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Rt.1 Hwy 271 N. Unimproved Property Contract Concerning Paris , TX 75462 PageTwo 11-8-99 (Address of Property) [] (2) Buyer shall assume the unpaid principal balance of a second lien promissory note which payable to unpaid balance at closing will be $ . The total current monthly payment including principal, interest and any reserve deposits is $ . Buyer's initial payment w be the first payment due after closing. Buyer's assumption of an existing note nc udes all obligations imposed by the deed of trust securing the note. If the unpaid principal balance(s) of any assumed loan(s) as of the Closing Date varies from the loan balance(s) stated above, the [] cash p~yable at closing [] Sales Price will be adjusted by the amount of any variance; provided, if the total principal balance of all assumed loans varies in an amount great:'r than $350.00 at closing, either party may terminate this contract and the earnest money will L; refunded to Buyer unless the other party elects to eliminate the excess in the variance by an appropriate adjustment at closing. If the noteholder requires (a) payment of an assumption fee in excess of $ in C(1) above or $ in C(2) above and Seller declines to pay such excess, or (b) an increase in the interest rate to more than % in C(1) % in C(2) above, or (c) any other modification of the loan documents, Buyer may above, or terminate this contract and the earnest money will be refunded to Buyer. A vendoCs lien and deed of trust to secure assumption will be required which shall automatically be released on execution and delivery of a release by noteholder. If Seller is released from liability on any assumed note, the vendor's lien and deed of trust to secure assumption will not be required. NOTICE TO BUYER: The monthly payments, interest rates or other terms of some 1cans may be adjusted by the lender at or after closing. If you are concerned about the possibility of future adjustments, do not sign the contract without examining the notes and deeds of trust. NOTICE TO SELLER: Your liability to pay the note assumed by Buyer will continue unless you obtain a release of liability from the lender. If you are concerned about future liability, you should use the TREC Release of Liability Addendum. [] D. CREDIT APPROVAL ON ASSUMPTION OR SELLER FINANCING: W~thin days after the effective date of this contract, Buyer shall deliver to Seller [] credit report ~rification of employment, including salary [] verification of funds on deposit in financial institutions [] current financial statement to establish Buyer's creditworthiness or assumption approval or seller financing and [] If Buyer's documentation is not delivered within the specified time, Seller may terminate this contr;.;t by notice to Buyer within 7 days after expiration of the time for delivery, and the earnest money will be paid to Seller. If this contract is not so terminated, Seller will be deemed to have accepted Buyer's credit. If the documentation is timely delivered, and Seller determines in Seller's sole discretion that Buyer's credit is unacceptable, Seller may terminate this contract by notice to Buyer within 7 days afiCr expiration of the time for delivery and the earnest money will be refunded to Buyer. If Seller does n'4 so terminate this contract, Seller will be deemed to have accepted Buyer's credit. Buyer here~y authorizes any credit reporting agency to furnish to Seller at Buyer's sole expense copies of Buyers credit reports, 5. EARNEST MONEY: Buyer shall deposit $ 500.00 as earnest money with Young T±tle -' at Loop 286 Paris Tx (Address), as escrow agent, upon execution of this contract by both parties, Additional earnest money of $ must be deposited by Buyer with escrow agent on or before if Buyer fails to deposit the earnest money as required by this contract, Buyer will be in default 6, TITLE POLICY AND SURVEY: ~]A. TITLE POLICY: Seller shall furnish to Buyer at [] Seller's [] Buyer's expense an owner policy of' title insurance (the Title Policy) issued by Younq Title (the Title Company) in the amount of the Sales Price, dated at or after closing, insuring Buyer against loss under the provisions of the Title Policy, subject to the promulgated exclusions (including existing .... ~ ~,.din=nces~ 'md th: fo cv,'irc exceptions: C, uild;,-,.g and ~-,,.,.~ ...... , ~ v .T= ' (1) Restr ct ye covenants common to the pta,t~o subdivision in which the Property is located (2) The standard primed exception k,: =;andby fees, taxes and assessmenls. Initialed for identification by Buy '~ i-/ and Seller_ 0lA TREC NO. 9-4 Page 2 7 (TAR-1607) 11-8 99