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R-2017-4638 - 7/27/2017 RESOLUTION NO. R-2017-4638 WHEREAS,the City of Round Rock("City")is the owner of 2.539 acres of land located at the NE intersection of Greenhill Drive and Texas Avenue (the "Property"); and WHEREAS,the Upper Brushy Creek Water Control Improvement District has expressed interest in purchasing the 2.539-acre tract for construction of their office; and WHEREAS, the City desires to sell the Property to the Upper Brushy Creek Water Control Improvement District, Now Therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS, That the Mayor is hereby authorized and directed to execute on behalf of the City a Commercial Contract—Unimproved Property with Upper Brushy Creek Water Control Improvement District regarding the above described Property, a copy of said Contract being attached hereto as Exhibit "A" and incorporated herein for all purposes. The City Council hereby finds and declares that written notice of the date,hour,place and subject of the meeting at which this Resolution was adopted was posted and that such meeting was open to the public as required by law at all times during which this Resolution and the subject matter hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act, Chapter 551, Texas Government Code, as amended. RESOLVED this 27th day of July, 2017. XA1 CRAIG ORG , Mayor City of Round ck, Texas ATTEST: r FIUL-, SARA L. WHITE, City Clerk 0112.1704;00382150 EXHIBIT 49P A TEXAS ASSOCIATION OF REALTORS® COMMERCIAL CONTRACT - UNIMPROVED PROPERTY USE OF THIS FORM BY PERSONS WHO ARE NOT MEMBERS OF THE TEXAS ASSOCIATION OF REALTORS®IS NOT AUTHORIZED. ©Texas Association of REALTORS®,Inc.2016 1. PARTIES: Seller agrees to sell and convey to Buyer the Property described in Paragraph 2. Buyer agrees to buy the Property from Seller for the sales price stated in Paragraph 3. The parties to this contract are: Seller: City of Round Rock Address: 221 East Main Street, Round Rock, TX 78664 Phone: (512)255-8877 E-mail: ghudder@roundrocktexas.gov Fax: Other: Buyer: Upper Brushy Creek WCID Address: 1850 Round Rock Avenue, Suite 100, Round Rock, TX 78681 Phone: (512)284-7685 E-mail: ruth.haberman@upperbrushycreekwcid.org Fax: Other: 2. PROPERTY: A. "Property" means that real property situated in Williamson County, Texas at (address) and that is legally described on the attached Exhibit A or as follows: Lot 1 B, Block A, Replat of Lot 1, Block A, United Auto Parts Subdivision, also being 2.539 acres located at the NE intersection of Greenhill Drive and Texas Avenue, Round Rock, Texas. B. Seller will sell and convey the Property together with: (1) all rights, privileges, and appurtenances pertaining to the Property, including Seller's right, title, and interest in any minerals, utilities, adjacent streets, alleys, strips, gores, and rights-of-way; (2) Seller's interest in all leases, rents, and security deposits for all or part of the Property; and (3) Seller's interest in all licenses and permits related to the Property. (Describe any exceptions, reservations, or restrictions in Paragraph 12 or an addendum.) (If mineral rights are to be reserved an appropriate addendum should be attached.) 3. SALES PRICE: A. At or before closing, Buyer will pay the following sales price for the Property: (1) Cash portion payable by Buyer at closing . . . . . . . . . . . . . . . . . . . . . . . . $ 464,583.00 (2) Sum of all financing described in Paragraph 4 . . . . . . . . . . . . . . . . . . . . $ (3) Sales price (sum of 3A(1) and 3A(2)) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 464,583.00 (TAR-1802) 1-1-16 Initialed for Identification by Seller and Buyer , Page 1 of 13 Summit Commercial 20 Chisholm Trail Round Rock.TY 78681 Phone:(512)244-9707 Fax: UBCWCID Russ Boles Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zipLoaix.com Commercial Contract-Unimproved Property concerning B. Adjustment to Sales Price: (Check (1) or(2) only.) (1) The sales price will not be adjusted based on a survey. (2) The sales price will be adjusted based on the latest survey obtained under Paragraph 6B. (a) The sales price is calculated on the basis of$ 4.20 per: X (i) square foot of X_total area net area. ❑ (ii) acre of]total area❑ net area. (b) "Total area" means all land area within the perimeter boundaries of the Property. "Net area" means total area less any area of the Property within: ❑ (i) public roadways; ❑ (ii) rights-of-way and easements other than those that directly provide utility services to the Property; and L (iii) (c) If the sales price is adjusted by more than % of the stated sales price, either party may terminate this contract by providing written notice to the other party within days after the terminating party receives the survey. If neither party terminates this contract or if the variance is less than the stated percentage, the adjustment to the sales price will be made to the cash portion of the sales price payable by Buyer. 4. FINANCING: Buyer will finance the portion of the sales price under Paragraph 3A(2) as follows: A. Third Party Financing: One or more third party loans in the total amount of$ This contract: (1) is not contingent upon Buyer obtaining third party financing. (2) is contingent upon Buyer obtaining third party financing in accordance with the attached Commercial Contract Financing Addendum (TAR-1931). B. Assumption: In accordance with the attached Commercial Contract Financing Addendum (TAR-1931), Buyer will assume the existing promissory note secured by the Property, which balance at closing will be $ C. Seller Financing: The delivery of a promissory note and deed of trust to Seller under the terms of the attached Commercial Contract Financing Addendum (TAR-1931) in the amount of 5. EARNEST MONEY: A. Not later than 3 days after the effective date, Buyer must deposit $ $20,000.00 as earnest money with Capital Title of Texas, LLC ____ (title company) at 800 S. Austin Avenue, Georgetown, TX 78626 (address) Julia Bechara (closer). If Buyer fails to timely deposit the earnest money, Seller may terminate this contract or exercise any of Seller's other remedies under Paragraph 15 by providing written notice to Buyer before Buyer deposits the earnest money. B. Buyer will deposit an additional amount of $ with the title company to be made part of the earnest money on or before: ❑ (i) days after Buyer's right to terminate under Paragraph 7B expires; or ❑ (ii) Buyer will be in default if Buyer fails to deposit the additional amount required by this Paragraph 5B within 3 days after Seller notifies Buyer that Buyer has not timely deposited the additional amount. (TAR-1802) 1-1-16 Initialed for Identification by Seller , and Buyer I Page 2 of 13 Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www zipl-ogix.com UBCWCID Commercial Contract-Unimproved Property concerning C. Buyer may instruct the title company to deposit the earnest money in an interest-bearing account at a federally insured financial institution and to credit any interest to Buyer. 6. TITLE POLICY AND SURVEY: A. Title Policy: (1) Seller, at Seller's expense, will furnish Buyer an Owner's Policy of Title Insurance (the title policy) issued by any underwriter of the title company in the amount of the sales price, dated at or after closing, insuring Buyer against loss under the title policy, subject only to: (a) those title exceptions permitted by this contract or as may be approved by Buyer in writing; and (b) the standard printed exceptions contained in the promulgated form of title policy unless this contract provides otherwise. (2) The standard printed exception as to discrepancies, conflicts, or shortages in area and boundary lines, or any encroachments or protrusions, or any overlapping improvements: X❑ (a) will not be amended or deleted from the title policy. ❑ (b) will be amended to read "shortages in areas" at the expense of❑ Buyer❑Seller. (3) Within 15 days after the effective date, Seller will furnish Buyer a commitment for title insurance (the commitment) including legible copies of recorded documents evidencing title exceptions. Seller authorizes the title company to deliver the commitment and related documents to Buyer at Buyer's address. B. Survey: Within 10 days after the effective date: ❑ (1) Buyer will obtain a survey of the Property at Buyer's expense and deliver a copy of the survey to Seller. The survey must be made in accordance with the: (i) ALTA/ACSM Land Title Survey standards, or (ii) Texas Society of Professional Surveyors' standards for a Category 1A survey under the appropriate condition. Seller will reimburse Buyer (insert amount) of the cost of the survey at closing, if closing occurs. X (2) Seller, at Seller's expense, will furnish Buyer a survey of the Property dated afteF the effeetive date- The suFvey must be made in aGGOFdanGe with the. (0) ALTA/AGSM Land Title SuFvey standaFds, 0 L (3) Seller will deliver to Buyer and the title company a true and correct copy of Seller's most recent survey of the Property along with an affidavit required by the title company for approval of the existing survey. If the existing survey is not acceptable to the title company, Seller, at Seller's expense, will obtain a new or updated survey acceptable to the title company and deliver the acceptable survey to Buyer and the title company within 20 days after Seller receives notice that the existing survey is not acceptable to the title company. The closing date will be extended daily up to 20 days if necessary for Seller to deliver an acceptable survey within the time required. Buyer will reimburse Seller (insert amount) of the cost of the new or updated survey at closing, if closing occurs. C. Buyer's Objections to the Commitment and Survey: (1) Within 10 days after Buyer receives the commitment, copies of the documents evidencing the title exceptions, and any required survey, Buyer may object in writing to matters disclosed in the items if: (a) the matters disclosed are a restriction upon the Property or constitute a defect or encumbrance to title other than those permitted by this contract or liens that Seller will satisfy at closing or Buyer will assume at closing; or (b) the items show that any part of the Property lies in a special flood hazard area (an "A" or W" zone as defined by FEMA). If Paragraph 613(1) applies, (TAR-1802) 1-1-16 Initialed for Identification by Seller and Buyer Page 3 of 13 Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zipLooix.com UBCWCID Commercial Contract-Unimproved Property concerning Buyer is deemed to receive the survey on the earlier of: (i) the date of Buyer's actual receipt of the survey; or (ii) of the deadline specified in Paragraph 6B. (2) Seller may, but is not obligated to, cure Buyer's timely objections within 15 days after Seller receives the objections. The closing date will be extended as necessary to provide such time to cure the objections. If Seller fails to cure the objections by the time required, Buyer may terminate this contract by providing written notice to Seller within 5 days after the time by which Seller must cure the objections. If Buyer terminates, the earnest money, less any independent consideration under Paragraph 713(1), will be refunded to Buyer. (3) Buyer's failure to timely object or terminate under this Paragraph 6C is a waiver of Buyer's right to object except that Buyer will not waive the requirements in Schedule C of the commitment. 7. PROPERTY CONDITION: A. Present Condition: Buyer accepts the Property in its present condition except that Seller, at Seller's expense, will complete the following before closing: B. Feasibility Period: Buyer may terminate this contract for any reason within 0 days after the effective date (feasibility period) by providing Seller written notice of termination. (Check only one box.) (1) If Buyer terminates under this Paragraph 713, the earnest money will be refunded to Buyer less $ that Seller will retain as independent consideration for Buyer's unrestricted right to terminate. Buyer has tendered the independent consideration to Seller upon payment of the amount specified in Paragraph 5A to the title company. The independent consideration is to be credited to the sales price only upon closing of the sale. If no dollar amount is stated in this Paraaraph7131) or if Buyer fails to deposit the independent consideration. Buyer will not have the right to terminate under this Paragraph 7B. L (2) Not later than 3 days after the effective date, Buyer must pay Seller $ as independent consideration for Buyer's right to terminate by tendering such amount to Seller or Seller's agent. If Buyer terminates under this Paragraph 713, the earnest money will be refunded to Buyer and Seller will retain the independent consideration. The independent consideration will be credited to the sales price only upon closing of the sale. If no dollar amount is stated in this Paragraph 7B(2) or if Buyer fails to pay the earnest money, Buyer will not have the right to terminate under this Paragraph 7B. C. Inspections. Studies. or Assessments: (1) During the feasibility period, Buyer, at Buyer's expense, may complete or cause to be completed any and all inspections, studies, or assessments of the Property (including all improvements and fixtures) desired by Buyer. (2) Buyer must: (a) employ only trained and qualified inspectors and assessors; (b) notify Seller, in advance, of when the inspectors or assessors will be on the Property; (c) abide by any reasonable entry rules or requirements of Seller; (d) not interfere with existing operations or occupants of the Property; and (e) restore the Property to its original condition if altered due to inspections, studies, or assessments that Buyer completes or causes to be completed. (TAR-1802) 1-1-16 Initialed for Identification by Seller , and Buyer Page 4 of 13 Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www zipLoaix,com LIBCWCID Commercial Contract-Unimproved Property concerning (3) Except for those matters that arise from the negligence of Seller or Seller's agents, Buyer is responsible for any claim, liability, encumbrance, cause of action, and expense resulting from Buyer's inspections, studies, or assessments, including any property damage or personal injury. Buyer will indemnify, hold harmless, and defend Seller and Seller's agents against any claim involving a matter for which Buyer is responsible under this paragraph. This paragraph survives termination of this contract. D. Property Information: (1) Delivery of Property Information: Within 10 days after the effective date, Seller will deliver to Buyer: (Check all that apply.) ❑ (a) copies of all current leases pertaining to the Property, including any modifications, supplements, or amendments to the leases; ❑ (b) copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller will not pay in full on or before closing; X (c) copies of all previous environmental assessments, geotechnical reports, studies, or analyses made on or relating to the Property; HXXX (d) copies property tax statements for the Property for the previous 2 calendar years; (e) plats of the Property; ❑ (f) copies of current utility capacity letters from the Property's water and sewer service provider; and ❑ (g) (2) Return of Property Information: If this contract terminates for any reason, Buyer will, not later than 10 days after the termination date: (Check all that apply.) X (a) return to Seller all those items described in Paragraph 7D(1) that Seller delivered to Buyer in other than an electronic format and all copies that Buyer made of those items; ❑X (b) delete or destroy all electronic versions of those items described in Paragraph 7D(1) that Seller delivered to Buyer or Buyer copied; and ❑ (c) deliver copies of all inspection and assessment reports related to the Property that Buyer completed or caused to be completed. This Paragraph 7D(2) survives termination of this contract. E. Contracts Affecting Operations: Until closing, Seller: (1) will operate the Property in the same manner as on the effective date under reasonably prudent business standards; and (2) will not transfer or dispose of any part of the Property, any interest or right in the Property, or any of the personal property or other items described in Paragraph 2B or sold under this contract. After the feasibility period ends, Seller may not enter into, amend, or terminate any other contract that affects the operations of the Property without Buyer's written approval. 8. LEASES: A. Each written lease Seller is to assign to Buyer under this contract must be in full force and effect according to its terms. Seller may not enter into any new lease, fail to comply with any existing lease, or make any amendment or modification to any existing lease without Buyer's written consent. Seller must disclose, in writing, if any of the following exist at the time Seller provides the leases to the Buyer or subsequently occur before closing: (1) any failure by Seller to comply with Seller's obligations under the leases; (2) any circumstances under any lease that entitle the tenant to terminate the lease or seek any offsets or damages; (3) any advance sums paid by a tenant under any lease; (4) any concessions, bonuses, free rents, rebates, brokerage commissions, or other matters that affect any lease; and (TAR-1802) 1-1-16 Initialed for Identification by Seller and Buyer Page 5 of 13 Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zipLogix.com UBCWCID Commercial Contract-Unimproved Property concerning (5) any amounts payable under the leases that have been assigned or encumbered, except as security for loan(s) assumed or taken subject to under this contract. B. Estoppel Certificates: Within days after the effective date, Seller will deliver to Buyer estoppel certificates signed not earlier than by each tenant that leases space in the Property. The estoppel certificates must include the certifications contained in the current version of TAR Form 1938 - Commercial Tenant Estoppel Certificate and any additional information requested by a third party lender providing financing under Paragraph 4 if the third party lender requests such additional information at least 10 days prior to the earliest date that Seller may deliver the signed estoppel certificates. 9. BROKERS: A. The brokers to this sale are: Principal Broker: Summit Commercial Cooperating Broker: Agent: Russ Boles Agent: Address: 20 Chisholm Trail Address: Round Rock,Texas 78681 Phone & Fax: (512)244-9707 Phone & Fax: E-mail: russ@summit-commercial.com E-mail: License No.: 0448916 License No.: Principal Broker: (Check only one box.) Cooperating Broker represents Buyer. represents Seller only. X represents Buyer only. L is an intermediary between Seller and Buyer. B. Fees: (Check only(1) or(2) below.) (Complete the Agreement Between Brokers on page 13 only if(1) is selected.) L (1) Seller will pay Principal Broker the fee specified by separate written commission agreement between Principal Broker and Seller. Principal Broker will pay Cooperating Broker the fee specified in the Agreement Between Brokers found below the parties' signatures to this contract. Buyer (2) At the closing of this sale, Seller will pay: Principal Broker a total cash fee of: Cooperating Broker a total cash fee of: X 3.000 % of the sales price. I % of the sales price. L L The cash fees will be paid in Williamson County, Texas. SelleF-au+ the title oempany to pay the bFE)keFwS 1'.-11 ki 1. 8=11,mr'o NOTICE. Chapter 62, Texas Property Code, authorizes a broker to secure an earned commission with a lien against the Property. C. The parties may not amend this Paragraph 9 without the written consent of the brokers affected by the amendment. (TAR-1802) 1-1-16 Initialed for Identification by Seller and Buyer Page 6 of 13 Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.ziQLooix.com UBCWCID Commercial Contract-Unimproved Property concerning 10. CLOSING: A. The date of the closing of the sale (closing date)will be on or before the later of: (1) L days after the expiration of the feasibility period. F (specific date) . 30 days after the Effective Date (2) 7 days after objections made under Paragraph 6C have been cured or waived. B. If either party fails to close by the closing date, the non-defaulting party may exercise the remedies in Paragraph 15. C. At closing, Seller will execute and deliver, at Seller's expense, a L general L special warranty deed. The deed must include a vendor's lien if any part of the sales price is financed. The deed must convey good and indefeasible title to the Property and show no exceptions other than those permitted under Paragraph 6 or other provisions of this contract. Seller must convey the Property: (1) with no liens, assessments, or other security interests against the Property which will not be satisfied out of the sales price, unless securing loans Buyer assumes; (2) without any assumed loans in default; and (3) with no persons in possession of any part of the Property as lessees, tenants at sufferance, or trespassers except tenants under the written leases assigned to Buyer under this contract. D. At closing, Seller, at Seller's expense, will also deliver to Buyer: (1) tax statements showing no delinquent taxes on the Property; (2) an assignment of all leases to or on the Property; (3) to the extent assignable, an assignment to Buyer of any licenses and permits related to the Property; (4) evidence that the person executing this contract is legally capable and authorized to bind Seller; (5) an affidavit acceptable to the title company stating that Seller is not a foreign person or, if Seller is a foreign person, a written authorization for the title company to: (i) withhold from Seller's proceeds an amount sufficient to comply applicable tax law; and (ii) deliver the amount to the Internal Revenue Service (IRS) together with appropriate tax forms; and (6) any notices, statements, certificates, affidavits, releases, and other documents required by this contract, the commitment, or law necessary for the closing of the sale and issuance of the title policy, all of which must be completed by Seller as necessary. E. At closing, Buyer will: (1) pay the sales price in good funds acceptable to the title company; (2) deliver evidence that the person executing this contract is legally capable and authorized to bind Buyer; (3) sign and send to each tenant in a lease for any part of the Property a written statement that: (a) acknowledges Buyer has received and is responsible for the tenant's security deposit; and (b) specifies the exact dollar amount of the security deposit; (4) sign an assumption of all leases then in effect; and (5) execute and deliver any notices, statements, certificates, or other documents required by this contract or law necessary to close the sale. F. Unless the parties agree otherwise, the closing documents will be as found in the basic forms in the current edition of the State Bar of Texas Real Estate Forms Manual without any additional clauses. 11. POSSESSION: Seller will deliver possession of the Property to Buyer upon closing and funding of this sale in its present condition with any repairs Seller is obligated to complete under this contract, ordinary wear and tear excepted. Any possession by Buyer before closing or by Seller after closing that is not authorized by a separate written lease agreement is a landlord-tenant at sufferance relationship between the parties. (TAR-1802) 1-1-16 Initialed for Identification by Seller I and Buyer , Page 7 of 13 Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www,zi LLoogix.com UBCWCID Commercial Contract-Unimproved Property concerning 12. SPECIAL PROVISIONS: The following special provisions apply and will control in the event of a conflict with other provisions of this contract. (If special provisions are contained in an Addendum, identify the Addendum here and reference the Addendum in Paragraph 22D.) 13. SALES EXPENSES: A. Seller's Expenses: Seller will pay for the following at or before closing: (1) releases of existing liens, other than those liens assumed by Buyer, including prepayment penalties and recording fees; (2) release of Seller's loan liability, if applicable; (3) tax statements or certificates; (4) preparation of the deed; (5) one-half of any escrow fee; (6) costs to record any documents to cure title objections that Seller must cure; and (7) other expenses that Seller will pay under other provisions of this contract. B. Buyer's Expenses: Buyer will pay for the following at or before closing: (1) all loan expenses and fees; (2) preparation of any deed of trust; (3) recording fees for the deed and any deed of trust; (4) premiums for flood insurance as may be required by Buyer's lender; (5) one-half of any escrow fee; (6) other expenses that Buyer will pay under other provisions of this contract. 14. PRORATIONS: A. Prorations: (1) Interest on any assumed loan, taxes, rents, and any expense reimbursements from tenants will be prorated through the closing date. (2) If the amount of ad valorem taxes for the year in which the sale closes is not available on the closing date, taxes will be prorated on the basis of taxes assessed in the previous year. If the taxes for the year in which the sale closes vary from the amount prorated at closing, the parties will adjust the prorations when the tax statements for the year in which the sale closes become available. This Paragraph 14A(2) survives closing. (3) If Buyer assumes a loan or is taking the Property subject to an existing lien, Seller will transfer all reserve deposits held by the lender for the payment of taxes, insurance premiums, and other charges to Buyer at closing and Buyer will reimburse such amounts to Seller by an appropriate adjustment at closing. B. Rollback Taxes: If Seller's use or change in use of the Property before closing results in the assessment of additional taxes, penalties, or interest (assessments) for periods before closing, the assessments will be the obligation of the Seller. If this sale or Buyer's use of the Property after closing results in additional assessments for periods before closing, the assessments will be the obligation of Buyer. This Paragraph 14B survives closing. C. Rent and Security Deposits: At closing, Seller will tender to Buyer all security deposits and the following advance payments received by Seller for periods after closing: prepaid expenses, advance rental payments, and other advance payments paid by tenants. Rents prorated to one party but received by the other party will be remitted by the recipient to the party to whom it was prorated within 5 days after the rent is received. This Paragraph 14C survives closing. (TAR-1802) 1-1-16 Initialed for Identification by Seller and Buyer Page 8 of 13 Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zir)Looix.com UBCWCID Commercial Contract-Unimproved Property concerning 15. DEFAULT: A. If Buyer fails to comply with this contract, Buyer is in default and Seller, as Seller's sole remedy(ies), may terminate this contract and receive the earnest money, as liquidated damages for Buyer's failure except for any damages resulting from Buyer's inspections, studies or assessments in accordance with Paragraph 7C(3) which Seller may pursue; or (Check if applicable) L enforce specific performance, or seek such other relief as may be provided by law. B. If, without fault, Seller is unable within the time allowed to deliver the estoppel certificates, survey or the commitment, Buyer may: (1) terminate this contract and receive the earnest money, less any independent consideration under Paragraph 713(1), as liquidated damages and as Buyer's sole remedy; or (2) extend the time for performance up to 15 days and the closing will be extended as necessary. C. Except as provided in Paragraph 15B, if Seller fails to comply with this contract, Seller is in default and Buyer may: (1) terminate this contract and receive the earnest money, less any independent consideration under Paragraph 713(1), as liquidated damages and as Buyer's sole remedy; or (2) enforce specific performance, or seek such other relief as may be provided by law, or both. 16. CONDEMNATION: If before closing, condemnation proceedings are commenced against any part of the Property, Buyer may: A. terminate this contract by providing written notice to Seller within 15 days after Buyer is advised of the condemnation proceedings and the earnest money, less any independent consideration paid under Paragraph 7B(1), will be refunded to Buyer; or B. appear and defend in the condemnation proceedings and any award will, at Buyer's election, belong to: (1) Seller and the sales price will be reduced by the same amount; or (2) Buyer and the sales price will not be reduced. 17.ATTORNEY'S FEES: If Buyer, Seller, any broker, or the title company is a prevailing party in any legal proceeding brought under or with relation to this contract or this transaction, such party is entitled to recover from the non-prevailing parties all costs of such proceeding and reasonable attorney's fees. This Paragraph 17 survives termination of this contract. 18. ESCROW: A. At closing, the earnest money will be applied first to any cash down payment, then to Buyer's closing costs, and any excess will be refunded to Buyer. If no closing occurs, the title company may require payment of unpaid expenses incurred on behalf of the parties and a written release of liability of the title company from all parties. B. If one party makes written demand for the earnest money, the title company will 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 15 days after the date the title company sent the demand 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. C. The title company will deduct any independent consideration under Paragraph 7B(1) before disbursing any earnest money to Buyer and will pay the independent consideration to Seller. D. If the title company complies with this Paragraph 18, each party hereby releases the title company from all claims related to the disbursal of the earnest money. (TAR-1802) 1-1-16 Initialed for Identification by Seller I and Buyer Page 9 of 13 Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zipLoaix.com UBCWCID Commercial Contract-Unimproved Property concerning E. Notices under this Paragraph 18 must be sent by certified mail, return receipt requested. Notices to the title company are effective upon receipt by the title company. F. Any party who wrongfully fails or refuses to sign a release acceptable to the title company within 7 days after receipt of the request will be liable to the other party for: (i) damages; (ii) the earnest money; (iii) reasonable attorney's fees; and (iv) all costs of suit. G. [Seller [ Buyer intend(s) to complete this transaction as a part of an exchange of like-kind properties in accordance with Section 1031 of the Internal Revenue Code, as amended. All expenses in connection with the contemplated exchange will be paid by the exchanging party. The other party will not incur any expense or liability with respect to the exchange. The parties agree to cooperate fully and in good faith to arrange and consummate the exchange so as to comply to the maximum extent feasible with the provisions of Section 1031 of the Internal Revenue Code. The other provisions of this contract will not be affected in the event the contemplated exchange fails to occur. 19. MATERIAL FACTS: To the best of Seller's knowledge and belief: (Check only one box.) [ A. Seller is not aware of any material defects to the Property except as stated in the attached Commercial Property Condition Statement(TAR-1408). X B. Except as otherwise provided in this contract, Seller is not aware of: (1) any subsurface: structures, pits, waste, springs, or improvements; (2) any pending or threatened litigation, condemnation, or assessment affecting the Property; (3) any environmental hazards or conditions that materially affect the Property; (4) whether the Property is or has been used for the storage or disposal of hazardous materials or toxic waste, a dump site or landfill, or any underground tanks or containers; (5) whether radon, asbestos containing materials, urea-formaldehyde foam insulation, lead-based paint, toxic mold (to the extent that it adversely affects the health of ordinary occupants), or other pollutants or contaminants of any nature now exist or ever existed on the Property; (6) any wetlands, as defined by federal or state law or regulation, on the Property; (7) any threatened or endangered species or their habitat on the Property; (8) any present or past infestation of wood-destroying insects in the Property's improvements; (9) any contemplated material changes to the Property or surrounding area that would materially and detrimentally affect the ordinary use of the Property; (10)any condition on the Property that violates any law or ordinance. (Describe any exceptions to (1)-(10) in Paragraph 12 or an addendum.) 20. NOTICES: All notices between the parties under this contract must be in writing and are effective when hand-delivered, mailed by certified mail return receipt requested, or sent by facsimile transmission to the parties addresses or facsimile numbers stated in Paragraph 1. The parties will send copies of any notices to the broker representing the party to whom the notices are sent. [ A. Seller also consents to receive any notices by e-mail at Seller's e-mail address stated in Paragraph 1. B. Buyer also consents to receive any notices by e-mail at Buyer's e-mail address stated in Paragraph 1. 21. DISPUTE RESOLUTION: The parties agree to negotiate in good faith in an effort to resolve any dispute related to this contract that may arise. If the dispute cannot be resolved by negotiation, the parties will submit the dispute to mediation before resorting to arbitration or litigation and will equally share the costs of a mutually acceptable mediator. This paragraph survives termination of this contract. This paragraph does not preclude a party from seeking equitable relief from a court of competent jurisdiction. 22.AGREEMENT OF THE PARTIES: A. This contract is binding on the parties, their heirs, executors, representatives, successors, and permitted assigns. This contract is to be construed in accordance with the laws of the State of Texas. (TAR-1802) 1-1-16 Initialed for Identification by Seller , and Buyer I Page 10 of 13 Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zi Lg_ogix com UBCWCID Commercial Contract-Unimproved Property concerning If any term or condition of this contract shall be held to be invalid or unenforceable, the remainder of this contract shall not be affected thereby. B. This contract contains the entire agreement of the parties and may not be changed except in writing. C. If this contract is executed in a number of identical counterparts, each counterpart is an original and all counterparts, collectively, constitute one agreement. D. Addenda which are part of this contract are: (Check all that apply.) (1) Property Description Exhibit identified in Paragraph 2; (2) Commercial Contract Financing Addendum (TAR-1931); L (3) Commercial Property Condition Statement (TAR-1408); (4) Commercial Contract Addendum for Special Provisions (TAR-1940); (5) Notice to Purchaser of Real Property in a Water District (MUD); (6) Addendum for Coastal Area Property (TAR-1915); (7) Addendum for Property Located Seaward of the Gulf Intracoastal Waterway (TAR-1916); (8) Information About Brokerage Services (TAR-2501); and (9) Interlocal Agreement between UBWCID and City of Round Rock for the Purchase and Construction and Maintenance of Storm Water Facilites (Note:Counsel for the Texas Association of REAL TORSO(TAR)has determined that any of the foregoing addenda which are promulgated by the Texas Real Estate Commission (TREC)or published by TAR are appropriate for use with this form.) E. Buyer _ may X may not assign this contract. If Buyer assigns this contract, Buyer will be relieved of any future liability under this contract only if the assignee assumes, in writing, all obligations and liability of Buyer under this contract. 23. TIME: Time is of the essence in this contract. The parties require strict compliance with the times for performance. If the last day to perform under a provision of this contract falls on a Saturday, Sunday, or legal holiday, the time for performance is extended until the end of the next day which is not a Saturday, Sunday, or legal holiday. 24. EFFECTIVE DATE: The effective date of this contract for the purpose of performance of all obligations is the date the title company receipts this contract after all parties execute this contract. 25.ADDITIONAL NOTICES: A. Buyer should have an abstract covering the Property examined by an attorney of Buyer's selection, or Buyer should be furnished with or obtain a title policy. B. 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, Texas Water Code, requires Seller to deliver and Buyer to sign the statutory notice relating to the tax rate, bonded indebtedness, or standby fees of the district before final execution of this contract. C. Notice Required by §13.257, Water Code: "The real property, described below, that you are about to purchase may be located in a certificated water or sewer service area, which is authorized by law to provide water or sewer service to the properties in the certificated area. If your property is located in a certificated area there may be special costs or charges that you will be required to pay before you can receive water or sewer service. There may be a period required to construct lines or other facilities necessary to provide water or sewer service to your property. You are advised to determine if the property is in a certificated area and contact the utility service provider to determine the cost that you will be required to pay and the period, if any, that is required to provide water or sewer service to your property. The undersigned purchaser hereby acknowledges receipt of the foregoing notice at or before the execution of a binding contract for the purchase of the real property described in the notice or at closing of purchase of the real property." The real property is described in Paragraph 2 of this contract. (TAR-1802) 1-1-16 Initialed for Identification by Seller I and Buyer I Page 11 of 13 Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zipLoaix.com UBCWCID Commercial Contract-Unimproved Property concerning D. If the Property adjoins or shares a common boundary with the tidally influenced submerged lands of the state, §33.135 of the Texas Natural Resources Code requires a notice regarding coastal area property to be included as part of this contract. E. If the Property is located seaward of the Gulf Intracoastal Waterway, §61.025, Texas Natural Resources Code, requires a notice regarding the seaward location of the Property to be included as part of this contract. F. If the Property is located outside the limits of a municipality, the Property may now or later be included in the extra-territorial jurisdiction (ETJ) 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 ETJ. To determine if the Property is located within a municipality's ETJ, Buyer should contact all municipalities located in the general proximity of the Property for further information. G. Brokers are not qualified to perform property inspections, surveys, engineering studies, environmental assessments, or inspections to determine compliance with zoning, governmental regulations, or laws. Buyer should seek experts to perform such services. Buyer should review local building codes, ordinances and other applicable laws to determine their effect on the Property. Selection of experts, inspectors, and repairmen is the responsibility of Buyer and not the brokers. Brokers are not qualified to determine the credit worthiness of the parties. H. NOTICE OF WATER LEVEL FLUCTUATIONS: If the Property adjoins an impoundment of water, including a reservoir or lake, constructed and maintained under Chapter 11, Water Code, that has a storage capacity of at least 5,000 acre-feet at the impoundment's normal operating level, Seller hereby notifies Buyer: "The water level of the impoundment of water adjoining the Property fluctuates for various reasons, including as a result of: (1) an entity lawfully exercising its right to use the water stored in the impoundment; or(2) drought or flood conditions." 26. CONTRACT AS OFFER: The execution of this contract by the first party constitutes an offer to buy or sell the Property. Unless the other party accepts the offer by 5:00 p.m., in the time zone in which the Property is located, on July 31, 2017 , the offer will lapse and become null and void. READ THIS CONTRACT CAREFULLY. The brokers and agents make no representation or recommendation as to the legal sufficiency, legal effect, or tax consequences of this document or transaction. CONSULT your attorney BEFORE signing. Seller: City of Round Rock Buyer:Upper Brushy Creek WCID By: By: By(signature): By(signature): Printed Name: Craig Morgan Printed Name:Jeff Sawyer Title: Mayor Title: By: By: By(signature): By(signature): Printed Name: Printed Name: Title: Title: (TAR-1802) 1-1-16 Page 12 of 13 Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zir)Louix.com LIBCWCID Commercial Contract-Unimproved Property concerning AGREEMENT BETWEEN BROKERS (use only if Paragraph 9B(1)is effective) Principal Broker agrees to pay (Cooperating Broker) a fee when the Principal Broker's fee is received. The fee to be paid to Cooperating Broker will be: ] $ , or ] % of the sales price, or ] % of the Principal Broker's fee. The title company is authorized and directed to pay Cooperating Broker from Principal Broker's fee at closing. This Agreement Between Brokers supersedes any prior offers and agreements for compensation between brokers. Principal Broker: Cooperating Broker: By: By: ATTORNEYS Seller's attorney: Buyer's attorney: Address: Address: Phone& Fax: Phone& Fax: E-mail: E-mail: Seller's attorney requests copies of documents, Buyer's attorney requests copies of documents, notices, and other information: notices, and other information: ] the title company sends to Seller. ] the title company sends to Buyer. ] Buyer sends to Seller. ] Seller sends to Buyer. ESCROW RECEIPT The title company acknowledges receipt of: ] A. the contract on this day (effective date); B. earnest money in the amount of$ in the form of on Title company: Address: By: Phone& Fax: Assigned file number(GF#): E-mail: (TAR-1802) 1-1-16 Page 13 of 13 Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zipLogix.com UBCWCID EXHIBIT"A" METES AND BOUNDS DESCRIPTION OFA 2.539 ACRE TRACT OF LAND OUT OF THE YEN CHUAN KUO TRACT LOCATED IN THE CITY OF ROUND ROCK,WILLIAMSON COUNTY,TEXAS BEING a 2.539 acre (110,615 square feet)tract of land situated in the David Cutty Survey,Abstract No. 130,City of Round Rock,Williamson County,Texas;said 2.539 acre tract being a portion of that certain called 6.613 acre tract of land described in a Special Warranty Deed to Yen Chuan Kuo, filed on April 19, 2007, and recorded in Document No. 2007032132, Official Public Records of Williamson County, Texas (O.P.R.W.C.T.); said 2.539 acre tract also being a portion of Lot 1, Block A,United Auto Parts Subdivision,filed on March 17,2008,and recorded in Cabinet EE, Slide 206, Plat Records of Williamson County, Texas (P.R.W.C.T.); Said 2.539 acre tract being more particularly described by metes and bounds as follows: BEGINNING at a 1/2 inch iron rod found for the northeast corner of said 6.613 acre tract and said Lot 1, Block A, United Auto Parts Subdivision, same being the southeast corner of Lot 1, Block A, Green Square, filed on June 26, 2007, and recorded in Cabinet DD, Slides 176-177, P.R.W.C.T., same being on the west line of Lot 12,Block H, Resubdivision of Chapel Hill North Section 3 Block H, Lot 5, .filed on January 6, 1.989, and recorded in Cabinet J, Slides 205-206, P.R.W.C.T., for the POINT OF BEGINNING and northeast corner of the herein described tract, THENCE (L-1) South 21° 19' SI" East, with the east line of said 6.613 acre tract and said Lot 1, Block A, same being the west line of said Lot 12, a distance of 81.51 feet to a 1/2-inch iron rod with aluminum.cap stamped"CORR ROW'(hereafter referred to as"CORR cap")found, said point marling the southwest corner of said Lot 1.2, said point also being the western terminus of the north right-of-way (R.O.W.) line of Texas Avenue (having a 60 foot width), from which a 1/24nch iron rod found for the northwest corner of.Lot 39,Block D,Chapel Hill North Section 3,filed on October 4, 1984,and recorded in Cabinet F,Slides 176-177,P.R.W.C.T.,said point also being the western terminus of the south R.O.W. line of said Texas Avenue bears South 21° 19' 51" East, at a distance of 61.52 feet and from which a 1/2-inch iron rod found marking the southeast corner of said 6.613 acre tract and said Lot 1,Block A bears South 21° 19' 51"East,at a distance of 358.95 feet; THENCE traveling across the interior of said 6.613 acre tract and said Lot 1,Block A,United Auto Parts Subdivision,the following four(4)calls: Page 1 of 4 Exhibit"A"continued Description of a 2.539 acre tract 1) South 55° 54' 24" West, a distance of 482.12 feet to a 1/2-inch iron rod with "CORR cap" found for a corner of the herein described tract and being the beginning of a curve to the right; 2) (C-1) In a Westerly direction, with said curve to the right, having a delta angle of 120 52' 59", a radius of 570.00 feet, an arc length of 128.16 feet, and a chord bearing and distance of South 620 20' 54" West — 127.89 feet to a 1/2-inch iron rod with "CORR cap"found for a comer of the herein described tract and being the end of said curve; 3) (L-3) South 68° 47' 23" West, a distance of 92.73 feet to a 1/2-inch iron rod with "CORR cap"found for a corner of the herein described tract and being the beginning of a curve to the right; 4) (C-2) In a Northwesterly direction, with said curve to the right, having a delta angle of 90° 07' 51", a radius of 15.00 feet, an arc length of 23.60 feet, and a chord bearing and distance of North 66° 08' 41" West — 21.24 feet to a 1/2-inch iron rod with "CORR cap" found for the westernmost southwest corner of the herein described tract and being the end of said curve,said point being on the west line of said 6.613 acre tract and said Lot 1,Block A,United Auto Parts Subdivision,said point also being on the east R.O.W.line of Greenhill Drive(having a 60 foot width), and from which a 1/2-inch iron rod found marking the southwest corner of said 6.613 acre tract and said Lot 1, Block A bears (L-5) South 21' 04' 46" East, at a distance of 166.86 feet; THENCE (L-4) North 21° 04' 46"West,with the common east R.O.W.line of said Greenhill Drive and the west line of said 6.613 acre tract and said Lot 1,Block A,United Auto Parts Subdivision,a distance of 188.31 feet to a 1/2-inch iron rod found for the common northwest comer of said 6.613 acre tract and said Lot 1,Block A and said Lot 1,Block A,Green Square and the southwest comer of said Lot 1,Block A,Green Square; THENCE North 68° 47' 22" East, departing the east R.O.W. line of said Greenhill Drive, with the common north line of said 6.613 acre tract and Lot 1, Block A, United Auto Parts Subdivision and the south line of said Lot 1,Block A,Green Square,a distance of 704.20 feet to the POINT OF BEGINNING of the herein described tract, delineating and encompassing within the metes recited 2.539 acre (110,615 square feet) of land, more or less, based on the survey and exhibit drawing made by The Wallace Group,Inc.,Round Rock,Texas. Page 2 of 4 Exhibit"A"continued Description of a 2.539 acre tract Basis of Bearings: Bearings are based on the Texas State Plane Coordinate System (Central Zone, NAD83) which is based on Leica's Central Texas GPS Cooperative CORS RTK Network. This metes and bounds description is accompanied by an exhibit drawing. THE STATE OF TEXAS § § KNOW ALL MEN BY THESE PRESENTS: COUNTY OF WILLIAMSON § That I, Daniel. M. Flaherty, a Registered Professional Land Surveyor, do hereby certify that the above description and exhibit drawing A-5043 attached hereto is true and correct to the best of my knowledge and belief and that the property described herein was determined by a survey made on the ground under my direction and supervision. WITNESS MY HAND AND SEAL at Round Rock,Williamson County,Texas. Daniel M. Flaherty, R.P.L.S.No. 5004 a ....®..a.... The Wallace Group, DANIEL M.F H FE, -D. A CP&Y, Inc. CompanyY ,� � t One Chisholm Trail, Suite 130 Round Rock,Texas 78681 Ph. (512)248-0065 ._ TBPLS Firm No. 10051701 See attached Plat No.A-5043 12-15-2016 23563-13/FN03.doc Date Page 3 of 4 Eg� ter .�''1Z.IBI `c A' DRAWING TO ACCOMPANY METES AND BOUNDS DESCRIPTION OF A 2.539 ACRE TRACT LOCATED IN TI�''.E DAVID CURRY SURVEY, ABSTRACT 130, AND BEING A PART OF LOT 1, BLOCK A, UNITED AUTO PARTS SUBDIVISION, RECORDED IN CABINET EE, SLIDE 203, PLAT RECORDS OF WILLIAMS'ON COUNTY, TEXAS Y U gy f C�RgY N0. 130Ir LOT 1 RESUBDIMSION OF DAVt STgAGGOUNTY, BLOCK A GREEN SQUARE CHAPEL HILL NORTH A8 50N BLOCK H,LOT 5 WiLLjA CAB. DO,SLD. 176-177 CAB. JP.�.0 05-208 T. P.R.W.C.T. FILED: JANUARY 6, 1989 I / z z I FILED: JUNE 26, 2007 LOT 9 3 3I IOM I BLOCK H FIPLD NOTE C; d 15'WATER UNE EASEMENT p0 j QF CITY OF ROUND ROCK VOL. 1558,PG. 138 BAVINNING LOT 10 O.R.W.C.T. LOT 11 S� c SCALE.' 1" _ ,200' I FILED: JULY 21, 1987 1/2"IRF N 68'47'22" E - 704.20' 1/2'IRF LOT 12 �fi>' SUBDIVISION UNE LUT 1LOT BLOCKIA Me --.-...,,, ---....._,_... BLACK A a uNE ,�E�•`d & DPI SUBDIVISION o CALLED 6.613 ACRES """'~�-- aa�' L-2 CAB.M. P.R.W.C.T13-314 O J DOC. NO. 2007032YEN 132, OOP.R. W.C.T. X212 VNE FILED: MARCH 12, 1996 1 'j4'2A 11-0 C-2 S 55�p p,99�AY A� It yp _ L-3 C-1 PRp RtiG - . LOT 39 TEXAS AVEIVUE LOT 1 in .. BLOCK A a! CHAPEL HILL NORTH (80' R Q.it 00 LOT 38 SECTION 3 A J UNITED AUTO PARTS SUBDIVISION M BLOCK D CAB. F, SLD.176-177 N 2.539 ACRE TRACT CAB.R.W.C.DT. 206 t r� FILED: OCT 4,1984 LOT 5 (110,615 SO. FT.) FILED: MARCH 17, 2008 w $LOT 37 RESUBDIMSION OF �'., ■ 105 CHANDLER CREEK 1/2'IRF LOT 1 `18DIMSION UNE - SECTION II BLOCK A `5 INDUSTRIAL PARK tsj 3.085 AC. LO m W 134,399 SQ. FT. r LOT 38 UNE TABLE E CAB. E, SLD. 247 �, ) N 0 P.R.W.C.T. V CHANDLER CREEK INDUSTRIAL PARK UNE BEARING LENGTH 12 FILED: JULY 12, 1983 SECTION SIX r/1 .. co CAB.I, SLD. 389-390 LOT 35 L-1 S 21'19'51" E 81.51' P.R.W.C.T. I FILED: SEPTEMBER 30, 1987 SUBDIVISION UNE 1/2"IRF L-2 S 21'19'51" E 61.52' c0 0 N LOT 30 LOT 31 L-3 S 6847'23" W 92.73' �2 CURVE TABLE LOT 29 BLOCK D LOT 32 LOT 33 LOT 34 L-4 N 2i'04'48' W 188.31' c� CURVE DELTA RADIUS ARC CH. BEARING CHORD L-5 S 21'04'46' E 166.86' C-1 12'52'59" 570.00' 128.16' S 6220'54" W 127.89' CHAPEL�t NORTH LOT 28 CAB. E. SLD. 175-176 C-2 90'07'51" 15.00' 23.60' N 66'!8'41" W 21.24' P.R.W.C.T. LEGEND U FILED: FEBRUARY 16,1983 Q *= FOUND 1/2" IRON ROD WTH n GENERAL NOTES: ALUMINUM CAP 1. ALL PROPERTY CORNERS FOUND ARE CONTROL MONUMENTS. STAMPED "CORR ROW" 2. SUBJECT TO ANY AND ALL COVENANTS, RESTRICTIONS, EASEMENTS AND (UNLESS OTHERWISE NOTED) CONDITIONS THAT MAY BE APPLICABLE. P.R.W.C.T.= PLAT RECORDS OF N 3. THE SURVEYOR DID NOT ABSTRACT THE SUBJECT TRACT. WlLUAMSON COUNTY, TEXAS >- 4. THIS DRAWING IS ACCOMPANIED BY A METES AND BOUNDS DESCRIPTION. O.P.R.W.C.T.= OFFICIAL PUBLIC RECORDS OF 5. BEARINGS ARE BASED ON THE TEXAS STATE PLANE COORDINATE SYSTEM WIWAMSON COUNTY, TEXAS (CENTRAL ZONE, NAD83) WHICH IS BASED ON LEICA'S CENTRAL TEXAS GPS O.R.W.C.T.= OFFlGAL RECORDS OF COOPERATIVE CORS RTK NETWORK. WIWAMSON COUNTY, TEXAS 3 WALLACE . . C M Q A CP Y COMPANY ► +'�� �$.R, a WACO KILLEEN DALLAS ROUND ROCK TBPLS 10051701 1 Chisholm Trail, Suite 130, Round Rock,Texas 78681 ( (512)248-0065 TBPE F-54 ;_' 0 1 HEREBY STATE THAT TO THE BEST OF MY PROFESSIONAL KNOWLEDGE AND BELIEF THAT THIS PLAT AND THE SURVEY UPON WHICH IT IS BASED MEETS THE REQUIREMENTS FOR a Y d s LAND SURVEYS IN THE STATE OF TEXAS. ,THE 15TH DAY OF _�E .l�C 2016, z � Ln SURVEYED: 12/13/2016 DANIEL M. FLAHERTY, R.P.L.S. NO. 5004 4 OF 4 O 200 400 PLAT NO. A--5043 DRAFT DATE 12-15-2016 RDB ., DRAWN BY a SCALE WORK ORDER N0. 23563 BOOK/PG. 262/32 TAB # A-5043 0 2016 ALL RIGHTS RESERVED DIGITAL FILE 235638--13—TRACT F/N If 235638-13/FN-03 11/2/2015 -. Information About Brokerage Services ,..t;..::. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. A BROKER'S MINIMUM DUTIES REQUIRED BY LAW(A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker's own interests; • Inform the client of any material information about the property or transaction received by the broker; • Answer the client's questions and present any offer to or counter-offer from the client; and • Treat all parties to a real estate transaction honestly and fairly. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker's minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer's agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent must perform the broker's minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller's agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print,set forth the broker's obligations as an intermediary.A broker who acts as an intermediary: • Must treat all parties to the transaction impartially and fairly; • May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner and buyer)to communicate with,provide opinions and advice to,and carry out the instructions of each party to the transaction. • Must not, unless specifically authorized in writing to do so by the party,disclose: • that the owner will accept a price less than the written asking price; • that the buyer/tenant will pay a price greater than the price submitted in a written offer;and • any coincidental information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law. AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer.A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES,ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker's duties and responsibilities to you,and your obligations under the representation agreement. • Who will pay the broker for services provided to you,when payment will be made and how the payment will be calculated. LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker's services. Please acknowledge receipt of this notice below and retain a copy for your records. Licensed Broker/Broker Firm Name or License No. Email Phone Primary Assumed Business Name Designated Broker of Firm License No. Email Phone Licensed Supervisor of Sales Agent/ License No. Email Phone Associate Sales Agent/Associate's Name License No. Email Phone Buyer/Tenant/Seller/Landlord Initials Date Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov IABS 1-0 Date Summit Commercial 20 Chisholm Trail Round Rock,TX 78681 Phone:(512)244-9707 Fax: UBCWCID Russ Boles Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zii)Lociix.com