THE STATE OF TEXAS



THE STATE OF TEXAS

THE COUNTY OF EDWARDS FALCON RIDGE RANCH

CONTRACT FOR DEED

THIS AGREEMENT, made and entered into , 20 , by and between Falcon Ridge Ranch, hereinafter called SELLER, and , hereinafter called PURCHASER.

WITNESSETH:

That SELLER, by this agreement has contracted to sell to purchaser on the terms and conditions hereinafter set forth, the following described tract of land: being Tract , (+/-) acres of land, and further identified on the attached map. The property, if not already platted, shall be platted and recorded prior to conveyance. The platted property description shall be subject to the approval of PURCHASER, and shall supersede and replace the description on the attached map. The cash price of the above described property is $ (this figure shall be amended once the final survey is completed) ($ per acre) payable as follows:

$ , total down payment, the receipt of which is hereby acknowledged, and there shall be an unpaid principal balance of $ on said price. PURCHASER agrees to pay said unpaid balance, with interest on the unpaid principal balance at a rate of % per annum, in equal monthly installments of $ , on the * day of each month, the first payment being due and payable *30 days after final plat approval by the Edwards County Commissioners Court, 20 . Interest will be calculated on the unpaid principal to the date of each installment paid. Payments will be credited first to the accrued interest and then to the reduction of principal. All checks and remittances shall be made payable to:

FALCON RIDGE RANCH,

1001 WATER STR., STE. B200

KERRVILLE, TEXAS' 78028.

WARRANTY DEED

Within one hundred eighty (180) days from the date of this Contract For Deed, SELLER will issue or cause to be issued to PURCHASER a General Warranty Deed, conveying title to surface only of said property. The Warranty Deed shall be subject to all matters of record affecting the title, including but not limited to, restrictions, reservations, covenants, rights of way, easements, and other matters, if any, affecting the property that are valid, existing and properly of record with the County Clerk of Edwards County or shown on the recorded plat. PURCHASER may pay cash for the property or secure Bank or Seller-Financing to purchase the property. If this is a Seller-Financed transaction, it is possible that there may be acquisition and/or development liens on the property. If such liens exist, they will be released upon PURCHASER’S final payment of the Seller-Financed Note. The initial principal amount of the Seller-Financed Note shall be the existing balance on the above-described Contract For Deed. PURCHASER has no obligation to pay any acquisition/development indebtedness. PURCHASER’S sole responsibility is to pay the Note described above and abide by the terms of this Contract For Deed. A title policy will be issued at PURCHASER'S option and PURCHASER’S expense. In the event PURCHASER fails or refuses to make payments as above provided, or PURCHASER fails or refuses to sign closing and loan papers, then this Contract For Deed shall be terminated according to applicable laws.

OTHER PROVISIONS

It is expressly agreed that all ad valorem taxes from the date of purchase shall be the obligation of PURCHASER. Should said taxes become due and payable and remain unpaid, PURCHASER hereby authorizes SELLER, at SELLER'S option, to deduct from PURCHASER'S payments a sum equal to such taxes and to pay such taxes to the proper taxing authorities. Any sum so deducted for taxes shall not be credited to the payment of the balance due on the purchase price, principal or interest, as above provided, but shall be applied to PURCHASER'S contractual obligation to pay such taxes on said property pursuant to this contract, and a service charge of $10.00 or eight (8.0%) percent of the delinquent payment, whichever is less, shall be made by PURCHASER to SELLER each time this condition occurs.

In the event PURCHASER fails or refuses to make payments prior to the conveyance of the property, as above provided, including principal, interest, and/or taxes, or fails to comply with the attached restrictions and covenants, then the Contract For Deed shall be in default. Forfeiture under this Contract For Deed shall take place in compliance with Section 5.061 et. seq., of the Texas Property Code. Seller shall never be held to have waived any default by accepting late payments or granting extensions to PURCHASER. In the event that SELLER shall grant purchaser a reinstatement after the Contract has been canceled as herein before set forth, PURCHASER agrees to pay a fee of $50.00 for any such reinstatement.

PURCHASER has identified and is satisfied as to the location of the above described land. SELLER assumes no liability for changes in usage or appearance of adjoining property. SELLER will not be responsible for any statements made by its agents not contained herein, and this contract shall not be binding on SELLER until same has been confirmed by SELLER, and is not assignable by PURCHASER without the written consent of SELLER.

SELLER reserves the right to deed this property at any time so desired and PURCHASER agrees to execute a Seller-Financed Note and Deed of Trust with the same remaining balance, interest rate and monthly payments as in the Contract For Deed. PURCHASER hereby authorizes PURCHASER’S credit report to be furnished to SELLER. If this Contract For Deed, or a subsequent note, is assigned to a third party by SELLER, PURCHASER agrees to provide current financial information within 15 days of the request for same to the third party to facilitate said transfer. It is understood that all financial information provided by PURCHASER shall be kept in confidence.

SELLER has constructed or intends to construct a graded caliche/gravel covered road (the "Access Road") between the entrance of the development and the above described property adequate in width for single vehicle access. SELLER, by written instrument or by the plat, grants to PURCHASER or PURCHASER's heirs and/or assigns, a non-exclusive easement right to use said Access Road for the purpose of ingress and egress to the property. PURCHASER is hereby notified that caliche or other material may be removed from his property to construct this road. PURCHASER understands that this is a common practice in the construction of this type of road and agrees that he will not be compensated for these activities. Except for the construction of the Access Road, SELLER does not intend to otherwise develop or provide new amenities (including, without limitation, any electric, sewer, water, telephone or other utilities) to the property being purchased by PURCHASER under this Agreement.

PURCHASER is advised that the presence of wetlands, toxic substances including lead-based paint or asbestos and wastes or other environmental hazards or the presence of a threatened or endangered species or its habitat may affect PURCHASER'S intended use of the property. If PURCHASER is concerned about these matters, an addendum either promulgated by the Texas Real Estate Commission or required by the parties should be used.

The terms and conditions of this contract shall survive the closing of this transaction.

PURCHASER agrees to comply with the restrictions and covenants as follows:

RESTRICTIONS AND COVENANTS

The property in the Falcon Ridge Ranch, as recorded in the plat records of Edwards County, Texas, is subject to the covenants hereby made by the developer, (Seller), to-wit:

1. That these covenants are to run with the land and shall be binding on the Purchaser and all persons claiming under him. Purchaser understands that these restrictions and covenants are filed in the Real Property Records of Edwards County, Texas.

2. Hunting of all kinds for all game or other animals, whether on foot or by vehicle, is prohibited on or from roads in Falcon Ridge Ranch. That the above property herein shall not be used for commercial or day lease hunting nor any manufacturing purposes. There exists a grazing lease on this property. Purchaser understands that livestock may be present on his land and that sources of water on his land that existed when the property was purchased may be used for said livestock. Purchaser has no obligation to continue this lease and may cancel the lease on his property by constructing fencing that meets local standards and is adequate to keep Lessee's livestock off his property and then giving Lessee 30 days advance notice that he wishes to not participate in the lease. If Purchaser desires to remove or alter any existing fences on his property Lessee shall be notified in advance in order to maintain control of the livestock.

3. That no automobile, truck, trailer, or other vehicle shall be abandoned on this property, nor shall there be any dumping or placing of unsightly objects of any kind on the property.

4. That no structure of any kind (including hunting blinds and/or deer feeders) shall be permitted within 100 feet of any property line.

5. No noxious or offensive activity shall be carried on upon any tract nor shall anything be done thereon which may be or become an annoyance or nuisance to any adjoining tract. No tract shall be maintained or utilized in such a manner as to violate any applicable statute, ordinance or regulation of the United States of America, the State of Texas, the County of Edwards, if applicable, or any other governmental agency having jurisdiction thereof.

6. Discharge of sewage from an RV, home or cabin on your property is strictly prohibited and illegal unless it is discharged into a permitted septic system (On Site Sewage Facility - OSSF) installed by a licensed installer.

7. Not more than one residence shall be permitted on any tract. No communal residences shall be permitted.

8. That no commercial swine operation shall be permitted.

9. PURCHASER agrees not to impede the flow of water in and to existing water lines, tanks, or troughs that are on his property and grants ingress and egress to persons who need to maintain said improvements and wells which furnish water to the lines, tanks or troughs. Only those Purchasers who own an interest in an existing well shall have the right to use water from said well unless water use is granted by the owners of the well. Seller will not furnish water to any existing water troughs or tanks.

10. That no tract may be subdivided without the express written consent of the SELLER. This restriction will not prevent the Texas Veteran's Land Board (TVLB) from deeding a tract to a veteran for the purpose of a home site.

11. PURCHASER hereby authorizes SELLER and/or Assigns to charge each property owner a maintenance fee of $1.00 per acre, per year, not to exceed $300.00 to improve and maintain entrances, roads, community wells, water lines, storage tanks and any other maintenance deemed necessary by the SELLER and/or Assigns in the Falcon Ridge Ranch Subdivision. Such charge shall not be assessed against SELLER and/or Assigns. Such charge shall be made by direct billing to the property owner. If PURCHASER refuses to make said payments, PURCHASER hereby authorizes SELLER, at SELLER's option, to deduct such charge from payments made by PURCHASER, and any such charge so deducted will not be credited to the payment on the bce due on the purchase price, principal or interest. It is understood and agreed that this road maintenance charge (if not paid within 60 days of billing date) shall become a lien against the tract being conveyed, permitting SELLER and/or Assigns such rights to enforce said liens as may be set forth in Sec. 51.002 of the Texas Property Code, as amended time to time.

12. That at such time as SELLER may determine at his sole discretion, the SELLER shall have the authority but not the obligation to notify each tract owner of the time, date, and a place of a meeting of all tract owners to be held for the purpose of organizing a Property Owner's Association. A majority of the votes of the tract owners in attendance at such meetings or by written proxy shall be sufficient to transact business at such meeting. Each tract owner, including SELLER, attending or represented by written proxy at such meetings shall have one vote for each tract owned by such owner on all business to come before the meeting. Upon the creation and organization of such organization, as non-profit corporation, or otherwise, SELLER shall transfer and assign to the association the current balance of the road improvement and maintenance, if any. Thereafter such association shall have the power, authority and obligation to maintain the roadways of the development and collect the road maintenance assessment. All such assessments upon any tract in the development shall become the personal obligation of the owners of such tract and such association is hereby granted a lien upon each lot to secure the payments of such assessments, permitting said association such rights to enforce said liens as may be set forth in Sec. 51.002 of the Texas Property Code, as amended time to time. It is understood that SELLER, or SELLER’S assigns, shall not be responsible for paying this assessment under any circumstances. In the event a lien has been placed on property to secure the payment of assessments and that property is repossessed or otherwise transferred to SELLER it is understood that all such liens will be released.

13. No deviation of any kind shall be permitted from these restrictions unless permission is granted in writing by the SELLER.

SPECIAL PROVISIONS (if any) The effective date of this contract shall be the date of final plat approval by the Edwards County Commissioners Court. The first monthly payment shall be 30 days from the date of final plat approval. Should Seller fail to obtain final plat approval of Falcon Ridge Ranch all money paid to Seller by Purchaser shall be returned to Purchaser and both parties shall hold each other harmless. .

ORAL AGREEMENTS PROHIBITED

THIS EXECUTORY CONTRACT REPRESENTS THE FINAL AGREEMENT BETWEEN THE SELLER AND PURCHASER AND MAY NOT BE CONTRIDICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

Witness our hands this day of , 20 .

SELLER SALESMAN

___________________________________ ____________________________________

PURCHASER PURCHASER

SS# SS#

___________________________________ ____________________________________

PURCHASER PURCHASER

SS# SS#

ADDRESS:

Phone: Email ____________________________

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download