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<br /> 8.PREFERRED LENDERS: The BUYER(S)is not required to use one of Highland Holdings',Inc.prefe�red lenders. The BUYER(S) {
<br /> is free ta obt�in mortgage services from eny source they choose, it shouid be noted that Highiand Hotdings,Inc.has a business
<br /> relationship with rnultip{e tenders. 8ecause of this relationship,if you select one o#aur Prefe�red l.enders as you�l.E�lDER,that
<br /> selection may provide Highiand Holdings,Inc.a financiat ar other benefit.Hawever,by ob#aining the BUYER'S MORTGAGE LOAN
<br /> through one af Nighlend Haldings`,inc.preferred lenders. Hlghiand Holdings,Inc.agrees to pay the fo}lowing closing cosis:
<br /> • Gonstruc6on lnterest on ConstrucGon/Perm Loans
<br /> � • Documentary Stamps on Deed
<br /> • Survey
<br /> • Termit�&Soi(Treatment
<br /> • Ftecarding Fees
<br /> • Owner's Title Insurance 8 Endor�ements
<br /> , In addition 8uyers agree ta authosize Lender to d3sclose any and alI pe�ilnent loan qualifying informa�an to Selier including but not
<br /> ! limited to;Income,DTI,FlCO scores,eta
<br /> 9. FA{LURE TO QBTAlN �OAN: if wnhin 45 days from the date this Purchase and Sales Agreement is executed by the Buyer{s),
<br /> through no fault of the Buyer(s), the mortgage aompany, a Government Agency, a not-tar-profit agency, andlar other instttutions
<br /> passing upon the credit of the Buyer(s),fail to p�ovide an unaonditional loan and/or funding assistanae appr4va!in writing for financing,
<br /> suh�ecf only ta receipt o€aq acaeptab(e appralsal, updating fhe Buyec's dacumenfs wi#hin fi0 days of Ctosing and normai ctosing
<br /> conditfons,then SeUer may,at its aption,terminate this Purchase and Sales Agreernent either verbat{y or in writing and#hen return the
<br /> eamest rnoney deposit to the Buyer(s). Upon return af the deposit by Setler,all obiigations of the part+es hereunder shall terminate. If
<br /> cond�ionafi foan approvai has�een obtained, but the Bayer(s) alters their ftnanaal condi#ion in a way that disqualifies them from final
<br /> loan approval,the BUYER(S)will be in default of the PURCHASE AND SALES AGREEiV�EM'and ihe SEl,I.ER will tiave the righi ta
<br /> terminate the PURCIIASE ANp SALES AGREEMENT and retain a!I of the EARNES7 MCINEY DEPOSITS, OPTION QEPOSITS and
<br /> , other amounts the BUYER(S)has deiivered as the SELLER'S iiquidated damages.
<br /> 10.CHANG�OF LENDER: Once an Acceptabte Loan Approva!has been obtalned by BUYER(Sj from SHELTER MC?ATGAGE,LLC
<br /> or any other LENDER,i#is In the best interest of both ihe Buyer(s)and the Seller to not change Lenders. If Buyer chooses to change
<br /> fenders after a futl toan appraval has been received, Buyers fiaiture ta ctose caused by reiusal to foan or by the new lender or by
<br /> Buyer's e{ection not to close shall constitute a default under this contract as {�rovided in P"aragraph 9 above. Seller must app�ove
<br /> change and receive fu11 loan approval from new lender with9n 5 business days of notification ftom Buyer and aaceptance from Setler.
<br /> Buyer understands and agrees that they will NOT changa ienders within 30 days ofi ciosing.
<br /> 11.PRORATlONS: Seller shall prarate a!!real sstate lauces,Flameawner's Associa#ion dues,assessments and other charges against
<br /> the Home as of the date of Closing. After either the Construction/Perm closing,or after the End Loan closing,the Buyer(s)wiil be
<br /> �I responsible for al!such charges whether or not these charges were levied or assessed before or after Closing.
<br /> � 12.LANDSCAPING!DRAINAGE: A!I grading,fill,disposit+an of trees and cont�a!of watec flow wi!!be performed In a lawwft�l manner,
<br /> but o#herwise will be campleted at Sel(er's sole discretion. Certain areas of the Lot may be!eft in ttieir natural state and may not he
<br /> landscaped in any w2y. At Ctosing,Selfer's responsibility with respect ta soil erosion,soil conditions,drainage,grass,shrubbery and
<br /> landscaping terminafes and Buye�'s responsibiltty Degins. 5e!!er is not liable(ar trees ar lack thereaf, or damages or destructioo of
<br /> trees on the property and makes no warranty whatsoever as ta the type, location or amount of trees which wiil be on the property
<br /> andlar the candition of those trees before,�fter or during construction.
<br /> 13.LOTS; Each Lot is unique In its size,shape and dratnage charactet�stics. Buyer(s)uttderstands and agrees that the size af tt��lai
<br /> siope;the e�ct loc�tion of sidewalks and driveways (if any); and the dr2�inage pattems of their lot wifl differ ftom the modet home
<br /> plans,drawings qr fenderings they have aycamined. Seiles reserves the right to determine the tocation and configuratian af the hause
<br /> upon the lot subjec#to subdlvision requirements. In the event ittat the type of house dssired tsy Buyer(s)will Rot fif on ihe lot within
<br /> subdivision requirements,Seller shall so notify Buyer(s)and if Glosing has not ocaurred,this Pwchase and Sales Agreement shall be
<br /> terminated and the deposits retumed ta Buyer(s},�nd the parties shati 6e released frorn all furiher liabiiity hereunder. In the event this
<br /> is discovered after ihe Clasing of a Construciton J Pe�m laan and priar ta ihe ir►od9fication af#he toan,the exclusive remedy available#o
<br /> Buyer(s)shall be to re-convey property to Seller without lien except the construction laan and Seller shalt reimburse Buyer{s�tor down
<br /> payment and closing costs. After modification Buyer(sj is limited to darnages,which are recoverable at I�w.
<br /> t A. }C FHA/VA: !�ibe event the loan application is rejected by either FHA,VA,the rr�ortgage cornpany,or other instittutions passing
<br /> upon the credit a#the Buyer(s),the�the eamest rnoney deposit shatl be refunded to Buyer(s),less ored(i repnrt charges,app�aisaf fee,
<br /> rentai charges and darnage fo house, if any, and this Purchase and Sales Agreement shafl be nult and void, provided however, if
<br /> Buyer{s)either falls ta appty far a laan ar is rejected because Buyer(s}faiEs to timety supply F�fA,VA,the mortgage company,or other
<br /> institutfons inforrna4on or documents required to proasss the appticafian, then the eamest money depasit shaii he fa�teiter3. tt is
<br /> e�ressly agreed that,noiwithstanding any othar provisions o#this Purchase&Sales Agreemeni,the Buye�(sj shalt not be nbligated ta
<br /> , complete the purchase af the property described herein or to incur any penaliy by forfeiture ofi eamest maney depos'rts ar otherwise
<br /> I unless the Buyer{sj has been given in accordance wiih F#llD/FHA o�VA requirements a written statement isse�ed by the Federai
<br /> Housing Commissioner, Departrnent of Veterans Affairs, or a direct endorsement lender, sstting forth the appraised value of the
<br /> praperty af npt less#han$263,304.00,the appraised valuatlon is anived at to determine the maxirnum mortgage the Department of
<br /> Hausing and Urban Develapment wtil insure. HISD daes not warrant the vaiue or the conditian of the property. ?'he 8uyer(s} shauid
<br /> satisfy himselflherself that the price and condi#3on af ihe property are acceptable.3he Suyer(s)shall,however,have the privitage ant3
<br /> option of proceeding with the consummation of this Purchase and Sales Agre�ment without regard to the amnunt of the reasonable
<br /> value est�blished by the Veterans Administ�ation ar the Federal iiousing Administration. SeNer agrees to complete the proposed
<br /> construcrion in accordance w!#h plans and specifications heretafore submitted ta the FNA or VA and ta obtain an FHA or VA
<br /> Compliance tnspection Report showing satisfactory compliance, Recaipt by Seller of FI1A or VA final Gompliance lnspection Repo�t
<br /> shatl constitute conctusive evidence of aomptetion,
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<br /> '� f' Clien#!D:A36488
<br /> CGCQ58560 ver.8/11 ' BUYER(S)INITIALS l. �� Psge 2 Of 9 Patty
<br /> Casamasslma and Rmado Navas/3fi304 Delta GoW Ct. Ba5@
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