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Rt.1 Hwy 271 N.
<br />Unimproved Property Contract Concerning Paris , TX 75462 Page Five 11-8-g9
<br /> -- (Address of Property)
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<br />12. SETTLEMENT AND OTHER EXPENSES:
<br /> A. The following expenses must be paid at or prior to closing:
<br /> (1) Appraisal fees will be paid by Buyer
<br /> (2) The total of loan discount fees may not exceed % of the loan of which Seller shali
<br />
<br /> pay and Buyer shall pay the remainder. The total of any buydown fees
<br /> not exceed_ - which wit[ be paid by
<br /> (3) Seller's Expenses: Releases of ex sting liens ncluding prepayment penalties and recording fees;
<br /> release of Seller's loan liability; taxx statements or certificates; preparaton of deed; one-half of
<br /> escrow fee; and other expenses stipulated to be paid by Seller under other provisions of thi'~
<br /> contract.
<br /> (4) Buyer's Expenses: Loan application, origination and commitment fees; loan assumption cosb,
<br /> preparation and recording of deed of trust to secure assumption; lender required expenses incident
<br /> to new loans, includng preparaton of loan documents, recordng fees tax service and research
<br /> or underwriting fees, copies of restrictions and easements, amortization ~chedule,
<br /> fees,, wareh.ouse rt-a-e rte policies and endorsements required by lender, credit, reports,
<br /> premiums ro.r ~m_o~..~,~s for flood and hazard insurance; required reserve deposit, for in?~u, ranc.e,
<br /> premiums ,~uu .... *~. ,-.;,-f ~, ,~ates of first monthly payments; one-halT Of e~c~uw ,~=, ,=,,u
<br /> disbursements to one mu,~., ~.,,~ ....
<br /> ex enses sti ulated to be pa d by Buyer under other provisions of this contract.
<br /> other p P ...... * ~x"ressl,, stated in this contract for such expense to be paid by a
<br /> B. if any expense exceeos an ~,,~uu,,~ = ~ J
<br /> partT, that party may terminate this contract unless the other party agrees to pay such excess. In no
<br /> event will Buyer pay charges and fees expressly prohibited by governmental loan program regulations.
<br /> 13. PRORATIONS AND ROLLBACK TAXES:
<br /> A. PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and rents
<br /> will be prorated through the Closing Date. If taxes for the current year vary from the amount prorated at
<br /> closing, the parties shall adjust the prorations when tax statements for the current year are available. If
<br /> a loan is assumed and the lender maintains an escrow account, the escrow account must be transferred
<br /> to Buyer without any deficiency. Buyer shall reimburse Seller for the amount in the transferred account.
<br /> Buyer shall pay the premium for a new insurance policy. If taxes are not paid at or prior to closing, Buyer
<br /> will be obligated to pay taxes for the current year.
<br /> B ROLLBACK TAXES: if this sale or Buyer's use of the Property after dosing results in the assessment
<br /> of additional taxes, penalties or interest (Assessments) for periods prior to closing, the Assessments will
<br /> be the obligation of Buyer. tf Seller's change in use of the Property prior to closing or denial of a special
<br /> use valuation on the Property claimed by Seller resuts in Assessments for periods prior to c[osi?g,
<br /> the Assessments will be the obligation of Seller. Obligations imposed by tbs paragraph Will survive
<br /> closing.
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<br /> 14. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty Io~.~
<br /> after the effective date of the contract, Seller shall restore the Property to its previous condition as soon as
<br /> reasonably possible, but in any event by the Closing Date. If Seller fails to do so due to factors beyonJ
<br /> Seller's control, Buyer may either (a) terminate this contract and the earnest money will be refunded to
<br /> Buyer (b) extend the time for performance up to 15 days and the Closing Date will be extended as
<br /> necessary or (c) accept the Property in its damaged condition and accept an assignment of insurance
<br /> proceeds. Seller's obligations under this paragraph are independent of any obligations of Seller under
<br /> Paragraph 7.
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<br /> 15. DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may either (a)
<br /> enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate
<br /> and receive the earnest money as iquidated damages, thereby releasing both parties from
<br /> this contract If, due to factors beyond Seller's control, Seller fails w thn the time allowed to make any
<br /> this contract.
<br /> non-casualty repairs or deliver the Commitment, Buyer may either (a) extend the t me for performance up
<br /> to 15 dsys aqd the Closing Date will be extended as necessary or (b) terminate this contract as the see
<br /> remedy and receive the earnest money If Saber fails to com~ly with [his contract for any other reason,
<br /> c ......... ;n da[au',[ and r2t,~,'a~ ms.' ~:'.'-?r '~:':) enforce specf'c performapce ~e? s'~ch other re',ief as
<br /> may be provided by law, or both, or (c) terminate this contract and receive the earnest money, thereby
<br /> ..~rtt,.~ from this con ract.
<br /> -, ......both-' '~
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<br /> initialed for identification b~ and Seller 0lA TREC NO, 9-4
<br /> Page 5 "' 7
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<br /> (TAR-1607) 11-8-99
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