Res 1999-241 - Laserfiche WebLink

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Commercial Unimproved Earnest Money Contract concerning 9.754 Acres Page in the real property records of the county where the Property is located. If the unpaid principal balance of the assumed loan as of the Closing Date varies from the loan balance stated above, the cash payable at closing shall be adjusted by the net amount of any variance; provided, if the total principal balance of all assumed loans varies in amount greater than $ at closing, either party may terminate this contract and the Earnest Money shall be refunded to Buyer unless either party elects to eliminate the excess in the variance by an appropriate adjustment at closing. Buyer may terminate this contract and the Earnest Money shall be refunded to Buyer if the note holder on assumption requires: (i) Buyer to pay an assumption fee in excess of $ , and Seller declines to pay such excess; (ii) an increase in the interest rate to more than %; or (iii) any other modification of the loan documents. A vendor's lien and deed of trust to secure assumption shall be required, which shall automatically be released on execution and delivery of a release by the note holder. If Seller is released of liability on any assumed note, the vendor's lien and deed of trust to secure assumption shall not be required. If assumption approval is required by the note holder, Buyer shall apply for assumption approval within days after the Effective Date of this contract and shall make every reasonable effort to obtain assumption approval. Assumption approval shall be deemed to have been obtained when the lender has determined that Buyer has satisfied all of lender's financial conditions (those items relating to Buyer's ability to qualify for assumption). If assumption approval is not obtained within days after the Effective Date, this contract shall terminate and the Earnest Money shall be refunded to Buyer. o (b) THIRD PARTY FINANCING: Buyer shall apply for a third party first lien note o-f $ payable at 0 monthly 0 quarterly 0 intervals for not less than years with the initial interest rate not to exceed % per annum. Within days after the Effective Date of this contract Buyer shall apply for all third party financing and shall make every reasonable effort to obtain financing approval. Financing approval shall be deemed to have been obtained when the lender has determined that Buyer has satisfied all of lender's financial conditions (those items relating to Buyer's ability to qualify for approval. of a loan). If financing approval is not obtained within days after the Effective Date, this contract shall terminate and the Earnest Money shall be refunded to Buyer. Each note to be executed hereunder shall be secured by vendor's and deed of trust liens. o (c) SELLER FINANCING: At closing, Buyer shall execute and deliver a promissory note (the Note) from Buyer to Seller of $ , bearing % interest per annum and interest at the maximum rate of interest, but not to exceed the maximum rate of interest, per annum allowed by law on matured, unpaid amounts. The Note shall be secured by vendor's and deed of trust liens and an aSSignment of leases payable at the place designated by Seller. The Note 0 shall 0 shall not provide for liability (personal or corporate) against the maker in the event of default. The Note shall be payable as follows: o (1) In one payment due payable 0 monthly 0 quarterly 0 annually 0 after the date of the Note with interest o (3) In 0 monthly 0 quarterly 0 annual 0 installments of $ Oincluding interest 0 plus interest beginning after the date of the Note and continuing at 0 monthly 0 quarterly Dannual 0 intervals thereafter for when the entire balance of the Note shall be due and payable. Interest only in 0 monthly 0 quarterly 0 annual 0 installments for the first year(s) and thereafter in installments of $ o including interest 0 plus interest beginning after the date of the Note and continuing at 0 monthly 0 quarterly 0 annual 0 intervals thereafter for when the entire balance of the Note shall be due and payable. Unless the parties agree otherwise, the most recent forms prepared by the State Bar of Texas shall be used for the Note and deed of trust required by this paragraph 4(c). The Note may be prepaid in whole or in part at any time without penalty. Any prepayments are to be applied to the payment of the installments of principal last maturing and interest shall be immediately ceased on the prepaid principal. :J (2) (TAR 031) 1-1-96 Page 2 of 8 ZllfoRMXL~_ TEL (1310)Hl.l)o"~ 4.0205-0001 11-29-1999