Commercial Contract Improved Property Step 1 of 214%Commercial Contract - Improved PropertyREQUEST FROM: (Your details)Name* First Last Email* DUE BY:Date* MM slash DD slash YYYY Time* : Hours Minutes AMPM AM/PM1. Parties:Seller:* First Last Seller Address:* Street Address City AlabamaAlaskaAmerican SamoaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaGuamHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaNorthern Mariana IslandsOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahU.S. Virgin IslandsVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific State ZIP Code Phone:*Email:* Fax:Other:Buyer:* First Last Buyer Address:* Street Address City AlabamaAlaskaAmerican SamoaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaGuamHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaNorthern Mariana IslandsOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahU.S. Virgin IslandsVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific State ZIP Code Phone:*Email:* Fax:Other:2. Property:A. "Property" means that real property situated in: (Choose Texas county in which property is situated)Allen CountyCollin CountyDallas CountyOtherCounty:Address of Property: Street Address City AlabamaAlaskaAmerican SamoaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaGuamHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaNorthern Mariana IslandsOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahU.S. Virgin IslandsVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific State ZIP Code Or as follows:B (7) all Seller's tangible personal property located on the Property that is used in connection with the Property's operations except: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:*B. Sum of all financing described in Paragraph 4:*C. Sales price (sum of 3A and 3B):*4. Financing:Buyer will finance the portion of the sales price under Paragraph 3B as follows:* A. Third Party Financing B. Assumption C. Seller FinancingA. Third Party Financing: One or more third party loans in the total amount of:*This contract:* (1) is NOT contingent upon Buyer obtaining third party financing. (2) is contingent upon Buyer obtaining third party financing in accordance with the attached Commercial Contract Addendum (TXR-1931).B. Assumption: In accordance with the attached Commercial Contract Addendum (TXR-1931), Buyer will assume the existing promissory note secured by the Property, which balance at closing will be:*C. Seller 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 (TXR-1931) in the amount of:*5. Earnest Money:A. Not later than 3 days after the effective date, Buyer must deposit (insert dollar amount below) as earnest money with the title company.*Title Company:*At: Title Company Address:* Street Address City AlabamaAlaskaAmerican SamoaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaGuamHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaNorthern Mariana IslandsOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahU.S. Virgin IslandsVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific State ZIP Code Closer:B. Buyer will deposit an additional amount of (insert dollar amount below) with the title company to be made part of the earnest money.Buyer will deposit this additional amount to the earnest money on or before: (i) (insert number) of days after Buyer's right to terminate under Paragraph 7B expires; or (ii) OtherB. (i). Number of days after Buyer's right to terminate expires that Buyer will deposit additional amount to earnest money.B. (ii). Other6. Title Policy, Survey, and UCC Search:6. A. Title PolicyA. (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:* (a) will not be amended or deleted from the title policy. (b) will be amended to read "shortages in areas" at the expense of Buyer or Seller.* Buyer SellerA. (3) Within the inserted amount of 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 Buyer's address.*6. B. Survey:Within the inserted amount of days after the effective date:*Within the number of days inserted 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: (i) ALTA/NSPS 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) ALTA/NSPS Land Title Survey standards, or (ii) Texas Society of Professional Surveyor's standards for a Category 1A survey under the appropriate condition. (3) Seller 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, the SELLER or BUYER (updating party), will, at the updating party's expense, obtain a new or updated survey acceptable to the title company and deliver the acceptable survey to the other party and the title company within 30 days after the title company notifies the parties that the existing survey is not acceptable to the title company. The closing date will be extended daily up to 30 days if necessary for the updating party to deliver an acceptable survey within the time required. The other party will reimburse the updating party (insert amount or percentage) of the cost of the new or updated survey at closing, if closing occurs.B. Survey (1):*Insert the amount that the Seller will reimburse Buyer of the cost of the survey at closing, if closing occurs.B. Survey (3):* Seller BuyerInsert the updating party, that will, if the existing survey is not acceptable to the title company, at their expense, obtain a new or updated survey acceptable to the title company and deliver the acceptable survey to the other party and the title company within 30 days after the title company notifies the parties that the existing survey is not acceptable to the title company.B. Survey (3):*Insert the amount or percentage that the other party will reimburse the updating party of the cost of the new or updated survey at closing, if closing occurs.6. C. UCC Search:C. UCC Search:* (1) Within (insert number) 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 property in the last 5 years. (2) Buyer does not require Seller to furnish a UCC search.C. (1): Number of days after the effective date:*6. D. Buyer's Objections to the Commitment, Survey, and UCC SearchD. (1) Within (insert number) days after Buyer receives the last of 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 liens 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 "A" or "V" zone as defined by FEMA). If the commitment or survey is revised or any new document evidencing a title exception is delivered, Buyer may object to any new matter revealed in such revision or new document. Buyer's objection must be made within the same number of days stated in this paragraph, beginning when the revision or new document is delivered to Buyer. If Paragraph 6B(1) applies, Buyer is deemed to receive the survey on the earlier of: (i) the date Buyer actually receives the survey; or (ii) the deadline specified in Paragraph 6B.*7. Property Condition:A. Present Condition: Buyer accepts the property in its present condition except that the Seller, at Seller's expense, will complete the following before closing:B. Feasibility Period: Buyer may terminate this contract for any reason within the following number of days after the effective date (feasibility period) by providing Seller written notice of termination.*B. (1) Independent Consideration. Choose only one option and insert amounts.) (a) If Buyer terminates under this Paragraph 7B, the earnest money will be refunded to Buyer less the inserted dollar amount 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 Paragraph 7B(1) or if Buyer fails to deposit the earnest money, Buyer will not have the right to terminate under this Paragraph 7B. (b) Not later than 3 days after the effective date, Buyer must pay the Seller the inserted dollar amount 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 7B, 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 amount is stated in this Paragraph 7B(2) or if Buyer fails to pay the independent consideration, Buyer will not have the right to terminate under this Paragraph 7B.B. (1) (a). If Buyer terminates under this Paragraph 7B, the earnest money will be refunded to Buyer less:*B. (2) (b). Not later than 3 days after the effective date, Buyer must pay Seller:(2) Feasibility Period Extension: Prior to the expiration of the initial feasibility period for a single period of an additional (insert number below) days.*This extension is conditional of the Buyer depositing additional earnest money in the amount of (insert dollar amount below) with the title company.*7.D Property Information(1) Delivery of Property Information: Within the the inserted amount of days after the effective date, Seller will deliver to Buyer: (Check all that apply.)** (a) a current rent roll of all leases affecting the Property certified by Seller as true and correct; (b) copies of all current leases, including any mineral leases, pertaining to the Property, including any modifications, supplements. or amendments to the leases; (c) a current inventory of all personal property to be conveyed under this contract and copies of any leases for such personal property; (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; (e) copies of all current service, utility, maintenance, and management agreements relating to the ownership and operation of the Property; (f) copies of current utility capacity letters from the Property's water and sewer service provider; (g) copies of all current warranties and guaranties relating to all or part of the Property; (h) copies of fire, hazard, liability, and other insurance policies that currently relate to the Property; (i) copies of all leasing or commission agreements that currently relate to the tenants of all or part of the Property; (j) a copy of the "as-built" plans and specifications and plat of the Property; (k) copies of all invoices for utilities and repairs incurred by Seller for the Property in the 24 months immediately preceding the effective date; (l) a copy of Seller's income and expense statement for the Property from (inserted date #1) to (inserted date #2); (m) copies of all previous environmental assessments, geotechnical reports, studies, or analyses made on or relating to to the Property; (n) real and personal property tax statements for the Property for the previous 2 calendar years; (o) Tenant reconciliation statements including, operating expenses, insurance and taxes for the Property from (inserted date #1) to (insert date #2); and (p) other7. D(1) l. Start Date* MM slash DD slash YYYY 7. D(1) l. End Date* MM slash DD slash YYYY 7. D(1) . Start Date* MM slash DD slash YYYY 7. D(1) o. End Date* MM slash DD slash YYYY D(1) p. Other:*(2) Return of Property Information: If this contract terminates for any reason, Buyer will, not later than 10 days after the termination date: (Check all that apply.)* (a) return to Seller all those items described in Paragraph 7D(1) that Seller delivered to Buyer in other than an electric format and all copies that Buyer made of those items; (b) delete or destroy all electronic versions of those items described in Paragraph 7D(1) that Seller delivered to Buyer or Buyer copied in any format; and (c) deliver to Seller copies of all inspection and assessment reports that related to the Property that Buyer completed or caused to be completed.This Paragraph 7D(2) survives termination of this contract.8. Leases:B. Estoppel Certificates:Within (insert number of days below) days after the effective date, Seller will deliver to Buyer estoppel certificates signed not earlier than (insert date below) by each tenant that leases space in the Property. The estoppel certificates must include the certifications contained in the current version of TXR Form 1938 - Commercial Tenant Estoppel Certificate and any additional information requested by 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 deliver the signed estoppel certificates.B. a). Number of days after effective date that Seller will deliver after to Buyer estoppel certificates.:B. b). Date MM slash DD slash YYYY 9. Brokers:A. The brokers to this sale are:Principal Broker:* First Last Agent:* First Last Address:* Street Address City AlabamaAlaskaAmerican SamoaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaGuamHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaNorthern Mariana IslandsOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahU.S. Virgin IslandsVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific State ZIP Code Phone:*Fax:Email:* License No.:*Cooperating Broker:* First Last Agent:* First Last Address* Street Address City AlabamaAlaskaAmerican SamoaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaGuamHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaNorthern Mariana IslandsOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahU.S. Virgin IslandsVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific State ZIP Code Phone:*Fax:Email:* License No.:*Principle Broker: (Select one option)* represents Seller only. represents Buyer only. is an intermediary between Seller and Buyer.9. B. Fees:B. Fees: (Check only (1) or (2) below.)* (1) Seller will pay Principe Broker the fee specified by separate written commission agreement between Principle Broker and Seller. Principle Broker will pay Cooperating Broker the fee specified in the Agreement Between Brokers Found below the parties' signatures to this contract. (2) At the closing of this sale, Seller will pay:(Complete the Agreement Between Brokers on Page 14 if only (1) is selected.)Principle Broker a total cash fee of:* Percentage (insert below) of the sales price. Other.Percentage of sales price:*Paid to Principle Broker at the closing of sale.Other:*Cooperating Broker a total cash fee of:* Percentage (insert below) of the sales price. Other.Percentage of sales price:*Other:*The cash fees will be paid in (insert county name) County, Texas. Seller authorizes the title company to pay the brokers from the Seller's proceedings at closing.*10. Closing:A. The date of the closing of the sale (closing date) will be on or before the later of:* (1) Specified number of days after the expiration of the feasibility period (Insert number of days). (2) Specific date (Insert specific date). (3) OtherA. (1) The closing date of the sale will be on or before the later of the following amount of days after the expiration of the feasibility period:*A. (2) The closing date of the sale will be on or before the later of the following date:* MM slash DD slash YYYY A. (3) The closing date of the sale will be on or before the later of:*C. At closing, Seller will execute and deliver to Buyer, at Seller's expense, a general or special warranty deed.* General warranty Special warranty15. 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 7C(4) which Seller may pursue, or (Check if applicable) enforce specific performance, or seek such other relief as may be provided by law.18. EscrowG. Seller or Buyer intend(s) to complete this transaction as a part of an exchange of like-kind properties in accordance with Section 1031 of the Internal Revenue Code as amended.* Seller Buyer19. Material Facts:To the best of Seller's knowledge and belief: A. Seller is not aware of any material defects to the Property except as stated in the attached Commercial Property Condition Statement (TRX-1408). B. Except as otherwise provided in this contract, Seller is not aware of:(1) any subsurface: structures, pits, waste, springs, or improvements; (2) any pending or threatened litigation, condemnation, or assessment affecting the Property; (3) any environmental hazards or conditions that materially affect the property; (4) whether the Property is or has been used for the storage or disposal of hazardous materials or toxic waste, a dump site or landfill, or any underground tanks or containers; (5) whether radon, asbestos containing materials, urea-formaldehyde foam insulation, lead-based paint, toxic mold (to the extent that it adversely affects the health of ordinary occupants), or other pollutants or contaminants of any nature now exist or ever existed on the Property; (6) any wetlands, as defined by federal or state law or regulation, on the Property; (7) any threatened or endangered species or their habitat on the Property; (8) any present or past infestation of wood-destroying insects in the Property's improvements; (9) any contemplated material changes to the Property or surrounding area that would materially and detrimentally affect the ordinary use of the Property; (10) any material physical defects in the improvements on the Property; or (11) any condition on the Property that violates any law or ordinance. (Describe any exceptions to (1)-(11) in Paragraph 12 or addendum.) 20. Notices:All notices between the parties under this contract must be in writing and are effective when had 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 whom the notices are sent. A. Seller also consents to receive any notices by e-mail at Seller's e-mail 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 1.22. Agreement of the Parties:D. Addenda which are part of this contract are: (Check all that apply.)* (1) Property Description Exhibit identified in Paragraph 2; (2) Commercial Contract Condominium Addendum (TXR-1930) or (TXR-1946); (3) Commercial Contract Financing Addendum (TXR-1931); (4) Commercial Property Condition Statement (TXR-1408); (5) Commercial Contract Addendum for Special Provisions (TXR-1940); (6) Addendum for Seller's Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards (TXR-1906); (7) Notice to Purchaser of Real Property in a Water District (MUD); (8) Addendum for Coastal Area Property (TXR-1915); (9) Addendum for Property Located Seaward of the Gulf Intracoastal Waterway (TXR-1916); (10) Information About Brokerage Services (TXR-2501); and (11) Information About Mineral Clauses in Contract Forms (TXR-2509); and (12) OtherD. (12). Other:E. Buyer may or 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 contract.* Buyer MAY assign this contract. Buyer MAY NOT assign this contract.25. Additional Notices:K. LICENSE HOLDER DISCLOSE: Texas law requires a real estate license holder who is a party to a transaction or acting on behalf of a spouse, parent, child, business entity in which the license holder owns more than 10% , or a trust for which the license holder acts as a trustee or of which the license holder or the license holder's spouse, parent or child is a beneficiary, to notify the other party in writing before entering into a contract of sale. Disclose if applicable: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 (insert date below), the offer will lapse and become null and void.* MM slash DD slash YYYY Financing Addendum The portion of the Sales Price not payable in cash will be paid as follows: (Check all that apply.)Actions EditDelete There are no Entries. Add Entry Maximum number of entries reached. Special Instructions, if any:Enter special instructions to your Transaction Coordinator:
