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Rt.1 Hwy 271 N. Unimproved Property Contract Concerning Paris , TX 75462 Page Four 11-8-99 (Address of Property) If the Pro arty is located outs de the lim ts of a municipality, Seller notifies Buyer under §5.011, Tex~> (5) P- ................ or later be included in the extraterritorial jurisdiction of a Property Coae, mat the P'roper[y may nuw mun c ality and may now or later be subject to annexation by the municipality. Each municipality ma ntaiP~s a map that dap cts its boundaries and .e~ra.!erritor~al ,j,urisd!ct!on., To s located with n a mun cipality's extraterdtoria junsaic~on or is likely tO De ioca[eu w~u,~ ~ extraterritorial jurisdiction, contact all municipalities located in the general proximity of the Property for further information. (6) Unless expressly prohibited in writirLg by the parties, Seller may continue to show the Property for sale and to receive, negotiate and accept back-up offers. 7. PROPERTY CONDITION: A. INSPECTIONS, ACCESS AND UTILITIES: Buyer may have the Property inspected by an inspector selected by Buyer, licensed by TREC or otherwise permitted by law to make such inspections. Seller shall permit access to the Property at reasonable times for inspection, repairs and treatment and for reinspection after repairs and treatment have been completed. Seller shall pay for turning on utilities for inspection and reinspection. B. ACCEPTANCE OF PROPERTY CONDITIQN: NOTICE: Buyer should determine the availability of utilities to the Property suitable to satisf7 Buyeds needs. (check one box only): [] (1) In addition to any earnest money deposited with escrow agent, Buyer has paid Seller $ (the "Option Fee") for the unrestricted right to terminate this contract by giving notice of termination to Seller within days after the effective date of this contract. If Buyer gives notice of termination within the time specified, the Option Fee will not be refunded, however any earnest money will be refunded to Buyer. If Buyer does not give notice of termination within time specified, Buyer will be deemed to have accepted the Property in its current condition and and the Option Fee [] w Il [] will not be credited to the Sales Price at closing. [] (2) Buyer accepts the Property in its present condition. 8, BROKERS' FEES: AIl obligations of the parties for payment of broker's fees are contained in separate written agreements. 9. CLOSlNG: The closing of the sale will be on or before February 14 , 2003 within 7 days after objections to matters disclosed in the Commitment or by the survey have ~ ~red whichever date is later {the Closing Date). If financing or assumption approval has been obtained to Paragraph 4, the Closing Date will be extended up to 15 days if necessary to comply with lender's closing requirements. If either party fails to close this sale by the Closing Date, the non-defaulting party will be entitled to exercise the remedies contained in Paragraph 15. At closing Seller shall furnish tax statements or certificates showing no delinquent taxes and a general warranty deed conveying good and indefeasible title showing no additional exceptions to those permitted in Paragraph 6. 10. POSSESSION: Seller shall deliver possession of the Property to Buyer at closing and funding. 11. SPECIAL PROVISIONS: (Insert only factual statements and business details applicable to this sale. TREC rules prohibit licensees from adding factual statements or business details for which a contract addendum lease or other form has been promulgated by TREC for mandatory use.) CONTRACT IS CONTINGENT UPON BUYER BEING ABLE TO OBTAIN A STATE PERMIT FOR A BILLBOARD~ ~ C ; +'/ ~D--EF);'t'~' ' ~ .~ ,.~[" LAPLA~ OUTDOOR ADVERTISING BILLBOARDS CUP~RENTLY ON PROPERTY WILL BE REMOVED PRIOR TO CLOSING. OWNER WILL NOT ALLOW LAMA~ OUTDOOR ADVERTISING TO PLACE ANOTHER BILLBOARD ON ~.[fy OF THE RE~-A~-N!NG ~0 ACRES SHE BUYER AND SELLER AGKEE TO SPLIT THE COST OF THE SURVEY. PLEASE REFER TO EXHIBIT A SURVEY FOR LOCATION OF AC~E BEING pUP, CHASED. Initialed for identification by Buyer ~ and Seller_ 0'IA TREC NO. 9-4 Page 4 of 7 (TAR-1607) 11-8-99 i~;.,~ z~ ×