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1630 & 1638 Brumlow Ave., 2020 - Tax Proration Agreement and Disclosures TAX PRORATION AGREEMENT AND DISCLOSURES Date: June 10, 2020 Buyer: The City of Southlake 1400 Main St, Suite 460, Southlake,TX 76092 Seller: Balla C.Wright 1640 Brumlow Ave, Southlake,TX 76092 Property: 1630 and 1638 Brumlow Ave, Southlake, TX 76092 Seller has sold the Property to Buyer and as part of the settlement of this transaction, 1. Ad valorem real property taxes for the current year 0 have❑ have not been prorated between the parties. 2. Personal property taxes, if any, as to any inventory, mobile home or other personal property situated on the Property❑ have 0 have not been prorated between the parties. 3. Disclosures: ❑ Proration of taxes, if any, is based on tax information for the current year. a Proration of taxes, if any, is based on tax information from the prior year, the current year's tax status not yet being available. ❑ Taxes on the Property for the prior year did not include the value of any NEW CONSTRUCTION. Proration of taxes for the current year is based on information provided by the appraisal district that the property will be taxed as ❑ Unimproved ❑ Partially improved ❑ Fully improved ❑ Taxes on the property are currently based on an OVER 65 exemption which will not be allowed for the remainder of the current year. Proration of taxes is based on the exemption through settlement, but should not be used to estimate taxes for the full current year, nor for subsequent years. ❑ Taxes on the property are currently based on an AGRICULTURAL, OPEN SPACE OR FOREST LAND valuation and may be subject to ROLLBACK,with additional taxes becoming due for the current and/or prior years. ❑ Taxes on the Property are currently based on a description that appears to contain more land area than the Property, as conveyed, appears to contain.This could result in the imposition of a SUPPLEMENTAL TAX BILL for the current and/or prior years. ❑ Some or all of the Property is not currently being taxed as an independent tax tract or tracts. It is unlikely that the taxing authority(ies)will recognize the Property independently for the current year's taxes and, therefore, NEITHER BUYER NOR SELLER MAY INDEPENDENTLY PAY TAXES FOR THE CURRENT YEAR ON THEIR INDIVIDUAL PORTIONS OF LAND. 4. Fidelity National Title Agency, Inc. (Settlement Agent)can neither guarantee the accuracy of the tax information provided to it by third parties, nor of any good-faith estimates upon which tax prorations may have been made. 5. The amount of escrow collected at closing for future payment of taxes(Tax Escrow)is determined by Lender, not by Settlement Agent. 6. Settlement Agent assumes no responsibility for notifying taxing entities of this transaction, nor for assisting Buyer with application for any exemptions or special valuations. 7. Personal property. Neither title to nor taxes on items of personal property are covered by title insurance. TAX PRORATION AGREEMENT AND DISCLOSURES TXFNFESC TaxProrationAgreementAndDisdosures.doc 0 GFO FT'24411-90f.M820001222 TAX PRORATION AGREEMENT AND DISCLOSURES (Continued) Agreement., * Buyer and Seller agree and hereby instruct Settlement Agent to use the following amount(s) for proration of taxes for the current year: Five Thousand Four Hundred Twenty-Eight And 39/100 Dollars ($5,428.39) * Seller and Buyer agree and hereby instruct Settlement Agent to perform NO PRORATION of taxes for the current year-AND— 11 SELLER AND BUYER AGREE TO COOPERATE to pay the taxes for the current year on the Property at such time as the tax bills are issued and before they become delinquent, each paying their prorated portion, Settlement Agent having no liability therefor. • Seller and Buyer agree that SELLER WILL BE FULLY RESPONSIBLE for payment of taxes for the current year on the Property at such time as the tax bills are issued and before they become delinquent, Settlement Agent having no liability therefor, • Seller and Buyer agree that BUYER WILL BE FULLY RESPONSIBLE for payment of taxes for the current year on the Property at such time as the tax bills are issued and before they become delinquent, Settlement Agent having no liability therefor. 8. In the event actual taxes for current year are determined to Ibe more or less than the figures used by Settlement Agent for estimates or prorations or by lender for Tax Escrow, Seller and Buyer agree to adjust any differences between and among themselves and/or Lender, and to hold Settlement Agent harmless from any liability therefor, 9. Should a bill for Supplemental Tax(es) for prior years be issued on the Property, Buyer agrees to immediately pay such taxes and to indemnify and hold harmless Fidelity National Title Agency, Inc. (Settlement Agent), Fidelity National Title Insurance Company (Underwriter), and its Agent. 10, Buyer and Seller agree to indemnify and hold harmless Fidelity National Title Agency, Inc, (Settlement Agent), Fidelity National Title Insurance Company (Underwriter), and its Agent with regard to any Rollback Tax(es) for prior years. The outhlake BY; Date Balla C. Wright Date TAX PRORAMN AGREEMENI AND DISCLOSURES "I"XFNFESC,,-TaxProrati(inA(jia:oMarTi�iltAvidDts,cicsuri,�,.()(rc GF#: FT-24411-gDO1182000222 TAX PRORATION AGREEMENT AND DISCLOSURES (Continued) Agreement: 0 Buyer and Seller agree and hereby instruct Settlement Agent to use the following amount(s)for proration of taxes for the current year: Five Thousand Four Hundred Twenty-Eight And 39/100 Dollars($5,428.39) ❑ Seller and Buyer agree and hereby instruct Settlement Agent to perform NO PRORATION of taxes for the current year-AND— ❑ SELLER AND BUYER AGREE TO COOPERATE to pay the taxes for the current year on the Property at such time as the tax bills are issued and before they become delinquent, each paying their prorated portion, Settlement Agent having no liability therefor. ❑ Seller and Buyer agree that SELLER WILL BE FULLY RESPONSIBLE for payment of taxes for the current year on the Property at such time as the tax bills are issued and before they become delinquent, Settlement Agent having no liability therefor. ❑ Seller and Buyer agree that BUYER WILL BE FULLY RESPONSIBLE for payment of taxes for the current year on the Property at such time as the tax bills are issued and before they become delinquent, Settlement Agent having no liability therefor. 8. In the event actual taxes for current year are determined to be more or less than the figures used by Settlement Agent for estimates or prorations or by lender for Tax Escrow, Seller and Buyer agree to adjust any differences between and among themselves and/or Lender, and to hold Settlement Agent harmless from any liability therefor. 9. Should a bill for Supplemental Tax(es)for prior years be issued on the Property, Buyer agrees to immediately pay such taxes and to indemnify and hold harmless Fidelity National Title Agency, Inc. (Settlement Agent), Fidelity National Title Insurance Company(Underwriter),and its Agent. 10. Buyer and Seller agree to indemnify and hold harmless Fidelity National Title Agency, Inc. (Settlement Agent), Fidelity National Title Insurance Company(Underwriter), and its Agent with regard to any Rollback Tax(es)for prior years. The City of Southlake BY: Date 110/2-020 a la C.Wright iv Date TAX PRORATION AGREEMENT AND DISCLOSURES TXFNFESC_TaxPmmuonAgreementAndDisG ures.doc