Unimproved Property Contract (Page 2 of 8) in pdf

Contract Concerning

Page 2 of 8

12-05-2011

(Address of Property)

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. If, due to factors beyond Seller’s control, the

Commitment and Exception Documents are not delivered within the time required, Buyer may

terminate this contract and the earnest money will be refunded to Buyer.

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. If the existing survey or affidavit is not acceptable to Title

Company or Buyer's lender(s), Buyer shall obtain a new survey at

Seller's

Buyer's

expense 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.

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 6A(1) through (8) above; (ii) any portion of the 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. 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) MEMBERSHIP IN PROPERTY OWNERS ASSOCIATION(S): The Property

is not subject

to mandatory membership in a property owners association(s). If the Property is subject to

mandatory membership in a property owners association(s), Seller notifies Buyer under

§5.012, Texas Property Code, that, as a purchaser of property in the residential community

identified in Paragraph 2 in which the Property is located, you are obligated to be a

member of the property owners association(s). Restrictive covenants governing the use

and occupancy of the Property and all dedicatory instruments 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 instruments may be obtained from the county clerk.

You are obligated to pay assessments to the property owners association(s). The

amount of the assessments is subject to change. Your failure to pay the

assessments could result in enforcement of the association’s lien on and the

foreclosure of the Property.

Section 207.003, Property Code, entitles an owner to receive copies of any document that

governs the establishment, maintenance, or operation of a subdivision, including, but not

limited to, restrictions, bylaws, rules and regulations, and a resale certificate from a

property owners' association. A resale certificate contains information including, but not

limited to, statements specifying the amount and frequency of regular assessments and the

style and cause number of lawsuits to which the property owners' association is a party,

other than lawsuits relating to unpaid ad valorem taxes of an individual member of the

association.

These documents must be made available to you by the property owners'

association or the association's agent on your request.

Initialed for identification by Buyer

and Seller

TREC NO. 9-10

Unimproved Property Contract Page 2

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