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HomeMy WebLinkAboutRES 15-028RESOLUTION NO. 15-028 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the City Manager be and he is hereby authorized to execute an Earnest Money Contract with Dingo Realty, LLC for the sale of a vacant 0.872 acre strip of land located between Smart Street and West Cedar Street. The contract is substantially in the form attached hereto as Exhibit "1" and made a part hereof for all purposes. PASSED BY THE CITY COUNCIL of the City of Beaumont this the 10th day of February, 2015. r='UMr ° j - or Becky Am9s - �wNo ' r8 01/28/261 16:50 109-6-2-�346' F'AGE 01/17 fi3W� I.91 4� TBXAS AsSOCIADON OF RBA.LTORS© COMMERCIAL CONTRACT - UNIMPROVED PROPERTY USE OF 1HIS FORD DY PERSONS WHO ARE NOT MEWERS OF TM TEXAS ASSOCIATION Of REALTORS3 IS NOT AUi1401A1ZED. VTeY9s A='-ocloilon of R[ALTORSID, Inc. M4 i. PARTIES: Seller agrees to sell and convey to Buyer the Property described in Paragraph 2. Buyer agrees to buy the Property from Seller for the sales price stated in Paragraph 3. The parties to this contract are: Seller: city of Beaumont _ Address:801_XsortTt Main Street. Beaumont, TX 77701 Phone: E -mail: ---___--- Fax: _ Other: Buyer: Dingo Realty, LLC Address: P.o, Box :12400, TX 77726 Phone: (409)839-4428 E-rrlall: m1958mark@ao1,com Fax,, (409) 832--4344 Other: -- 2. PROPERTY: A. "Property" lneans that real property situated in Jefferson County, Texas at 0,872 AC at Smart Street & West Cedar. (addross) and that is legally described on the attached Exhibit A oras follows: B. Seller will sell and convey the Property together with: (1) all rights, privileges, and appurtenances pertaining to the Property, including Seller's right, title, and Interest in any minerals, utilities, adjacent streets, alleys, strips, gores, and rights-of-way; (2) Seller's interest In all leases, rents, and security deposits for all or part of the Property; and (3) Seller's interest in all licenses and permits related to the Property. (Describe any exceptions, reservations, or restrictions in Paragraph 12 or an addendum,) (If mineral rights are to be reserved an appropriate; addendum should be attached,) 3. SALES PRICE; A. At or before closing, Brayer will pay the following sales price for the Property: (1) Cash portion payable by Buyer at closing .......... . . .... . ........ . . $ 25,000,00 (2) Sum of all financing described in Paragraph 4 .. . . ... . .. . . . . ........ . . $ (3) Sales price (sum of 3A(1) and 34(2)) . ... . . . . .... . ...... . . . ... . .... $ 25,000.00 (TAR -1802) 4-1-14 initialed for Identification by Seller and Buyer Page 1 of 13 NAI Whcdw. 470 Orlcnns Strcct, 12th Floor BClltnlont, 7X 771141 Pltonc:409-899-3300 Fnx: 409-899.3301 BrionGo55 SME31St./Pcrtilta ProcWccd with LpForrnD trj xipWpl� 1UD7U FlNeor: r.41c %?aa1, Fro;or, I.S'cYtgvn aE42b trvr+�'+41.ydzCnm EXHIBIT "1" 01/2/201516; �,"� 10cc--Ga2-4 44 PAGE 02/17 Commerci.ni Contract - Unimproved Property concerning 0. 872 AC at Smart Street & D7e5t, coda3 R. &;�ustmcnt to Sales Price: (1) or (2) only,) 0 (1) The sales price will not be adjusted based on a survey. © (2) The sales price, will be adjusted based on the latest survey obtained under Paragraph 66. (a) The sales price is calculated on the basis of $ — ❑ (1) square foot of fl total area © net area. O (ii) acre of Q total area O net area. (b) "Total area" means all land area within the perimeter means total area less any area of the Property within: ❑ (1) public roadways; Q (it) rights-of-way and easements other than those that Property; and Cl (iii) per: boundaries of the Property. "Net area" directly provide utility services to the (c) If the sales price is adjusted by more than ., _ % of the stated sales price, either party may terminate this contract by providing written notice to the other party within days after the terminating party receives the survey. If neither party terminates this contract or if the variance is less than the stated percentage, the adjustment to the sales price will be made to the cash portion of the sales price payable by Buyer. 4. FINANCING: Buyer will finance the. portion of the sales price under Paragraph 3A(2) as follows: O A. Third Party Fingn_cing: One or more third party loans in the total amount of $ This contract: 0 (1) is not contingent upon Buyer obtaining third party financing. O (2) is contingent upon Buyer obtaining third party financing in accordance with the attached Commercial Contract Financing Addendum (TAR -1931). I] B. ssum tion; In accordance with the attached Commercial Contract Financing Addendum (TAR -1931), Buyer will assume the existing promissory note secured by the Property, which balance at closing will be $ Cl C. Seller Finsnc!M-. The delivery of a promissory note and deed of trust to Seller under the terms of the attached Commercial Contract Financing Addendum (TAR -1931) in the amount of 5. EARNEST MONEY: A. Not later than 3 days after the effective date, Buyer must deposit 31, 000, oo as earnest money With Texas Regional Tule Company (title company) at 3195 Dowlen Rd. sta 106 Beaumont V (address) tdolly Mallet (Closer). If Buyer falls to timely deposit the earnest money, Seller may terminate this contract or exercise any of Seller's other remedies under Paragraph 15 by providing written notice to Buyer before Buyer deposits the earnest money. B, Buyer will deposit an additional amount of $ _ with the title company to be made part of the earnest money on or before: 0 (i) _ days after Buyer's right to terminate under Paragraph 7B expires; or fl {il) Buyer will be in default if Buyer fails to deposit the additional amount required by this Paragraph 5B within 3 days after Seller notifies Buyer that Buyer has riot timely deposited the additional amount. (TAR -1802) 4-1-14 Initialed for identification by Seller , and Buyer.__.`.L., _____, Page 2 of 13 Froducedwnl tipFormp by z3pLoglz IrQ70 F7nonn V,10 Rml, t4chlgan 4802G rr+rn uut.oni+:cam Smart SUfert)tta 01/''312G15 1.£,51 d09-832..43Qdi PAGE 03/3. Commercial Contract - Unimproved Property conceernirip 0.872 AC at. Smart Sf rept & west Cedar C, Buyer may instruct the title company to deposit the earnest money in an interest-bearing account at a federally insured financial institution and to credit any interest to Buyer, 6. TITLE POLiCY AND SURVEY: A. Title e Policy: (1) Seller, at Seller's expense, will furnish Buyer an Owner's Policy of Title Insurance (the title policy) issued by any underwriter of the title company in the RITIount of the safes price, dated at or after closing, Insuring Buyer against loss under the title policy, subject only to: (a) those title exceptions permitted by this contract or as may be approved by Buyer in writing; and (b) the standard printed exceptions contained in the promulgated form of title policy unless this contract provides otherwise, (2) The standard printed exception as to discrepancies, conflicts, or shortages in area and boundary lines, or any encroachments or protrusions, or any overlapping improvements: 0 (a) will not be amended or deleted from the title policy. ❑ b) will be amended to read "shortages In areas" at the expense of ❑ Euyer ❑ Seiler. (3) Within -20 days after the effective date, Seiler will furnish Buyer a commitment for title insurance (the commitment) including legible copies of recorded documents evidencing title exceptions. Seller authorizes the title company to deliver the commitment and related documents to Buyer at Buyer's address, B. Survey: Within—1-- days after the effective date: ❑ (1) Buyer will obtain a survey of the Property at Buyer's expense and deliver a copy of the survey to Seller. The survey must be made in accordance with the: (1) ALTAIACSM Land Title Survey standards, or (ii) Texas Society of Professional Surveyors' standards for a Category 1A survey under the appropriate condition. Seller will reimburse Buyer ._ (insert amount) of the cost of the survey at closing, if closing occurs, ❑ (2) Seller, at Seller's expense, will furnish Buyer a survey of the Property dated after the effective date. The.survey must be made in accordance.with the: (I) ALTAIACSM Land Title Survey standards, or (ii) Texas Society of Professional Surveyors` standards for a Category 1A survey under the appropriate condition. ® (3) Seiler will deliver to Buyer and the title company a true and correct copy of Seller's most recent survey of the Property along with an affidavit required by the title company for approval of the existing survey. If the existing survey is not acceptable to the title company, Seller, at Seller's expense, will obtain a new or updated survey acceptable to the title company and deliver the acceptable survey to Buyer and the title company within 20 days after Seller receives notice that the existing survey is not acceptable to the title company. The closing date will be extended daily up to 20 days it necessary for Seller to deliver an acceptable survey within the time required, Buyer will reimburse Seller N/A (insert amount) of the cost of the new or updated survey at closing, if closing occurs. G• Buyer's Obiections to the CornMitment and Survev: (1) Within 5 days after Buyer receives the commitment, copies of the documents evidencing the title exceptions, and any required survey, Buyer may object in writing to matters disclosed In the items if: (a) the matters disclosed are a restriction upon the Property or constitute a defect or encumbrance to title other than those permitted by this contract or liens that Seller will satisfy at closing or Buyer will assume at closing; or (b) the items show that any rt of the Property lies in a (TAR -1802) 4-1-14 hlitialed for Identification by Seller and Buyer Page 3 of 13 Ftodimd with epFwmOby z%pUD9W 18070 FlhnCn tido fionl, Fmcf, t4,W9 An 4$Rf w•wi>:n Mire Smarr stffdititfu o /'28/2011i 1E,; 50 dO�i--8312 .ciS60 fi'(-1laE 0A/ 1,— Commercial Contract - Unimproved Property concerning 0.872 AG_ at Smart Street & wc—;:t Cedar special flood hazard area (an °A" or "V" zone as defined by FEMA), If Paragraph 613(7) applies, Buyer is deemed to receive the survey on the earlier of: (i) the date of Buyer's actual receipt of the survey; or (ii) of the deadline specified in Paragraph 6th. (2) Sellar may, but is not obligated to, cure Buyer's timely objections within 15 days after Seiler receives the objections. The closing date will be, extended as necessary to provide such time to cure the objections. If Seller fails to cure the objections by the time required, Buyer may terminate this contract by providing written notice to Seller within 5 days after the time by which Seller must cure the objections. If Buyer terminates, the earnest money, less any independent consideration under Paragraph 713(1), will be refunded to Buyer. (3) Buyer's failure to timely object or terminate under this Paragraph 6C Is a waiver of Buyer's right to object except that Buyer will not waive the requirements in Schedule C of the commitment. 7. PROPERTY CONDITION: A. Present Condition: Buyer accepts the Property in its present cortdition except that Seller, at Seller's expense, will complete the following before closing:._ - 13. Feasibility Period: Buyer may terminate this contract for any reason withirh 30 days after the effective date (feasibility period) by providing Seller written notice of terrriination, (Check only one box.) M(l) If Buyer terminates under this Paragraph 713, the earnest money will be refunded to Buyer less $ ALL -O00,00 that Seller will retain as independent consideration for Buyer's unrestricted right to terminate. Buyer has tendered the independent consideration to Seller upon payment of the amount specified In Paragraph 5A to. the title company. The independent consideration is to be credited to the sales price only upon closing of the sale. If no dollar amount is stated in this 0 (2) Not later than 3 days after the effective date, Buyer must pay Seller $ _ as Independent consideration for Buyer's right to terminate by tendering such amount to Seiler or Seller's agent. if Buyer terminates under this Paragraph 713, the Earnest money will be refunded to Buyer and Seller will retain the independent consideration. The independent consideration will be credited to the sales price only upon closing of the sale. I# no dollar amount is stated _in_this C. Inspections. Studies. or Assessments: (1) During the feasibility period, Buyer, at Buyer's expense, may complete or cause to be completed any and all inspections, studies, or assessments of the Property (including all improvements and fixtures) desired by Buyer. (2) Buyer must: (a) employ only trained and qualified inspectors and assessors; �b) notify Seller, in advance, of when the inspectors or assessors will be on the Property; c) abide by any reasonable entry rules or requirements of Sellar; (d) not interfere with existing operations or occupants of the Property; and (e) restore the Property to its original condition if altered due to inspections, studies, or assessments fhat Buyer completes or causes to be completed. (TAR -1$02) 4-1-14 Initialed for Identification by Seller and Ruyery, Page 4 of 13 f'ioduco rd v/.th xipFarrnaby XIPLO X 16070 Mfteon Milo Road, Fresar. ma;pan 4002E w L^�' i; $4,¢+ Smarr St./ udifs 01/22/201 16: 5,0 40"1-832-4344 PAGE 05/1.7 Commercial Contract - Unimproved Property concerning _ _ 0. 872 AC at. SFnart Streei: & W)st Cedar (3) Except for those matters that arise from the negligence of Seller or Seller's agents, Buyer is responsible; for any claim, liability, encumbrance, cause of action, and expense resulting from Buyer's inspections, studies, or assessments, including any property damage_ or personal injury. Buyer will indemnify, hold harmless, and defend Seller and Seller's agents against any cfalm involving a matter for which Buyer is responsible under this paragraph. This paragraph survives termination of this contract. D. Property lnforinaflon: (i ) Delivery of Property information: Within N/A days after the effective date, Seller will deliver to Buyer: (Check all that apply.) 0 (a) copies of all current leases pertaining to the Property, including any modifications, supplements, or amendments to the leases; ® (b) copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller . will not pay in full on or before closing; (c) copies of all previous environmental assessments, geotechnical reports, studies, or analyses made on or relating to the Property; Gi (d) copies property tax statements for the property for the previous 2 calendar years; Ct (e) plats of the Property; (f) copies of current utility capacity letters from the Properly's water and sewer service provider; and D (g) (2) Return of Property, information: If this contract terminates for any reason, Buyer will, not later thar 10 days after the termination date: (Check all that apply.) ❑ (a) return to Seller all those items described in Paragraph 7D(l) that Seller delivered to Buyer in other than an electronic format and all copies that Buyer made of those items; (b) delete or destroy all electronic versions of those items described In Paragraph 71)(1) that Seller delivered to Buyer or Buyer copied; and (c) deliver copies of all inspection and assessment reports related to the Property that Buyer completed or caused to be completed. This Paragraph 7D(2) survives termination of.this contract, E. Contracts Affecting Operations: Until closing, Seller: (1) will operate the Property In the same manner as on the effective date under reasonably prudent business standards; and (2) will not transfer or dispose of any part of the Property, any interest or right in the Property, or any of the personal property or other items described in Paragraph 2B or sold under this contract. After the feasibility period ends, Seller may not enter into, amend, or terminate any other contract that affects the operations of the Property without Buyer's written approval. 8. LEASES: A. Each written lease Seller is to assign to Buyer under this contract must be in full force and effect according to its terms. Seller may not enter into any new lease, fail to comply with any existing lease, or make any amendment or modification to any existing lease without Buyer's written consent. Seller must disclose, in writing, if any of the following exist at the time Seller provides the leases to the Buyer or subsequently occur before closing: (1) any failure by Seller to comply with Seller's obligations under the leases; 2 any circumstances under any lease that entitle the tenant to terminate tine lease or book any offsets or damages; (3) any advance sums pant by a tenant under any lease; (TAR -1802) 4-1-14 Initialed for Identification by Salter and Duyer Page 5 of 13 P1WUC(11VMh vp`or1%VF y x1pLQ2h kwNnxrcL Sm$rt StRtrtitta £x'1/26/2 16 i6; �:E3 4011--632-434 r; PAGE 06/1 Commercial Contract- Unimprovod Properly concerning __..0. 872 AF ' at Smart- .,greet & West_ Cedar (4) any concessions, bonuses, free rents, rebates, brokerage commissions, or other matters that affe,:t any lease; and (5) any amounts payable under the leases that have been assigned or encumbered, except as security for loan(s) assumed or taken subject to under this contract. B. Estoppel Certificates: Within A __ days after the effective date, Seller will deliver to gayer estoppel certificates signed not earlier than r3/A ... by each tenant that leases space., in the Property. The estoppel certificates must include the certifications contained in the current version of TAR Form 1938 -- Commercial Tenant Estoppel Certificate and any additional information requested by a third party lender providing financing under Paragraph 4 If the third party lender requests such additional information at least 10 days prior to the earliest: date that Seller may dellvcr the signed estoppel certificates. 9. BROKERS: A. The brokers to this sale; are: Principal Broker. KenW.heel, _1nc- dha_MAT_... Cooperating Broker: Wheeler Agent:2,ee X Wheeler I12 Agent: Address: 470 Orleans Street 3.2t.4 F1, Address: neaumonfi Tx 77701 Phone & Fax: (409 _9-8304 (409) 899-3301 Phone & Fax: E-mail: LWhee1er@NA1WheL-'l.c-_r.. com E-mail: Licenso No.: 879943 Licence No.: Principal Broker: (Check only one box) Cooperating Broker represents Buyer. 0 represents Seller only. D represents Buyer only. ❑ is an Intermediary between Seller and Buyer. B. t=ees: (Check only (1) or (2) below.) (Complete the Agreement Between Brokers on page 13 only if (1) is selected.) ❑ (4) Seller will pay Principal Broker the fee specified by separate written commission agreement between Principal Broiler and Seller. Principal Broker will pay Cooperating Broker the fee specified in the Agreement Between Brokers found below the parties' signatures to this contract. 0 (2) At the closing of this sale, Seller will pay: Principal Broker a total cash fee of: Cooperating Broker a total cash fee of: M 3_. opo % of the sales price. ❑ % of the sales price. The cash fees will be paid in je£ferson County, Texas. Seller authorizes the title company to pay the brokers from the Seller's proceeds at closing. NOYCE: Chapter 62, Texas Property Code, authorizes a broker to secure an earned commission with a lien against the Properly. C. The parties may not amend this Paragraph 9 without the written consent f the brokers affected by Elle amendment. (TAR -1802) 4-1-14 Initialed for Identification by Seller and Buyer Page 6 of 13 pfMli7Cnd Vnlh 7i�F011n�D by I�If� X 111070 Fiecon 1Sde Road. Fraser. KtHgs l 46026 . �. -cm Srnnrt SS./FCr1!wA PAGE 07/ 17 01/22>/2F)15 :6:51) 4r99-832-4344 Commercial Contract - Unimproved Property concerning . 0.872 AC al; Smart Street & We'st cedad- 1Q. CLOSING; A. The date of the closing of the sale (closing date) will be on or before the later of, (1) days after the expiration of the feasibility period. (specific date). (2) 7 days after objections made under Paragraph 6C have been cured or waived. B. if either party fails to close by the closing date, the non•defaulting party may exercise the remedies in Paragraph 15. C. At closing, Sellar will execute and deliver, at Seller's expense, a 0 general D special warranty deed. The deed must include a vendor's lien if any part of the sales price is financed. The deed must convey good and indefeasible title to the Property and show no exceptions other than those permitted under Paragraph 6 or other provisions of this .contract. Seller must convey the Property; (1) with no liens, assessments, or other security interests against the Property which will not be satisfied out of the sales price, unless securing loans; Buyer assumes; (2) without any assumed loans in default; and (3) with no persons in possession of any part of the Property as lessees, tenants at sufferance, or trespassers except tenants under the written leases assigned to Buyer under this contract. D, At closing, Seiler, at Seller's expense, will also deliver to Buyer; (1) tax statements showing no delinquent taxes on the Property; (2) an assignment of all leases to or on the Property; (3) to the extent assignable, an assignment to Buyer of any licenses and permits related to the Property; �4) evidence that the person executing this contract Is legally capable anti authorized to bind Seller; 5an affidavit acceptable to the title company stating that Seller is not a foreign person or, if Seller is a foreign person, a written authorization for the title company to: (i) withhold from Seller's proceeds an amount sufficient to comply applicable tax law; and (n) deliver the amount to the Internal revenue Service (IRS) together with appropriate tax forms; and (6) any notices, statements, certificates, affidavits, releases, and other documents required by this oontract, the commitment, or law necessary for the closing of the sale and Issuanoo of the title policy, all of which must be completed by Seller as necessary. E, At closing, Buyer will: (1) pay the sales price in good funds acceptable to the title company; (2) deliver evidence that the person executing this contract is legally capable and authorized to bind Buyer; (3) sign and send to each tenant in a lease for any part of the Property a written statement that: �a) acknowledges Buyer has received and is responsible for the tenant's security deposit; and b) specifies the exact dollar amount of the seourity deposit; (4) sign an assumption of all leases then in effect; and (5) execute and deliver any notices, statements, certificates, or other documents required by this contract or law necessary to close the sale. F. Unless the, parties agree otherwise, the closing documents will be as found in the basic forms in the current edition of the State Bar of 'Texas Deal Estate Forms Manual without any additional clauses, 11. fOSSESSiON: Seller will deliver possession of the Property to Buyer upon closing and funding of this sale in its present condition with any. repairs Seller is obligated to complate under this contract, ordinary wear and tear excepted. Any possession by Buyer before closing or by Seller after closing that is not authorized by a separate written lease agreement is a landlord -tenant at sufferance relationship between the parties. (TAR -1802) 4-1-14 initiated for identification by'Seiler and Buyer Page 7 of t3 PrgdUced tYlll 2ip�pir +�by ZiGlAgix 1B oRftsert Moo Road, Fro•.Cr,M.W0Vh 4964 nv uLQANm— smi S1./ACtlitta 0ir"28/201, , 1.6:50 409-832-4344 PAGE 08/, cornrnercial Contract - Unimproved Property concerning 0 .£372 AC at Sinart Street & Wes t Cedar 12, SPECIAL. PROVISiONS' The following special provisions apply and will controi in the event of a conflict with other provisions of this contract, (If special provisions are contained In an Addendum, idonfify fhe Addendum here and reference the Addendum In Paragraph 22D.) 13_ SALES EXPENSES: A. Seller's Expenses: Seller will pay for the following at or before closing: (1) -releases of existing liens, other than those liens assumed by Buyer, including prepayment {penalties and recording fees; (2) release of Seller's loan ilabUlty, if applicable; (3) tax statements or certificates; {4) preparation of the deed; {{5) one-half of any escrow fee; (6) costs to record any documents to cure title objections that Seller must cure; and (7) other expenses that Seller will pay under other provisions of this contract. B. Buyer's Expenses: Buyer wilt pay for the following at or before closing: (1) all loan expenses and fees; (2) preparation of any deed of trust; (3) recording fees for the deed and any deed of trust; �4) premiums for flood insurance as may be required by Buyer's lender; 5) one-half of any escrow fee; (6) other expenses that Buyer will pay under other provisions of this contract. 14. PAORATIONS: A. Proratlons: (1) Interest on any assumed loan, taxes, rents, and any expense reimbursements from tenants will be prorated through the closing) date. (2) if the amount of ad valorem taxes for the year in which the sale closes is not available on the closing date, taxes will be prorated on the basis of taxes assessed in the previous year. It the taxes for the year in which the sale closes vary from the amount prorated at closing, the parties will adjust the prorations when the tax statements for the year In which the sale closes become available. This Paragraph 19A(2) survives closing. (3) If Buyer assumes a loan or is taking the Property subject to an existing lien, Seller will transfer all reserve deposits held by the lender for the payment of taxes, insurance prerniums, and other charges to Buyer at closing and Buyer will reimburse such amounts to Seller by an appropriate adjustment at closing, B. Rollback Taxes: If Seller changes the use of the Property before closing or it a denial of a special valuation on the Property claimed by Seller results in the assessment of additional taxes, penalties, or Interest (assessments) for periods before closing, the assessments will be the obligation of the Seller. if this sale or Buyer's use of the Property after closing results in additional assessments for periods before closing, the assessments will be the obligation of Buyer, This Paragraph 14B survives closing. C. Rent and Security Deposits; At closing, Seller will tender to Buyer all security deposits and the following advance payments received by Seller for periods after closing: prepaid expanses, advance rental (TAR -1802) 4-1-14 Initiated for Identification by Seller and Uuyer*. , Page S of 13 P odu�N t5tlh zlpFarma by xlp�.cp4r, �so7o �no�, l.a:o Rosa, Fracec, llaHgnq i90?& na xloi c+e#ma "mart SOR4104 G, 10 r I'll ."-; 4214 PAGE e9ii: Commercial Cont=act - Unimproved PropLlry concerning 0.872 AC at smart stream b& Ao=,,jL Ceda, payments, and other advance payment,. paid by tenants. Rents prorated to one party but received by tne- other party will be, remitted by the recipient to the party to whom it was prorated within 5 days after the rent is received. This Paragraph 140 survives closing, 15. DEFAULT: A. if Buyer fails to comply with this contract, Buyer is in default and Seller, as Seller's sole remedy(ies), may terminate this contract and receive the earnest money, as liquidated damages for Buyer's failure except for any damages resulting from Buyer's inspections, studies or assessments in accordance with Paragraph 70(3) which Seller may pursue; or (Check it applicable) ti=t enforce specific performance, or seek such other relief as may be provided by law. E3, If, without fault, Seller is unable within the time allowed to deliver the estoppel certificates, survey or the Commitment, Buyer may: (1) terminate this contract -rand receive the earnest money, less any Independent consideration under Paragraph 79(1), as liquidated damages and as Buyer's salt' remedy; or (2) extend the time for performance up to 15 days and the closing will be extended as necessary, C. Except as provided in Paragraph 156, if Seller fails to comply with this contract, Seller is in default and Buyer may: (1) terminate this contract and receive the earnest money, less any independent consideration under Paragraph 7B(1), as liquidated damages and as Buyer's sole remedy: or (2) enforce specific performance, of ,c�lc e-stitc,"-`-S-ff4aV4e-prey+ded k Y law ap-both so Buyer's sole reznedy 16. CONDEMNATION: It before closing, condemnation proceedings at-(-- commenced against any part of the Property, Buyer may: A. terminate this contract by providing written notice to Seller within 15 days after Buyer is advised of the condemnation proceedings and the earnest money, less any independent consideration paid Lander Paragraph 713(1), will be refunded to Buyer; or a, appear and defend in the condemnation proceedings and any award will, at Buyer's election, belong to: (1) Seller and the sales price will be reduced by, the same amount;. or (2) Buyer and the sales price will not be reduced. 17. ATT'ORNEY'S FEES. If Buyer, Seller, any broker, or the title company is a prevailing party in any legal proceeding brought under or with relation to this contract or this transaction, such party is entitled to recover from the non -prevailing parties ail costs of such proceeding and reasonable attorney's fees. This Paragraph 17 survives termination of this contrrsct. 1 B. ESCROW: A. At closing, the earnest money will be applied first to any cash down payment, then to Buyer's closing costs, and any excess will be refunded to Buyer, if no closing occurs, the title company may require payment of unpaid expenses incurred on behalf of the parties and a written release of liability of the title company from all parties. B. If one party makes written demand for the earnest money, the title company will give notice of the demand by providing to the other party a copy of the demand. If the title company does not receive written objection to the demand from the other party within 15 days after tho date the title company sent the demand to the other party, the title company 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 the title company may pay the same to the creditors. (TAR -1802) 4-1, • 14 initialed for identification by Seller and Buyer Page 9 of 13 NOduccd Ott, Z�PFQMIMby zipt.cptz 18070 r;hoon Mb Flmd. Fr,+scr. tr,�ch2an 4,028 $mprt $t✓Pertitta PAGE 10)1 7 /� 16,50 Ell '2111 el34rI t311�v<< G1�� Cornrrterd-0 Contract - Unimproved Properly concerning -_- 0 . 872 AC: at Smart Street & West Cedar C. Tho title company will deduct any independent consideration under Paragraph 7B(1) before disbursing any (;arnest money to Buyer and will pay the independent consideration to Seller. D. If the title cornpany complies with this Paragraph 18, each party hereby releases the tiflc company from all claims related to the disbursal of the earnest money, I;. Notices under this Paragraph 'la must be sent by certified mail, return receipt requested. Notices to th? title company are effective upon receipt by the title company. F. Any party who wrongfully falls or refuses to sign a release acceptable to the title company within 7 days after receipt of the request will be liable to the other party for liquidated damages in an amount equal to the sum of: (i) three times the amount of the o arrest money; (11) the earnest money; (}ii) reasonable attorney's fees; and (iv) all costs of suit. G, Q Seller ❑ Buyer intend(s) to complete this transaction as a part of an exchange of like -find properties in accordance with Section 1031 of the Internal Revenue Code, as amended. Ali expenses in connection with the contemplated exchange will be paid by the exchanging party. The other party will not incur any Expense, or liability with respect to the exchange. The parties agree to cooperate fully and in good faith to arrange and consummate the exchange so as to comply to the maximum extent feasible with the provisions of Section 1031 of the internal Revenue Code. The other provisions of this contract will not be affected in the event the contemplated exchange fails to occur. 1.QM1RR#L-Fare-k��ler'�ewledgE��r�ci-iiefee Cf >4- tle>- -Ret-avdere U# -at a{-cfe€tet e-#i3e-P�' erty-e ept-a teat -d `— } - taei-�ornrtaereltzl �'e�rert-y-�er�ditft�t�tater��#-{T-�R-1-4f�8}: ❑ }7 -7EeC'pt-��i�-1E;Fwi3£'-�3rf3Vi(�eE�-lf=i-ttli9-eQfitf�Er-i9-f19�a�f{i�'L'-flt' {��ar+y-pe+}ding-er:-t+��at�ed�ltigatier�ear��t�at�; er-a�ees�e#eet-tic: -��e�; arae Qr�v+r c�r�#��}-}ae�ar�e eAdit -t tat taaaterlal feet the-RfepeAY (4 i� Bets-of-aO�-Hattoe-s�ew eac�9t er��ciscc�a-�f�-ir�c�-r�t�pc�rrq; �} erry-t�reater�eet-or-(�da�ete�-epeeies�t�e€r--tit c>n-�e-f��sper-fir; {�} any-p�sertast-tfl#estai+era-9�wee>�e�.s#t-oy++�-t�sc'et�5-+e-t�e-i�per-}�=s-i�tprev�teRhs; (19) aFr��-eortte nett -ta f,al e F3gee- e -ate Rr� : #y or- t >3tfrtc�+rrg-ar -#t tai �n+et�4d-mater tfly-arid �ri�eratal�-a#feces#l�e-ArfJ'rpt-y-ese-6#�-t��e-RwepeHy-; 1�-6-}qty-et�elition-o�-tile-�repe�y t#�a{-r�ie}atc�y-}awt-er-er�}tr�- {��sera�e-afl etfs-/41 14AL;t na+r!ri� �2 �tt� aderara> 20. NOTICES: All notices between the parties under this contract must be in writing and are effective when hand -delivered, mailed by certified mail return receipt requested, or sent by facsimile transmission to the parties addresses or facsimile numbers stated in Paragraph 1. The parties will send copies of any notices to the broker representing the party to whore the notices are sent. ❑ A. Seller also consents to receive any notices by e-mail at Seller's e -mal[ address stated in Paragraph 1. ❑ B. Buyer also consents to receive any notices by e-mail at Buyer's e-mail address stated in Paragraph 1. 21. DISPUTE RESOLUTION: The parties agree to negotiate in good faith in an effort to resolve any dispute related to .this contract that may arise. I; the dispute cannot be resolved by negotiation, the parties will submit the dispute to mediation before resorting to arbitration or litigation and will equally share the costs of (TAR -1 802) 4-1-14 Initialed for ldeniitication by Se!!er and Bu Yer , Page 10 of 13 Pfwuw0 wth 4?Folmla oy zougix 10 D10 i9noen hkit, PAv0, rtes m. McNgnn 480,28 m.rlDLtotC tom Smart stffcnitta 131 / 8/ 2015 1 : 5(1-1 409-E,32-4394 FIA, GE 11117 Comrrioraiai Contract - Unirnprovod Property concerning 0.872 AC_at Stuart. gtreet & West Cedar a mutually acceptable mediator. This paragraph survives termination of this contract. This paragraph do -ns not preciude a party from seeking equitable relief from a court of competent jurisdiction. 22. AGREEMENT OF THE PARTiES: A. This contract Is binding on the parties, their heirs, executors, representatives, successors, and permitted assigns. This contract is to be construed in accordance with the laws of the State of Texas. If any term or condition of this contract shall be held to be invalid or unenforceable, the remainder of this contract shall not be. affected thereby. B. This contract contains the entire agreement of the parties and may not be changed except in writing, C. If this contract is executed in a number of identical counterparts, each counterpart is an original and all counterparts, collectively, constitute one agreement, D. Addenda which are part of this contract are; (Cheek all that apply.) MI Property Description Exhibit identified in Paragraph 2; ❑ �1) 2) Commercial Contract Financing Addendurn (TAR -1831); ❑ () Commercial Property Condition Statement (TAR -1408); 0 (4) Commercial Contract Addendum for Special Provisions (TAR -1940); ® (5) Notice to Purchaser of Real Property In a Water District (MUD); G (6) Addendum for Coastal Area Property (TAR -1915); ❑ (7) Addendum for Property Located Seaward of the Gulf Intracoastal Waterway (TAR -1918); D(88) Information About Brokerage Services (TAR -2501); and (Note., Counsel for tha Taxes Association of REAL TORSO (TAA) has derarmiaed that any of the forgoing addenda WPioh are promulgated by the Texas Real Estate Commission (TREr;) or published by TAR are appropriate (or usg with this !serer,) E. Buyer IM may ❑ may not assign this contract, If Buyer assigns this contract, Buyer will be relieved of any future liability under this contract only if the assignee assumes, in writing, all obligations and liability of Buyer under this contract. 23. TIME., Time is of the essence in this contract. The parties require strict compliance with the times for performance. If the last day to perform under a provision of this contract falls on a Saturday, Sunday, or legal holiday, the time for performance is extended until the and of the next day which Is not a Saturday, Sunday, or legal holiday. 24. EFFECTIVE DATE; The effective date of this contract for the purpose of performance of all obligations is the date the title company receipts this contract after all parties execute this contract. 25, ADDITIONAL NOTICES: A. 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. B. 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, require„ Seller to deliver and Buyer to sign the statutory notice relating to the tax rate, bonded indebtedness, or standby fees of the district before final execution of this contract, C. Notice Required by §13.257, Water Code: "The real property, described below, 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 yourproperty is located in a certificated area there may be special costs or charges that you will be quired to pay before you can (TA Fi-1842) 4-1-14 Initialed for identification by Setter and Buyer _ Page 11 of 13 Prodix:cdwiUi24p['OrnrDbyzlpLc9lx 18070N1tan MOroad, Pr9scl.Mr,Mpan'18026 wv.x.Y OG%rc4m SMart$CJFetli(tfl PAGE 12117 U1%2U'2Ef15 16:5tJ 409_G,,2-4944 Commerclai Contract - Unimproved Property concerning 0.872 FSC_ at Smart. Street & West;. Cedar_ receive water or sewer service. There may be a period required to construct lines or other facilities necossary 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 thp- cost that you will be required to pay and the pr;riod, If any, that is required to provide water or sewer service to your property, The undersigned purchaser hereby acknowledges receipt of the foregoing notice at or before the; execution of a binding contract for the purchase of the real property described in the notice or at closing of purchase of the real property." The real property is described in Paragraph 2 of this contract, D, If the Property adjoins or shares a common boundary with the tidally influenced submerged lands of the state', §33.135 of the Texas Natural Resources Code requires a notice regarding coastal area property to be included as part of this contract. E. If the Property is located seaward of the Gulf Intracoastal Waterway, §61.025, Texas Natural Resources Code, requires a notice regarding the seaward location of the Property to be Included as part of this contract. F. If the, Property is located outside the limits of a municipality, the Property may now or later be included in the extra -territorial jurisdiction (ETJ) of a municipality and may now or later be subject to annexation by the rnuniclpailty, Each municipality maintains a map that depicts its boundaries and ETJ. To determine if the Property is Iocated within a municipality's LTJ, Buyer should contact all municipalities located in the general proximity of the Property for further information. G. Brokers are not qualified to perform property inspections, surveys, engineering studies, environmental assessments, or inspections to determine compliance with zoning, governmental regulations, or laws. Buyer should seek experts to perform such service., Buyer should review local building codes, ordinances and other applicable laws to determine their effect on the Property. Selection of experts, inspectors, and repairmen is the responsibility of Buyer and not the brokers. Brokers are not qualified to determine the credit worthiness of the parties. 26. CONTIIACT AS OFFER: The execution of this contract by the first party constitutes an offer to buy or sell the Property. Unless the other party accepts the offer by 5.00 p.m., in the time zone in which the Property is located, on , the offer will lapse and become null and void. READ THIS CONTRACT CAREFULLY. The brokers and agents make no representation or recommendation as to the legal sufficiency, legal effect, or tax consequences of this document or transaction- CONSULT your attorney BEFORE signing. Seller: CLtv c>f 73eau-on't buyer: Ain o R a1L MC 13y: Kyle Ila es By: Mark rextitta By (signature): By (signature): -� Printed Name: Kyle Haves Printed Name: Mark Fartitta Title: City Mariaaex Title.: 1-2 By (signature); Printed game: Title: (TAFl-1602) 4-1-14 By: Initialed for identification by Seller , By (signature): Printed Name: Title: and Buyer -1/—/ - arod�ctd »ifh apFoim£-?bY Zipr.ogix 760�o FltieQn N.;P F?oad, Frnsor, th��lg2n 6k0?6 vn�w xqr! wix.o�m Page 12 of 13 Smut sUrar[itta F(\Ct: 13/1? 6' '?/2015 1�:5G tG9-� 7-4344 Commercial Contract • Unimproved Property concerning �1 X72 � ' S - rtSt.xAQ . west. Cnd�r__ ------- AGREr_-MENT BETWEEN 13POKERS (use only if Paragraph aB(f) is effective) Principal Broker agrees to pay (Cooperating Broker) a fee when the Principal Beckers fee is received. The fee to be paid to Cooperating Broker will be: ❑$_ ,or ❑ _ ,�. _ % of the sales price, or ❑ _ % of the Principal Broker's fee. The title company is authorized and directed to pay Cooperating Broker from Principal Broker's fee at closing. This Agreement Between Brokers supersedes any prior offers and agreements for compensation between brokers. Principal Broker: _ _ Cooperating Broker: _ By: ATTORNEYS Seller's attorney: Buyer's attorney: Address: Address: _ Phone & Fax; ___ Phone & Fax: E-mail; J_ E-mail: Seller's attorney requests copiers of documents, Buyer's attorney requests copies of documents, notices, and other information: notices, and other information: * the title company sends to Seller. ❑ the title company sends to Buyer, * Buyer sends to Seiler. ❑ Seller sends to Buyer. The title company acknowledges receipt of: :DA. the contraot on this day ❑ B. earnest money in the amount of $� on Tille company: By: Assigned file number (GF#): 'ESCROW RECEIPT (effective date); in the form of Address: Phone & Fax: E-mail: (TAn-1802) 4-1-14 Page •13 of 13 reodL,Wd +841h i 1pr"'M byz'plC41 16070 F 11CP11 MBD Road, From, t J;,, tjpan 4.5020 Smart StJF6r't'tta 02/02/"Z015 1G:05 400-832-134,1 F'AGE 02/03 ExI-11B IT A MfNG a 0.872 acre (37,944,1 square feet) tract of land out of and a part of that certain 13saumoni, Sour ]rake & Western Railway Cot»pany, called 0,9 # acre tract of land, more fully described and recorded in Volume 95, Parc 13, heed Records of Jefferson County, Texas. Said 0,872 acre tract of land being situated in the Noah'revis Survey, Abstract 52, Jefferson Count. y, Texas and bein4 more particularly described 4 follotiis; BEGINNING at a 4 inch round Concrete Monument with "X" in tap found at the Northeast corner of that certain Joseph Andris, M:D., P.A. called 1.059 acreltract of land, more fitlly described and recorded in Clerics File 1!2005018950 of the O icial Public Records of Jefferson County, same being at the intersection of the West line or said 0.97 acre taact and the South line of SrnaA Street (60 feet ;vide public right-of-way); THENCE North 88 -deg; 53 mia. 30 soc. East along and with the South line of said Smart Street, a distance of 117,21 feet to a 5/84holi iron rod with cap stamped "WORTECI,I SURVEYORS" found at the bcginning of a non -tan ;ent cotnpotut i cumat the Northwest corner of that certain Beaumont Indepmdcnt School Distract caller 6,996 acre tract of land, more fully described and recorded in Volurne 631, Page 178 of said Deed Records, same being at the intersection of the East Brie of said 0.97 acre tract arld the South line of said Smart Street; TFIENCE in a Southeasterly direction. along; ay.d with the East line of said 0.97 acre tract, stone being the West line of said 6.996 acre tract att,d said non-tanvent compound curve to the lcf1 having a delta angle of 17 deg. 34 min. 37 sec., a radius distance of 1137.39 feet, a chord bearing of South 42 deg. 50 min. 33 sec, East, a chord dls[artco of 347.56 feet and an are distance of 348.92 feet to a 5/8 incl? iron rod with capj stamped "WORTECI3 SURVEYORS" found at a P.1._ of said Curve; f THENCE continuing in a Southeasterly direetio.n along and with the East line of said 0.97 acre tract, same being the West line of said 6.996 Acre tract and Nvi,[h said compound ew-ve to the left, having a delta angle of 01 deg, 43 min. 16 sec., a radius distance of 1513,30 feet, a chord bearing of South 57 deg. 3 8 min. 58 sec, East, a chord distance of 45.46 feet. and an are distance of 45.46 feet to a 5/8 inch iron rod A ith cap' stamped "WORTECH SURVEYORS" set at the Southeast corner of said 0.97 acre tract, same being the Southwest comer of said 6.996 acre tract, same being the Northw stcorner of that certain Beaumont Independent School District called 2.832 acre trnct, mpre fully described artd recorded in VoIm-ne 631, Page 177 of said Deed Records and sa'e being the Northeast corner of that certain Beaurnont, Sour; Lake & Western. Railway Company called 1,405 acre tract of larxd, more fully described and recorded in Volume 5, Page 4 of said Deed Records; 7-AENCE Soutlt 87 deg. 22 mitt. 33 sec. West along and with thel South line of said 0.97 acre tract, same being the North line of said 1.405 acre tract, a dissmme of 156.44 feet to a %z inch iron rod with cap stamped "P & S 409-882••7238" found in a non -tangent curve at tate Southwest coiner of said 0,97 acre tract, same being the North .vest corner of said 1.405 acre tract, same being the Southeast corner of that certain Houma bollar Partners, L.L,C. called. 1.445 acre tract of land, more fully described and reporded in Clerics File 02/6','/'x'015 IS: t?5 409-332-4344 PAGE 03/C2 .E%.HMIT A #2009004939 of said Official Public Reoords and same being the Northeast corner of'Wost Cedar Street (varial)le Nvidth Public night -of way), THENCE in a Noclhwesterly direction along and with the Vij'est li�ie of said 0.97 acre ", ot, same Feeing the East line of said 1.445 acre tract and said non -tangent eun e to the right, having a delta angle of 17 deg. 09 min, 13 sec,, a radius distanceof 1237.39 feet, a chord bearing ofNortli 39 deg. 40 min. 41 sec. West, a total chord distagcc o€369.05 feet and at an arc distance of 197.43 feet pass a 1-1/2 inch iron rod found ai the Northecomer of said I.445 acre tract, sanne being the Southeast comer of said 105ast acre tract and continue on along and with the East line of said 1.059 acre txact a total axe distanoe of 370,46 feet to the PLACE OF BEGINNING, containing 0.372 acre (37,944.1 s�uare feet) of land, more or less. Seiler ger FADE 10117 Approved by the Teras Real Estate Commission for Voluntary Use 10-10-1121 l Texas late requires all real esfate fleenseos to give fhe foffowing information about inY brokerage services to prospective buyers, tenants, setters and landlords. Information About Brokerage Services afore working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you area prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner's agent, A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer's agent represents the buyer. A broker may act as an Interrrledfary between the parties If the parlies consent In writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining property, preparing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS T14E OWNER: The broker becomes the owner's agent by entering into an agreement with tho owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the Interests of the owner first, The buyer should not tell the owner's agent anything the buyer would not want the owner to know because an owner's agent must disclose to the owner any material information known to the agent. iF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer=s agent by entering into an agreornent to represent tho buyer, usually through a written buyer representation agreemenl. A buyer's agent can assist the owner but does not represent the owner and must place theinterests of the buyer first. The owner should not tell a buyer's agent anything the owner would not want the buyer to know because a buyer's agent must disclose to the buyer arty material information known to the agent. IF THE BROKEN ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the paies if the The Texas Estate License Act. The b olker mutt obtain the writtenl consent of each party to the transaction to act as an intermedlary. The written consent must state who will pay the broker and, in conspicuous bold or underlined pprint, set forth the broker's obligations as an #ntennediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estat© License Act. A broker who acts as an intermediary in a transaction: (f) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submired in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any Information that a party specifically Instructs the broker in writing not to disclose unless authorized in writing to disclose the Information or required to do so by The Texas Real Estate incense Act or a court order or if the information materially relates to the condition of the property. With the parties' consent, a broker acting an an intermediary between the parties may appoint a pperson who Is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out lnstruct'tomr of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker's obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive:. Your payment of a fee to a broker does not necessarily establish that the broker represents you. it you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Real estate licensor; asks that you acknowledge receipt of this information about b(okerage services for the licensee's records, Boyer, se0er, i-analord or Aing0 Realty, LLC r� LI—13, ate Tox:is Roa) Fsiaio Broker,, and Sstospersons aro 4ensed and regUlated by ft 1'exes Real Estato Cprnrnlsslon (TREC). If you havo a gUCSlion or WI)Ptaint ,ogarding a real estate licensee, you should contact TREC at P,C. Box 12189, Augt(n, Texas 767t 1.2tP8 . St2 936 3000 thlipllw w+droc.texas qov) TREC No, OP -K (TAR -2501) 10-10.11 NAI wheCicr, 470 Orleans Sirem, 12th Floor Beaumont, TX 7770I Phono:409•999•3300 1 --ax: 409-59�-3301 r_riCA Goes Produced with Zipf'orn9by ZiPI-Q iz 1$070 Fifteen Mlle toad. Fruccr, Michi�nn aBOZG Lr+nv.7.int_�,uir..00m Smolt StRe[titts i7,rAC,n 17/1.7 6/2t715 16 50 4d='—"3Z—`2;44 Approved by the Texas Deal Estate Commission for Voluntary Use 10-13-11 Te; as law requires all real estate licensees to give the following information about brokerage services to pmspective buyers tenants sellers and landiords, Information About Br®keracie Services afore working will) a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner's agent. A broker who acts as a subagent represents the owner in cooperation with the fisting broker, A broker who acts as a buyer's agent represents the buyer, A broker may act as an intermediary between the parties if the parties consent in writing. A broker can . assist you. In locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BOOKER REPRESENTS THE OWNER: The broker becomes the owner's agent by entering into an agreen)ent with the owner, usually through a written - listing agreement, or by agreeing to art as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist tho buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner's agent anything the buyer would not want the owner to know because an owner's agent must disclose to the owner any material information known to fho agent. IF THE BROKER REPRESENTS "1'1 -IE BUYER - The broker bocomes tho buyer's agent by entering into an agreement to represent the buyer, usually througgh a written buyer representation' agreement. A buyer's agent can assist the owner but does not represent the owner and must place the Interests of the buyer first. The owner should not tell a buyer's agent anything the owner would not want the buyer to know because a buyer's agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an Intermediary between the parties If the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary, The written consent trust state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary, The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction; (1) shall treat all parties honestly; (2) may not disclose that [tie owner will accept a price less than the asking price unless authorized in writing to do so by the ownar; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; acid (4) may not disclose any confidential Information or any Information that a party specifically instructs the broker in writing not to disclose unless authorized In writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or If the Information materially relates to the condition of the property. With the parties' consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Heal Estate License Act and associated with the broker to communicate with and carry out Instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out Instructions of the other party. If you choose to have a broker represent you, you should enter into a wrillen agreement with the broker that clearly establishes the broker's obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, it any, you wish to receive, Your payment of a fee to a broker does not necessarily establish that the broker represents you, If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Heal estate tice;nsee asks that you acknowledge receipt of this information about brokerage services for the licensee's records. Buyer, seller, Landlord or Tenantd1e City of Beaumont r0g xg,; Boal Estate Brol(om and 5ataspersons a=o ticonsed -trtd replated ky Uta Tomas RaW [stats Commission (rRt:C}. Vyou have a quflstion or Omplaintarchnp a, real ©grate titnngp6, you ehould contact TRF.0 at P.O. Box 1Zleg, Austin, Tons 7$711.25 O , 512.93G-3DDb (httplMi+� vdro0.tex3s.govJ 11 TREC No. OP -K (TAR 2501) 10-10-1-1 NAi 1V11celer, 470 Orleans Street, 12th Floor Beaumont, TX 77701 Phonc0 :409-E99.31 Fart: 409-599-3301 LricsGoss SmariSt.Ifcrliuo PraAucecrW11hZPFOWS)byzlpt.opfx ib 070 hifteon N1110 Road, Frnsor Mla43n4602.ri tiw�'x.rom