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<br />Commercial Unimproved Earnest Money Contract concerning
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<br />9.754 Acres
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<br />12. SALES EXPENSES: To be paid in cash at or prior to closing:
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<br />(a) Seller's Expenses: Releases of existing liens, including prepayment penalties and recording fees; release of
<br />Seller's loan liability; tax statements or certificates; preparation of deed; one-half of escrow fee; and other
<br />expenses stipulated to be paid by Seller under other provisions of this contract.
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<br />(b) Buyer's Expenses: All loan fees or expenses (e.g., fees for application, origination, discount, appraisal,
<br />assumption, recording, tax service, mortgagee title policies, credit reports, document preparation and the
<br />like); preparation and recording of deed of trust to secure assumption; required premiums for insurance;
<br />interest on all periodic installment payment notes from date of disbursements to one payment period prior
<br />to dates of first periodic payments; one-half of escrow fee; fees for copies and delivery of title commitment
<br />and related documents; and other expenses stipulated to be paid by Buyer under other provisions of this
<br />cant ract.
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<br />(c) If any sales expense exceeds the amount stated in this contract to be paid by either party, either party may
<br />terminate this contract unless either party agrees to pay such excess.
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<br />13. PRORATIONS AND ROLLBACK TAXES:
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<br />(a) Interest on any assumed loan, current taxes, and any rents shall be prorated through the Closing Date. If
<br />the amount of the ad valorem taxes for the year in which the sale is closed is not available on the Closing
<br />Date, proration of taxes shall be made on the basis of taxes assessed in the previous year. If Buyer is
<br />assuming payment of or taking subject to any existing loan on the Property, all reserve deposits for the
<br />payment of taxes and other charges, shall be transferred to Buyer by Seller and Buyer shall pay to Seller
<br />the amount of such reserved deposits at closing.
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<br />(b) If this sale or use of the Property after closing results in the assessment of additional taxes for periods
<br />prior to closing, the additional taxes shall be the obligation of 0 Buyer B Seller. Obligations imposed by
<br />this paragraph shall survive closing. I4:t f,,-
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<br />(c) Seller shall, at closing, tender to Buyer any security deposits, prepaid expenses, and advanced rental
<br />payments paid by any and all tenants.
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<br />14. CON OEM NA T/ON: If prior to closing condemnation proceedings are commenced against any portion of the
<br />Property, Buyer may: (a) terminate this contract by written notice to Seller within days after Buyer
<br />is advised of the condemnation proceeding and the Earnest Money shall be refunded to Buyer; or (b) appear and
<br />defend in the condemnation proceeding and any award in condemnation shall, at Buyer's election, become the
<br />property of Seller and the sales price shall be reduced by the same amount or shall become the property of
<br />Buyer and the sales price shall not be reduced.
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<br />16. DEFAULT: If Buyer fails to comply with this contract, Buyer shall be in default. Seller may either: enforce
<br />specific performance, seek other relief as may be provided by law, or both; or terminate this contract and
<br />receive the Earnest Money as liquidated damages, thereby releasing the parties from this contract. If Seller is
<br />unable without fault to deliver the Commitment within the time allowed, Buyer may either terminate this
<br />contract and receive the Earnest Money as the sole remedy or extend the time for performance up to 15 days
<br />and the Closing Date shall be extended as necessary. If Seller fails to comply with this contract for any other
<br />reason, Seller shall be in default and Buyer may either enforce specific performance, seek such other relief as
<br />may be provided by law, or both; or terminate this contract and receive the Earnest Money, thereby releasing
<br />the parties from this contract.
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<br />16. ATTORNEY FEES: If, Buyer, Seller, Listing Broker, Other Broker, or Escrow Agent is a prevailing party in any
<br />legal proceeding brought under or with relation to this contract or this transaction, such party shall be entitled to
<br />recover from the non-prevailing parties all costs of such proceeding and reasonable attorney fees. The provisions
<br />of this paragraph shall survive closing.
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<br />17. ESCROW: If either party makes demand for the payment of the Earnest Money, Escrow Agent has the right to
<br />require from all parties and brokers a written release of liability of Escrow Agent for disbursement of the Earnest
<br />Money. Any refund or disbursement of Earnest Money under this contract shall be reduced by the amount of
<br />unpaid expenses incurred on behalf of the party receiving the Earnest MOfleY,.~fld Escrow Agent shall pay the
<br />same to the creditors entitled thereto. At closing, the Earnest Money shall be applied first to any cash down
<br />payment, then to Buyer's closing costs and any excess refunded to Buyer. Demands and notices required by
<br />this paragraph shall be in writing and delivered by hand delivery or by certified mail, return receipt requested.
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<br />(TAR 031) 1-1-96 Page6of8
<br />ZLfO'NXL~_
<br />TH(iJIOiZ')J'QIHZ
<br />40205-0001
<br />11-29-1999
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