Gateway BP(1.6)-ES920330REALTOR
1. PARTIES'
and convey to
agrees to buy from Seller the property described below.
2. PROPERTY: The land situated in Dallas County, Texas, described below or as described
on attached Exhibit, together with all rights, privileges and appurtenances pertaining thereto. All property sold by this contract is called the "Property".
That 11,017 square foot tract of land located near the southwest
corner of the intersection of Freeport Parkway and the St. Louis
Southwestern Railroad and bounded on the north by said railroad
and bounded on the east, west and south by property owned by
Catellus Development Corporation
The Property shall be subject, however, to the exceptions, reservations, conditions and restrictions listed below. (If none, insert "none otherwise, insert specific
details with applicable recording data.) NOTICE: DO NOT INSERT GENERAL PHRASES SUCH AS "ALL RECORDED" t3R "ALL OF RECORD
None
GREATER DALLAS BOARD OF REALTORS, INC.
UNIMPROVED COMMERCIAL PROPERTY EARNEST MONEY CONTRACT
APPROVED BY THE TEXAS REAL ESTATE COMMISSION FOR VOLUNTARY USE
The City of Coppell
Catellus Development Corporation
12 -08 -88
(Seller) agrees to sell
(Buyer) and Buyer
3. CONTRACT SALES PRICE:
A. Cash payable by Buyer at closing
B. Sum of all notes described in Paragraph 4 below 0
C. Sales Price (Sum of A and B) 22,034.00
Sales Price is not to be adjusted based on a survey.
Sales Price is to be adjusted based upon a survey. The Sales Price has been calculated on the basis of per acre square
foot of x) total area Net Area as defined in Paragraph 20. If the survey required by Paragraph 20 results in an adjustment of more than 10% in the Sales
Price, either party may terminate this contract by written notice to the other party within five (5) days after the terminating party receives the survey. If neither
party terminates the contract or if the variance is 10% or less, the price adjustment shall be made in the cash payable at closing or proportionately between
the cash and any promissory notes executed at closing.
4. FINANCING: The Sales Price shall be paid as follows: (Check applicable boxes below)
A. ALL CASH: No financing is involved.
1-1
(1) Buyer shall assume the unpaid principal balance of a first lien promissory note payable to
dated which unpaid balance at closing will be and those obligatio mposed by
the Deed of Trust recorded in Volume Page of the Real Property Records in the county where the Prope situated. Buyer's
initial payment shall be the first payment due after closing.
(2) Buyer shall assume the unpaid principal balance of a second lien promissory note payable to
dated which unpaid balance at closing will be d those obligations imposed by
22,034.00
the Deed of Trust recorded in Volume Page of the Real Property Records in the coun here the Property is situated. Buyer's
initial payment shall be the first payment due after closing.
The cash payable at closing shall be adjusted by the amount of any variance in the loan balance(s) states •ove; provided, if the total principal balance of
all assumed loans varies at closing from the total of the amount(s) stated above by an amount greater th either party may terminate
this contract and the Earnest Money shall be refunded to Buyer. If the noteholder on assumpti. requires (a) Buyer to pay an assumption fee in excess of
in B(1) above or in B(2) above and er declines to pay such excess or (b) an increase in the existing
interest rate above in B(1) above or in B(2) above or any other modification of the loan documents, Buyer may terminate
this contract and the Earnest Money shall be refunded to Buyer.
C. SUBJECT TO: Buyer shall take the Property subject to, but shall no ssume, the unpaid principal balance of a first lien promissory note payable to
dated which
unpaid balance at closing will be and Buyer shall not assume those obligations imposed by the Deed of Trust recorded
in Volume Page of the I Property Records in the county where the Property is situated. Buyer's initial payment shall
be the first payment due after closing. If the said balance of the loan varies at closing from the amount stated above by an amount greater than
either party terminate this contract and the Earnest Money shall be refunded to Buyer. If the existing interest rate is
increased above or e terms of the loan documents are modified or Buyer is required to pay a transfer fee in excess of
and er declines to pay such excess, Buyer may terminate this contract and the Earnest Money shall be refunded to Buyer.
The cash payable at closi all be adjusted by the amount of any variance from the loan balance shown above.
D. THIRD PARTY FI CING:
(1) A third pa trst lien note of payable at intervals for not
less than years with the initial interest r•te not to exceed per annum for the first year(s) of the loan.
(2) trd party second lien note of r 1 payable at in-
I- yc (s)- efd+e4em+•
INITIALED FOR IDENTIFICATON BY BUYER
AND SELLER
GDBR-123(1)-4/89
002
Unimproved Commercial Property Earnest Money Contract Page Two
lien shall constitute a default under the deed of trust
Buyer shall 1 shall not furnish Seller complete
of this contract. If Buyer's credit history or fi
of such information and the Earnest Mo
to have approved Buyer's credit
Buyer shall apply for all t
contract and shall
date hereof,
5. EARNEST MONEY: Buyer shall deposit the sum of
ng the note.
ence of Buyer's credit history and financial condition within
as Earnest Money with
unless otherwise disclosed in writing to Seller prior to Seller's execution of this contract. Seller agrees to
Broker and Seller. If there is no separate agreement, Seller agree
on closing of this sale,
INITIALED FOR IDENTIFICATON BY BUYER
12-05 -55
upon the terms and conditions as follows:
(1) In one payment due after the date of the note wi rest payable
(2) In installments of including interest plus interest beginning
after the date of the note and continuing at intervals thereafter for ars when the entire balance of the
note shall be due and payable.
(3) Interest only in installments for the first years and th er in installments of
1 including interest plus interest beginning after the date of t ote and continuing at
intervals thereafter for year(s) when the entire balance of the note shall due and payable.
Any Seller financed note may be prepaid in whole or in part at any time without pen: Any prepayments are to be applied to the payment of the installments
of principal last maturing and interest shall immediately cease on the prepai ncipal. The lien securing payment of such note will be inferior to any lien
securing any other note described in this contract. If an Owner's Poli of Title Insurance is furnished, Buyer shall furnish Seller with a Mortgagee's Title
Policy. The deed of trust securing the note shall include a provi that any act or occurrence which would constitute default under the terms of any superior
days after the effective date
al statement is not reasonably acceptable, Seller may terminate this contract within five (5) days after receipt
all be refunded to Buyer. If Seller does not give notice of termination within the time provided, Seller shall be deemed
yer hereby authorizes Buyer's credit report to be furnished to Seller.
party financing or noteholder's waiver of any right to accelerate the note within days after the effective date of this
every reasonable effort to obtain the same. If such financing or noteholder's waiver is not obtained within days after the effective
contract shall terminate and the Earnest Money shall be refunded to Buyer.
NOT TO BUYER: Loan payments, interest rates or other terms of some loans may be adjusted after closing. Before signing this contract, examine the notes
at (address), as Escrow Agent, upon execution of this contract by both parties.
The Earnest Money shall shall not be placed in an interest bearing account by the Escrow Agent, and any interest thereon shall be part of the Earnest
Money. If Buyer fails to deposit the Earnest Money as required by this contract, or by any addendum, Buyer shall be in default.
6. TITLE: Buyer shall obtain and pay for
A. Owner's Policy of Title Insurance (the Title Policy) issued by S a f e c o Land Title of Dallas
in the amount of the Sales Price and dated at or after closing, insuring Buyer's fee simple title to the Property to be good and indefeasible subject only
to those title exceptions permitted herein, or as may be approved by Buyer in writing, and the standard printed exceptions contained in the usual form
of the Title Policy; provided, however:
(1) the exception as to the area and boundaries shall [X] not be deleted 1 be deleted except for "any shortages in area and if deleted, the
cost of such deletion shall be an expense of
(2) the exception as to restrictive covenants shall be endorsed "None of Record except as identified in Paragraph 2;
(3) the exception as to taxes shall be limited to taxes for the current year not yet due and payable and subsequent years, and subsequent assessments
for prior years due to changes in land usage or ownership.
B. Abstracts of Title certified by an abstract company (1) from the sovereignty to the effective date of this contract (Complete Abstract) and (2) supplemented
to the Closing Date (Supplemental Abstract).
NOTICE TO SELLER AND BUYER: AS REQUIRED BY LAW, Broker advises Buyer that Buyer should have an Abstract covering the Property examined
by an attorney of Buyer's selection, or Buyer should be furnished with or obtain a Title Policy. If the Property is situated in a Utility District, Section 50.301,
Texas Water Code, requires Buyer to sign and acknowledge a statutory notice from Seller relating to the tax rate and the bonded indebtedness of the District.
If the Property is situated seaward of the Gulf Intracoastal Waterway, attach an addendum containing the statement required by Section 61.025, Texas Natural
Resources Code.
7. PROPERTY CONDITION: The Property shall be in its present condition at Closing Date .,1,j .t ,..I)
y separate agreement between
County, Texas
of the total Sales Price or upon Buyer's default, one -half of any Earnest Money to
9. CLOSING: The closing of the sale shall be at the offices of the Tit e Company on or before
March 30 19 9 2 or within seven (7) days after title objections have been cured, whichever date is later (the Closing Date).
Seller and Buyer agree to execute all documents necessary to consummate the closing of this sale and to furnish evidence of their authority and capacity.
10. POSSESSION: Possession of the Property shall be delivered to Buyer on closing and receipt of funds by Seller.
11. SPECIAL PROVISIONS: (Insert factual statements and business details applicable to this sale.)
1. Neither Buyer or Seller are represented by Brokers in this
transaction.
2. Buyer shall pay all closing costs.
3. No tax prorations or rollback shall be required on site.
4. Seller warrants that no notes, loans or liens currently exist
on Property or will be placed on Property prior to Closing.
5. Survey shall be obtained and paid for by Buyer.
6. Seller's legal fees shall be paid for by Seller.
7. City of Coppell road easement to Property recorded in County
Records Volume 77014, Page 1638, shall be quit claimed and
released with the closing of this transaction.
AND SELLER
G DBR -123 (2) -4/89
Unimproved Commercial Property Earnest Money Contract Page Three
11. SALES EXPENSES TO BE PAID IN CASH AT OR PRIOR TO CLOSINCt
A. Appraisal fees shall be paid by
B. SELLER'S EXPENSES: Prepayment penalties on any existing loans paid at closing, plus cost of releasing liens an. ng releases; tax statements; 'k
of any escrow fee; preparation of deed; preparation and recording of any deed of trust to secure a n; other expenses stipulated to be paid by Seller
under other provisions of this contract.
C. BUYER'S EXPENSES: Application, origination, processing, co
or transfer fees; expenses incident to new loan
by Seller in Paragraph 20],
required re
A. Interest on any assumed (or subject to) note, assessments, current taxes, and any rents and maintenance fees shall be prorated thro .ate of closing.
If ad valorem taxes for the year in which the sale is closed are not available on the Closing Date, proration of taxes sh. .e on the basis of taxes assessed
for the previous year, and any necessary cash adjustment of such proration shall be made betwee n. Buyer after closing when actual tax amounts
are available. If Buyer is assuming payment of, or taking subject to, any existin a Property, all reserve deposits for the payment of taxes or other
charges shall be transferred to Buyer by Seller and Buyer shall
B. If this sale or Buyer's use of the Property after
be the obligation of Buyer and
on the Pro
11. TITLE AND SURVEY APPROVALt
A.
B.
C.
D.
A.
B.
C.
ed
12
and loan discount fees; private mortgage insurance premiums and any loan assumption
preparation of any note, deed of trust and other loan documents, survey [unless stipulated to be paid
ees, copies of restrictions and easements, Mortgagee Title Policies, credit reports, photos); 'f of any escrow fee; any
sits for ad valorem taxes and assessments; any prepaid interest required by lenders to be paid at closing; expenses stipulated to be paid
t.
er the amount of such reserve deposits.
results in the assessment of additional taxes for periods prior to closing, such additional taxes shall
gation shall survive closing. If Seller's change in use of the Property prior to closing or denial of a special use valuation
by Seller results in the assessment of additional taxes for periods prior to closing, such additional taxes shall be the obligation of
II
y
contract or transaction, such party shall be additionall en
If Title Policy is to be furnished, Seller shall deliver to Buyer within twenty (20) days after the effective date of this contract a Commitment for Title
(the Commitment) and legible copies of all recorded instruments affecting the Property and recited as exceptions in the Commitment. If Buyer
to items disclosed in the Commitment or instruments, which are not recited in Paragraphs 2 and 6A, Buyer shall have fifteen (15) day
instruments to make written objections to Seller. Buyer's failure to object within the time provided shall be a waiver of the right t
party lender makes objections, Seller shall have fifteen (15) days from the date objections are made to satisfy the objectio
extended as necessary. If the objections are not satisfied by the extended Closing Date, this contract shall terminate
to Buyer, unless Buyer elects to waive the unsatisfied objections and complete the purchase.
If Abstract is to be furnished, Seller shall deliver Complete Abstract to Buyer within twenty (20) days a
(15) days from the date of receipt of Complete Abstract to deliver a copy of the examining atto
and only objections so stated and not recited as exceptions in Paragraph 2 shall be consid
a waiver of his right to object. If Buyer or a third party lender makes objections or
shall have fifteen (15) days from the date objections are made to satisfy the obje
are not satisfied by the extended Closing Date, this contract shall termin
the unsatisfied objections and complete the purchase.
If a survey required by Paragraph 20 B reveals any unrecor
may object to the same by notifying Seller within fift
a waiver of the right to object. If Buyer or a th
satisfy the objections, and the Closing Dat
terminate and the Earnest Money s
Seller shall furnish tax stateme
Warranty Deed conveyi
the current year,
be secured
be re
If Buyer fails to comply herewith, Buyer shall be in default, and Seller may (1) enforce specific performance or (2) seek such of
by law, or both, or (3) terminate this contract and receive the Earnest Money as liquidated damages, the
If Seller is unable without fault, within the time herein required, to (1) deliver the Conuni
this contract and receive the Earnest Money as the sole remedy or exte
as necessary.
If Seller fails to comply herew
as may
or have any liability for the performance or non performance of any party to this contract, (b) liable for interest on the funds held unle
5 and (c) liable for any loss of escrow funds caused by the failure of any banking institution in which such funds have bee
is acting as Escrow Agent. If both parties make demand for the payment of the Earnest Money, Escro
a written release of liability of Escrow Agent which authorizes the disbursement of
Money, Escrow Agent shall give notice to the other party of suc
objects to Escrow Agent in writing within thi
cash down payment, then to
reduced b
rance
s objection
er receipt of such
ject. If Buyer or a third
and the Closing Date shall be
e Earnest Money shall be refunded
e effective date hereof. Buyer shall have fifteen
s title opinion to Seller, stating any objections to title
Buyer's failure to object within the time provided shall be
ections are made in the examining attorney's title opinion, Seller
s, and the Closing Date shall be extended, as necessary. If the objections
and the Earnest Money shall be refunded to Buyer, unless Buyer elects to waive
easements, boundary line conflicts, encroachments or overlapping of improvements, Buyer
(15) days after receipt of such survey. Buyer's failure to object within the time provided shall be
party lender makes objections, Seller shall have fifteen (15) days from the date objections are made to
all be extended as necessary. If the objections are not satisfied by the extended Closing Date, this contract shall
be refunded to Buyer, unless Buyer elects to waive the unsatisfied objections and complete the purchase.
showing no delinquent taxes; a Supplemental Abstract, when applicable, showing no additional title objections; and a General
tle subject only to liens securing payment of debt created or assumed or taken subject to as part of the consideration, taxes for
rictive covenants, easements and any exceptions or reservations set out in Paragraph 2 or otherwise acceptable to Buyer. Each note shall
endor's and deed of trust liens. Where Seller is still liable on any assumed note, a vendor's lien and deed of trust to secure assumption shall
by Seller, which shall be automatically released on execution and delivery of a release by noteholder. In case of dispute as to the form of the
as may be provided
ng Buyer from this contract.
liver the Complete Abstract, Buyer may either terminate
e or performance up to fifteen (15) days and the Closing Date shall be extended
y other reason, Seller shall be in default, and Buyer may (1) enforce specific performance or (2) seek such other relief
law, or both, or (3) terminate this contract and receive the Earnest Money, thereby releasing Seller from this contract.
orneys fees, and all other litigation expenses from the non-
in Paragraph
unless such banking institution
as the right to require from all parties and brokers
oney. If only one party makes demand for payment of the Earnest
scrow Agent is authorized and directed to honor such demand unless the other party
after Escrow Agent's notice to that party. At closing, the Earnest Money shall be applied first to any
osing costs and any excess refunded to Buyer. Any refund or payment of the Earnest Money under this contract shall be
of any actual expenses incurred on behalf of the party receiving the Earnest Money, and Escrow Agent shall pay the same to the creditors
18. REPRESENTATIONS: Seller represents that (a) there will be no unrecorded liens, assessments, or security interests against the Property which will not be satisfied
out of the Sales Price, unless securing payment of any loan assumed or taken subject to by Buyer, (b) any loan assumed or taken subject to will be without default,
(c) the Property is not being used, and Seller has no knowledge that it has ever been used, for the storage or disposal of any hazardous or toxic waste or as a
dump site and (d) no condemnation proceedings are threatened or pending against the Property. If any representation above is untrue on the Closing Date, Seller
shall be in default. All representations contained in this contract shall survive closing.
19. USE CONDITIONS, UTILITIES AND FLOOD PLAIN:
A. USE: The intended use of the Property by Buyer is industrial park/building
Buyer requires that: (1) all zoning ordinances, restrictive convenants, governmental laws, rules and regulations permit such intended use; (2) the Property
has never been used for hazardous or toxic waste storage or disposal, or as a landfill of any kind; (3) no subsurface condition exists which will materially
affect development of the Property for Buyer's intended and (4 )..thal
B. UTILITIES: Buyer requires the following utilities at rope as of the Closing Date: [X water [X sanitary sewer [X] gas X] electricity [X]
telephone and 1 with sufficient
capacity for the intended use stated in Parag herei shall obligate Seller to extend utilities to the Property.
INFFIALED FOR IDENTIFICATON BY BUYER AND SELLER
Buyer is aware of a s cep s the condition of the propertyG 123(3) -4 /89 002
with regard to foundation support of the previously elevated storage tank.
Unimproved
Commercial Property Earnest Money Contract Page Four 12 -08 -88
C. 100 -YEAR FLOOD PLAIN:
(1) Buyer will accept the Property if any part is located in the 100 -year Flood Plain.
a (2) Buyer will not accept the Property if any part is located in the 100 -year Flood Plain.
(3) Buyer will accept the property subject to the following 100 -year Flood Plain limitations
If the Property fails to meet the conditions as required in this Paragraph, Buyer may terminate this contract and the Earnest Money shall be refunded to Buyer.
7n
eDOPERTY SURVEY[
A. NO SURVEY: No survey is required.
B. SURVEY REQUIRED
(1) Within days after the effective date hereof, Seller shall cause to be delivered to Buyer at the expense of ler Buyer a current
Survey of the Property, together with a metes and bounds or platted lot description, prepared by a Registere• lic Surveyor acceptable to the
parties and the issuer of any Title Policy. The surveyor shall certify to the Buyer and Title Compan at: (a) the survey was made and staked
on the ground and all corners are marked with permanent monuments; (b) the survey shows t• ocation of all improvements, highways, streets,
roads, railroads, rivers, creeks or other waterways, fences, easements and rights -of -way or adjacent to the Property with all easements and rights
of -way referenced to their recording information; (c) there are no visible discre les, conflicts, or encroachments, except as shown on the survey
plat; (d) the Property does or does not lie in the 100 -year Flood Plain if a portion lies within the Flood Plain, the survey plat shall designate
the location and area of the 100 -year Flood Plain; (e) the surve a true, correct, and accurate representation of the Property; and (f) the survey
sets forth the total area and Net Area, as defined below •mprising the Property. If the legal description determined by the survey differs from
Paragraph 2 (or any exhibit), the survey descri• '.n shall replace the description in Paragraph 2.
(2) Net Area (Net Area) is defined as the t. area of the Property exclusive of the following: (check applicable boxes below)
(a) Any portion of the P rty lying in any public roadway:
(b) Any portion e Property lying in any right -of -way (other than public roadways) or easement, except rights -of -way and easements
provi• utility services for the benefit of the Property:
(c) ny portion of the Property lying in the 100 -year Flood Plain.
C ARE 1 UIREMENT: If the survey reveals a total area Net Area of Less than Buyer may terminate this contract
A. Buyer may not assign this contract.
B. Buyer may assign this contract but Buyer shall not be relieved ereunder.
C. Buyer may assign this contr. ee assumes in writing all obligations and liabilities of Buyer under this contract, Buyer shall be relieved of
that he is not a "foreign person then Buyer or Escrow Agent o• rom t e sales proceeds an amount sufficient to comply
rra
and returned to prior to 5:00 P.M. 19
26. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their written agreement. This contract
shall be binding upon the legal representatives or successors of the parties. Addenda which are a part of this contract are (list). S U ry e y
27. CONSULT YOUR ATTORNEY: The Broker cannot give you legal advice. This is intended to be a legally binding contract. READ IT CAREFULLY. If you
do not understand the effect of any part of this contract, consult your attorney BEFORE signing.
ATTORNEY. ATTORNEY.
EXECUTED in day 19
multiple originals effective the of
Cat Dev :lip ent rporation The City of Coppell
Buyer taiallir/ 1 Federal Tax ID No. Seller Federal Tax ID No.
Niter Federal Tax ID No. Seller Federal Tax ID No.
Buyer's Address Phone No. Seller's Address Phone No.
The form of this contract has been approved by the Texas Real Estate Commission. Such approval relates to this contract form only. No representation is made
as to the legal validity or adequacy of any provision in any specific transaction. It is not suitable for complex transactions. Extensive riders or additions are not to be used.
Co- Broker, a fee of of the total sales price when the Broker's fee described in Paragraph 8 of the foregoing contract is scrow Agent
is authorized and directed to pay Co- Broker from Listing Broker's fee at closing.
Co- Broker Licen [sting Broker License No.
By: By
o w edged and is accepted subject to the terms
and conditions of the Earnest Money Contract.
Escrow Agent: By:
G D BR- 123 (4)-4/89