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WARRANTY DEED WITH VENDOR'S LIEN -
<br /> (Vendor's Lien Reserved and Assigned to Third Party Lender)
<br />
<br />THE STATE OF TEXAS §
<br /> § KNOW ALL MEN BY THESE PRESENTS:
<br />COUNTY OF LAMAR §
<br />
<br /> THAT THE UNDERSIGNED, EDNA M. DOWLER (formerly DeVoss), joined proforma by her
<br />husband CLARENCE DOWLER hereinafter called "Grantor", whether one or more, for and in
<br />consideration of the sum of TEN DOLLARS ($10.00) and other valuable consideration to the undersigned in
<br />hand paid by the Grantee herein named, the receipt of which is hereby acknowledged, and the further
<br />consideration of the execution and delivery by the Grantee of that one certain promissory note of even date
<br />herewith in the principal sum of $24,000.00 payable to the order of BANK OF AMERICA N.A. ("Lender"),
<br />as therein specified, providing for acceleration of maturity and for attorney's fees, the payment of~vhich note
<br />is secured by the vendor's lien herein retained, and is additionally secured by a deed of trust of even date
<br />herewith to PRLAP, INC., TRUSTEE, has GRANTED, SOLD AND CONVEYED, and by these presents
<br />does GRANT, SELL AND CONVEY unto, PHIL CARTER herein referred to as the "Grantee", whether
<br />one or more, the real property situated in Lamar County, Texas and being described to-~vit:
<br />
<br />Being a 1.378 acre tract of land and a part of the JOHN W. WILLIAMS SURVEY, Lamar County,
<br />Texas, fully described on EXHIBIT A attached hereto;
<br />
<br /> This conveyance, however, is made and accepted subject to the following:l) Easement to Lamar County
<br />Water Suppl. v Corporation of record itt Vohtnte 652 Page 867 Deed Records of £amar CounO,, Te_,cas. 2) Easement to Te_vas Power
<br />and £ight Company of record in Vohtme 211 Page 106 Deed Records of £amar CounO', Texas.
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<br /> TO HAVE AND TO HOLD the above described premises, together with all and singular the rights
<br />and appurtenances thereto in anywise belonging, unto the said Grantee, Grantee's heirs, executors,
<br />administrators, successors and/or assigns forever; and Grantor does hereby bind Grantor, Grantor's heirs,
<br />executors, administrators, successors and/or assigns to WARRANT AND FOREVER DEFEND all and
<br />singular the said premises unto the said Grantee, Grantee's heirs, executors, administrators, successors and/or
<br />assigns, against every person whomsoever claiming or to claim the same or any part thereofi
<br />
<br /> But it is expressly agreed that the Vendor's Lien, as well as Superior Titie in and to the above
<br />described premises, is retained against the above described property, premises and improvements until the
<br />above described note and all interest thereon are fiflly paid according to the face, tenor, effect and reading
<br />thereof, when this Deed shall become absohlte.
<br />
<br /> THAT Lender, at the instance and request of the Grantee herein, having advanced and paid in cash
<br />to the Grantor herein that portion of the purchase price of the herein described property as is evidenced by the
<br />hereinabove described Note, the Vendor's Lien, together with the Snperior Title to said property, is retained
<br />herein for the benefit of said Lender and the same are hereby TRANSFERRED AND ASSIGNED to said
<br />Lender, its successors and assigns.
<br />
<br /> Payment of the cnrrent ad valorem taxes on the property having been assumed by Grantee.
<br />
<br /> It is contemplated that this deed will be signed in counterparts. __
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