RPGFOVPL_ uL= 61UIPJG FiUTFlC3R1:1'Y TC? C:OUhJTY' f-ilTtlF:hJEY Tip hli=iN;E r"~IV E:i:alRhli_:> i t~'ii1Nl_Y CiltdTf~ti=1C: L 1=C7 i2 ttI fL: L_OI::H t Ii?hl l_?I= t_tiW F.:L~IFUt~CE.t+il-_N"1' FGaC~I:_ITY t=11yli FtlJll-i[JRIIHiI lUN Ot~ A HF1NllCFIECI•: D r-~ thi 't Pie 1. 4~~t i~i d~iy 01' Uctn6er i`3y3, ~.rpi3 rr mati~, r-~ m,de I:r.~ Comoii=_s=..;1LiY'lEi" UeY'ileT^, sei_Ci71Cj4alJ by (_~~I71QI1=_~~i~ner I-iolt:kamL_y the i.~n~.irt By a majority vote of 4-1-0, with Commissioner Lehman Opposing, to go Yore-yard w:LtPi tPie !;f::~UI?. 3:i~te. ,arii9 AIa'thi51"?.» =:, handchecl: f`qT ~`'_~ih~[~4?. ~Z~4~r ~Fnr' tt`ie e~rrnest mcrr~ey cnrrtr~;~i.'l-. .{-he i~-~r~_rn~~~:: 'Tr~tas~_rre_r^ :.r i rie l:o~.u'i.:y G:ai..ri:~i' ,' c-,~_rtFrnr~.:zeci to dr «i^~ ~s vo~_ri~l':er'~ T'r ORI L.i.ne J:tem Pdo. I~-6ry`~-`iE.1, l1~_r:ildi~ng Conr~tn~'~actinn *~or^ 3~°,VJUnL'f.4'~V~ macia. payahl.,.= t:-. V=~~o~-r r.. States `r=ir~~ancial Cnrpor~rtiorr i• 1=~icel.ity i~ih=.>t:r^act; R~ l~ii;le C: o rr i:, ~,. ri y . ~~_~~J TEAS ASSOCIATION OF REALTORS® COMMERCIAL EARNEST MONEY CONTRACT TIIIS CONTRACT' OF SALE is made by and between roar ~ta7 e5 I-tnarte tat Cori. , hereafer referred to as "Seller" and erg (yu~n~y ,hereafter referred to as "Buyer" upon the terms, provisions and conditions set forth herein. 1. PURCf1ASE AND SALE. Seller agrees to sell and convey to Buyer and Buyer agrees to buy from Seller the following prop- erty situated in Kerr County, Texas, known as '~ Il.. IG AGt"1!5 _ more er Ie55 r nut e'f al a (address). 2. PROPERTY. Lot ,Block Addition, City of or as described on atlaclled Exhibit "A", together with all and singular the rights and appurtenances pertaining to the property, including any right, title, and interest of Seller in and to adjacent streets, alleys or rights of way. All of such real property, rights, and appurtenances being hereinafter referred to as the "Property", together with any improvements, fixtures, and personal property situated on and attached to the Property, including but not limited to the following: 3. CONTRACT SALES PRICE. A. Cash down payment payable at closing (including earnest money) .................... $ ~ B ~~ ~ 55. ~ B. Sum of all notes described in Paragraph 4 below ........................................ $ - 0 - C. Other ........................................................................................... $ --' O- D. Sales Price (Sum of A, B, and C) ........................................................... $ 2 $ 4 t ~15 S - ^ . ASSUMF'"FION: Duyer shall assume the unpaid balance of that promissory note payable t dated , 19_. Buyer all ay the in Ilment payment due alter the date of closing. The assumed principal balance at closing will be $ Ilowing fora greed $ variance. The cash payable at closing shall be adjusted for the amount of s variance. toyer shall apply r assumption approval, if necessary or required, within days from the effective dot f this contract nd shall make eve asonable elTort to obtain the same. If the variance exceeds $ or the ex' mg interest rate is ncreased above 96 or Duyer is required to pay an assumption fee in excess of $ assumption approval annot be obtained within days from the effective dale hereof, this contract may be termi ed at Duyer's option and he Earnest Money shall be re(u ed to Buyer without delay. B. "1'I11RD PAR'T'Y FINANCI :This contract is subject to approval of a loan for Buye y a third party in the amount of 6 payable at intervals for not less than yc within the initial interest rate not to exceed % per annum, and wit ch principal and interest installment no o exceed $ [ ]including interest [ ]plus interest, for the first years of the loan. Duyer shall a y for the loan within days Gom the effective date of this contract and shall make ry reasonable effort too m approval. If the loan has not been approved within days from the effective date herco , is contract shall t inate and the Earnest Money shall be refunded to uycr without delay. C. SELLER hINANCING: Royer shall execute a p bearing 9'° interest ( ) I. In one payment due ~ fry note or notes to Seller in the principal sum of nom, and payable: (Check I, 2 or 3 below) after the date of the note with interest payable ] 2. Installments of $ [ ]including int st [ ]plus interest beginning after the date of the note and contin ng at in vats thereafter for years when llle entire balance of the note shall due and payable. j ] 3. Interest only in installments for the first years and thereafer in installments of $ [ )including interest [ ]plus interest beginn intervals Thereafter for years when the entire balance of the note is due and pay e. D. O"TRIER FINANCIN financed nose may be prepaid in whole or in part at any time without penalty. The lien securing payment of such 5. EARNEST MONEY. A, $ 51000 ~° is herewith tendered and is to be deposited as Earnest Money with G, a~, l~ /1e~~• ~ Tf 9-le t'O. , as Escrow Agent. Additional Earnest Money, if any, shall be depns- iled with the Escrow Agent on or before 19-, in the amount of .Earnest Money is deposited with the Escrow Agent with the understanding that Escrow Agent (i) does not assume or have any liability for performance or nonperformance of any party (ii) has the right to require the receipt, release and authorization in writing of all parties before paying the deposit to any party and (iii) is not liable for interest or other charge on the funds held. If any party unreasonably fails to agree in writing to an appropriate release of Earnest Money, then such party shall be liable to the other parties to the extent provided in paragraph 14. At closing, Earnest Money shall be applied to any cash down payment required, next to Buyer's closing costs and any excess refunded to Buyer. Before Buyer shall be entitled to refund of Earnest Money, any actual exp/:nses incurred or paid on Buyer's hchalf shall be deducted therefrom and paid to the creditors entitled thereto. B. [ J Ycs ( J No. The parties herein agree that the Earnest Money shall be deposited in an account at __ hearing interest at the highest obtainable rate and the interest shall be credited to ,1~ L 2 M If\N-112Y1 Z/XS "~ Sea ~Y-h1blT P1 II SP~l0.[~~YI$1~$~ 1'ugc 1 oli I'aAcf I'ROPIiRTY CONDI'f1ON/INVI?S"fIGA"PION. J~C] A. Buyer accepts the Property in "as is" condition. J J B. Buyer accepts the Property subject to the [ ]Property Condition and/or [ ] Investigation Addcndums attached hereto. 7. SURVEI' AND TITLE BINDIiR. A. Survey [ J I. No survey is required. [ ] 2. Scllcr shall furnish to Buyer within ten (10) days from the effective date of this contract, Seller's existing survey of the Propcrtydated 19-. [x ] 3. Within 30 days after the date of this contract, Seller shall, [ ] at Seller's expense [ ] at Buyer's expense, deliver or cause to be delivered to Buyer and Title Company a copy of a current-on-the-ground survey ("Survey") of the Property made by a duly licensed surveyer reasonably acceptable to Buyer and in a Form acceptable to Buyer and the Title Company issuing the title commitment and Owner's Policy of Title Insurance required herein. If the survey exception (except as to shortages in area) is to be deleted herein, the additional expense for such deletion shall be paid by ~uy6f .The Survey shall show acreage or square feet, access to the property, the location of all improvements, rights of way, easements, encroachments, streets, roads, water courses, or fences on or adjacent to the Property, if any. If this contract does not close through no fault of Seller, in addition to the other rights of Seller hereunder, Buyer shall pay for the Survey. [~C] i.) If the price of the Property, pursuant to Paragraph 3, is based upon price per acre, then the Survey shall reRecl the total acreage. [ ] ii.) If the price of the Property, pursuant to Paragraph 3, is based upon price per square foot, then the Survey shall reflect the total square footage. B. Within days after the date of this contract, Seller shall, at Seller's expense, deliver or cause to be delivered to Buyer: (I) A title commitment ("Title Binder") covering the Property binding the Title Company to issue a Texas Owner's Policy of Title Insurance on the standard fixm of policy prescribed by the Texas State Board of Insurance at the closing in the full amount of the purchase price; and (2) True, correct, and legible copies of any and all instruments referred to in the Title Binder as constituting exceptions or restrictions upon the title of Seller, if requested by Duyer in writing within )t) days of receipt of the title commitment. (3) A U.C.C. lien search, i(applicable. 8. APPROVAL PERIOD AND T1'I'LE, A. [iuyer shall have Zj days after the receipt of both the Survey and Title Binder to review same and to deliver in writing to Seller such objections as Buyer may have to anything contained therein. Any such item to which Buyer shall not object shall be deemed to be accepted by Buyer. If there are objections by Buyer, Seller shall in good faith attempt to satisfy same prior to closing, but Seller shall not he reyuired to incur any cost to do so. If title objections are disclosed, Seller shall have ~_ days to cure sarrre. If Seller delivers written notice to Buyer on or before closing date that Seller is unable to satisfy such objections, or if, for any reason, Seller is unable to convey title in accordance with Section 8(B) below, Buyer may either waive such objections and accept such title as Seller is able to convey or terminate this contract by written notice to Seller and Earnest Money shall be refunded with no Broker's fee due. Zoning ordinances and a lien for current taxes shall not be valid objections to title. B. Seller represents and warrants to Duyer that at the closing Seller will have and will convey to Buyer good and marketable title by General Warranty Deed subject only to liens securing debt created, assumed or taken subject to as part of the consideration, taxes for the current year, and any other reservations, easements, discrepancies in boundries, encroachments, restrictions or exceptions previously approved by Buyer in accordance with Paragraph 8.A. Delivery of the Title Policy pursuant to Section 10 below shall be deemed to fulfill all duties of Seller as to the sult-iciency of title required hereunder; provided however, Seller shall not thereby be released from the warranties of Seller's Deed. 9. NO"I'ICE 7'O BUYER. At the time of the execution of this contract, Broker has advised and hereby advises Buyer, by this writing, that Buyer should be furnished with or obtain a policy of title insurance or if an abstract covering the Property is provided in lieu thereof, Buyer should have said abstract examined by an attorney of Buyer's own selection. 10. CLOSING. A. The closing of the sale (the Closing Date) shall be on or before l~pr'i ~ ~ , 19 ~ . B. At the closing, Seller shall deliver to Buyer: (i) a General Warranty Deed (with Vendor's Lien retained if not a cash purchase) conveying the Property, subject only to liens securing debt created, assumed or existing as part of the consideration, taxes for the current year, and any other reservations or exceptions previously a proved by Buyer in accordance with Paragraph B.A.; (ii) An Owner's Policy of Title Insurance (the "Title Policy") issued by ~rdG[~ bsf~~' 1 1 i+lG in full amount of the Sales Price, dated as of closing, insuring Buyer's fee simple title to the Property to be good and indefeasible subject only to those title exceptions permitted herein, or as may be approved by Buyer in writing, and the standard printed exceptions contained in the usual form of the Title Policy, provided, however: (a) the exception as to area and boundaries shall be in accordance with Paragraph 7.A.3.; (b) the exception as to restrictive covenants shall be endorsed "None of Record", or, if of record, restrictive covenants shall be referenced by appropriate recording information; (c) the exception as to taxes shall be limited to taxes far the current year and subsequent years, and subsequent assessments for prior years due to changes in land usage or ownership; and (iii) possession of the property. C. At the closing, Buyer shall deliver to Seller (i) the cash portion of the sales price (the Earnest Money being applied thereto) and (ii) each note provided herein, if any, secured by Vendor's and Deed of Trust Liens. D. Unless otherwise provided herein, costs for the Survey, the Title Policy, preparing Deed, all inspections, tax certificates, reports and repairs required of Seller herein and 'h of escrow fee shall be Seller's expense. All other costs and expenses incurred in connection with this contract which are not recited herein to be the obligation of Seller, shall be the obligation of Buyer. Unless otherwise paid, before Buyer shall be entitled to refund of Earnest Money, any such costs and expenses shall be deducted therefrom and paid to the creditors entitled thereto. E. Rents and lease commissions, interest, insurance, utility charges, personal property taxes and ad valorem taxes for the then current year shall be prorated at the closing effective as of the date of closing. If for any reason utility charges cannot be accurately determined at date of closing for proration purposes, Buyer may postpone proration of utility charges until aRer closing and at such lime as a statement for utility charge is received. Charges appearing on such statement shall then tx prorated as of the date of closing, and Seller shall tender in cash the cost of all utility charges to the dale of closing to Buyer upon demand. Any security deposits held by Seller shall he delivered to Buyr~ If the closing shall occur before the tax rate is lixed for the then current year, the apportionment of the taxes shall be upon the ~f the tax rate I'ur the preceding year applied to the latest assessed valuation but rr,n ma, +ms any dillerence in ad valorem taxes for the year of sale actually paid by Buyer shall be ar11....ed between the parties upon receipt of ~.vritten evidence of the payment (hereof. If Seller has claimed the benefit of laws permitting a special use valuation for the purposes of payment of ad valorem taxes on the property, the Seller represents that he was legally entitled to claim such benefits. If this salt or Iluycr's use ol'the property after closing results in the assessment of additional taxes for prior years, such additional taxes shall be the obligation ol'the Duyer and such obligation shall survive closing. F. If Duyer is to assume an existing loan, Duyer shall pay any transfer fee as provided in Paragraph 4. Buyer shall execute, at the option and expense of Seller, a Deed of Trust to Secure Assumption with a Trustee named by Seller. G. If the Property is situated within a utility district subject to the provisions of Section 50301, Texas Water Code, then at or prior to the closing, Seller agrees to give Buyer the writlcn notice required by said Scclion and Duyer agrees to sign m1d acknowledge the notice to evidence receipt thereof. I I. 1?S'fO1'1'l?I, CER'I'IFICA"1'I': DY 'TENANTS. Seller shall deliver to Duyer an "estoppel certificate" signed by each tenant leasing space in the property as of the date of closing stating (I) that no default exists under the terms of the lease agreement by either Lessor or Lcssce; (2) the amount of any rental payments made in advance, if any; (3) the amount of any security deposits made, if any; (d) the amount of any ollscts against rent, if any; and (5) that the tenant has no defenses against the payment of rent accruing under the terms of his (case agreement. Seller shall, at closing, tender to Duyer the amount of any security deposits and advance rental payments received. If any tenants present claims for olTsels against rent or defenses against the payment of rent which arc unacceptable to Duyer, Buyer shall so notify Seller in writing. Seller shall prompll undertake to eliminate or modify such unacceptable offsets or defenses. In the event Seller is mulble to do so within ~ days after receipt of writlcn notice. Duyer may terminate This agreement and Earnest Money shall be refunded with no broker's fee due. Seller shall deliver to Duyer all existing leases and service and/or warranty contracts applicable to the premises within N/~ of this conlracl. Duyer shall have -pl~A- days fi'om receipt of those contracts to disapprove of same in writing to Seller, and Duyer may terminate This agreement and Earnest Iv1oney shall be refunded with no Drokcr's fee due. At closing the cost of any service and/or warranty contracts shall be prorated. I?. ltROhElt'S FEES: ~ ) A. Co-Broker( (the Droker) has negotiated this sale and Seller agrees to pay Droker in consummation ul'this sale a total cash fee ol'$ or Listing Broker ( M~) and %) as Real Estate Broker County, Texas, on % of the total Sales Price or as per separate written agreement, which Escrow Agent shall pay from the sale proceeds. ~ ] R. Seller agrees to pay Listing Broker the fee specified by separate agreement between Listing Broker and Seller. I?scrow Agent is authorized and directed to pay Listing Broker said fee from the sale proceeds. 13. G~SILU:I'1' LOSS. If, prior to Closing, any part of Property is damaged or destroyed by fire or other casually loss. Seller shall restore the same to its previous condition as soon as reasonably possible, but in any event by Closing Dale; and if Seller is unable lu do so without fault, Ibis comma shall terminate and Earnest Money shall be refunded with no Broker's fee due. 14. UIiEAUI:I'. If Buyer fails to comply herewith, Seller may either entixce specific performance or laminate this contract and receive the Earnest Money as liquidated damages, one-half of which (but not exceeding the Broker's fee recited in Section 12) shall he paid by Seller to Broker in full payment fix Broker's services. II' Seller is unable without fault to deliver Title Policy or to make any non-casualty repairs required herein within the time herein specified, Buyer may either terminate this contract and receive the Earnest Money as the sole remedy, and no Broker's fee shall be earned, or extend the time up to -3~ 0 days. If Seller fails to comply herewith fur any other reason, Buyer may (i) terminate this contract and receive the Earnest Money, thereby releasing Seller from This contract (ii) enforce specific performance hereof and/or (iii) seek such other relief as may he provided by law. If completion of sale is prevented by Buyer's default, and Seller elects to enforce specific performance, the Broker's fee is payable only if and when Seller collects damages for such default by suit, compromise, settlement or otherwise, and after first deducting the expenses of collection, and then only in amowtt equal to one-half of that portion collected, but not exceeding the amount of Iimker's fcc. I5. CONDE~INA'fION. If any part of the Property is condemned prior to Closing Date, Seller shall promptly give Buyer writlcn notice of such condemnation and Buyer shall have the option of either applying the proceeds on a pro rasa basis of any condemnation award to reduce the Sides Price provided herein or declare this Contract terminated by delivering written notice of termination to Seller and Earnest Money shall be refunded to Buyer with no Broker's lee due. 16. ,1T1'ORNIsI"S F'EF.S. Any signatory to this contract who is the prevailing party in any legal proceeding against any other signory brought under or with relation to Ibis contract or transaction shall be additionally entitled to recover cowl costs and reasonable attorney fees, and all other litigation expenses, including deposition costs, travel, and expert witness fees, from the non- prevailing party. 17. REI'RESh:NTA'1'IONS. In addition to other representations made herein, Seller represents that unless securing payment of the Note, there will he no Title I liens, unrecorded liens or Unilixm Commercial Code liens except those speciled in paragraph 26 against any of the Property on Closing Date, that loan(s) will he without Default, and reserve deposits will not be deficient. If any rcprescntation above is untrue this contract may he terminated by Buyer and the Earnest Money shall be refunded without delay. Representations shall survive closing. I8. NO'I'IClS. Any notice or communication required or permitted heremlder shall be deemed to be delivered, whether actually leccived or not, when deposited in the United Slates mail, postage fully prepaid, registered or certified mail, and addressed In the intended recipient al the address on the signature page of This conlracl. Any address for notice may be changed by writlcn notice delivered as provided herein. 19. INl'1?CIL\-PION. This contract contains the complete agreement between the panics and cannot be varied except by the +eriltcn agreement of the parties. "The parties agree that there arc no oral agreements, tmdcrstanding, representations or warranties which arc not expressly scl forth herein. ?Il. 1)INDINC EEhI?CI'. 'This contract shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, representatives, successors and assigns where permitted by This contract. The cllective date of this contract shall he the dale upon which the last party signs. 11. '17iR~11NA-PION OFFER. Unless accepted by Seller, as evidenced by Seller's signature hereto and delivered to Buyer by 5:110 p.m., the Z ~ay mf P)[~r~bGr' 19 ~, Ibis oll'cr to purchase shall be null and void and all parties hereto shall stand relieved and released of any and all liability or obligations hcrcundcr and all Carncst Money shall be returned to Duyer. 22. ASSI(:NMEN'I'. (y(~ A. Duyer may not assign this contract. [ J Il. Ihlycr may assign this conlracl and conlracl provided the msigll,•c shall a' all rights hcrcundcr and sh:lll be rolicvcrl of any future liability under this in writing all the obligations of Duyer hcrcundcr. i 1 +11 11101 ] /P 1 33. TI:XAS LAW '1'O AI'1'LY. This agree .ent shall be construed under and in accor ze with the laws of the State of Texas, and all obligations of the parties created hereunder are performable in - ~«' -County, Texas. 24. LP:GAL CONS"fRUCI'ION. In case any one or more ol'the provisions contained in this cuntroct shall for any reason he held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not allect any other provision hereof and this contract shall be construed as if such invalid, illegal, or m)cnli)rceable provision had never bcca contained herein. 25. 'I IML:. Time is of the essence. 26. SPECIAL PROVISIONS. (This section to include additional factual data relevant to the sale which may include addem.lums.) See ~ibi~ 3 "Specia.l Prov~stons t 27. CONSUIa' POUR ATTORNEY. This is intended to be a legally binding contract. This contract rnnstitutes the entire agreement between the parties and their real estate agents, there being no oral agreements, representations, conditions, or warranties, express or implied, in addition to this contract. 28. 1'RINCII':U. UISCLOSURb:. [ J The Royer of this property is a licensed real csmte agent and is acting as a principal in this transaction. ( ]The Seller of this property is a licensed real estate agent and is acting as a principal in this transaction. EXECUTED by Seller on this the -day of 19 BROKERS ~CXAS I.LLYtd ~rOk.Gr$ ~17. CVCI~eGYS LISTING BROKER Ily: EXECUTED by Buyer on this the By: LICENSE NO. 02 5 ~i'f 3q CO-BROKER LICENSE NO. e~ Receipt of $ 51 b00 Earnest Money is acknowledged in Itte form of Escrow Agent Dy SELLER Irokr $"l'a~~CS ~~l na.n GtLt~ ~17r~~. Ry; N fe..rtatl 5zndefwr P~esider--t _ 3'f2t7 -T'tugs t~3ou.levar~l __ Title TC-XarkA.nq 1 Texas 7$SO3 Address day of Telephone 19__. IIUYER ~L!~~~'~ / /,~~ ~ ~~G/1r-r Gou.~v~ (~I T,txus o - Title X00 £at:+ Yriain S-freef' Address Telephone kerrvi lle I?e.xa.s '16028 z5Y- Ili l [Note: This form has been prepared by Babb & Hanna, P.C., attorneys for the Texas Association of REALTORS (TAR). Babb 4c Hanna, P.C. has approved this form for use by TAR member brokers and salespersons for the purpose of selling improved or unimproved commercial real property. This Ibrm has not been drafted for a specific transaction, therefore, the panics are advised to consult Un attorney of their choice before signing.] Il'ANd179) 7/84 1'npr t o1 J 1':ntr• PROPERTY CONDITION ADDENDUM I'ROPIiR'1'1' CONDI'T'ION (CHECK "A" OR "B") [>([ A. Buyer accepts the Properly in its present condition, subject only to [ ] B. Buyer requires inspections and repairs as follows: Check Applicable Boxes: [ J i. Termites: Seller, at Seller's expense, shall furnish to Royer at or prior to closing a written report by a Structural Pest Control Business Licensee, dated within 30 days before Closing Date and stating That there is no visible evidence of active termites or visible damage to the improvements from the same in need of repair. Such report shall not cover fences, trees and shrubs. , [ ] ii. Condition of Property. Buyer shall have the right at Buyer's expense (i) within days from the date of this contract to have any of the STRUCTURAL items indicated below, and (ii) within days from the date of this contract to have any of the F:QUIPM ENT AND SYSTEMS items indicated below, inspected by inspectors of Buyer's choice and to give Seller within such lime periods a written report of required repairs to any of the items checked below which are not performing the function for which intended or which are in need ofimmediate repair. Failure to do so shall be deemed a waiver of Buyer's inspection and repair rights and Buyer agrees to accept Property in its present condition. ITEMS THAT BUYER MAY REQUIRE TO DE INSPECTED (check applicable boxes): STRUCTURAL: [ ]foundation, ( ]roof, ( ]load bearing walls, [ ]Boors, ( ]ceilings, [ ]basement, [ ]water penetration, and EQUIPMENT AND SYSTEMS: [ [plumbing system (including any water heaters), [ ]central heating and air conditioning, [ )electrical system, [ ]heating and cooling units in the walls, Iloors, ceilings, roof or windows, [ ]any built in appliances, [ J swim- ming pools and related mechanical equipment, [ ]sprinkler systems, and Repairs reyuircd by inspections and reports shall be at Seller's expense. [ ] iii. Seller shall make the following repairs in addition to those required above: All inspections shall he by trained and qualified persons who regularly provide such service and all repairs shall he by trained and qualified persons who are, whenever possible, manufacturer-approved service persons or are licensed or bonded whenever such license or bond is required by law. For these purposes and for re-inspections after repairs have been completed. Seller shall permit access to the Property at any reasonable time. ~ ] iv. Where gas supplier, regulations or ordinances require inspection on transfer of gas service, Seller consents to transfer of gas service to Duyer's name within 7 days prior to closing. Seller shall arrange and pay at closing for any repairs necessary if gas leak is discovered. Buyer's failure to request such transfer in time to complete the inspection prior to closing shall release the Seller of liability for repair of gas leaks. lJpon Seller's receipt of all loan approvals and inspection reports Seller shall commence and complete prior to closing all required repairs at Seller's expense. All inspections, reports and repairs required of Seller by this contract shall not exceed $ . If Seller fails to complete such requirements, Buyer may do so and Seller shall be liable up to the amount specified and the same paid from the proceeds of the sale. If such expenditures exceed the stated amount and Seller refuses to pay such excess, Buyer may pay the additional cost or accept the Property with the limited repairs and this sale shall be closed as sclicduled, or Buyer may terminate this contract and the Earnest Money shall be refunded to Buyer. Broker and sales associates have no responsibility or liability for repair or replacement of any of the Property. Buyer JCLff [OU n'h(r "~ {.XO~S i~ c~~-~ Guyer Date Seller P'lt'e.Hael 5ctvrde r ]•ourShxkts RvwY.ctal Carp Seller Date INVESTIGATION/FEASIBILITY STUDY ADDENDUM INVESTIGATION/FEASIBILITY STUDY. Buyer is granted the right to conduct an investigation and/or feasibility study of the Property as follows: j market or economic feasibility study [X J engineering study [ x] inspection of zoning, subdividing, or other use restrictions affecting the Property ()C) availability of utilities, including electricity, gas, water and wastewater treatment [Xj inspection of soil and subsoil condition [X] other enytrenmen-ha.l g.s ssrneni' Buyer shall have ~ 1 days from the clTective date hereof to perform such investigation and/or study. Buyer or Buyer's agents shall have the right of access to the Property prior to closing for the purpose of conducting such investigation and/or study, and shall have the right to conduct tellsrnd obtain core samples. Scllcr agrees to cooperate with Buyer in connection with the investigation and/or study, agrees to furnish Buyer with copies of any and all documents relating to the Property that might be necessary to complete such investigation and/or study, and agrees to execute any and all documents that might be required in order to obtain any necessary governmental authority or consent with respect to the above-described matters. If Buyer determines, in Buyer's sole judgment and discretion, that the Property is not suitable for Buyer's intended use, within the days, Buyershall give Seller written notice of such fact on or before the end of the period stated above with a copy to Escrow Agent. Upon receipt of such written notice, the Escrow Agent shall refund the Earnest Money to Buyer, and both parties shall be released from all further obligations under this Contract. If Buyer does not send such written notice to Seller, then it shall be presumed that the Property is suitable for Buyer's intended use, and the Contract may not be terminated by Buyer for the reasons set forth in this Section. In the event this contract does not close, through no fault of Seller, Buyer shall restore the Property to its original condition, if changed due to the investigation and/or study performed by Buyer. Seller Michael Sandefur, President Four States Financial Corp. Seller Date Q Date Buyer Kerr County ExH"t6tT A t STA'fGlilCilRVAI'NU 27 ~ ML•t