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11-8-99 PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) UNIMPROVED PROPERTY CONTRACT NOTICE: Not For Use For Condominium Transactions PARTIES: James Martinez, CARLES STERLING (Seller) agrees to sell and convey to Carol Martin (Buyer) and Buyer agree~ to buy from Seller the property described below. 2. PROPERTY: Lot Block , Part of T. Askins Syn. Tract73 Addition, -- ' Lamar County, Texas, known as City of Paris , Rt.1 Hwy 271 lq. 75462 (Address/ZipCode), or as described on attached exhibit, (the Property). The Property [~is [] is not subject to mandatory membershp in an ow?ers' associa,~tion. The TREC Addendum For Property Subject To Mandatory Membership In An Owners Association u is [] is not attached. NOTICE TO BUYER: If the Property is subject to mandatory membership in an owners' association, Seller notifies Buyer under §5.012, Texas Property Code, that, as a purchaser of property in the residential community in which the Property is located, you are obligated to be a member of an owners' association. Restdctive covenants governing the use and occupancy of the Property and a dedicatory instrument governing the establishment, maintenance, and operation of this residential community have been or will be recorded in the Real Property Records of the county in which the Property is located. Copies of the restrictive covenants and dedicatory instrument may be obtained from the county clerk. You are obligated to pay assessments to the owners' association. The amount of the assessments is subject to change. Your failure to pay the assessments could result in a lien on and the foreclosure of the Property. 3. SALES PRICE: A. Cash portion of Sales Price payable by Buyer at dosing .................. $ 2,000.00 B. Sum of all financing described below ............................ $ 18,000.00 C. Sales Price (Sum of A and B) ................................ $ 20,000.0t 4. FINANCING: Within 5 days after the effective date of this contract Buyer shall apply for all third party financing or noteholder's approval of any assumption and make every reasonable effort to obtain financing or assumption approval. Financing or assumption approval will be deemed to have been obtained when the lender determines that Buyer has satisfied all of lender's financial requirements (those items relating to Buyer's net worth, income and creditworthiness). If financing or assumption approval is not obtained within 30 days after the effective date hereof, this contract will terminate and the earnest money will be refunded to Buyer. Each note to be executed hereunder must be secured by vendor's and deed of trust liens The portion of Sales Price not payable in cash will be paid as follows: (Check applicable boxes below) [] A. THIRD PARTY FINANCING: [] (1)This contract is subject to approval for Buyer of a third party loan in an amount not to exceed % of the Sales Price, evidenced by a third party first lien promissory note of not less than $ 18,000. O0 , due in full in 15 year(s), with interest not to exceed 8.000 % per annum for the first 15 year(s) of the loan. [] (2)This contract is subject to approval for Buyer of a third party loan in an amount not to exceed % of the Sales Price, evidenced by a third party second lien promissory note of not less than $ , due in full in year(s), with interest not to exceed % per annum for the first year(s) ,o~f the loan. [] B SELLER FINANCING: A promissory note from Buyer to Seller CT :~ _ , bearing % interest per annum, secured by vendor's and deed of trust liens, in accordance with the terms~and conditions set forth in the attached TREC Seller Financing Addendum. if an owner policy of title insurance is furnished, Buyer shall furnish Seller with a mortgagee policy of title insurance. [] C. ASSUMPTION: [] (1)Buyer shal! assume the u:~paid principal balance of a first lien promissory note payable to which unpa~o oalan,~u "-, '-; ,.--~ monthly payment including princip- . interest and any reserve deposits is $ . Buyer's initial payment will be first payment due afie: Initialed for identification by B _ , . and Seller 0lA TREC NO. 9-4 Page 1 of 7 (TAR-1607) 11-8-99