Farm And Ranch Contract (Page 3 of 9) in pdf

Contract Concerning

Page 3 of 9

8-01-2011

(Address of Property)

lying 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:

Buyer must object the earlier of (i) the Closing Date or (ii)

days after Buyer receives

the Commitment, Exception Documents, and the survey. 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, Seller shall 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. EXCEPTION DOCUMENTS: Prior to the execution of the contract, Seller has provided Buyer

with copies of the Exception Documents listed below or on the attached exhibit. Matters

reflected in the Exception Documents listed below or on the attached exhibit will be permitted

exceptions in the Title Policy and will not be a basis for objection to title:

Document

Date

Recording Reference

F. SURFACE LEASES: Prior to the execution of the contract, Seller has provided Buyer with

copies of written leases and given notice of oral leases (Leases) listed below or on the

attached exhibit. The following Leases will be permitted exceptions in the Title Policy and

will not be a basis for objection to title:

G. 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) 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.

(3) TIDE WATERS: If the Property abuts the tidally influenced waters of the state, §33.135,

Texas Natural Resources Code, requires a notice regarding coastal area property to be

included in the contract.

An addendum containing the notice promulgated by TREC or

required by the parties must be used.

(4) ANNEXATION: If the 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 municipality and may now or later be subject to

annexation by the municipality. Each municipality maintains a map that depicts its

boundaries and extraterritorial jurisdiction. To determine if the Property is located within a

municipality’s extraterritorial jurisdiction or is likely to be located within a municipality’s

extraterritorial jurisdiction, contact all municipalities located in the general proximity of

the Property for further information.

(5) PROPERTY LOCATED IN A CERTIFICATED SERVICE AREA OF A UTILITY SERVICE

PROVIDER:

Notice required by §13.257, Water Code:

The real property, described in

Paragraph 2, that you are about to purchase may be located in a certificated water or

sewer service area, which is authorized by law to provide water or sewer service to the

properties 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

TREC NO. 25-8

Initialed for identification by Buyer

and Seller

American LegalNet, Inc.

Farm And Ranch Contract Page 3

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