Farm And Ranch Contract (Page 2 of 9) in pdf

Contract Concerning

Page 2 of 9

8-01-2011

(Address of Property)

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) (including, but not limited to appraisal, insurability and

lender required repairs), Buyer may terminate this contract by giving notice to Seller

prior to closing and the earnest money will be refunded to Buyer.

(1) Credit Approval: (Check one box only)

(a) This contract is subject to Buyer being approved for the financing described in the

attached Third Party Financing Addendum for Credit Approval.

(b) This contract is not subject to Buyer being approved for financing and does not

involve FHA or VA financing.

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 all parties, Buyer shall deposit

as earnest money with

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

Seller’s

Buyer’s expense an owner policy

of title insurance (Title Policy) issued by:

(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) The standard printed exception for standby fees, taxes and assessments.

(2) Liens created as part of the financing described in Paragraph 4.

(3) Reservations or exceptions otherwise permitted by this contract or as may be approved by

Buyer in writing.

(4)The standard printed exception as to marital rights.

(5)The standard printed exception as to waters, tidelands, beaches, streams, and related

matters.

(6) 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 insurance (Commitment) and, at Buyer's

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 Buyer’s lender(s). (Check one box only):

(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 (T-47 Affidavit).

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. The existing survey

will

will not be recertified to

a date subsequent to the effective date of this contract at the expense of

Buyer

Seller. If the existing survey is not approved by the Title Company or Buyer's lender

(s), a new survey will be obtained at the expense of

Buyer

Seller no later than 3

days prior to Closing Date.

(2) Within

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.

(3) Within

days after the effective date of this contract, Seller, at Seller's expense

shall furnish a new survey to Buyer.

(4) No survey is required.

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 (5) above; or disclosed in the

Commitment other than items 6A(1) through (6) above; (ii) any portion of the Property

TREC NO. 25-8

Initialed for identification by Buyer

and Seller

American LegalNet, Inc.

Farm And Ranch Contract Page 2

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