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REAL ~STAT~ PURCHAS~ CONTRACT
<br />THIS REAl. EST'ATE PURCHASE CONTRACT (Ihe "Agreament") Is made and enfered lnto as nf the
<br />dafe of full executlon of iiils Agresment (the "Eifecflve Date") by and between The Burton Estate ("Seller") and
<br />FRAM<LiN LAND ASSOCIATES, l..L.C., a Tennessee limited lfabllity company ("Buyer"),
<br />WITNESSETH
<br />For and !n consic3eraflon af Ten Dollars ($90.00), tha agreemenis made hereln, and other good and
<br />valuable consldarations, the recelpt and legai sufficiency of whicil is hereby acl<nowledged, the parties hereto
<br />agroe as follows:
<br />1. Pro ert . Seller ilei•eby agrees to sell and f3uyer hereby agrees to purchase, upon and subjeol fo the tetms
<br />and conditions herein set forth, that certain tract or parcel of land cfescribed as a vacant parcel of properly
<br />measuring approxlmately 155' x 855' identifiecl as being a part of l.ots 8& 9 BLf< 250, and commonly known as
<br />2300 N. Ma1n SE, Parls, Lamar County, Texas (tiie "Praparty"), which is further dapicEed or► Exhibit "A"
<br />atfacfied hereto and incorporatsd herehn.
<br />2, Earnest MnneV. $5,000, to be deposlted wit}1 Republlc Tliie Insuranc4 Company Daflas (herelnatter "Escraw
<br />AgenC") within five (5) buslness days after tite Effectfve pate, paid in accordance with tiie lerms and provlsions
<br />af thls Agreement. All interest oarned on tha Earnsst Money shalt be the property of Buyer. Buyer ancl Sefler
<br />shalE Indemnify khe Escrow Agent and haid the Escrow Agent fiarmleas irom alf damage, costs, 'ciaims and
<br />exponses arising from per(ormanca of its dutles as Escralv Agent {ncluding reasonable altui ~ sconduct ofi tFte
<br />far tl~ose da►r~ages, casts, cla lms an d expenses r e s u l t i n g f r o m t h e g r o s s n e gi i g e n c e o r w 1
<br />Escrow Agent. ~
<br />3. F'Lirchase Price, $'I60,000.
<br />VX
<br />4. Closlng. Ten (40) days afterfhe end of fhe inspecllon Per lo d ( i he ~~C los i n g p a t e") a~ < l~ y r~
<br />5, pbiipaiions at Closinn. At Closing, 5eller shal{ delfver to Buyer, or Buyer's deslgnee, a special
<br />deed conveying to E3uyer ar its designee good anQ marketab(e title In fee simple to the Property, SUb1ect onfY
<br />to exceptions accepiable pursuanE to Paragraph 7 bolow, and al{ other dacuments requlrecl by the Title
<br />Company for clasing, pay for Seller's attorney's fees, cosls af i-ecordfng the deed, transfor faxes, and aN
<br />otlier cast Incurred by Seiier or requlred io Ge pald by 5eiler pursuani to Qny other provlslon af this
<br />Buyer shcill pay ihe Purchase f'rico, as
<br />Agresment, and surrender the f'roperty to Buyer. At Closing,
<br />adjusted, pay for Buyer's altorney's foes, iitle, sutvoy, and any casts assoclcifed with financing the purchase oF
<br />flie Prapot'ty, and all other cost Incurred by C3uyer or recJulred ia Ue paid by Buyer pursuarif ta -ciny other
<br />provlslo►i of this Agreement.
<br />6, Inspecllon Perlod. Buysr's agenis, employees and lndepondent contractors sha11 have aperlotl af ane
<br />hundred iwenty (920) buslness days afrer lhe Fffact(ve Date (ihe "Inspection Pet9od") In t^lhlcn to conduci, at '
<br />Buyer's sofe oKpense, such psl BuG er deems rap{~ atprlat ng,Selleinshall1prov1dei8uiyerrco{ ies,of a yeanid ail
<br />examinatians, tests and studles a y - ~
<br />r-naterlals pertainlng to the Property to Buyer w11hln ten (10) days after #he Effective pate. , . Eartiest If' 8uyer terrnlnatos fhls Agreemant before the end of the lnspectton
<br />n afletdlhe'end af tho ins~pecUon f?er;iodf, $100,00, shal) be relumed to Buyer. If 8uyer terminates thts Ag ee
<br />aI! Eamest Monsy shali be sent to Se11er, unless SelSer dafaults under tiils Agreament, In ~bhich.caso;lhe
<br />Ea:-nesi Maney shaU be returned to Buyer. Upon the ferminatlon af tiiis Agreemenf piirsuant io 11h1s
<br />subpai'agraph, ihe partles sliall be relieved of any further obligatlons hereuncler., ; . shall
<br />tti If Biiyer intends io proceed witli the Closing of Its pur flls~scro 'w ~gent Inywritln~~la fac Imile iansmission oe
<br />explration of the Inspeeklon Perlod, notify il~e Seller an I
<br />as otherwise provi8od In tliis A BeE~m~eSt ~n~Bon~~i'flns 1~ irea proceed -wlth the C1asing oi Its purchase 'of 'ihe*
<br />praperty, subJect to ali of t}1e o1h rn
<br />- 0 0 ~p (~,i i
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