Res 1997-174 - Laserfiche WebLink

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-6- D. Rents, water, wastewater and utility charges. and any other items of income or operational expenses owing in connection with the Property for the current year shall be prorated at the closing effective as of the Closing Date. If this sale or the Buyer's use of the Property after closing results in the assessment of additional property taxes for prior years, the additional taxes will be the obligation of the Buyer, which will survive the closing. The Property has had an agricultural exemption and may be subject to rollback taxes. E. If the Property is situated within a utility district subject to Section 49.452 of the Texas Water Code. then at or prior to the closing, the Seller agrees to give the Buyer the written notice required by that Section and the Buyer agrees to sign and acknowledge the notice. 8. CASUAL TV LOSS. If any part of the Property is damaged or destroyed by fire or other casualty loss prior to closing. the Buyer may terminate this Contract and have the Earnest Money promptly refunded, or the Buyer may accept the Property in its then existing condition. 9. DEFAULT. If the Buyer fails to comply with its obligation to purchase the Property, the Seller may either enforce specific performance of this Contract, to the exclusion of its other remedies. or the Seller may terminate this Contract and receive the Earnest Money as liquidated damages. If the Seller fails to comply with its obligation to sell the Property. the Buyer may terminate this Contract and receive the Earnest Money. thereby releasing the Seller from this Contract, or the Buyer may enforce specific performance of this Contract. to the exclusion of its other remedies. /Ví-ltJ 10. CONDEMNATION. A. If eminent domain proceedings are initiated by a third party as to all or any part of the Property before the Closing Date, the Seller will promptly give the Buyer " written notice, and the Buyer will have the option of either applying the proceeds ¿A/~l (,-~ of any condemnation award to reduce the Sales Price, or the Buyer may terminate this Contract by delivering written notice to the Seller and the Earnest Money will t~ be promptly refunded to the Buyer. B. Seller acknow~ges that this contract is an offer made by Buyer contemporaneously with Buyer's notice dated August 22, 1997, of fmal offer in contemplation of condemnation of the Property by Buyer. communication unu~ un:=¡ vUllllc:l\..~ Will uç "'............................ --...-.--, .,..---.-- - I received or not, when deposited in the United States mail, postage fully prepaid. registered or certified mail. and addressed to the intended recipient at the address set forth below, with facsimile copy sent on the same date. Any address for notice