Laserfiche WebLink
<br />Commercial Unimproved Contract Concerning OLD MARTINDALE ROAD, SAN MARCOS, TX 78666 <br /> <br />(5) any advance sums paid by a tenant under the lease; <br />(6) any concessions, bonuses, free rents, rebates, brokerage commissions, or other matters that affect any lease; and <br />(7) any amounts payable under the leases that have been assigned or encumbered, except as security for loan(s) assumed <br />or taken subject to under this contract. <br /> <br />19. NOTICES: All notices between the parties under this contract must be in writing and are effective when hand-<Jelivered, mailed by <br />certified mail return receipt requested, or sent by facsimile transmission to: <br /> <br />Buyer at LARRY GILLEY <br />630 E. HOPKINS <br />SAN MARCOS, TX 78666 <br />Phone (512) -393-8100 <br />Fax <br /> <br />Seller at ALAN E CUMMINGS <br />1908 W MCCARTY <br />SAN MARCOS,TX 78666 <br />Phone (512) -754-8548 <br />Fax (512)-754-8547 <br /> <br />20. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person" as defined by applicable law, or if Seller fails to deliver at dosing <br />an affidavit that Seller is not a foreign person, then Buyer will withhold from the sales proceeds at closing any amount sufficient to <br />comply with applicable tax law and deliver the amount withheld to the Internal Revenue Service (IRS), together with appropriate tax <br />forms. IRS regulations require filing written reports if cash in excess of specified amounts is received in the transaction. <br /> <br />21. DISPUTE RESOLUTION: The parties agree to negotiate in good faith in an effort to resolve any dispute related to this contract <br />that may arise. If the dispute cannot be resolved by negotiation, the parties will submit the dispute to mediation before resorting to <br />arbitration or litigation and will equally share the costs of a mutually acceptable mediator. <br /> <br />22. AGREEMENT OF THE PARTIES: <br /> <br />A. This contract is binding on the parties, their heirs, executors, representatives, successors, and permitted assigns. <br /> <br />B. This contract is to be construed in accordance with the laws of the State of Texas. <br /> <br />C. This contract contains the entire8greement of the parties and may not be changed except by written agreement. <br /> <br />D. If this contract is executed in a number of identical counterparts, each counterpart is an original and all counterparts, <br />collectively, constitute one agreement. <br /> <br />E. Buyer 0 may IX] may not assign this contract. If Buyer assigns this contract, Buyer will be relieved of any future liability <br />under this contract only if the assignee assumes, in writing, all obligations and liability of Buyer under this contract. <br /> <br />F. Addenda which are part of this contract are: (Check all that apply.) <br /> <br />o (1) Property Description Exhibit identified in Paragraph 2; <br />o (2) Financing Addendum; <br />o (3) Commercial Property Condition Statement; <br />o (4) Notice to Purchaser of Real Property in a Water District; <br />o (5) Addendum for Coastal Area Property; <br />U (6) Addendum for Property Located Seaward of the Gulf Intracoastal Waterway; and <br />o (7) <br /> <br />23. TIME: Time is of the essence in this contract. The parties require strict compliance with the times for performance. If the last day <br />to perform under a provision of this contract falls on a Saturday, Sunday, or legal holiday, the time for performance is extended <br />until the next day which is not a Saturday, Sunday, or legal holiday. <br /> <br />24. EFFECTIVE DATE: The effective date of this contract for the purpose of performance of all obligations is the date the escrow <br />agent receipts this contract after all parties execute this contract. <br /> <br />25. ADDITIONAL NOTICES: <br /> <br />A. Buyer should have an abstract covering the Property examined by an attorney of Buyer's selection, or Buyer should be <br />furnished with or obtain a title policy. <br /> <br />B. If the Property is situated in a utility or other statutorily created district providing water, sewer, drainage, or flood control <br />facilities and services, Chapter 49, Texas Water Code, requires Seller to deliver and Buyer to sign the statutory notice relating <br />to the tax rate, bonded indebtedness, or standby fees of the district before final execution of this contract. <br />'j <br /> <br />Initialed for Identification by Buyer_ ,_ and seller~_ <br /> <br />(TAR-1802) 11-5-99 <br /> <br />Produced With ZipFonn no by RE FonnsNel. LLC 18025 Fifteen Mile Road. Clinton Township. Michigan 48035, (800) 383-9805 <br /> <br />Page 8 of9 <br />T6415804ZFX <br />