Figure: 7 TAC §90.603(d)(19)
"1. If you are dismissed from the Work, or you do not complete the Work, the Note amount will
be reduced by the amount reasonably necessary to complete the Work. If you are
not the Note holder, the holder may complete the Work.
2. This Contract is executed, acknowledged, and delivered before any labor has been performed or
any material has been furnished for the Work. This Contract is entered into by all
Owners with the consent of each Owner's spouse.
3. If any of the Property is sold under this Contract, I will immediately move from the Property.
If I fail to do so, I will become a Tenant at Sufferance of the purchaser,
subject to
Forcible Detainer.
4. Statements in any Trustee's deed conveying the Property are assumed to be true.
5. The Lien is prior to liens created later, even if the Note is extended or part of the Property is released.
6. Payments will be applied first to satisfy any portion of the Note that is not secured by this Contract.
7. I transfer to you
all condemnation proceeds. I also transfer to you all proceeds from a private
sale in lieu of condemnation. I further transfer to you all damages caused by
public
works on or near the Property. After deducting any expenses, including
attorneys' fees and court and other lawful costs, you will either release any
remaining amounts to me or
apply them to reduce the Note. I will immediately
give you notice of any actual or threatened proceeding for a taking of all or
part of the Property.
8. You do not elect remedies by continuing under this Contract, beginning foreclosure, or pursuing any other remedy.
9. As additional security, I assign to you the rents of the Property, provided that you have the
right, prior to acceleration or abandonment of the Property, to collect and
retain
the rents as they become due. Upon acceleration or abandonment, you, by
agent or by court-appointed receiver, will be entitled to enter, take
possession, manage the Property,
and collect due and past due rents. All rents
you or the court-appointed receiver collect will be applied first to payment of
the costs of management of the Property and collection
of rents, including
receiver's fees, premiums on receiver's bonds, and reasonable attorneys' fees,
and then to the sums secured by this Security Document. You and the receiver
will be liable to account only for rents received.
10. I do not have to pay interest or other amounts that are more than Applicable Law allows.
11. Where appropriate, singular nouns and pronouns include the plural.
12. The word "may" gives sole discretion without imposing any duty to take action."