of this contract, Seller shall furnish to Buyer <br />and Title Company Seller's existing survey of the Propert y and a Residential Real <br />Property Affidavit promulgated by the Texas Department of Insurance (Affidavit). If the <br />existing survey or Affidavit is not acceptable to Title Company or Buyer's lender(s), <br />Buyer shall obtain a new survey at ❑ Seller's ❑ Buyer's expense no later than 3 days <br />prior to Closing Date. If Seller fails to furnish the existing survey or Affidavit <br />within the time prescribed, Buyer shall obtain a new survey at Seller's <br />expense no later than 3 days prior to Closing Date. <br />❑ (2) Within days after the effective date of this contract, Buyer shall obtain a new <br />survey at Buyer's expense. Buyer is deemed to receive the survey on the date of actual <br />4receipt or the to specified in this paragraph, whichever is earlier. <br />3) Within days after the effective date of this contract, Seller, at Seller's expense <br />shall furnish a new survey to Buyer. <br />or encumbrances to title: <br />D. OBJECTIONS: Buyer may object in writings defects, thrrou exceptions, above; disclosed in the <br />disclosed on the survey other than items 6A() 9 ( ) <br />Commitment other than items 6A(1) through (8) above; or which prohibit the following use or <br />activity: <br />E <br />Buyer must object the earlier of (i) the Closing Date or (ii) <br />receives the Commitment, Exception Documents, and the survey. Buyer's failure to object <br />within the time allowed will constitute a waiver of Buyer's right to object; except that the <br />requirements in Schedule C of the Commitment are not waived. Provided Seller is not <br />obligated to incur any expense, Seller shall cure the timely objections of Buyer or any third <br />party lender within 15 days after Seller receives the objections and the Closing Date will be <br />extended as necessary. <br />the earneobjections <br />t ctmoney are will not <br />be refunded to Buyers unless eBuyerthis <br />waivescontract <br />the <br />will terminate <br />objections. <br />TITLE NOTICES: <br />(1) ABSTRACT OR TITLE POLICY: Broker advises Buyer to have an abstract of title covering <br />the Property examined by an attorney of Buyer's selection, or Buyer should be furnished <br />with or obtain a Title Policy. If a Title Policy is furnished, the Commitment should be <br />promptly reviewed by an attorney of Buyer's choice due to the , time limitations on <br />Buyer's right to object. is 11 is <br />(2) PROPERTY OWNERS' ASSOCIATION MANDATORY MEMBERSHIP: <br />owners' association. I Property te Property is <br />not subject to mandatory membership in a property <br />Seller notifies Buyer <br />subject to mandatory membership in a property owners' association, erty in the <br />under §5.012, Texas Property Code, that, as a purchaser of prop <br />residential community identified in Paragraph 2A in which the Property is located, you are <br />obligated to be a member of the property owners' association. Restrictive covenants <br />governing the use and occupancy of the Property and a dedicatory instrument governing <br />the establishment, maintenance, and operation of this residential community have been <br />or will be recorded in the Real Property Records of the county in which the Property is <br />located. Copies of the restrictive covenants and dedicatory instrument may be obtained <br />from the county clerk. You are obligated to pay assessments to the property owners' <br />C)"nrin inn The amount of the assessments is subject to change. Your failure to pay the <br />(TAR 1601) 06 -30 -08 Initialed for identification by Buyer <br />and Seller TREC NO. 20 -8 Page 2 of s <br />