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<br />II <br /> <br />TEXAS ASSOCIATION OF REALTORS@ <br /> <br />24. <br /> <br />[B <br /> <br />REALTOR~ <br /> <br />COMMERCIAL UNIMPROVED PROPERTY EARNEST MONEY CONTRACT <br /> <br />THIS FORM IS FURNISH EO BY THE TEXAS ASSOCIA TION OF REALTORS. <br />FOR USE BY ITS MEMBERS USEOF THIS FORM BY PERSONS WHO ARE NOT MEMBERS <br />OF THE TEXAS ASSOCIATION OF REALTORS. IS NOT AUTHORIZED. <br /><DTexas Assochltlon of REAI.TORS., Inc., 1996 <br /> <br />1. <br /> <br />PARTIES: <br />Randall Morris <br />agrees to sell and convey to: <br />City of San Marcos <br />and Buyer agrees to buy from Seller the Property described below. <br /> <br />(Seller) <br /> <br />(Buyer) <br /> <br />2. <br /> <br />PROPERTY: The real property situated in Hays <br />described as follows or as described on attached exhibit: <br />9.754 Acres Thomas Jefferson Chambers, Survey Hays County <br /> <br />County, Texas, <br /> <br />together with all rights, privileges and appurtenances pertaining thereto, including any right, title, and interest of <br />Seller in and to adjacent streets, alleys, and rights-of-way. The property sold by this contract is called the <br />"Property". The metes and bounds description determined by the survey of the Property under paragraph 6(b) <br />shall replace any exhibit describing the perimeter boundaries of the Property if it differs from the exhibit. <br />NOTICE: Any exceptions. reservations. or restrictions should be described in paraaraph 11. <br /> <br />3. SALES PRICE: <br /> <br />(a) Cash portion of Sales Price payable by Buyer. . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ <br />(b) Sum of all financing described in paragraph 4 .~~~~~. ~. ~?~~.r. .l.~~ .~E?E?9. . . .$ <br />(c) Sales Price [sum of (a) and (b)] ......................................$ <br /> <br />90,000.00 <br />90,000.00 <br />180,000.00 <br /> <br />The Sales Price 0 is !Xl is not to be adjusted bas~d upon a survey. (Note: If the Sales Price is not to be <br />adiusted based on a survey. disreaard the remainder of this paraaraph). If Sales Price is to be adjusted based <br />upon a survey, the Sales Price shall be calculated on the basis of $ perOacreOsquarefoot of <br />o total area 0 net area. "Net area" is defined as the total area of the Property exclusive of any portion of the <br />Property lying in: Oany public roadway; 0 any right of way or easement, except rights of way and easements <br />providing utility services to the Property; and . If the survey results <br />in an adjustment of more than 10% of the Sales Price in 3(c), either party may terminate this contract by written <br />notice to the other party within days after the terminating party receives the survey. If neither party <br />so terminates this contract or if the variance is 10% or less, the adjustment to the Sales Price shall be made: <br />o in the cash portion payable by Buyer; 0 proportionately between the cash payable and any promissory <br />notes executed at closing. <br /> <br />4. FINANCING: The portion of the Sales Price not payable in cash shall be paid as follows: <br /> <br />o (a) ASSUMPTION: Buyer shall assume the unpaid principal balance of a first lien promissory note payable to <br /> <br />dated I which balance at closing will be $ . <br />Buyer's initial payment shall be the first payment due after closing. Buyer's assumption of the existing note <br />includes all obligations imposed by the deed of trust securing the note, recorded in Vol. <br /> <br />(TAR031) 1-1-96 <br /> <br />RANDALL MORRIS A.'1D ASSOCIATES 333 CHEATHEM STREET SAN MARCOS TX 78606 <br />Phone: 512-353-117, <br /> <br />F.." Produced with ZipForm™ by Vertisoft Inc. 18025 Fifteen Mile Road, Clinton Townillip Michigan .s038 <br /> <br />