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

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nPROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) 4 -28 -2014 EQUAL IW6 UNIMPROVED PROPERTY CONTRACT NOTICE: Not For Use For Condominium Transactions 1. PARTIES• The parties to this contract are Neal Wall and Vivia Wall, husband and wife (Seller) and The City of Paris. Texas. Trustee (Buyer). Seller agrees to sell and convey to Buyer and Buyer agrees to buy from Seller the Property defined below. 2. PROPERTY: Lot 1 , Block 308 City of Paris Addition, City of Paris , County of Lamar Texas, known as Lamar CAD Property ID No. 18639, 20.741 acres (address /zip code), or as described on attached exhibit together with all rights, privileges and appurtenances pertaining thereto, including but not limited to: water rights, claims, permits, strips and gores, easements, and cooperative or association memberships (the Property). 3. SALES PRICE: A. Cash portion of Sales Price payable by Buyer at closing ............ $ See Section 11 ............. B. Sum of all financing described below (excluding any loan funding 0.00 fee or mortgage insurance premium) ........................ ............................... $ C. Sales Price (Sum of A and B) ................................... ............................... $ See Section 11 4. FINANCING (Not for use with reverse mortgage financing): The portion of Sales Price not payable in cash will be paid as follows: (Check applicable boxes below) ❑A. THIRD PARTY FINANCING: One or more third party mortgage loans in the total amount of $ (excluding any loan funding fee or mortgage insurance premium). (1) Property Approval: If the Property does not satisfy the lenders' underwriting requirements for the loan(s) (including, but not limited to appraisal, insurability and lender required repairs), Buyer may terminate this contract by giving notice to Seller prior to closing and the earnest money will be refunded to Buyer. L2) Credit Approval: (Check one box only) CCJJ (a) This contract is subject to Buyer being approved for the financing described in the attached Third Party Financing Addendum for Credit Approval. ❑ (b) This contract is not subject to Buyer being approved for financing and does not involve FHA or VA financing. ❑ B. ASSUMPTION: The assumption of the unpaid principal balance of one or more promissory notes described in the attached TREC Loan Assumption Addendum. ❑ C. SELLER FINANCING: A promissory note from Buyer to Seller of $ , secured by vendor's and deed of trust liens, and containing the terms and conditions described 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. S. EARNEST MONEY: Upon execution of contract by all parties, Buyer shall deposit $ 0.00 as earnest money with Mr. Tracy A. Pounders, Attorney and Counselor at Law , as escrow agent, at Knox Central Place Suite 200, 4627 N. Central Expy., Suite 200, Dallas TX 75205 (address). Buyer shall deposit additional earnest money of $ Ono with escrow agent within 0 days after the effective date of this contract. 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 6Buyer's expense an owner's policy of title insurance (Title Policy) issued by to be selected by Buyer at Buyer's sole option (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 building and zoning ordinances) and the following exceptions:. (1 Restrictive covenants common to the platted subdivision in which the Property is located. 2 The standard printed exception for standby fees, taxes and assessments. 3 Liens created as part of the financing described in Paragraph 4. 4 Utility easements created by the dedication deed or plat of the subdivision in which the Property is located. (5) Reservations or exceptions otherwise permitted by this contract or as may be approved by Buyer in writing. (6) The standard printed exception as to marital rights. 7 The standard printed exception as to waters, tidelands, beaches, streams, and related matters. (8) The standard printed exception as to discrepancies, conflicts, shortages i area or boundary lines, encroachments or protrusions, or overlapping improvements: LJ (i) will not be amended or delete1 from the title policy; ❑(ii) will be amended to read, "shortages in area" at the expense of LJBuyer ❑Seller. Initialed for identification by Buyer and Seller TREC NO. 9 -11 EXHIBIT �r ri