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Commercial Unimproved Earnest Money Contract concerning 9.754 Acres The lien securing payment of the Note will be inferior to any lien securing any superior note described in this contract. If an Owner Policy of Title Insurance is furnished, Buyer, at Buyer's expense, shall furnish Seller with a Mortgagee Title Policy in the amount of the Note at closing. If all or any part of the Property is sold or conveyed without prior written consent of the Seller, then the Seller at Seller's option may declare the outstanding principal balance of the Note, plus accrued interest, to be immediately due and payable. The creation of a subordinate lien, any sale thereunder, any deed under threat or order of condemnation, any conveyance solely between the parties, the passage of title by reason of death of a maker or by operation of law shall not be construed as a sale or conveyance of the Property. In addition to the principal and interest installments, Buyer 0 shall Dshall not deposit with Seller a pro rata part of the estimated annual ad valorem taxes on the Property. If Buyer deposits taxes with Seller, Buyer agrees that the tax deposits are only estimates and may be insufficient to pay total taxes, and Buyer agrees to pay any deficiency within 30 days after notice from Seller. If Buyer deposits taxes with Seller, Buyer's failure to pay the deficiency shall constitute a default under the deed of trust. If any superior lien holder on the Property is collecting escrow payments for taxes, any requirement to deposit taxes with Seller shall be inoperative so long as payments are being made to the superior lien holder. Any act or occurrence which would constitute default under the terms of any lien superior to the lien securing the Note shall constitute a default under the deed of trust securing the Note. The Note shall include a provision for reasonable attorney's fees if the Note is placed in the hands of an attorney for collection. o (d) CREDIT APPROVAL ON ASSUMPTION OR SELLER FINANCING: Within days after the Effective Date of this contract, Bu"yer shall deliver to Seller: 0 credit report; 0 verification of employment, including salary; 0 verification of funds on deposit in financial institutions; 0 current financial statement; and 0 ; to establish Buyer's creditworthiness for assumption approval or seller financing. If Buyer's documentation is not delivered within the specified time, this contract shall terminate and the Earnest Money shall be refunded to Buyer. If Buyer's documentation is timely delivered, and Seller determines in Seller's sole discretion that Buyer's credit is unacceptable, Seller may terminate this contract by written notice to Buyer within days after expiration of the time for delivery and the Earnest Money shall be refunded to Buyer. If Seller does not so terminate this contract within the time specified, Seller shall be deemed to have accepted Buyer's credit. 6. EARNEST MONEY: Buyer shall deposit $ o as Earnest Money with: (Escrow AQent) at (Address) on the Effective Date of this contract. The Earnest Money shall be deposited in an 0 interest 0 non-interest bearinQ account in a federally insured financial institution chosen by Escrow AQent and any interest shall be credited to Buyer. If Buyer fails to deposit the Earnest Money as required by this contract. Buyer shall be in default. 6. r1TLE POUCY AND SURVEY: [Xl \a) TITLE POLICY: Seller shall furnish to Buyer at Seller's expense an Owner Policy of Title Insurance (the Title Policy) issued by Hays County Abstract Co. (the Title Company) in the amount of the Sales Price, dated after closing, insuring Buyer against loss under the provisions of the Title Policy, subject only to those title exceptions permitted by this contract, or as may be approved by Buyer in writing, and the standard printed exceptions contained in the promulgated form of the Title Policy; provided however that: (1) the exception as to area and boundaries 0 shall 0 shall not be deleted except for any shortages in area at the expense of 0 Buyer 0 Seller;. and (2) the exception as to restrictive covenants shall be endorsed "None of Record", unless restrictions are approved by Buyer. Within Me days after the Title Company receives a copy of this contract Seller shall furnish Buyer a commitment for Title Insurance (the Commitment) including copies of recorded documents evidencing title exceptions. Seller authorizes the Title Company to deliver the Commitment and related documents to Buyer at Buyer's address. Buyer shall have fwD days after receipt of the Commitment and legible copies of documents evidencing title exceptions required by this contract to object in writing to matters disclosed in the Commitment other than the standard printed exceptions as described or limited in this paragraph. (TAR 031) 1-1-96 Page 3 of 8 ZlffORMXL ._ TEL UIl!lIZ D.Ol)4Z 402 05-0001 11-29-1999