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<br />86c
<br />
<br />. F:. nct'..Ji t hs tund inG aIiyth inG conta incd h'CH:i n to the ccntrary, ih the even t
<br />Jyer d"."cnnines (j), that the Prcperty is not cClp3hle of beinr, devclorcd as contcm-,
<br />;lated by Buyer, (ii) that the City of San t'lan:C's '..Jill not accept Ruyer's site ['lan,
<br />:ii) that Buyer cunnot obtain all necessary rermi ts, licenses or authorizat ions to
<br />_evelop the Prcperty, or (iv) that a state charter will not be'!;T'anted to Balcones
<br />avin!:;s Association or approval of insurance of accoWlts 'dill not be given by Federal
<br />3vings and Loan Insur2~ce Corporation, then Buyer shall have the right to cancel
<br />,nd rescind this agreement by giving written notice of such election to Seller as
<br />"einafter provided, Buyer must q.i.ve notice under (i) within 30 days after Buyer receives
<br />,e survey and approval of the State Charter. Buyer must give notice under (i:~)
<br />~ (iii) on cr before September 1, 1978, Buyer must give notice under (iv) on cr
<br />efore Nove'T\ber 1, 1978, unless other..Jise agreed to in \vriting by the parties. In
<br />~e event Buyer ,shall cancel this agree'T\ent under the provisions of this Paragr3ph
<br />rior to the receipt of apcroval or disapproval of its state charter and insurance of account
<br />J'! leones Savings Association, it is understood and agreed that (i) Buyer shall be entitled
<br />;) eive his Earnest t1cney from the F:scro~1 Agent ~ll thout any oft set or deduct ion
<br />"\3 ever; and (ii) Buyer shall, at the option of Seller maKe available to Seller
<br />" r-epresentative of Seller, the results of any tests, studies or samples d,ich
<br />"YP-I' performed on the Prcperty pursuant to the terms of this Paragraph, Ha\.lever,
<br />, the event that Buyer shall cancel this aQ'eemRnt e.'{cept for reasons expressly provided for
<br />., this cont;;;;et, on a date subsequent to the receipt of approv1l1 of its state charter and
<br />~surance of accounts by Federal Sa'lings and Lean insurance Corp:lr"tion by Balcones
<br />ovings Association, it is understood and agreed that, (i) Buyer shall be entitled
<br />~ receive his Earnest Honey from the Escrow Agent reduced by the sum of Two Tho'Jsimd
<br />Jght Hundred D:>llars ($2,000.00) or by an arrount equivalent to the actual expenses
<br />",curred by the City as a result of preparation for this sale to BuY,er, ".,hichever
<br />\ount is greater; and (ii) Buyer shall, at the option of Seller make available to
<br />~ller or representative of Seller, the results of any tests, studies or samples which
<br />Jyer performed on the Prcperty pursuant to the terms of this Paragraph.
<br />
<br />v,
<br />
<br />CLCSING
<br />
<br />The Seller and Buyer agree, subject to those conditions mentioned herein, to
<br />I,ose this transaction at the office of Hays COlmty Abstract, at a time and date to
<br />7 specified by Buyer in writing to and agreeable to Seller, Such Closing date
<br />~he "Closing") shall be on or before November 1, 1978, (unless therarties hereto
<br />"tlY agree to extend such date of Closing), It is agr. eed that, at th, e time of
<br />LOS ,complete and total possession of the Property shall be delivered by Sellel~
<br />) E _ T, Seller agrees to furnish, at the time of Closing, tax certificates
<br />'idencing the r.a.yment of all taxes on the Prcperty up to and including the prec,"ding
<br />"ar, and it is agreed that taxes for the current year, and current rents, if any,
<br />'e to be prorated to date of Closing, It is specifically understood and agreed
<br />Jat Seller shall pay for the preparation of the Survey and Seller shall pay the
<br />:pense of issuance of the title policy herein mentioned, provided, Buyer shall f"Tj
<br />1'= additional prOOtUT\S required for the deletion of the "survey exception", Buyer
<br />ld Seller resp=ctively shall pay for and be responsible for any expenses and fees
<br />attorneys which they may employ to represent their respective positions in this
<br />'ansact ion,
<br />
<br />VI.
<br />
<br />\.JARRANTI DEm
<br />
<br />Seller C1r;rees to ,"xecute and deliver to Buyer at the time of Closin", a legally
<br />:fficient \'Iarranty Deed containing a description of the Property by metes and
<br />"'JIlds prerared by the registered public surveyor or engineer in accor'Clance with the
<br />>;)vision her'einarove set forth, Such Ivarranty Deed shall properly convey the Prc-
<br />'rty to Buyer free and cleC1r of all liens, claims, reservations, restricticns, case-
<br />\:1ts and encumbrances, . except those hereinabove mentioned, or otherwise accept<lble
<br />
<br />) BUr""
<br />
<br />VII,
<br />
<br />REPRLSOHATIOtJS AND ',JARP.mfIES
<br />
<br />Se11~ hereby rC'>'rr:sents and warr,lnts 10 Buyrr \'Jhich ref.'rescnta t iOl\" ,11,,1 ''''fT,llll i ('s
<br />,)11 be as valid on the date of Closing as on the date of execution of this ilgrcCJn~nl,
<br />at:
<br />
<br />(A) 'Il\ere ar,= no f"J.rtics in rossessiol1 cf Any rortion of the Prcperty as
<br />tenants, tenants at sufferance, trespassers or otherwise,
<br />
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