2014-022 - Authorizing a contract for the acquisition of real property

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Contract Concerning Lamar CAD PIDN 18639, Lot 1 Block 308 City of Paris, 20.741 acres page 6 of 8 4 -28 -2014 (Address of Property) B. EXPENSES: At closing, the earnest money must be applied first to any cash down payment, then to Buyer's Expenses and any excess refunded to Buyer. If no closing occurs, escrow agent may: (i) require a written release of liability of the escrow agent from all parties (ii) require payment of unpaid expenses incurred on behalf of a party, and (iii)) only deduct from the earnest money the amount of unpaid expenses incurred on behalf of fhe party receiving the earnest money. C. DEMAND: Upon termination of this contract, either party or the escrow agent may send a release of earnest money to each party and the parties shall execute counterparts of the release and deliver same to the escrow agent. If either part fails to execute the release, either party may make a written demand to the escrow agent for the earnest money. If only one party makes written demand for the earnest money, escrow agent shall promptly provide a copy of the demand to the other party. If escrow agent does not receive written objection to the demand from the other party within 15 days, escrow agent may disburse the earnest money to the party making demand reduced by the amount of unpaid expenses incurred on behalf of the party receiving the earnest money and escrow agent may pay the same to the creditors. If escrow agent complies with the provisions of this paragraph, each party hereby releases escrow agent from all adverse claims related to the disbursal of the earnest money. D. DAMAGES: Any party who wrongfully fails or refuses to sign a release acceptable to the escrow agent within 7 days of receipt of the request will be liable to the other party for Iiquidated damages in an amount equal to the sum of: (i) three times the amount of the earnest money; the earnest money; (iii) reasonable attorney's fees; and (iv) all costs of suit. E. NOTICES: Escrow agent's notices will be effective when sent in compliance with Paragraph 21. Notice of objection to the demand will be deemed effective upon receipt by escrow agent. 19. REPRESENTATIONS: All covenants, representations and warranties in this contract survive closing. If any representation of Seller in this contract is untrue on the Closing Date, Seller will be in default. Unless expressly prohibited by written agreement, Seller may continue to show the Property and receive, negotiate and accept back up offers. 20. FEDERAL TAX REQUIREMENTS: If Seller is a "foreign person " as defined by applicable law or if Seller fails to deliver an affidavit to Buyer that Seller is not a foreign person," then Buyer shall withhold from the sales proceeds an amount sufficient to comply with applicable tax law and deliver the same to the Internal Revenue Service together with appropriate tax forms. Internal Revenue Service regulations require filing written reports if currency in excess of specified amounts is received in the transaction. 21. NOTICES: All notices from one party to the other must be in writing and are effective when mailed to, hand - delivered at, or transmitted by facsimile or electronic transmission as follows: To Buyer at: To Seller at: Mr. Tracy A. Pounders, Attorney at Law 4627 N. Central Expy, Suite 200 Dallas TX 75205 Telephone: ( ) Telephone: ( 903) 669 -1700 Facsimile: ( ) Facsimile: ( 972) 332 -2573 E -mail: E -mail: tracy @pounderslaw.com 22. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their written agreement. Addenda which are a part of this contract are (check all applicable boxes): NONE ❑ Third Party Financing Addendum for Credit ❑ Addendum for Coastal Area Property Approval ❑ Environmental Assessment,, Threatened or ❑ Seller Financing Addendum Endangered Species and Wtands ❑ Addendum for Property Subject to Addendum Mandatory Membership in a Property ❑ Addendum for Property Located Seaward Owners Association of the Gulf Intracoastal Waterway ❑ Buyer's Temporary Residential Lease ❑ Addendum for Sale of Other Property by ❑ Seller's Temporary Residential Lease Buyer L3 Addendum for Reservation of Oil, Gas ❑ Addendum for Property in a Propane Gas and Other Minerals System Service Area ❑ Addendum for "Back -Up" Contract ❑ Other (list): Initialed for identification by Buyer and Seller TREC NO. 9 -11