HomeMy WebLinkAboutRES 15-091RESOLUTION NO. 15-091
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 Spindletop Unitarian Church for the sale of property located at .1205
Franklin Street known as the Literacy Depot. 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 12th day of
May, 2015
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TEXAS Assomnoi,4 OF REALTORSO
COMMERCIAL CONTRACT - IMPROVED PROPERTY
USE OF TMS FORM BY PEMNS WHO ARE NOT MFMOFAS OP THE TB(A$ A$$QQ1AT10N OF REALTOPM 18 NOT AUTHORIZED.
EL-.* AVacCISHOd Of REALTOAM In& 20`14
1. 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 BGa=Ont
Address: 9Q, ma -rt h Main Ptyeot, Beau n- TX 77701
Phone: E-mail:
Fax: Other:
Buyer: 9P3.x`t_d1etm oixLt-arian mumah
Address: 2540 Flax l Beaumont, = 77702
Phone: (409) 2$_3-09_51 E-mail:
Fax: Other:
2. PROPERTY -
A. "Property' means that real property situated in Jefrax*on County, Texas at
- 1205 Franklin StxAot,. BeAj;�nt, TX 77701
(address) and that is legally described on the attached Exhibit _A ..- — or as follows:
B_ Seller will sell and convey the Property together with:
(1) all buildings, 1 miprovement ' s, and fixtures;
(2) all rights, privileges, and appurtenances pertaining to the Property, including Seller's eight, title, and
interest in any minerals, utilities, adjacent streets, alleys, strips, gores, and rights-of-way;
(3) Seller's interest in all leases, rents, and security deposits for all or part of the Property;
(4), Seller's interest in all licenses and permits related to the Property;
(5) Seller's interest in all third party warranties or guaranties, if transferable, relating to the Property or
any fixtures;
(6) Sellers interest in any trade names, if transferable, used in connection with the Property; and
(7) all Seller's tangible 1 personal property located on the Property that is used in connection with the
Property's operations except:
Any personal property not included in the sale must be removed by Seller prior to closing.
(Describe any exceptions, reservations, or restrictions in Paragraph 12 or an addendum-)
(/f mineral rights are to be reserved an appropriate addendum should be attached.)
(If the Property is a condominium, attach Commercial Contract Condominium Addendum (TAR -1930).)
3. SALES PRICE: At or before closing, Buyer will pay the following sales price for the Property:
A. Cash portion payable by Buyer at closing ............................... $ 73,000,00
B. Sum of all financing described in Paragraph 4 ........................... $
C. Sales price (sum of 3A and 3B) ....................................... $ 73,000-00
(TAR -1801) 4-1-14 Initialed for Identification by Seller and Buyer Page Page I of 14
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EXHIBIT
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4. FINANCING: Buyer will finance the portion of the sales price under Paragraph 38 as follows:
0 A. Third Party Financing: -One or more third party loans in the total amount of $ This
contract:
El (1) is not contingent upon Buyer obtaining third party financing,
E3 (2) is contingent upon Buyer obtaining third party financing in accordance with the attached Commercial
Contract Financing; Addendum (TAR -1931).
13 B. Assumption: In accordance with the attached Commercial Contract Financing Addendum (TAR -1931),
Beyer Will assume the: existing promissory note secured by the Property, which balance at closing will
b
Setter Financing: The delivery of a promissory note and deed of trust from Buyer 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 $ 3,650. 00 —asearnest money
With Tax*$ Regional Title Company_ (title company)
at 3195 Dowlen Rd.,! $to 108, Beaumont, TX (address) molly mallet — (closer),
If Buyer fails 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 tight to terminate under Paragraph 7B expires; or
0 (ii)
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 not timely deposited the additional amount.
C. Buyer may instruct the title company to deposit the earnest money in an interest-bearing account at a
federally insured financiial institution and to credit any interest to Buyer.
6. TITLE POLICY, SURVEY, AND UCC SEARCH:
A. Title Po&ay:
(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 amount of the sales 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:
W (a) will not be amended or deleted from the title policy.
0 N will be amended to read "shortages in areas" at the expense of El Buyer El Seller.
(3) Within . 3.5 days after the effective date, Seller 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 Buyers
address.
(TAR -1801) 4.1-14 Initialed for-ldentifloation by Seiler -, and Buyer,- Page 2 of 14
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B. Sm. : Within - 7 days after the effective date:
0 (1) Bu or will obtain a survey of the Property at Buyer's expense and deliver a copy of the survey to
Seiler, The survey must be made in accordance with the: (i) ALTAIAOSM 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.
El (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) ALTA/ACSM Land Title Survey standards, or
(H) Texas Society of Professional Surveyors' standards for a Category 1A survey under the
appropriate condition.
M (3) Seller will deliver to Buyer and the We company a true and correct copy of Seller's most recent
survey of the Prdperty along with an affidavit required,by the title company for approval of the
existing survey,, if 4he eAetlmg sup�ey -� Ret- aeeep"!� -�e �i�. #N! eerfipaRy,
C. UCC Search
❑ (1) Within- days after the effective date, Seller, at Seller's expense, will furnish Buyer a Uniform
Commercial Code (UCC) search prepared by a reporting service and dated after the effective date.
The search must identify documents that are on file with the Texas Secretary of State and the
county where the Property is located that relate to all personal property on the Property and show,
as debtor, Seller and all other owners of the personal prop" in the last 5 years.
M (2) Buyer does not require Seller to furnish a UCC search.
D. Buyers Obiections to the Commitment, Survey, and UCC Search:
(1) Within, - 5 -- days after Buyer receives the commitment, copies of the documents evidencing the
title exceptions, any required survey, and any required UCC search, Buyer may object 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 to the real or personal property described in Paragraph 2 other than
those permitted by!this contract or lions that Seller will satisfy at closing or Buyer will assume at
closing; or (b) the items show that any part of the Property lies in a special flood hazard area (an
"N" or W" zone as defined by FEMA), If Paragraph 613(1) applies, Buyer is deemed to receive the
survey on the earlier of: (i) the date Buyer actually receives the survey; or (H) the deadline specified
in Paragraph 68.
(2) Seller may, but is not obligated to, cure Buyer's timely objections within 15 days after Seller
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 7B(I), will be refunded to Buyer.
(3) Buyers failure to timely object or terminate under this Paragraph 6D is a waiver of Buyer's right to
object except that Buyer wilt not waive the requirements in Schedule C of the commitment -
(TAR -180i) 4.1-14 Initialed for Identifloation by Seller -, - and Suyer--Q�- Page 3 of 14
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7. PROPERTY CONDITION-:
A. Present Condition: Buyer accepts the Property in its present condition except that Seller, at Seiler's
expense, will complete the following before closing.,
B. Feasibility Period : Buyer may terminate this contract for any reason within — 7, - –days after the
effective date (feasibility period) by providing Seller written notice of termination. (Check only one box.)
M (1) If Buyer terminates under this Paragraph 78, the earnest money Will be refunded to Buyer less
$1.000,001 - that Seller will retain as independent consideration for Buyers 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 dated in this
0 (2) Not later thaO days after the effective date, Buyer must pay Seller $ � — as
independent Consideration for Buyer's right to terminate by tendering such amount to Seller or
Seller's agent. If Buyer terminates under this Paragraph 78, 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. If no dollar amokint is aa–ted in this
C. Inspections, Studi
ies, or Assessments:
0) 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) Seller, at Seller's expense, will turn on ail utilities necessary for Buyer to make inspections, studies,
or assessments.
(3) 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 Seller;
(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 that, Buyer completes or causes to be completed.
(4) 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 claim
involving a matter for which Buyer is responsible under this paragraph. This paragraph survives
termination of this contract.
D. Proggerty information:
(1) Delivery of Property information: Within NJA days after the effective date, Seller will deliver to
Buyer: (Check afl that;apply,)
C;�4–
(TAR -1001) 4-1-14 InItialedifor Identification by Seller and Buyer Page 4 of 14
PrOuced with ApFormO by VOLOON IWO F11166A MID Rgach Raw, Michigan 43M WW,7ipLOg1)i.i;tfrlt 1205 Franklin
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13 (a) a. current rent roll of all leases affecting the Property certified by Seller as true and correct;
(b) copies of all current leases pertaining to the Property, including any modifications, supplements,
or amendments to the leases;
Q (c) a current inventory of all personal property to be conveyed under this contract and copies of any
leases for such personal property;
El (d) 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;
0 (e) copies of all ;current service, maintenance, and management agreements relating to the
ownership and- operation of the Property;
0 (f) copies of current utility capacity letters from the Property's water and sewer service provider,
Q (g) copies of all current warranties and guaranties relating to all or part of the Property;
El (h) copies of fire, hazard, liability, and other insurance policies that currently relate to, the Property;
C1 (i) copies of all leasing or commission agreements that currently relate to the tenants of ail or part
of the Property;
C3 0) a copy of the "as -built" plans and specifications and plat of the Property;
El (k) copies of all invoices for utilities and repairs incurred by Seller for the Property in the 24 months
immediately preceding the effective date;
0 (1) a copy of Seller's income and expense statement for the Property from
to I .
E3 (m)copies of all previous environmental assessments, gootechnical reports, studies, or analyses
made on or relating to the Property;
El (n) real & personal; property tax statements for the Property for the previous 2 calendar years; and
C3 (o) Tenant reconciliation statements including, operating expenses, insurance and taxes for the
Property from to
and
El (p)
(2) Return of Ejr_opertv1IU_formation: If this contract terminates for any reason, Buyer will, not later than
10 days after the termination date: (Check all that apply.)
0 (a) return to Beller; ail those items described in Paragraph 7D(1) that Seller delivered to Buyer in
other than an elWronlc format and all copies that Buyer made of those items;
0 (b) delete or destroy all electronic versions of those items described in Paragraph 7D(1) that Seller
delivered to Buyer or Buyer copied; and I
W (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 pontract.
E. Contracts Affecting-0-Wration : 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 Par6graph 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. Seiler 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 Buyers 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 Sellerito comply with Seller's obligations under the leases;
(TAR -1801) 4-1-14 Initialed for Identification by Seller and Buyer CIA—
Page 5 of 14
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, TX 77703,
(2) any circumstances under any lease that entitle the tenant to terminate the lease or seek any offsets
or damages;
(3) any non-occupancyiof the leased premises by a tenant;
(4) any advance sums paid by a tenant under any lease;
(5) any concessions, bonuses, free rents, rebates, brokerage commissions, or other matters that affect
any lease; and
(6) 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 - NA - days after the effective date, Seller will deliver to Buyer estoppel
certificates signed not earlier than — 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 fender requests such
additional information at least 10 days prior to the earliest date that Seller may deliver the signed
estoppel certificates.
9. BROKERS:
A. The brokers to this sale are:
Principal Broksr. KenWheel,ne. db
a_ -4- VAX Cooperating Broker: Colftell &anker
WheaLer Cp_mMg_rc:La1, -Agnold rx-Associatps
AgentL*e Y. itaaie.--, 3:x:r Agent: aes* -ca Pripce
Address: 470 Orlenne Street, 12th. FL Address: I Acadi
-ana C mx-t
9QMMpont, M>£' .77703, 2114-=ont, MX, 77706
Phonea Fax: (405)89,9!-3300 - (4091899-3301 Phone& Fax: (40012.a_3-5055
E-mail: &?!bLqa1ykg@HA1!ftVkJer. com - E-mail: jes@gkgaaa.com
license No.: 579943 License No.: $18763
Principal Broker: (Chacklonly one box.) Cooperating Broker represents Buyer.
* represents Seller only.
* represents Buyer only.
[3 is an intermediary between Seller and Buyer,
B. Ei-ea, (check only (1) or (2) below.)
(COMPIM the Agreement Between Brokers on page 14 only if (1) is selected.)
13 (1) Seller will pay Pri6cipal Broker the fee specified by separate written commission agreement
between Principal Broker and Seller. Principal Broker will pay cooperating Broker the fee specified
in the Agreement Between Brokers found below the parties' signatures to this contract.
M (2) At the closing of this sale, Seller will pay:
Principal Broker a total cash fee of:
21 3.000 % of the sales price.
Ll
Cooperating Broker a total cash fee of:
M 3.000 % of the sales price.
The cash fees will be paid in 9aftexson - --County, Texas. Seller authorizes
the title company to pay the broker's from the Seller's proceeds at closing.
(TAR -1601) 4-1-14 Initialed for Identification kr Seller and BUYGr/,-A—
I — Page 6 of 14
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COmmercial Contract - Improved Property concerning _.x206 Frasik7 ixs Sheet, �eaxamor�t, TQC 77705
NOTICE Chapter 62, Texas Prppo4 code, authori-70S a broker to secure an earned commission
with a lien against the Property.
C. The parties may not amend this Paragraph 9 Without the written consent of the brokers affected by the
amendment.
10. CLOSING:
A. The date of the closing:of the sale (closing date) will be on or before the later of:
(1) Ll - days after the expiration of the feasibility period.
0 {.specific date).
M 2-0 days aftex dolzLyery of 1!itlA commitnwizit
(2) 7 days after objections made under Paragraph 6D 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, Seller will execute and deliver to Buyer, at Seller's expense, a C) general Q 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 Uniform Commercial Code 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, Seller, at Seller's expense, will also deliver to Buyer:
(1) tax statements showing no delinquent taxes on the Property;
(2) a bill of sale with warranties to title conveying title, free and clear of all liens, to any personal
property defined as part of the Property in Paragraph 2 or sold under this contract;
(3) an assignment of all .leases to or on the Property;
(4) to the extent that the following items are assignable, an assignment to Buyer of the following items
as they relate to the Property or its operations:
(a) licenses and permits;
(b) maintenance, management, and other contracts; and
(c) warranties and guaranties;
(5) a rent roll current on the day of the closing certified by Seller as true and correct;
(6) evidence that the perrson executing this contract is legally capable and authorized to bind Seller;
(7) an 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 (H) deliver the amount to the Internal Revenue
Service together with; appropriate tax forms; and
(8) any notices, statements, certificates, affidavits, releases, and other documents required by this
contract, the commitment, or law necessary for the closing of the sale and the issuance of the title
policy, all of which must be completed and executed by Seller as necessary.
E. At closing, Buyer will;
(1) pay the sales price in 1goocl 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 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 security deposit;
(TAR -1801) 4-1-14 Initialodifor Identification by Seller and Suyerl_� , - Page 7 of 14
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Commercial Contract - Improved Property concerning 3,205 Pranklln Street, Bequ=nt, TX 77701
(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 Real Estate Forms Manual without any additional clauses.
11. POSSESSION: 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 complete 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.
12. SPECIAL PROVISIONS." -The following special provisions apply and will control in the event of a conflict
with other provisions of this contract. (If special provisions are contained in an Addendum, identify the
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 oxistingi, liens, other than those liens assumed by Buyer, including prepayment penalties
and recording fees;
(2) release of Seller's loan liability, if applicable;
(3) tax statements or certificates;
(4) preparation of the deed and any bill of sale;
(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,
S. Buyer's Expenses: Buyer will pay for the following at or before closing:
(1) all loan expenses and fees;
(2) Preparation fees of any deed of trust-,
(3) recording fees for the deed and any deed of trust;
(4) premiums for flood and hazard insurance as may be required by Buyer's lender-,
(5) one-half of any escrow fee; and
(6) other expenses that Guyer will pay under other provisions of this contract.
(TAR -1801) 4-1-14 Initialed for Identification by Seller -, - and Buyer �t, - Page 8 of 14
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14. PRORATIONt.
A. Protations:
(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. If 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 14A(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 premiums, and other
charges to Buyer at closing and Buyer will reimburse such amounts to Seller by an appropriate
adjustment at closing.
B. Ro[IDAek Taxes: If Seller changes the use of the Property before closing or if a denial of a special
valuation on the Property claimed by Seller results in the assessment of additional taxes, penalties, or
interest (assessments)i for periods before closing, the assessments Will be.the obligation of Seller, If this
sale or Buyers use of the Property after closing results in additional assessments for periods before
closing, the assessments will be the obligation of Buyer. This Paragraph 148 survives closing.
C. Rent and Security Qgposits: At closing, Seller will tender to Buyer all security deposits and the following
advance payments received by Seller for periods after closing: prepaid expenses, advance rental
payments, and other advance payments paid by tenants. Rents prorated to one party but received by
the 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 14C survives closing.
15. DEFAULT:
A. If Buyer fails to comply with this contract, Buyer is in default and Seller, as Seller's sole romedy(les),
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 7C(4) which i Seller may pursue, or
(Check if appfioable) .
M enforce specific perfornp ance, or seek such other relief as may be provided by law.
S. If, without fault, Seller is unable within the time aJlowed to deliver the estoppel certificates, survey or the
commitment, Buyer may:
(1) terminate this contract and receive the earnest money, less any independent consideration under
Paragraph 713(1), as liquidated damages and as Buyer's sole remedy; or
(2) extend the time for Oerformance up to 15 days and the closing will be extended as necessary,
G. Except as provided in Paragraph 158, 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 78(1), as liquidated damages and as Buyer's sole remedy; or as Buyeits
(2) enforce specific: performance, 9F seelt sueh ethef rellet as ffiay be pfevideel by iaw. sole remedy.
16. CASUALTY LOSS AND CONDEMNATION:
A. If any part of the Property is damaged or destroyed by fire or other casualty after the effective date,
Seller must restore the -Property to its previous condition as soon as reasonably possible and not later
than the closing date, If, without fault, Seller is unable to do so, Buyer may.,
(TAR -1801) 4-1-14 Initialed for Identification by Seller and Suyer, Page 9 of 14
Waducod with ApPortrM by 2ipUqix 78070 Flflean Milo Rood, Fraser, Michigit) 48026 mmy=0014= 1205 Franklin
APR -28-2015 20:44 SOCIAL SECURITY ADMIN 40672927369 P.010
Commercial Contract - Improved Property concerning 1205 Franklin street,_ boaumont , TX 77701
(1) terminate this contract and the earnest money, less any independent consideration under Paragraph
78(1), will be refunded to Buyer;
(2) extend the time for performance up to 16 days and closing will be extended as necessary; or
(3) accept at closing: (i) the Proparty in its damaged condition; (5) an assignment of any insurance
proceeds Seller is entitled to receive along with the insurer's consent to the assignment; and (iii) a
credit to the sales price in the amount of any unpaid deductible under the policy for the loss.
B. If before closing, condemnation proceedings are commenced against any part of the Property, Buyer
may:
(1) 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 under
Paragraph 713(1), will W refunded to Buyer; or
(2) appear and defend -the condemnation proceedings and any award will, at Buyer's election, belong
to: (a) Seller and the sales price will be reduced by the same amount; or (b) Buyer and the sales
price will not be reduced.
17. ATTORNEY'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 entitledtorecover
from the non -prevailing parries all costs of such proceeding and reasonable attorney's fees, This Paragraph
17 survives termination of this contract.
18. 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 expOnses 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 IS days after the 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.
C. The title company will deduct any independent consideration under Paragraph 78(1) before disbursing
any earnest money to Buyer and will pay the independent consideration to Seller.
D. If the title company complies with this Paragraph 18, each party hereby releases the title company from
all claims related to the disbursal of the earnest money,
R -Notices under this Paragraph 18 must be sent by certified mail, return receipt requested. Notices to the
title company are effective upon receipt by the title company.
F Any party who wrongfully fails 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 earnest money, (H) the earnest money; (M) reasonable
attorney's fees; and (iv) all costs of suit.
G, 17-1 Seller 0 Buyer intend(s) to complete -this transaction as a pan of an exchange of like -kind propertiesin accordance with Section 1031 of the Internal Revenue Code, as amended. All 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
(TAR -1801) 4-1-14 Initialed for Identification by Seller -, - and Buyerclw , Page 10 of 14
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APR -28-2015 23:44 SOCIAL SECURITY ADMIN
40672927359 P.011
Commercial Contract - Improved Properly concerning 1205 Pranklin Street, Baaumont, TX 77701
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 falls to occur.
VA'A i-41111111110=32"MIM-Mm M -A -in
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20. NOTICES. All notices between the parties under this contract must be in writing and are effective when
parties
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 representingt1he party to whom the notices are sent.
IM A. Seller also consents to, receive any notices by e-mail at Seller's e-mail address stated in Paragraph 1.
M 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. If 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
a mutually acceptable mediator. This paragraph -survives termination of this contract. This paragraph does
not preclude 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.
S. 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.
(TAR -1801) 4-1-14 Initiated for Identificafion by Seller -, _ and Buyer CYC , _ \ Page 11 of 14
Produced with 2iororm0by,-1pL*U1x 18070Fiftcon mile Road, rranar, Michigan 48028 g=yZ"2gJ&= 1204 Frinklin
N MORN
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20. NOTICES. All notices between the parties under this contract must be in writing and are effective when
parties
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 representingt1he party to whom the notices are sent.
IM A. Seller also consents to, receive any notices by e-mail at Seller's e-mail address stated in Paragraph 1.
M 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. If 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
a mutually acceptable mediator. This paragraph -survives termination of this contract. This paragraph does
not preclude 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.
S. 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.
(TAR -1801) 4-1-14 Initiated for Identificafion by Seller -, _ and Buyer CYC , _ \ Page 11 of 14
Produced with 2iororm0by,-1pL*U1x 18070Fiftcon mile Road, rranar, Michigan 48028 g=yZ"2gJ&= 1204 Frinklin
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40672927359 P.012
Commercial Contract - Improved Property concerning 1905 Franklin Street, Beaumont, TX 77701
■
■
■
Addenda which are part of this contract are: (Chock ail that apply.)
(1) Property Description Exhibit identified in Paragraph 2;
(2) Commercial Contract Condominium Addendum (TAR -1930);
(3) Commercial Contract Financing Addendum (TAR -1931);
(4) Commercial Property Condition Statement (TAR -1408);
(5) Commercial Contract Addendum for Special Provisions (TAR -1940);
(6) Addendum for Seller's Disclosure of Information on Lead -Based Paint and Lead -Based Paint
Hazards (TAR -1906);
(7) Notice to Purchaser of Real Property in a Water District (MUD);
(8) Addendum for Coastal Area Property (TAR -1915);
9) Addendum for Property Located Seaward of the Gulf Intracoastal Waterway (TAR -1 916);
10) Information About Brokerage Services (TAR -2601),, and
(11)
(Note: Counsel for the Texas Association of REAL TORSO (TAR) has determined that any of the foregolnq addenda which am
promulgated by the Texas Real Estate Commission (THEO) or published by tAR are appropriate for use with this form.)
E. Buyer 0 may M 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 of Buyer's
obligations under this cdntract.
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 end 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 NO110ES:
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.
S. It 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 fees of the
district before final execution of this contract.
C. Notice Required by §13257, Water Code: "The real property, described below, that you are about to
purchase may be locat6d 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 iservice. 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 determine if the
property is in a certificated area and contact the utility service provider to determine the cost that you
will be required to pay and the period, 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, Texas Natural Resources Code, requires a notice regarding coastal area property to be -
included as part of this contract. I
(TAR -1801) 4-1-14 Initialed for Identification by Seller and Buyer ollpr Page 1-2 of 14
Producod with zlpRnO by zipLogix ,$(,7o iPineen we RoAti, Fraser, Michigan 48028 zb%�m� 1205 Frankiiii
APR -26-201E 23:45 SOCIAL SECURITY ADMIN 40672927369 P.M
Commercial Contract - improved Property concerning 1205 P=anklin Street,. Ba!1tym9nt, TX 77701
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 municipality. Each municipality maintains a map that depicts its boundaries and ETJ. To
determine if the Property is located within a municipality's ETJ, Buyer should contact all municipalities
located in the general proximity of the Property for further information.
G. If apartments or other!residential units are on the Property and the units were built before 1978, federal
law requires a lead-based paint and hazard disclosure statement to be made part of this contract.
H. Section 1958.154, Occupations Code requires Seller to provide Buyer a copy of any mold remodiation
certificate issued for the Property during the 5 years preceding the date the Seller sells the Property,
I. Brokers are not qualified to perform property inspections, survey$, engineering studies, environmental
assessments, or inspections to determine compliance with zoning, governmental regulations, or laws.
Buyer should seek experts to perform such services. Buyer should review local building codes,
ordinances and -othe'rapplicable 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, CONTRACT 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
recommend " ation as to the legal sufficiency, legal effect, or taX Consequences of this document or
transaction. CONSULT your'attorney BEFORE signing,
S011sr. Mty Of BoaLmoylt
By:
Buyer: SpindlatoP 'Unitarian ChUtah-
-Na--,r-
yes By; CaLthy A3.10A - _CC.*en
By (signature):
Printed Name: ftle Have
Title: C:Ltv��e�r
By (Signature):
Printed Name -
Title;
BY:
By (signaturG),
Printed Name: A1.1441,CC5�-_A,-,
TJtle:Act_tnq kr"ident
By (signature):
Printed Name-,
(TAR -1801) 4-1.14 Page 13 of 14
ProduoW with zlpForm(V by 2101.00lix V1070 Fifteen Mile Road, Fraisbr, Mighig(kn 49026 ftWZ�rn 1205 Franklin
APR -28-=5 23:45 SOCIAL SECURITY ADMIN
40672927359 P.014
Commercial Contract - Improved Property concerniriq 1205 Franklin street, Beaumont, TX 77701
AGREEMENT BETWEEN BROKERS
(use only if Paragraph 9H(1) is effective)
Principal Broker agrees to pay(Cooperating Broker) a
fee when the Principal Broker's fee is received. The fee to be paid to Cooperating Broker will be:
D $ or
D % of the bales price, or
13 % 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: By:
Seller's attorney:
Address:
Phone & Fax;
ATTORNEYS
Buyer's attorney:
Address.,
Phone & Fax:
E-mail; E-mail-,
Seller's attorney requests copies of documents,
notices, and other information:
* the Ole company sends to Seller,
* Buyer sends to Seller.
Buyer's attorney requests copies of documents,
notices, and other information:
0 the title company sends to Buyer.
Ell Seller sends to Buyer.
The title company acknowledges receipt of:
El A. the contract on this day (effective date),
❑ B. earnest money in the amount of $ in the form of
on
Title company.
By;
Assigned file number (GF#):
Address:
Phone & Fax:
(TAR -1801) 4.1-14 Page 14 of 14
Prt4i)WdjWfth7JPF0rA0byApL091X IOD70rjftwnMlle fioad,rfuarMihigan4ao2a ==ztl�1 1205 Fr inklin
APR -20-2016 23:45 SOCIAL SECURITY ADMIN 40672927359 P.015
EXHIBIT
BEING a 0.4425 acre tract of land, being all of that certain called 0.4442 acre tract of hald,
more fully described as Tracts I & 2 recorded in Clerk's File No. 8915997 of the Official
Public, Records of Jefferson County, Texa's and being out of and a part of Lots 85 thru 88
and 91 thru 93, Block 8 of the B. D. Crary Addition, recorded in Volume 3, Page 506 of
the Deed Records of Jefferson County, Texas. Said 0.4425 acre tract being situated in the
Noah Tcvls Survey,.Abstract No. 52, Jefferson County, Texas and being more particularly
described as follows:
COMMENCING at a 3/4 -inch iron pipe found at the North corner of Lot 1, Block 6 of said
Crary Addition, same being the intersection of the Southeast line of Blanchette Street (60
feet wide public right-of-way) with the Southwest line of Victoria Street (60 feet wide
public right-of-way);
THENCE North 43 deg. 49 min. 45 sec. West crossing said Blanchette Street and along
and with the Northeast line of said Block 8, same being the Southwest line of said Victoria
Street, a distance of 179.99 feet to a point for the East corner of said Tract'l (from which
a found chain link fence corner post bears North 04 deg. 47 min. 03 sec. East, 5.43 feet),
same being the North corner of that certain Irvin Bourne and wife, Mary Bourne tract of
land, more fully described and recorded in Clerk's File -No. 200.9037654 of the Official
Public, Records of said Jefferson County and PLACE OF BEGINNING of the herein
described tract;
THENCE South 45 Oleg. 56 min. 26 s= West along and with the Southeast line of said
Tract 1, same being the Northwest line of said Bourne tract and that certain Scott F.
Shelander tract of land, more fully described and recorded in Clerk's File No. 2002034422
of said Official Public Records, a distance of 149.53 feet to a 5/8 -inch with cap stamped
"WORTECH SURVEYORS" set at the East comer of that certain Hoang Nguyen tract of
land, more fully desbribcd and recorded in Clerk's File No. 2000002160 of said Official
Public Records, same being the most Southerly South comer of said Tract 1, from which a.
V2 -inch iron rod found, bears South 45 deg. 56 min. 26 see. West, 149,52 feet;
THENCE North 43 deg.
eg. 49 min. 45 sec. West along and with the Southwest line of said
Tract 1, same beingthe Northeast line of said Nguyen tract, a distance of 59.83 feet to a
5/8 -inch iron rod with cap stamped "WORTECH SURVEYORS" set at the Fast comer of
said Tract 2, same being the, North comer of said Nguyen tract;
al
THENCE South 45 deg. 56 rnin. 20 sec. West along and with the Southeast line of said
Tract 2, same being the Northwest line of said Nguyen tract, a distance of 30.00 feet to a
5/8 -inch iron rod with cap stamped "WORTECH -S-U RVEYORS" set at the South corner
of said Tract 1, same being the Fast comer of that certain Hoang Nguyen tract of land,
more fully described and recorded in Clerk's File No. 9700905 of said Official Public
Records;
.THENCE North 43 deg, 49 min. 45 see. West along and with the Southwest line of said
Tract 2, same being the Northeast line of said Nguyen tract (Clerk's File No. 9700905), a
distance of 120.00 feet to a 5/8 -inch iron rod with cap stamped "WORTECH
APR -29-2015 22:29 SOCIAL SECURITY ADMIN 40672927369 P.001/001
SURVEYORS" set at the West corner of said Tract 2, same being the North comer of said
Nguyen tract (Clerk% File No. 9700905) and being in the, Southeast line of Franklin Street
(60 foot wide public; right-of-way);
'THENCE North 45 ,deg. 56 min. 26 sec. East along and with the Northwest line of said
Tract 2, same being the Southeast line of said Franklin Street, a distance of 30.00 feet to a
5/8 -inch iron rod with cap stamped "WOKTECH SURVEYORS" set at the North corner
of said Tract 2, carne being the West corner of that certain State of Texas tract of land,
more fully described and recorded in Film Code No. 102-40-2205 of said Official Public
Records;
THENCE South 43, deg. 49 min. 45 see. East along and with the Northeast line of said
Tract 2, same being the Southwest line, of said State of Teas tract, a distance of 50.00 feet
to a 5/8 -inch iron rod with cap stamped "WORTECH SURVEYORS" set at the South
comer of said State bf Texas tract, same being the, West comer of said Tract 1;
THENCE North 64 deg. 27 min. 08 see. East along and with the Northwest line of said
Tract 1, same beingithe Southeast line of said State of Texas tract, a, distance of 157.48 feet
to a 518 -inch iron rod with cap stamped "WORTECH SURVEYORS" set at the North
corner of said Tract 1, same being the East comer of said State of Texas tract and being in
the Southwest line of said Victoria Street;
THENCE South 43 deg. 49 min. 45 sec. East along and with the Northeast line of said
Tract 1, same being the Southwest line of said Victoria Street, a distance of 79.83 feet to
the PLACE OF BEGINNNG, containing 0.4425 acre of land, more or less.
X
X
Seller Buyer
TOTAL P.001
APR -28-2016 23:46 SOCIAL SECURITY ADMIN 40672927359 P.017
Approved by the Texas Real Estate Commission for Voluntary Use 10-10-11
Texas law requires all real estate 11censaos to give the following information about
Ira FOR
IT
My brokeWe servlde6 to prospective buyers, tenants, sellers and landlords.
Information About Brokerage Services
Before working with a real estate broker, you
should know that the: duties of a broker
depend on whom the ibroker represents. If
you are a prospective sailer 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 buyers
agent represents the buyer. A broker may act as an
intermediary between the parties; it 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 BROKER REPRESENTS THE OWNER:
The broker becomes the owner�'s agent by entering
into an agreement with the owner, usually through a
written - luting agreement, or byi 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 went the owner'
z 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 b000mes the buyeft agent by entering
into an agreement to represent the buyer, usually
through a written buyer represelitation 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 buyers
agent anything the owner would not want the buyer to
know because a buyers agent must disclose to the
buyer any material information known to the agent.
IF THE BROKER AM 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 must state who will
pay the broker and, in conspicuous bold or underlinedprint, set forth the brokers 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 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 submitted 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 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 Rea! 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.
it 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
ryur obligations, The agreement should state how and
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.
Real estate licensee asks that you,acknowledge receipt of this Information about brokerage services for the licensee's records.
Buyer, seller, Lantilorct or i enam
Spindletoj> Unitarian Church
exReal rwate Bmkem and salespersons are licormad and regulated by the TaXat Real Estate cOmmisslon frr[60). H you have a question or complaint
regarding a Mat estate licensee, yoU sh06TddontA0tTREG at P.O. Sox 12188, Austin, Texas 78711-21$U, 512-936-3000 (http:tAym.treatexas.gov)
FREC No. OP -K
{TAR -2501)10-10-11
NAI Whocicr, 470 Orleans Strcct, l2th Floor Beaumont, TX 77701
Phon�-409-899-SXO Fax- 409 -999 -Ml Brice G035
Peodumd with ZpFo" by ZIPLOQIX 18070 Fiften Mile Road, Frew, Michigan 48026 =Z1VLQQiX.Q0m
12705 Franklin
APR -2e-2016 23:45 SOCIAL SECURITY ADMIN 40672927359 P.018
Approved by the Texas Real Estate Commission for Voluntary Use 10-10.11
Texas law requires all real estate licensees to give the following information about
brokerage services to pro.5pectivebuyers, tenants, sellers end landlords.
BFtOflTUNtTVInformation About Brokeraw Services
Bafore working with 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 owners agent. A broker who acts
as a subagent represents the owner in cooperation
with the listing broker. A broker who acts as a buyers
agent represents the buyer. A broker may act as an
intermediary between the partleslif 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 BROKER REPRESENTS THE OWNER:
The broker becomes the owners agent by entering
into an agreement with the 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 toll the owners agent anything the buyer
would not want the owner toi 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.6 agent by entering
into an agreement to represent the buyer, usually
through a.written buyer representation agreement. A
buyer
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 buyers 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 it 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 must 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 honesty 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 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 submitted 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 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 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 tinder that
Act and associated with the broker to communicate
with and carry out instructions of the other party.
It 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. if
you have any questions regarding the duties and
responsibilities of the broker, you should resolve those
questions before proceeding.
Real estate license$ asks that you acknowledge receipt of this information about brokerage services for the licensees records,
Buyer, Seller, Landlord or Tenant Date
City ce Beaumont
Texas Real Estate Brokers and &jlospersorls aro licensed and regulated by the Toxat. Real Estate Gornmiaslon (TREC), it you have a question or complaint
regard1mv a real estate licensee, you should Icontact TREG atP.Q. Roy 12108, Austn,Texas 787ll-2188,$12-9$fJ-3000 (httPY/WWW-tr00-texas.goV)
FREG No. OP -K
(TAR -2501) 10-10-11
NADMiccler, 470 Orleans Strmt, 12th Floor Beaumont, TX 77701
Phonc:409-899-3300 Fax., 409-899-3301 LTioa Uoss
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