Lewisville, Texas Property Information Package-Revised

Property Information Package For

Lots 1-5, Block A, Vista Ridge Pointe Addition

Lewisville, Denton County, TX

Multi-Parcel Auction Schedule:

Tuesday, May 10th Informational Meeting: 7PM CST

Thursday, May 26th

Registration Begins: 1PM CST Auction Time: 2PM CST

Informational Meeting and Auction Location:

Lewisville Convention Center (Adjacent to the Hilton Garden Inn)

2701 Lake Vista Drive Lewisville, Texas 75067

www.AllianceAuctioneers.com

Auction Contact:

United Country—Alliance Auction & Realty 877-271-7891

Texas License #13507

Table of Contents

Page 1 Cover Page Page 2 Auction Details

Page 3 Table of Contents Page 4 Letter to Bidders Page 5 Auction Terms & Conditions Page 7 Property Overview

Page 9 Property Photos Page 12 Legal Description Page 13 Maps

Page 22 Possible Development Options Page 27 Tax Map Page 28 Denton County Appraisal District Tax Information

Page 43 Title Commitments Page 87 Sample Earnest Money Contract Page 99 Information About Brokerage Services Page 100 Contact Information


All Prospective Bidders:

Each of us at United Country—Alliance Auction & Realty are honored that Vista Ridge Part-

ners, L.P. have decided to utilize the auction method of marketing and the services offered by

our company to sell their real estate. Furthermore, we thank you for your interest and welcome

your participation in the auction process.

The property will be offered in individual tracts and in combination. This unique method of

selling real estate allows all interested parties to compete equally in an open, fair, and public fo-

rum. The real estate will sell to the highest bidder(s) in the manner resulting in the highest total

sales price.

We are providing this Property Information Package in an effort to assist you in your purchasing

decision. You are encouraged to have any buyer representatives or lenders that may need impor-

tant information to contact our office at 1-877-271-7891.

This Property Information Package (PIP) has been carefully prepared to assist you in your pre-

auction due diligence. Please carefully review the property information, disclaimers, and sample

earnest money contract as well as the terms and conditions of the auction.

Please refer to our website at www.allianceauctioneers.com for the most current information

about this and future auctions. Should you have any questions or need additional information,

please feel free to contact our office at 806-553-1960 or toll free 877-271-7891 or by email at

[email protected].

Good Luck at the Auction!!

Biddingly yours,

Brent R. Graves

Owner/Auctioneer

2744 Duniven Circle

Amarillo, TX 79109 877-271-7891


Auction Terms & Conditions

PROCEDURE: Each property will be offered in individual tracts or any combination of tracts 1 thru 5. There will be open bidding on tracts and combinations until the close of the auction. The prop-erty will be sold in the manner resulting in highest total sale price subject to the Seller’s accep-tance. BUYER’S PREMIUM: A 10% Buyer’s Premium is in effect for all purchases. The Buyer’s Premium will be added to the “High Bid Price” to determine the “Sales Price” or “Contract Price”. DOWN PAYMENT: Ten percent (10%) down payment on the day of the auction, upon signing a purchase agreement immediately following the close of bidding. The down payment may be paid in the form of cash, personal check, business check, cashier’s check, or wire transfer. The remainder of the purchase price is payable in cash at closing. YOUR BIDDING IS NOT CONTINGENT UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing. ACCEPTANCE OF BID PRICES: Auctioneer or owner reserves the right to accept or reject the highest bid if either feels the buyer is not financially qualified or if technical difficulties arise. REAL ESTATE TAXES AND ASSESMENTS: The 2011 Property Taxes will be prorated to the date of closing. The buyer will be responsible for any “rollback” in the property taxes. The buyer(s) will be responsible for all additional taxes imposed after the date of execution of the Special War-ranty Deed by Seller as a result of any change in use of any part of the subject property, the intent being that all such additional taxes shall be the responsibility of the buyer and the buyer’s heirs, personal representatives and assigns. BROKER PARTICIPATION: A 3% commission of the submitted written maximum pre-bid, 2% commission of any amount above the written maximum pre-bid will be paid to the properly licensed Broker whose prospect purchases and closes on the real estate per United Country – Alliance Auc-tion & Realty’s cooperating Broker Guidelines. NO Cooperating Broker fees will be paid without a written maximum pre-bid. Under no circumstance can a Broker be a principal or an owner or officer of any entity AND a Cooperating Broker in the same transaction. To obtain these guidelines, please contact the auction office prior to May 24th. CLOSING: Will take place on or before Friday, July 1st, 2011 or as soon thereafter as applicable closing documents and surveys (if needed) are completed. POSSESSION: Full possession will be given at closing. Early possession will not be granted prior to closing.


Auction Terms & Conditions (cont.) TITLE: Seller shall execute a Special Warranty Deed conveying the real estate to the buyer(s). Seller will provide buyer(s) with an Owner’s Policy of Title Insurance. Buyer(s) will be responsible for all expenses re-lated to acquiring a mortgagee’s title policy, if desired or required. EASEMENTS AND LEASES: Sale of the property is subject to any and all easements of record and any and all leases. SURVEY: Seller will provide a current survey of the property. All advertised acreages, square footages and other measurements are approximate and have been estimated based on current legal descriptions, aerial photos or other reliable sources and should not be considered accurate or used as boundary lines or legal descriptions. AGENCY: Alliance Auction Group, LLC dba United Country – Alliance Auction & Realty and its representa-tives are exclusive agents of the seller. DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all re-lated materials are subject to the terms and conditions outlined in the agreement to purchase. AN-NOUNCEMENTS MADE BY THE AUCTIONEER VIA EMAIL COMMUNICATION OR ON THE OFFICIAL PROPERTY WEBSITE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. The property is being sold on an ―AS IS, WHERE IS‖ basis, and no warranty or representation either expressed or implied, concerning the property is made by the seller or the auction company. Each potential bidder is responsible for conducting his or her own independ-ent inspections, investigations, inquiries, and due diligence concerning the property. The information pro-vided is believed to be accurate, but is subject to verification by all parties relying on it. No liability for its ac-curacy, errors or omissions is assumed by the seller or the auction company or any of its respective repre-sentatives. All sketches and dimensions are approximate. All acreages, square footages and other meas-urements are approximate and have been estimated based on legal descriptions, aerial photographs or other sources deemed reliable. Conduct at the auction and increments of bidding are at the direction and discretion of the auctioneer. The Seller and Auction Company reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of the auctioneer are final. SPECIFIC PERFORMANCE: All bidders agree and understand that bids submitted are binding offers and further agree to complete the transaction. Auctioneer and/or Seller reserve the right to pursue any default-ing bidder through legal action. NEW DATA, CORRECTIONS AND CHANGES: Please provide a current e-mail address and phone num-ber and check the official property website regularly to receive any announcements regarding any changes, corrections or additions to the property information. BROKER: Brent Graves—United Country—Alliance Auction & Realty SELLER: Vista Ridge Partners, L.P. and Christopher Kelley Hoskins, Trustee of the Christopher Kelley Hoskins Trust, and D.C. Eckel, Trustee of the Eckel Family Trust


Property Overview

This unique opportunity is located on the southwest side of Interstate

Highway 35E (Stemmons Freeway), within the city limits of Lewisville,

Denton County, Texas. It is surrounded by multi-family develop-

ments, retail properties, hotels, theater, a golf range, restaurants, dis-

tribution centers, and commercial properties.

Acres: 17.355+/- offered in 5 tracts ranging from .988+/- to 11.2+/-

Tract 1: The largest single tract offers 11.2+/- acres (487,854+/- sf)

and includes Timber Creek Frontage and a small, picturesque pond.

Access to this tract is from Storage Court.

Tract 2: This tract is 1.431+/- acres (62,348+/- sf), while access to

this tract is from Storage Court, it has frontage along I-35

Southbound.

Tract 3: Includes 2.43+/- acres (105,848+/- sf) with Storage Court

access and Timber Creek frontage.

Tract 4: Consists of 1.306+/- acres (56,875+/- sf) with Storage Court

access and Timber Creek frontage.

Tract 5: .988+/- acres (43,026+/- sf) with frontage along I-35

Southbound and access from Storage Court.

Timber Creek traverses the southwestern part of the property from

northwest to southeast.

A gabion basket retaining wall has been constructed in the southwest-

central part of the site.


Property Overview Continued

In the early 2000’s, a pond was created in the northern part of the

property.

The site is relatively flat and is approx. 460 feet above mean sea

level.

Water and sewer services are available from the City of Lewisville.

The Lewisville water supply consists of treated surface water obtained

from Lake Lewisville.

Utilities located along the adjacent roadway include overhead electric,

water, sewer, telephone, and fiber optic cable.

A single-family residence was formerly located on-site that was de-

molished in 1992.

According to Owner, they are not aware of any land use limitations or

deed restrictions for the property, aside from zoning restrictions.

2010 Approximate Taxes: Tract 1: $5,222.20

Tract 2: $6,672.26

Tract 3: $12,463.35

Tract 4: $8,525.20

Tract 5: $9,213.40

Directions: I-35 East and Storage Court

Phase I Environmental Site Assessment is available upon request.


Legal Description

Lots 1, 2 and 3, Block A of Vista Ridge Pointe Addition, an addition to the City of Lewisville, Denton County, Texas, accord-

ing to the plat thereof recorded under Clerk’s File No. 2009-208, Plat Records, Denton County, Texas.

Lots 4 and 5, Block A, Vista Ridge Pointe Addition, an addition to the City of Lewis-

ville, Denton County, Texas, according to the map or plat thereof recorded under Clerk’s File No. 2009-208, Plat Records,

Denton County, Texas.


Possible Development

Options


Tax Map of All Five Tracts

This map is for illustrative purposes ONLY.

Tract #1

Tract #2

Tract #3

Tract #4

Tract #5


Title Commitments

S:\Auctions\110517 Lewisville\(2) Seller Related Documents & Communication\Contracts\EMC Final Sample.docx Page 1

CONTRACT FOR SALE OF REAL ESTATE

Tract No. ______ Bidder No._____________

1. PARTIES: _______________________________________ (collectively, “Seller”, if

one or more) agrees to sell and convey to ____________________________________

_______________ (collectively, “Buyer’, if one or more) and Buyer agrees to buy from

Seller the Property described below according to the terms hereof.

2. SALES PRICE:

Auction Price $______________________

Buyer’s Premium (10.0%) $______________________

TOTAL Sales Price $______________________

The Total Sales Price shall be paid by Buyer to Seller by wire transfer of immediately

available funds at Closing.

3. EARNEST MONEY: Upon execution of this Contract by both parties, Buyer must

deposit in immediately available funds 10.0% of the Total Sales Price in the amount of

$____________________ as earnest money (the “Earnest Money”) with Chicago Title

Insurance Company, 6688 N. Central Expressway, Suite 560, Dallas, Texas, 75206 (the

“Title Company”). If Buyer fails to deposit the Earnest Money as required by this

Contract, Buyer will be in default. The Earnest Money shall be credited against the Total

Sales Price due at Closing.

4. PROPERTY: As used in this Contract, the term “Property” means any and all of the

following:

A. The land situated in Denton County, Texas described on attached EXHIBIT “A”

attached hereto and made a part hereof for all purposes, together with all

improvements thereon and all rights, privileges and appurtenances pertaining

thereto, including but not limited to water rights, claims and permits and

easements.

B. The following items, if any: billboard signs, windmills and tanks, domestic water

systems, barns, fences, and all other property owned by Seller and attached to the

above described real property.

5. EXCEPTIONS, RESERVATIONS, CONDITIONS, AND RESTRICTIONS: The

Property will be conveyed subject to the following exceptions, reservations, conditions

and restrictions:


A. The oil, gas and other minerals, royalties, and timber interests presently

outstanding in third parties.

B. All items listed in Schedule B to the Commitment for Title Insurance prepared by

the Title Company and furnished to Buyer prior to the execution of this Contract.

C. Easements, rights-of-way and prescriptive easements whether of record or not,

rights of adjoining owners in fences situated on a common boundary, and any

encroachments or overlapping of improvements.

6. TITLE POLICY AND SURVEY:

A. TITLE POLICY:

(1) Seller shall furnish to Buyer at Seller's expense an owner policy of title

insurance (the “Title Policy”) issued by the Title Company in the amount

of the Total Sales Price, dated at or after Closing, insuring Buyer against

loss under the provisions of the Title Policy, subject to the promulgated

exclusions (including existing building and zoning ordinances) and the

following exceptions:

(a) The standard printed exception for standby fees, taxes, and

assessments.

(b) Those matters specifically described in Paragraph 5 above.

(c) The standard printed exception as to discrepancies, conflicts,

shortages in area or boundary lines, encroachments or protrusions,

or overlapping improvements.

(d) The standard printed exception as to marital rights.

(e) The standard printed exception as to waters, tidelands, beaches,

streams, and related matters.

(2) Buyer acknowledges that Seller has furnished Buyer a commitment for

title insurance (the “Commitment”) and legible copies of documents

evidencing exceptions in the Commitment other than the standard printed

exceptions.

(3) Buyer accepts the Commitment and waives the right to object to any item

contained in the Commitment other than exceptions in Schedule C of the

Commitment which shall be satisfied on or before Closing.

B. SURVEY: Buyer, at Buyer’s sole and exclusive option and at Buyer’s expense,

may survey the Property; however, obtaining a survey shall not cause the Closing

date to be extended.


NOTICE TO SELLER AND BUYER:

(1) 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 of the

Texas Water Code requires Seller to deliver and the Buyer to sign the statutory

notice relating to the tax rate, bonded indebtedness, or standby fee of the district

prior to final execution of this Contract.

(2) Eligibility for government farm program benefits may depend upon compliance

with a soil conservation plan for the Property. Buyer is advised to determine

whether the property is subject to and in compliance with a plan before signing

this Contract.

(3) Buyer is advised that the presence of wetlands, toxic substances, including

asbestos and wastes or other environmental hazards or the presence of a

threatened or endangered species or its habitat may affect Buyer's intended use of

the Property.

(4) Pursuant to Section 5.011 of the Texas Property Code, Seller gives Buyer the

following notice:

If the Property that is the subject of this Contract is located outside the limits

of a municipality, the Property may now or later be included in the

extraterritorial jurisdiction of a municipality and may now or later be subject

to annexation by the municipality. Each municipality maintains a map that

depicts its boundaries and extraterritorial jurisdiction. To determine if the

Property is located within a municipality’s extraterritorial jurisdiction or is

likely to be located within a municipality’s extraterritorial jurisdiction, contact

all municipalities located in the general proximity of the Property for further

information.

(6) According to the terms of the Real Estate License Act of Texas, you, as Buyer, are

advised by Broker that you should have the abstract covering the Property

examined by an attorney of your selection, or be furnished with or obtain an owner

policy of title insurance.

7. PROPERTY CONDITION:

A. INSPECTIONS AND ACCESS: Buyer acknowledges that Buyer has had the

opportunity to inspect the Property. Buyer accepts the Property according to the

terms of this Contract.

B. PROPERTY CONDITION: EXCEPT AS EXPRESSLY SET FORTH IN THIS

CONTRACT AND OTHER THAN SELLER’S SPECIAL WARRANTY OF

TITLE TO BE SET FORTH IN THE DEED, IT IS UNDERSTOOD AND

AGREED THAT SELLER IS NOT MAKING AND HAS NOT AT ANY TIME

MADE ANY WARRANTY OR REPRESENTATION OF ANY KIND OR

CHARACTER, EXPRESSED OR IMPLIED, WITH RESPECT TO THE


PROPERTY, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES

OR REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY,

FITNESS FOR A PARTICULAR PURPOSE, TITLE, ZONING, TAX

CONSEQUENCES, LATENT OR PATENT PHYSICAL OR

ENVIRONMENTAL CONDITION, UTILITIES, OPERATING HISTORY OR

PROJECTIONS, VALUATION, GOVERNMENTAL APPROVALS, THE

COMPLIANCE OF THE PROPERTY WITH LEGAL REQUIREMENTS OR

ANY OTHER MATTER OR THING REGARDING THE PROPERTY OR ANY

PORTION THEREOF.

BUYER ACKNOWLEDGES AND AGREES THAT UPON CLOSING,

SELLER SHALL SELL AND CONVEY TO BUYER AND BUYER SHALL

ACCEPT FROM SELLER THE PROPERTY AND THE LAND “AS IS,

WHERE IS, WITH ALL FAULTS”, EXCEPT TO THE EXTENT EXPRESSLY

PROVIDED OTHERWISE IN THIS CONTRACT.

BUYER HAS NOT RELIED ON AND WILL NOT RELY ON, AND NO

SELLER SHALL BE LIABLE FOR OR BOUND BY, ANY EXPRESSED OR

IMPLIED WARRANTIES, GUARANTIES, STATEMENTS,

REPRESENTATIONS OR INFORMATION PERTAINING TO THE

PROPERTY OR RELATED THERETO MADE OR FURNISHED BY SELLER,

BROKER, OR ANY PARTY REPRESENTING OR PURPORTING TO

REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR

INDIRECTLY, ORALLY OR IN WRITING, UNLESS SPECIFICALLY SET

FORTH IN THIS CONTRACT.

THE SPECIAL WARRANTY DEED CONVEYING TITLE TO THE

PROPERTY WILL CONTAIN SIMILAR PROVISIONS TO THE ABOVE.

C. (1) At Closing, Buyer will accept the Property in its current condition

reasonable wear excepted. Buyer releases Seller from any responsibility to

remediate or remove any Hazardous Substance (defined below) and any

violation of environmental laws.

(2) For purposes of this Contract:

(a) the term “Environmental Laws” means any and all laws, statutes,

ordinances, rules, regulations, judgments, orders, decrees, permits,

licenses, or other governmental restrictions or requirements

relating to health, the environment, any “Hazardous Substance”

now or any time prior to Closing in effect in the jurisdiction in

which the Property is located, including, without limitation, the

Comprehensive Environmental Response, Compensation and

Liability Act of 1986, as amended (42 U.S.C. § 9601 et seq.), the

Resource Conservation Recovery Act, as amended by the

Hazardous and Solid Waste Amendments of 1984, as now or

hereafter amended (42 U.S.C. § 6901 et seq.), the Hazardous

Materials Transportation Act, as amended (49 U.S.C. § 1801 et


seq.), the Clean Air Act, as amended (42 U.S.C. § 7401, et seq.),

the Clean Water Act, as amended (33 U.S.C. § 1251 et seq.), the

Toxic Substances and Control Act, as amended, 15 U.S.C. Sections

2601 et seq., any and all state and local laws similar to, in whole or

in part, federal toxic waste laws, which from time to time are in

effect in the jurisdiction in which the Property is located, and the

regulations adopted pursuant thereto, any laws or regulations

governing “wetlands”, and any common law theory based on

nuisance or strict liability; and,

(b) the term “Hazardous Substance” means any substance, material,

or waste which is regulated by any local government authority, the

State of Texas, or other state where applicable, or the United States

Government, including, without limitation, any material or

substance which is (i) defined as a “hazardous waste”, “hazardous

material”, “hazardous substances”, “extremely hazardous waste”,

“extremely hazardous substance”, “regulated substance” or

“restricted hazardous waste” under any provision of the

Environmental Laws and (ii) petroleum, including crude oil and

any fraction thereof and any refined petroleum products and

derivatives thereof.

8. BROKERS' FEES:

A. Seller shall be solely responsible for the brokers’ fees due to Alliance Auction

Group, LLC dba United Country – Alliance Auction & Realty. (“Broker”), a

Texas real estate broker. Broker is Seller’s exclusive agent. BROKER DOES

NOT REPRESENT BUYER.

B. Broker will pay up to a 3% commission to any broker who represents Buyer and

who has complied with the guidelines set by Broker in connection with the land

auction by Seller. BUYER IS SOLELY RESPONSIBLE FOR ANY

ADDITIONAL COMMISSION DUE TO BUYER’S BROKER AND SHALL

INDEMNIFY AND HOLD SELLER HARMLESS FROM ANY CLAIMS

BY A BROKER REPRESENTING BUYER, INCLUDING BUT NOT

LIMITED TO ATTORNEY’S FEES AND REASONABLE COSTS.

9. CLOSING: The closing (“Closing”) of the sale will be on or before July 1, 2011, unless

extended in writing by Seller (the “Closing Date”), in the offices of the Title Company.

If either party fails to close this sale by the Closing Date, the non-defaulting party will be

entitled to the remedies contained in Paragraph 14 below. At Closing Seller shall furnish

tax statements or certificates showing no delinquent taxes, and a special warranty deed, in

a form solely satisfactory to Seller, conveying good and indefeasible title showing no

additional exceptions to those permitted in Paragraph 6 above.

10. POSSESSION: Seller shall deliver possession of the Property to Buyer at Closing and

funding.


11. SETTLEMENT AND OTHER EXPENSES: The following expenses must be paid at

or prior to Closing:

A. Seller's Expenses: Releases of existing liens, including prepayment penalties and

recording fees; release of Seller's loan liability; tax statements or certificates;

preparation of deed; one-half of the escrow fee charged by the Title Company;

and other expenses stipulated to be paid by Seller under other provisions of this

Contract.

B. Buyer's Expenses: Loan application, origination and commitment fees; lender

required expenses incident to new loans, including PMI premium, preparation of

loan documents, recording fees, tax service and research fees, warehouse or

underwriting fees, amortization schedule, premiums for mortgagee title policies

and endorsements required by lender, credit reports, photos; required premiums

for flood and hazard insurance; required reserve deposit for insurance premiums

and ad valorem taxes; interest on all monthly installment notes from date of

disbursements to one month prior to dates of first monthly payments; customary

Program Loan costs for Buyer; one-half of the escrow fee charged by the Title

Company; and other expenses stipulated to be paid by Buyer under other

provisions of this Contract.

12. PRORATIONS AND ROLLBACK TAXES:

A. PRORATIONS: Taxes for the year 2010 and prior years shall be paid by Seller

and the taxes for 2011 will be prorated to the Closing Date.

B. ROLLBACK TAXES: If this sale or Buyer's use of the Property after Closing

results in the assessment of additional taxes, penalties or interest (Assessments)

for periods prior to Closing, the Assessments will be the obligation of Buyer.

Obligations imposed by this paragraph will survive Closing.

13. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other

casualty loss after the effective date of the Contract, Seller shall assign to Buyer a portion

of Seller’s right, title, and interest to any claims and proceeds Seller may have with

respect to any casualty insurance policies. The portion of Seller’s right, title and interest

to any claims and proceeds in casualty insurance policies assigned to Buyer shall be

determined by Seller and shall be based on the total amount of damage and the terms of

the casualty insurance policy. Buyer shall accept such assignment as Buyer’s sole and

exclusive remedy. A casualty loss shall not terminate this Contract unless Seller fails to

make the assignment called for herein. If Seller fails to make the assignment of all of

Seller’s right, title and interest to any casualty insurance policies, Buyer may either (a)

terminate this Contract and the Earnest Money will be refunded to Buyer or (b) extend

the time for performance up to 15 days and the Closing Date will be extended as

necessary.

14. DEFAULT: If Buyer fails to comply with this Contract, Buyer will be in default, and

Seller’s sole remedy will be to either (a) enforce specific performance or (b) terminate

this Contract and receive the Earnest Money as liquidated damages, thereby releasing


both parties from this Contract. If Seller fails to comply with this Contract, Seller will be

in default and Buyer’s sole remedy will be to either (a) enforce specific performance or

(b) terminate this Contract and receive the Earnest Money, thereby releasing both parties

from this Contract.

15. ATTORNEY'S FEES: The prevailing party in any legal proceeding brought under or

with respect to the transaction described in this Contract is entitled to recover from the

non-prevailing party all costs of such proceeding and reasonable attorney's fees.

16. REPRESENTATIONS: Seller represents that as of the Closing Date there will be no

liens, assessments, or security interests against the Property.

17. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", as defined by

applicable law, or if Seller fails to deliver an affidavit that Seller is not a "foreign

person", then Buyer shall withhold from the sales proceeds an amount sufficient to

comply with applicable tax law and deliver the same to the Internal Revenue Service

together with appropriate tax forms. IRS regulations require filing written reports if cash

in excess of specified amounts is received in the transaction.

18. AGREEMENT OF PARTIES: This Contract, together with the attached exhibits,

contains the entire agreement of the parties and cannot be changed except by their written

agreement. This Contract supersedes all prior negotiations, correspondence,

understandings, brochures, and agreements among the parties hereto respecting the

subject matter hereof.

19. CONSULT YOUR ATTORNEY: This Contract was furnished to Buyer prior to its

execution. The Buyer has been advised to consult an attorney BEFORE signing.

20. NOTICES: All notices from the parties to each other must be in writing and are effective

when mailed, via certified mail, postage prepaid or hand-delivered as follows:

If to Seller: _______________________

_______________________

_______________________

Telephone No. __________

Facsimile No.____________

E-mail:

with copies to: Adair, Morris & Osborn, P.C.

attn: Scott D. Osborn

325 N. St. Paul Street, Suite 4100

Dallas, Texas, 75201

Telephone No. (214)748-8000

Facsimile No. (214)761-0658

E-mail: [email protected]

mailto:[email protected]


United Country-Alliance Auction & Realty

Attn: Brent R. Graves

2744 Duniven Circle

Amarillo, TX 79109

Telephone No. 806.553.1960

Cell No. 806.236.0323

Facsimile No. 806.553.1964


If to Buyer: ______________________________

______________________________

______________________________

______________________________

Telephone No. __________________

Cell No. _______________________

Facsimile No. ___________________

E-mail:_________________________

with copies to: ______________________________

______________________________

______________________________

______________________________

Telephone No. __________________

Facsimile No. ___________________

E-mail:_________________________

If to Title Company: Chicago Title Insurance Company

Attn: Leslie B. Wheeler

6688 N. Central Expwy, Suite 560

Dallas, Texas 75206

Telephone No. (214)361-6771

Facsimile No. (214)361-4169


21. TAX-FREE EXCHANGE: Seller shall reasonably cooperate with Buyer in connection

with any tax-free exchange Buyer or Buyer’s assignees desire to complete. Seller shall

not be charged with any additional expense on account of an exchange transaction and

the Closing shall not be extended as a consequence of any exchange. Buyer shall

indemnify and hold Seller harmless from any liability incurred by Seller as a result of

Seller’s participation in the tax-free exchange.

22. ASSIGNMENT: Seller retains the right to make an assignment of this Contract. All

references in this Contract to Seller include Seller and its assigns. Buyer may not assign

this Contract without Seller’s prior written consent.

23. ESCROW: The Earnest Money is deposited with the Title Company with the

understanding that the Title Company is not a party to this Contract and does not have

any liability for the performance or nonperformance of any party to this Contract. If both

parties make written demand for the Earnest Money, the Title Company may require

mailto:[email protected]


payment of unpaid expenses incurred on behalf of the parties and a written release of

liability of the Title Company from all parties. If one party makes written demand for the

Earnest Money, the Title Company shall 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 30 days after notice 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. If the Title Company complies

with the provisions of this paragraph, each party hereby releases the Title Company from

all adverse claims related to the disbursal of the Earnest Money. The Title Company’s

notice to the other party will be effective when deposited in the U.S. mail, postage

prepaid, certified mail, return receipt requested, addressed to the other party at such

party's address shown below. Notice of objection to the demand will be deemed effective

upon receipt by escrow agent.

24. PARAGRAPH HEADINGS: The paragraph headings are included only for convenience

and are not to be used to construe any provision of this Contract.

25. CONTINGENT SALE: SELLER HAS INFORMED BUYER, AND BUYER

ACKNOWLEDGES BEING INFORMED BY SELLER, THAT THE PROPERTY

IS PART OF A COMBINED SALE OF PROPERTY, AS DISCLOSED BY

BROKER TO BUYER (AND BUYER ACKNOWLEDGES RECEIPT OF SUCH

DISCLOSURE). BUYER UNDERSTANDS AND AGREES THAT EACH

PROPERTY CONTAINED IN THE COMBINED SALE MUST BE CLOSED AND

FUNDED INTO ESCROW WITH THE TITLE COMPANY, AS A CONDITION

TO THE EFFECTIVENESS AND BINDING OBLIGATION OF SELLER TO

CLOSE AND FUND THE SALE DESCRIBED IN THIS CONTRACT. IF ONE

OR MORE PROPERTIES CONTAINED IN THE COMBINED SALE DOES NOT

TIMELY CLOSE AND FUND AS DESCRIBED HEREIN, THEN SELLER

SHALL NOT BE OBLIGATED TO CLOSE AND FUND ON THE

TRANSACTION DESCRIBED HEREIN WITH BUYER. BUYER HEREBY

WAIVES ANY AND ALL CLAIMS, DEMANDS, OR ACTIONS IT MAY HAVE

AGAINST SELLER, AND DOES HEREBY HOLD HARMLESS, RELEASE, AND

AGREE TO INDEMNIFY SELLER, FOR ALL COSTS, EXPENSES, FEES,

PENALTIES, INTEREST, AND DAMAGES, WHICH BUYER MAY INCUR AS A

CONSEQUENCE OF ALL PROPERTIES CONTAINED IN THE COMBINED

SALE NOT TIMELY CLOSING AND FUNDING THEREBY RESULTING IN

THE TERMINATION OF THIS CONTRACT. NOTWITHSTANDING THE

FOREGOING, SELLER MAY WAIVE THE CONTINGENCY STATED ABOVE,

IN WHICH EVENT, BUYER SHALL BE OBLIGATED TO CLOSE AND FUND

IN ACCORDANCE WITH THE TERMS OF THIS CONTRACT AND FAILURE

TO DO SO SHALL CONSTITUTE AN EVENT OF DEFAULT HEREUNDER.

______________

Buyer's Initials

EXECUTED effective as of the ____ day of __________, 2011 (the “Effective Date”).


SELLER’S SIGNATURE PAGE

TO CONTRACT FOR SALE OF REAL ESTATE


SELLER: ________________________

_______________________

________________________________________

BY:


BUYER’S SIGNATURE PAGE

TO CONTRACT FOR SALE OF REAL ESTATE


BUYER:

________________________________________

________________________________________


TITLE COMPANY RECEIPT

Receipt of [___] Contract and [___] $_________________ Earnest Money in the form of

_______________________________________ is acknowledged.

Date: ________________, 2011.

(Title Company)

By:_____________________________________

Name:________________________________

Title:_________________________________


Be sure to mark your calendar for Thursday, May 26th, 2011

2:00PM CST

Please call our office if you have any questions

2744 Duniven Circle Amarillo, TX 79109

Toll Free: 877-271-7891

Office: 806-553-1960 Fax: 806-553-1964

[email protected] www.AllianceAuctioneers.com

Please be sure to check out our website for up-to-date details for this auction as well as upcoming auctions.

Lewisville, Texas Property Information Package-Revised

Documents

Transcript of Lewisville, Texas Property Information Package-Revised