Res 1999-241 - Laserfiche WebLink

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Commercial Unimproved Earnest Money Contract concerning 9.754 Acres 18. MATERIAL FACTS: (a) Seller shall convey the Property on closing: (i) with no liens, assessments, or other security interests against the Property which w ill not be satisfied out of the Sales Price unless securing payment of any loans assumed by Buyer; (ii) without any assumed loans in default; and (Hi) with no parties in possession of any portion of the Property as lessees, tenants at sufferance, or trespassers except tenants under the written leases delivered to Buyer pursuant to this contract. (b) To the best of Seller's knowledge and belief (choose (i) or (ij) only): o (i) Seller is not aware of any material defects to the Property except as stated in the attached Property Condition Statement. o (ii) Seller is not aware of any environmental hazards or conditions affecting the Property which would violate any federal, state or local statutes, regulations, ordinances or other requirements and more specifically, but without limitation, whether: (1) the Property is or has ever been used for the storage or disposal of hazardous substances or materials or toxic waste, a dump site or landfill, or the housing of any underground tanks or drums; (2) any geological faults (surface or subsurface) lie on the Property; (3) wetlands, as defined by federal or state law or regulation are on the Property; and (4) threatened or endangered species or their habitat, as defined by the Texas Parks and Wildlife Department or the U.S. Fish and Wildlife Service, are on the property; except as follows: 19. NOTICES: All notices shall be in writing and effective when hand-delivered, mailed by certified mail return receipt requested, or sent by facsimile transmission to: Buyer at 630 Hopkins Seller at 333 Cheatham . San Marcos Phone 353-8100 Fax 396-4656 Phone Fax 20. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", as defined by applicable law, or if Seller fails to deliver an affidavit that Seller is not a "foreign person", then Buyer shall withhold from the sales proceeds at closing an amount sufficient to comply with applicable tax law and deliver the same to the Internal Revenue Service, together with appropriate tax forms. Internal Revenue Service regulations require filing written reports if cash in excess of specified amounts is received in the transaction. 21 DISPUTE RESOLUTION: The parties agree to negotiate in good faith in an effort to resolve any dispute related to this contract that may arise. If the dispute cannot be resolved by negotiation, the dispute shall be submitted to mediation before the parties resort to arbitration or litigation and a mutually acceptable mediator shall be chosen by the parties to the dispute who shall share the cost of mediation services equally. 22. AGREEMENT OF THE PARTIES: This contract shall be binding on the parties, their heirs, executors, representatives, successors, and assigns. This contract shall be construed under and in accordance with laws of the State of Texas. This contract contains the entire agreement of the parties and cannot be changed except by written agreement. If this contract is executed in a number of identical counterparts, each counterpart is deemed an original and all counterparts shall, collectively, constitute one agreement. Buyer 0 may 0 may not assign this contract. If Buyer assigns this contract Buyer shall be relieved of any future liability under this contract only if the assignee assumes in writing all obligations and liability of Buyer under this contract. Addenda which are part of this contract are: 23. TIME: Time is of the essence in this contract. Strict compliance with the times for performance stated in this contract is required. 24. EFFECTIVE DATE: The Effective Date of this contract for the purpose of performance of all obligations shall be the date this contract is receipted by the Escrow Agent after all parties have executed this contract. (TAR 031) 1-1-96