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<br />Commercial Contract -Improved Property concerning 1402 West Hopkins Street. San Marcos <br /> <br />4. FINANCING: Buyer will finance the portion of the sales price under Paragraph 3B as follows: <br /> <br />o A. Third Party Financinq: One or more third party loans in the total amount of $ . This <br />contract. <br />:0 (1) is not contingent upon Buyer obtaining third party financing. <br />o (2) is contingent upon Buyer obtaining third party financing in accordance with the attached Financing <br />Addendum. <br /> <br />o B. Assumption: In accordance with the attached Financing Addendum, Buyer will assume the existing <br />promissory note secured by the Property, which balance at closing will be $ <br /> <br />o C. Seller Financinq: The delivery of a promissory note and deed of trust from Buyer to Seller under the <br />terms of the attached Financing Addendum in the amount $ <br /> <br />5. EARNEST MONEY: <br /> <br />A. Not later than 3 days after the effective date, Buyer must deposit $ <br />money with <br />(title company and escrow agent) at <br /> <br />as earnest <br /> <br />(title company's address). Buyer will deposit additional <br />earnest money of $ on or before: 0 (i) the day after Buyer's right to <br />terminate under Paragraph 7B(3) expires; or 0 (ii) <br />The title company is the escrow agent under this contract. <br /> <br />B. If Buyer fails to timely deposit the earnest money, Seller may terminate this contract by providing written <br />notice to Buyer before Buyer deposits the earnest money and may exercise Seller's remedies under <br />Paragraph 15. <br /> <br />C. Buyer may instruct the escrow agent to deposit the earnest money in an interest-bearing account at a <br />federally insured financial institution and to credit any interest to Buyer. <br /> <br />TITLE POLICY, SURVEY, AND UCC SEARCH: <br /> <br />A. Title Policv: <br /> <br />(1) Seller, at Seller's expense, will furnish Buyer an Owner's Policy of Title Insurance (the title policy) <br />issued by the title company in the amount of the sales price, dated at or after closing, insuring Buyer <br />against loss under the title policy, subject only to: <br />(a) those title exceptions permitted by this contract or as may be approved by Buyer in writing; and <br />(b) the standard printed exceptions contained in the promulgated form of title policy unless this <br />contract provides otherwise. <br /> <br />(2) The standard printed exception as to discrepancies, conflicts, or shÓrtages in area and boundary <br />lines, or any encroachments or protrusions, or any overlapping improvements: <br />!XI (a) will not be amended or deleted from the title policy. <br />o (b) will be amended to read "shortages in areas" at the expense of 0 Buyer 0 Seller. <br /> <br />(3) Buyer may object to any restrictive covenants on the Property within the time required under <br />Paragraph 60. <br /> <br />(4) Within 10 days after the effective date, Seller will furnish Buyer a commitment for title insurance <br />(the commitment) including legible copies of recorded documents evidencing title exceptions. Seller <br />authorizes the title company to deliver the commitment and related documents to Buyer at Buyer's <br />address. <br /> <br />(TAR-1801) 2-6-02 <br /> <br />Initialed for Identification by Buyer 4-, _ Seller ~, .5.!S <br /> <br />Page 2 of 14 <br /> <br />Produced with ZipForm'" by RE FormsNet, LLC 18025 Fifteen Mile Road, Clinton Township, Michigan 48035, (800) 383-9805 <br /> <br />T6285880.ZFX <br />