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Unimproved Property Contract Concerning 1710 ISOI,~IA.-~ Page Four 11-8-99 <br /> (Address of Property) <br /> <br /> (5) If the Property is located outside the limits of a municipality, Seller notifies Buyer under §5.011, Texas <br /> Property Code, that the Property may now or later be included in the extraterritorial jurisdiction of a <br /> muncpaity and may now or ater be subject to annexation by the municipality. Each municipality <br /> maintains a map that depicts ? boundaries and extraterritorial jurisdiction. To determine if the Property <br /> is located within a muntcipalitys extraterritorial jurisdiction or is likely to be located within a mun c pa itys <br /> extraterritorial jurisdiction,,~contact all municipalities located in the general proximity of the Property for <br /> fudher information. <br /> (6) Unless expressly prohibited in writing by the parties, Seller may continue to show the Property for sale <br /> and to receive, negotiate and accept back-up offers. <br /> <br /> 7. PROPERTY CONDITION: <br /> A. INSPECTIONS, ACCESS AND UTILITIES: Buyer may have the Property inspected by an inspector <br /> selected by Buyer, licensed by TREC or otherwise permitted by law to make such inspections. Seller shall <br /> permit access to the Property at reasonable times for inspection, repairs and treatment and for <br /> reinspectinn after repairs and treatment have been completed. Sailer shall pay for turning on utilities for <br /> inspection and reinspection. <br /> B. ACCEPTANCE OF PROPERTY CONDITION: NOTICE: Buyer should determine the availability of utilities <br /> to the Property suitable to satisfy Buyer's needs. (check one box only): <br /> in addition to any earnest money deposited with escrow agent, Buyer has paid Seller <br /> [] (1) $ (the "Option Fee") for the unrestricted right to terminate this contract by giving <br /> <br /> notice of termination to Seller within days after the effective date of this contract. If Buyer <br /> gives notice of termination within the time specified, the Option Fee will not be refunded, however, <br /> any .earnest money will be refunded to Buyer. If Buyer does not give notice of termination within <br /> time specified, Buyer will be deemed to have accepted the Property in its current condition and <br /> and the Option Fee [] will [] will notbe credited to the Sales Price at closing. <br /> [] (2) Buyer accepts the Property in its present condition. <br /> 8. BROKERS' FEES: All obligations of the parties for payment of broker's fees are contained in separate <br /> written agreements. <br /> <br /> 9. CLOSING: The closing of the sale will be on or before August 15 , 2001 , or <br />within 7 days after objections to matters disclosed in the Commitment or by the survey have been cured, <br />whichever date is later (the Closing Date). If financing or assumption approval has been obtained pursuant <br />to Paragraph 4, the Closing Date will be extended up to 15 days if necessary to comply with lender's closing <br />requirements. If either party fails to close this sale by the Closing Date, the non-defaulting party will be entitled <br />to exercise the remedies contained in Paragraph 15. At closing Seller shall furnish tax statements or <br />certificates showing no delinquent taxes and a general warranty deed conveying good and indefeasible title <br />showing no additional exceptions to those permitted in Paragraph 6. <br />10. POSSESSION: Seller shall deliver possession of the Property to Buyer at closing and funding. <br /> <br />11. SPECIAL PROVISIONS: (Insert only factual statements and business details applicable to this sale. TREC <br /> rules prohibit licensees from adding factual statements or business details for which a contract addendum, <br /> lease or other form has been promulgated by TREC for mandatory use.) <br /> SUBJECT TO BUYER BEING A~LE TO P.~ZONE <br /> ALI.EX EASEMENT,MUST BE REMOVED BY BUYER <br /> <br /> identification by Buyer ~/'~""~ and Seller .(~/~:~ 0lA <br />Initialed <br />for <br />(TAR-1607) 11-8-99 TAR, P.O, Box 2246, Austin, TX 78768-2246 <br /> <br />TREC NO. 9-4 <br /> <br /> Page 4 of ? <br /> <br /> <br />