12-Delliberate and act on a Resolution approving the purchase of 165 Center Street

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Section 3.2 Within twenty (20) days from the Effective Date of this Contract, the Seller shall furnish to the Purchaser a current commitment ("Title Commitment") for the issuance of an Owner's Policy of Title Insurance to the Purchaser from STONE TITLE COMPANY, 33 1St Street NW, Paris, TX 75460 ("Title Company") together with legible copies of all documents constituting exceptions to Seller's title as reflected in the Title Commitment. The cost of the Commitment to be paid by Purchaser. Section 3.3 Purchaser shall have a period of ten (10) days from the last to be delivered of each of the Survey, Title Commitment and the documents referred to therein as conditions or exceptions to title to the Property, in which to review such items and to deliver to Seller in writing such reasonable objections as Purchaser may have to anything contained or set forth in the Title Commitment, title exception documents or Survey. Any items to which Purchaser does not object within such period shall be deemed to be permitted exceptions ( Permitted Exceptions"). In the event Purchaser timely objects to any matter contained in the Title Commitment, title exception documents and/or the Survey as hereinabove provided, Seller shall have a reasonable period of time, not to exceed thirty (30) days, after receipt of Purchaser's objections within which Seller may attempt to cure such objections specified as aforesaid by Purchaser, provided, however, Seller shall be under no obligation to incur any costs whatsoever in connection with such cure. In the event Seller has been unable or unwilling to cure any such objections as aforesaid within such reasonable period of time, not to exceed thirty (30) days, then, and in such event, Purchaser may, at its option, either terminate this Contract or Purchaser may waive any such objection and the transaction contemplated hereby shall be consummated as provided herein. Section 3.4 At Closing, the Seller shall furnish the Purchaser, at the Purchaser's sole cost and expense with an Owner Policy of Title Insurance issued by the Title Company on the standard form in use in the State of Texas, insuring good and indefeasible title to the Property in the Purchaser in the amount of the Purchase Price, subject only to the Permitted Exceptions and the standard printed exceptions, except: (a) The exception relating to restrictions against the Property shall be endorsed by the Title Company to read "none of record," except for such restrictions as may be included in the Permitted Exceptions; (b) The Survey Exception (except for shortages in area) shall be deleted at Seller's expense. (c) The exception relating to ad valorem taxes shall except only to taxes owing for the current and subsequent years and subsequent assessments for prior years due to change in land use; (d) There shall be no general exception for "parties in possession;" and (e) There shall be no exception for any lien, for service, labor or material heretofore or hereafter provided imposed by law and not shown by the public records. REAL ESTATE CONTRACT/TO CITY (No Earnest Money) (Inspection Fee) PAGE 2 r.