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HomeMy WebLinkAboutLegal Notice • Feb 26 08 01 : 54p Sam Patel 713 869 0057 p. l PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION(TREC) 02-13-06 UNIMPROVED PROPERTY CONTRACT i'IOTICE: Not For Use For Condominium Transactions 1. PARTIES: College Station Hospitality, Corporation (Seiler)agrees to sell and convey to D/B/A Vineyard Court Hotel:f or assign (Buyer)and Buyer agrees to buy from Seller the Property described below.Re.n+t 140 s�1,x fie/ 2. PROPERTY:Lot Block Culpepper Plaza Addition City of College Station , County of Brazos Texas,known as - area deterlined by new plat 77840 (addressfzip code), or as described on attached exhibit together with ail rights, privileges and appurtenances pertaining thereto, including but not limited to: water rights, claims, permits, strips and gores,easements,and cooperative or association memberships(the Property). 3. SALES PRICE: A. Cash portion of Sales Price payable by Buyer at closing B. Sum of all financing described below(excluding any loan funding fee or mortgage insurance premium) $ C. Sales Price(Sum of A and B) 4. FINANCING: The portion of Sates Price not payable in cash will be paid as follows: applicable boxes below) o A. THiRD PARTY FINANCING: One or more third party mortgage loans in the total amount of $ (excluding any loan funding fee or mortgage insurance premium). (1) Property Approval: if the Property does not satisfy the lenders' underwriting requirements for the loan(s), this contract will terminate and the earnest money will be refunded to Buyer. (2) Financing Approval:(Check one box only) Q(a)This contract is subject to Buyer being approved for the financing described in the attached Third Party Financing Condition Addendum. Q(b)This contract Is not subject to Buyer being approved for financing and does not involve FHA or VA financing. Q B. ASSUMPTION: The assumption of the unpaid principal balance of one or more promissory notes described in the attached TREC Loan Assumption Addendum. ❑C. SELLER FINANCING:A promissory note from Buyer to Seller of$ secured by vendor's and deed of trust liens, and containing the terms and conditions described in the attached TREC Seller Financing Addendum. If an owner policy of title Insurance is furnished,Buyer shall furnish Seller with a mortgagee policy of title insurance, 5. EARNEST MONEY: Upon execution of this contract by both parties, Buyer shall deposit $25,000.00 as earnest money with Brazos County Abstract as escrow agent,at (address). Buyer shall deposit additional earnest money of $ with escrow agent within days after the effective date of this contract,If Buyer fails to deposit the earnest money as required by this contract,Buyer will be in default. 6. TITLE POLICY AND SURVEY: A. TITLE POLICY: Seller shall furnish to Buyer at 0 Seller's xQ Buyer's expense an owner policy of title insurance(Title Policy)issued by Brazos County Abstract (Title Company) in the amount of the Sales Price, dated at or after closing, insuring Buyer against loss under the provisions of the Title Policy, 'subject to the promulgated exclusions (including existing building and zoning ordinances)and the following exceptions: (1) Restrictive covenants common to the platted subdivision in which the Property is located. (2) The standard printed exception for standby,fees,taxes and assessments. (3) Liens created as part of the financing described In Paragraph 4. (4) Utii easements created by the dedication deed or plat of the subdivision in which the Prdperty is located. (5) Reservations or exceptions otherwise permitted by this contract or as may be approved by Buyer in writing. (6) The standard printed exception as to marital rights. (T) The standard printed exception as to waters, tidelands, beaches, streams, and related matters_ (8) The standard printed exception as to discrepancies, conflicts, shortages in area or boundary lines, encroachments or protrusions, or overlapping improvements. Buyer, at Buyer's expense, may have the exception amended to read,"shortages in area'. B. COMMITMENT: Within 20 days after the Title Company receives a copy of this contract, Seller shall furnish to Buyer a commitment for title in urance (Commitment) and, at Buyer's • Initialed for identification by Buyer and Seller.4Y TREC NO.9-6 ram>,nBeal Ina 10999 Uprtroiry&College SidiaL Tx 71&90 Matt C09)164-2100 !'x; 919)]61-0421 6vsKisit< login Wanvon1 Producsd Wier b eyRF FartViat CCC 18025 F,Oeen AI10 Road,Cletro TmmsOp,Midiga,48035 wwp.rAlpro9-yxn APR 17 2008 Feb 26 08 01:54p Sam Patel 713 969 0057 p. 2 y area determined by new plat. Contract Concerning Coliago Station, 77840 _ Page 2 of 8 02-13-06 (Address of Property) expense, legible copies of restrictive covenants and documents evidencing exceptions in the Commitment (Exception Documents) other than the standard printed exceptions. Seller authorizes the Title Company to deliver the Commitment and Exception Documents to Buyer at Buyer's address shown in Paragraph 21. if the Commitment and Exception Documents are not delivered to Buyer within the specified time, the time for delivery will be automatically extended up to 15 days or the Closing Date,whichever is earlier, C. SURVEY: The survey must be made by a registered professional land surveyor acceptable to the Title Company and any lender.(Check one box only) 0 (1) Within days after the effective date of this contract, Seller shall furnish to Buyer and Title Company Seller's existing survey of the Property and a Residential Real Property Affidavit promulgated by the Texas Department of Insurance (Affidavit). If the existing survey or Affidavit is, t of acceptable to Title Company or Buyer's lender, Buyer shall obtain a new survey at L1 Seller's LI Buyer's expense no later than 3 days prior to Closing Date. If Seller fails to furnish the existing survey or Affidavit within the time prescribed, Buyer shall obtain a new survey at Seller's expense no later than 3 days prior to Closing Date. 0(2) Within 21 days after the effective date of this contract,Buyer shall obtain a new survey at Buyer's expense. Buyer is deemed to receive the survey on the date of actual receipt or the date specified in this paragraph,whichever is earlier. D(3) Within days after the effective date of this contract,Seller,at Seller's expense shall furnish a new survey to Buyer. D. OBJECTIONS: Buyer may object in writing to (I) defects, exceptions, or encumbrances to title: disclosed on the survey other than items 6A(1) through (7) above; or disclosed in the Commitment other than items 8A(1) through (8) above; (ii) any portion of the Property tying in • a special flood hazard area (Zone V or A) as shown on the current Federal Emergency Management Agency map; or (iii) any exceptions which prohibit the following use or activity: Hotel Buyer must object not later than(I)the Closing Date or(ii) 2 days after Buyer receives the Commitment, Exception Documents, and the survey, whichever is earlier. Buyer's failure to object within the time allowed will constitute a waiver of Buyer's right to object; except that the requirements in Schedule C of the Commitment are not waived. Provided Seller Is not obligated to incur any expense, Seiler shell cure the timely objections of Buyer or any third party lender within 15 days after Seller receives the objections and the Closing Date will be extended as necessary. If objections are not cured within such 15 day period, this contract will terminate and the earnest money will be refunded to Buyer unless Buyer waives the objections, E. TITLE NOTICES: (1)ABSTRACT OR TITLE POLICY: Broker advises Buyer to have an abstract of title covering the Property examined by an attorney of Buyer's selection, or Buyer should be furnished with or obtain a Title Policy. If a Title Policy Is furnished, the Commitment should be promptly reviewed by an attorney of Buyer's choice due to the time limitations on Buyer's right to object (2)MANDATORY OWNERS'ASSOCIATION MEMBERSHIP:The Property 0 is 0 is not subject to mandatory membership in an owners' association. If the Property is subject to mandatory membership in an owners' association, Seller notifies Buyer under §5.012, Texas Property Code, that, as a purchaser of property in the residential community in which the Property is located, you are obligated to be a member of the owners' association. Restrictive covenants governing the use and occupancy of the Property and a dedicatory instrument governing the establishment, maintenance, and operation of this residential community have been or will be recorded in the Real Property Records of the county in which the Property is located. Copies of the restrictive covenants and dedicatory instrument may be obtained from the county clerk. You are obligated to pay assessments to the owners' association. The amount of the assessments is subject to change. Your failure to pay the assessments could result in a lien on and the foreclosure of the Property. if Buyer is concerned about these matters, the TREC promulgated Addendum for Property Subject to Mandatory Membership in an Owner's Association should be used. (3) STATUTORY TAX DISTRICTS: If the Property is situated in a utility or other statutorily created district providing water, sewer, drainage, or flood control facilities and services, Chapter 49, Texas Water Code, requires Seller to deliver and Buyer to sign the statutory notice relating to the tax rate, bonded indebtedness, or standby fee of the district prior to final execution of this contract. (4) TIDF WATFRS' if the Pe-merry shute the tirtnlly Infineneed waters of the Mete. feel 1V. ran.Milras,Rt ttrM folt...i Fl!llff,P j,, lr1tte, rP,tLarlioo..Snpli ,,.r'e'lic ..nro prIvJa kl1 required by the parties must be used. (b) ANNW A!ION: it me Property Is located outside the limits of a municipality, Seller notifies Buyer under §5.011, Texas {Property Code, that the Property may now or later be included in the extraterritorial jurisdiction of a municipal' nd may now or later be subject to initialed for Identification by Buyer and Seiler TREC NO.9•6 Feb 26 08 01:54p Sam Patel 713 860 005? p.3 area determined by new plat Contract Concerning College Station, 77840 Page 3 or 8 02-13.08 nonAvannaxafinra by the mt1 iiia y(Address of Property) A inn th tl 1 Jv c ,eh uni i iity, m in in a na amt deplete, its h irD �faJr 0 bT'8ria tit �alat9nOr a M Uni4 e igcgal[�(tr► S yr �xtrate tori l uric tion. contact all municltaalikies located in the ueneral proximity of the ropery for ter ormation. (6)PROPERTY LOCATED IN A CERTIFICATED SERVICE AREA OF A UTILITY SERVICE PROVIDER: Notice required by §13.267, Wator Code: Tho real property, doaoribod in Paragraph 2, that you are about to purchase may be located in a certificated water or sewer service area, which is arrlitnri7Pr1 by taw In provide water nr sewer s rvir,P to the nrnnPrtiPs in the certificated area. If your property is located in a certificated area there may be special costs or charges that you will be required to pay before you can receive water or sewer service. There may be a period required to construct lines or other facilities necessary to provide water or sewer service to your property. You are advised to determine if the property is in a certificated area and contact the utility service provider to determine the cost that you will to r vire to ay Hilt) triC erluu it airy that Is 1 u1,Cu to ruvrdr wtrtel or SCvvci bCrvltx Y property. i ne unaerrsieneo Cuyrrr Heresy`tacicnomecges receipt or me roregolny notice at or before the execution of a binding contract for the purchase of the real property described in Paragraph 2 or at closing of purchase of the real property. (7)PUBLIC IMPROVEMENT DISTRICTS: if the Property is in a public improvement district, §5,014, Property Code, requires Seller to notify Buyer as follows: As a purchaser of this parcel of real property you are obligated to pay an assessment to a municipality or county for an improvement project undertaken by a public improvement district under Chapter 372, Local Government Code. The assessment may be due annually or in periodic Installments. More information concerning the amount of the assessment and the due dates of that assessment may be obtained from the municipality or county levying the assessment. The amount of the aecoccmantc is cubjoct to change. Your failure to pay the accocemontc could result in a lien on and the foreclosure of your property. (8)TEXAS AGRICULTURAL DEVELOPMENT DISTRICT: The Property 0 Is Q is not located in a Texas Agricultural Development District, For additional information, contact the Texas Department of Agriculture. 7. PROPERTY CONDITION: A. ACCESS, INSPECTIONS AND UTILITIES: Seller shall permit Buyer and Buyer's agents access to the Property at reasonable times. Buyer may have the Property Inspected by inspectors selected by Buyer and licensed by TREC or otherwise permitted by law to make inspections. Seller at Sellers expense shall turn on existing utilities for inspections. NOTICE: Buyer should determine the availability of utilities to the Property suitable to satisfy Buyer's needs. B. ACCEPTANCE OF PROPERTY CONDITION: Buyer accepts the Property in its present condition; provided Seller,at Seller's expense,shall complete the following: as is where C. COMPLETION OF REPAIRS: Unless otherwise agreed in writing, Seller shall complete all agreed repairs eai performedb to the Closing Date. Ali required permits must be obtained, and repairs must be y persons who are licensed or otherwise permitted by law to provide such repairs. f r1 /tgletrignefAiir roe' O 'Mar .r''c�isL gr%OetlifrecNileWVI n` rota CU prior to the Closing Date, Buyer may do so and receive reimbursement from Seller at dosing. The Closing Date will be extended up to 15 days,If necessary,to complete repairs. D. ENVIRONMENTAL MATTERS: Buyer is advised that the presence of wetlands, toxic substances, inrhrdina asbestos And wastes nr other environmental hazards. or the nresenne of llti,cbic„cJ ,, cf:�ibr4yt,c+�J oNcLivo v, ,to flaletet ,,,ey erfeet Duyvil° ;,itclnf.,,J eee Property_ If Buyer is concerned about these .matters, art addendum promulgated by TREC or required by the parties should be used, E. SELLER'S DISCLOSURES: Except as otherwise disclosed In this contract, Seller has no knowledge of the following: (1)any flooding of the Property; ? linin rimrtinn nr threatinart iitinatinn rnnriamnitinn nr anular aaxtls'mant iffnrttnn INT (3)any environmental hazards or conditions affecting the Property; (4)any dumpsite, landfill, or underground tanks or containers now or previously located on the Property; (5)any wetlands,as defined by federal or state law or regulation,affecting the Property;or (6)any threatened or endangered species or their habitat affecting the Property. R RROKF88'FFFa; All nhlirintinn5 of the,nartina for naYnitnf of t ncnrg' fne,5 are contained In tenarate 9. CLOSING: Se.e. Sp<eteel— vlateeS 0- It A. The dosing of the sale will be on or before num-oh 21 ,2008or within 7 days after objections made under Paragraph 6D have bee cured or waived, whichever date is later initiated for identification by Buyer and Seller r/ ' TRW Na, 9-6 Feb 28 08 02:29p Sam Patel 713 869 0057 p. I area determined by new plat Contract Concerning College Station, 7'784 0 Page 4 of 8 02-13.06 (Address of Property) (Closing Date), if either party fails to close the sale by the Closing Date, the non-defaulting party may exercise the remedies contained In Paragraph 15. B. At closing: (1)Seller shall execute and deliver a general warranty deed conveying title to the Property to Buyer and showing no additional exceptions to those permitted in Paragraph 6 and furnish tax statements or certificates showing no delinquent taxes on the Property. (2)Buyer shall pay the Sales Price in good funds acceptable to the escrow agent. (3)Seller and Buyer shall execute and deliver any notices, statements, certificates, affidavits, releases, loan documents and other documents required of them by this contract, the Commitment or law necessary for the closing of the sale and the issuance of the Title Policy. C. Unless expressly prohibited by written agreement, Seller may continue to show the Property and receive, negotiate and accept back up offers. 0. All covenants,representations and warranties in this contract survive closing. 10. POSSESSION: Seller shall deliver to Buyer possession of the Property in its present or required condition upon closing and funding. 11. SPECIAL PROVISIONS: (insert only factual statements and business details applicable to the sale. TREC rules prohibit licensees from adding factual statements or business details for which a contract addendum or other form has been promulgated by TREC for mandatory use.) -The new property boundary shall be divided at the center line of the creek. -Buyer at Buyer's expense shall have property re-plated. Seller will cooperate with Buyer and execute all city submittals and requirements of replat. -Buyer may elect to finance this transaction, at no additional expense to seller. -Within 10 days of effective date of contract seller shall provide copies of all studies and surveys in sellers posesson. -Closing shall be on or before 15 days after the approval and filing of the final plat. Buyer's expenses shall be limited to professional services(engineering/surveying) of the re-plat and other cost(s) : if any on the parcel being conveyed. Buyer shall not be liable for other cost and infrastructure associated with Seller's parcel if any. 12. SETTLEMENT AND OTHER EXPENSES: A. The following expenses must be paid at or prior to closing: (1)Expenses payable by Seller(Seller's Expenses): (a)Releases of existing liens, including prepayment penalties and recording fees; release of Seller's loan liability; tax statements or certificates; preparation of deed; one-half of escrow fee;and other expenses payable by Seiler under this contract. (b)Seller shall also pay an amount not to exceed$ria . to be applied in the following order. Buyer's Expenses which Buyer is prohibited from paying by FHA, VA, Texas Veterans Housing Assistance Program or other governmental loan programs, and then to other Buyer's Expenses as allowed by the lender. (2)Expenses payable by Buyer(Buyer's Expenses): (a)Loan origination,discount,buy-down,and commitment fees(Loan Fees). (b)Appraisal fees: loan application fees; credit reports; preparation of loan documents; interest on the notes from date of disbursement to one month prior to dates of first monthly payments; recording fees; copies of easements and restrictions; mortgagee title policy with endorsements required by lender; loan-related inspection fees; photos; amortization schedules; one-half of escrow fee; all prepaid items, including required premiums for flood and hazard insurance, reserve deposits for insurance, ad valorem taxes and special governmental assessments; final compliance inspection; courier fee; repair inspection; underwriting fee; wire transfer fee; expenses incident to any loan; and other expenses payable by Buyer under this contract. B. Buyer shall pay Private Mortgage Insurance Premium (PMI), VA Loan Funding Fee, or FHA Mortgage Insurance Premium(MIP)as required by the lender. C. If any expense exceeds an amount expressly stated In this contract for such expense to be paid by a party, that party may terminate this contract unless the other party agrees to pay such excess. Buyer may not pay charges and fees expressly prohibited by FNA, VA, Texas Veterans Housing Assistance Program or other governmental loan program regulations. Initialed for identification by Buyer . _ and Seller 4"_ TREC NO.9-6 Neo,h�ced v,ih Lyfort"by Fit: slim LIC 14025 F8taoh8810 Road.Clston TornniNo.Mkn1Jaa 46435. ax+rz'ptemScn1 SuShClarkc Feb 26 08 01: 58p Sam Patel 713 8CS 0057 p. 5 area determined by new plat Contract Concerning _college Station, 77840 Page 5 of 8 02-13-06 13. PRORATIONS AND ROLLBACK TAXES dress of Property) A. PRORATtONS: Taxes for the current year, Interest, maintenance fees, assessments, dues and rents will be prorated through the Closing Date, The tax proration may be calculated taking into consideration any change in exemptions that will affect the current year's taxes. if taxes for the current year vary from the amount prorated at closing, the parties shall adjust the prorations when tax statements for the current year are available. If taxes are not paid at or prior to closing, Buyer shall pay taxes for the current year. B. ROLLBACK TAXES: If this sale or Buyer's use of the Property after closing results in the assessment of additional taxes, penalties or interest (Assessments) for periods prior to closing, the Assessments will be the obligation of Buyer. if Seller's change in use of the Property to closing or denial of a special use valuation on the Property claimed by Seller resultssn in Assessments for periods prior to closing, the Assessments will be the obligation of Seller. Obligations imposed by this paragraph will survive closing, 14. CASUALTY LOSS: if any part of the Property is damaged or destroyed by fire or other casualty after the effective date of this contract, Seller shall restore the Property to Its previous condition as soon as reasonably possible, but In any event by the Closing Date. If Seller falls to do so due to factors beyond Seller's control, Buyer may (a) terminate this contract and the earnest money will be refunded to Buyer (b) extend the time for performance up to 15 days and the Closing Date will be extended as necessary or (c) accept the Property In its damaged condition with an assignment of insurance proceeds and receive credit from Seiler at closing in the amount of the deductible under the insurance policy. Seller's obligations under this paragraph are independent of any other obligations of Seller under this contract, 15. DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the earnest money as liquidated damages, thereby releasing both parties from this contract. If, due to factors beyond Seller's control, Seller fails within the time allowed to make any non-casualty repairs or deliver the Commitment, or survey, if required of Seller, Buyer may (a) extend the time for performance up to 15 days and the Closing Date will be extended as necessary or (b) terminate this contract as the sole remedy and receive the earnest money. If Seller fails to comply with this contract for any other reason, Seiler will be in default and Buyer may (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the earnest money, thereby releasing both parties from this contract. 16. MEDIATION: it is the policy of the State of Texas to encourage resolution of disputes through alternative dispute resolution procedures such as mediation. Any dispute between Seller and Buyer related to this contract which is not resolved through informal discussion El will Q will not be submitted to a mutually acceptable mediation service or provider. The parties to the mediation shall bear the mediation cosh equally. This paragraph does not preclude a party from seeking equitable relief from a court of competent jurisdiction_ 17.ATTORNEY'S FEES; The prevailing party In any legal proceeding related to this contract is entitled to recover reasonable attorney's fees and all costs of such proceeding incurred by the prevailing party. 18. ESCROW: A. ESCROW: The escrow agent is not (I) a party to this contract and does not have liability for the performance or nonperformance of any party to this contract, (ii) liable for interest on the earnest money and (iii) liable for the loss of any earnest money caused by the failure of any financial institution in which the earnest money has been deposited unless the financial institution is acting as escrow agent. B. EXPENSES: At closing, the earnest money must be applied first to any cash down payment, then to Buyer's Expenses and any excess refunded to Buyer. If no closing occurs, escrow agent may require payment of unpaid expenses Incurred on behalf of the parties and a written release of liability of escrow agent from all parties. C. DEMAND: Upon termination of this contract, either party or the escrow agent may send a release of earnest money to each party and the parties shall execute counterparts of the release and deliver same to the escrow agent. if either party fads to execute the release, either party may make a written demand to the escrow agent far the earnest money. If only one party makes written demand for the earnest money, escrow agent shall promptly provide a copy of the demand to the other party. if escrow agent does not receive written objection to the demand from the other party within 15 days, escrow agent may disburse the earnest money to the party making demand reduced by the amount of unpaid expenses Incurred on behalf of the party receiving the earnest money and escrow agent may pay the same to the creditors. If escrow agent complies with the provisions of this paragraph, each party hereby releases escrow agent from all adverse claims related to the disbursal of the earnest money. _ Initialed for identification by Buyer and Seller prods,odwith Zi,For n"by REF Net LLC 11025 rdteen Mde Road.CC&uan Tor,,,st,�Midiian 40035, �.�rX�ylermram TRIC NO.9-6 1JushOuicc Feb 26 08 01:57p Sam Patel 713 869 0057 p. 6 area determined ley neer plat Contract Concerning College Station, ?7840 Page 6 of 8 02-13-06 (Address of Property) D. DAMAGES: Any party who wrongfully falls or refuses to sign a release acceptable to the escrow agent within 7 days of receipt of the request will .be liable to the other party for liquidated damages of three times the amount of the earnest money. E. NOTICES: Escrow agent's notices will be effective when sent in compliance with Paragraph 21. Notice of objection to the demand will be deemed effective upon receipt by escrow agent. 19.REPRESENTATIONS: Seller represents that as of the Closing Date (a) there will be no liens, assessments, or security interests against the Property which will not be satisfied out of the sales proceeds unless securing payment of any loans assumed by Buyer and (b) assumed loans will not be in default. If any representation of Seller in this contract is untrue on the Closing Date,Seller will be in default. 20. FEDERAL TAX REQUIREMENTS: If Seller is a 'foreign person," as defined by applicable law, or if Seller fails to deliver an affidavit to Buyer that Seller is not a "foreign person," then Buyer shall withhold from the sales proceeds 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 currency In excess of specified amounts is received in the transaction. 21. NOTICES: All notices from one party to the other must be In writing and are effective when mailed to,hand-delivered at,or transmitted by facsimile or electronic transmission as follows: To Buyer at: To Seller et- 3608, E 29th St. #100 0 20 /<frry f w t 8ry_an, TX 77902 44 U1TAd'1 TX 1'70F01 Telephone: (979)846-4384 Telephone: /f>rg47-9/-ti Facsimile: Facsimile: 7 t 3-Y g479^©ia 3-7 E-mail: E-mail: 22.AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their written agreement, Addenda which are a part of this contract are(check all applicable boxes): ❑Third Party Financing Condition Addendum 0 Environmental Assessment,Threatened or Endangered Species and Wetlands Addendum El Seller Financing Addendum 0 Addendum for Coastal Area Property E! Loan Assumption Addendum ❑Addendum for Property Located Seaward of the Gulf Intracoastal Waterway 0 Addendum for Property Subject to E!Addendum for Release of Liability on Mandatory Membership in an Owners' Assumption of FHA,VA,or Conventional Association Loan Restoration of Seller's Entitlement for VA Guaranteed Loan ❑Addendum for Sale of Other Property by D Addendum for"Back-Up"Contract Buyer D Other(list):Exhibit "Ar' Initialed for identification by Buyer and Seller/e. TREC NO.9-6 P,od,ced vrhb vi Fum'"6y RE Farma$et, 0 1 CM Mean WI R0g4,CFir oa Township,McsYd2n 48035, ZX'H,af9rm-mm BushOarlr0 Feb 26 08 01:58p Sam Patel 713 869 005'7 P- 7 area determined by new plat • .....S.S...ynvviB ,Y' }Cflfl Lrir,rflIla■1■sn malnrr nn Tr"'rnitjH t TIPlll nnTienti r-2 1 ■swift art *awe lit rails*. we• enAlrurylcJyatl by Oolloi, arid Duyer's agreement to pay Oe lor;200.00 pe).r IuMi.h in knrnllu within 2 days after the effective date of this contract, Seller grants Buyer the unrestrictteedilrighteto terminate this contract by giving notice of termination to Seller within 45 effective date of this contract. If no dollar amount is stated as the Option Fee or if Buyera after ilsUtoe pay the Option Fee within the time prescribed, this paragraph will not be a part of this contract and Buyer shall not have the unrestricted right to terminate this contract If Buyer gives notice of termination within the time prescribed, the Option Fee will not be refunded; however, any earnest money will be refunded to Buyer. The Option Fee El wilt ❑will not,be credited to the Safes Price at closing. Time is of the essence for this paragraph and strict compliance with the time for performance is required. 24.CONSULT AN ATTORNEY: Real estate licensees cannot give legal advice. READ THIS CONTRACT CAREFULLY. if you do not understand the effect of this contract, consult an attorney BEFORE signing, Buyers Seller's Attorney is:Charles� Ellison Attorney Is: ��!! BrDu �S/ Teieph2fne: ? —G-9G-99 yp9 Telephone: Facsimile: Facsimile: E-mail E-mail; EXECUTED the clay of (EFFECTIVE DATE). (BROKER: FILL IN THE DTE OF FINAL ACCEPTANCE.) i. j / /,-/ ...e 4.) ie.e -7. Buyer Seller D/B/A Heyer Court Hotel, College Station Hospitality A, .e,,, die /� ry �e.rl� rwe�, Seller r -Tis . e� e4 71 corporation U u/Cr, e.larh� The form of this contract has been approved by the Texas Real Estate Commission. TREC forms are intended for use only by trained real estate licensees. No representation is made as to the legal va5dity or adequacy of any provision in any specific transactions, It is not intended far complex transactions_ Texas Real Estate Commission, P.O. Box 12188, Austin. TX 78711-2188. 1-800-250-8732 or (512) 459-6544 (ht1p/lvnw.trec,state.tx.us) TREC NO. 9-6. This form replaces TREC NO.9-5. . TREC NO.9-6 Produce d wth ZroFean'by RE rarmsl`al.Liz 18025 FYtesn Ma Reel,Croton Townehiyl.I,se.fon a035. w.dokn o q BushClarko Feb 26 08 01:59p Sam Patel 713 869 0057 p.8 area determined by new plat. Contract Concerning Co1.I,ege n.l.t54Qa, 77 8 40 Page 8 of 5 02-13-06 (Address of Property) BROKER INFORMATION AND RATIFICATION OF FEE Listing Broker has agreed to pay Other Broker na of the total sales price when Listing Broker's fee is received. Escrow Agent is authorized and directed to pay Other Broker from Listing Broker's fee at closing. Keller Williams Other Broker License No. Listing Broker License No. represents 0 Buyer only as Buyer's agent represents 0 Seller and Buyer as an intermediary Q Seller as Listing Brokers subagent Q Seller only as Seller's agent (979)739--4930 Associate Telephone Listing Associate Telephone Justin M. Whitworth 701 University Dr. E Suite 405 (979)946-4269 Broker's Address Listing Associate's Office Address Facsimile College Station Tx 77840 City State Zip City State Zip justinroaltor@omail.com Facsimile - Email Address Email Address Selling Associate Telephone Selling Associate's Office Address Facsimile City ' ' State Zip Email Address OPTION FEE RECEIPT _ Receip f$ 'AO O '�//' (Option Fee)In the form of Gott- �s ' 5 is acknowledged. fir 171-16—02 Seller (i/r / g =ro r / Date CONTRACT AND EARNEST MONEY RECEIPT Receipt of XContract and Earnest Money in the form of C P.(JL- is acknocrow Awent:tg ed.'r C Zo COVM1 bSigiff e. Date: '! r71 v Es By:_ VCt,le-Yka oret,orn --____. Email Address 38bb CX?SS M V-1(-- bn Telephone: Q 7a-73/-/gro6 ) Address Q7C- 7SI - /3P/ riGic� -nib Facsimile: City State Zip TREC NO. 9-6 Ptc.AlcCC with 2cFam="by RE FomuRei,U_C 16025 Fifteenl:Gye Read,Crnton Tomah,ht?dip ri44O3s,w,yxz arca..an BushClarke