Contract - Gregory S. Milligan - 8/23/2018 REAL ESTATE CONTRACT
THIS REAL ESTATE CONTRACT ("Contract") is made by and between GREGORY S.
MILLIGAN, RECEIVER, (referred to in this Contract as "Seller", whether one or more) and the
CITY OF ROUND DOCK, 'TEXAS (referred to in this Contract as "Purchaser"), upon the terns
and conditions set forth in this Contract.
ARTICLE I
PURCHASE AND SALE
By this Contract, Seller sells and agrees to convey, and Purchaser purchases and agrees to
pay for, the tract(s)of land described as follows:
All of that certain 40.051 acre tract of land out of and situated in the Robert
McNutt Survey, Abstract No. 422 in Williamson County, Texas; being more fully
described in Exhibit"A",attached hereto and incorporated herein,
together with all and singular the rights and appurtenances pertaining to the property, including
any right, title and interest of Seller in and to adjacent streets, alleys or rights-of-way (all of such
real property, rights, and appurtenances being referred to in this Contract as the "Property"), and
any improvements and fixtures situated on and attached to the Property described in .Exhibit "A"
not otherwise retained by Seller, for the consideration and upon and subject to the terms,
provisions, and conditions set forth below.
ARTICLE II
PURCHASE PRICE
Purchase Price
2.01. The Purchase Price for the Property described in Exhibit "A", including
compensation for any improvements on the Property, shall be the sum of TWO MILLION NINE
HUNDRED SEVENTY-ONE THOUSAND NINE HUNDRED AND SEVENTY and 00.`100
Dollars($2,971,970.00).
Pa ent of Purchase Price
2.02.The Purchase Price shall be payable in cash at the Closing.
Escrow Deposit
2.03 Purchaser shall remit to the title company identified in Section 5.01 below, within
seven (7) calendar days from the date of last execution below, an earnest money deposit in the
amount of $25,000.00 ("Escrow Deposit"), which shall be applied to the Purchase Price at
Closing..
ARTICLE III
PURCHASER'S OBLIGATIONS
Conditions to Purchaser's Obligations
3.01. The obligations of Purchaser hereunder to consummate the transactions
contemplated hereby are subject to the satisfaction of each of the following conditions (any of
which may be waived in whole or in part by Purchaser at or prior to the Closing).
None
Miscellaneous Conditions
3.02. Seller shall have performed, observed, and complied with all of the covenants,
agreements, and conditions required by this Contract in Sections 4.01 and 5.02 to be performed,
observed, and complied with by Seller prior to or as of the Closing.
ARTICLE IV
REPRESENTATIONS AND WARRANTIES
OF SELLER
4.01. Seller hereby represents and warrants to Purchaser as follows, which representations
and warranties shall be deemed made by Seller to Purchaser also as of the Closing Date, to the
best of Seller's knowledge:
(a) Other than the prior disclosures made to Purchaser regarding two potential tenants
renting mobile homes and the Seller's observation of a camping trailer on the Property, there are
no parties in possession of any portion of the Property as lessees, tenants at sufferance, or
trespassers,other than previously disclosed to Purchaser;
(b) Seller has complied with all applicable laws, ordinances, regulations, statutes, rules
and restrictions relating to the Property,or any part thereof;
4,02. The Property herein is being conveyed to Purchaser under threat of condemnation.
ARTICLE V
CLOSING
Closing Date
5.01. The Closing shall be held at the office of Heritage Title Company, on or before
October 31, 2018, or at such time, date, and place as Seller and Purchaser may agree upon, or
within 10 days after the completion of any title curative matters if necessary for items as shown on
the Title Commitment or in the contract(which date is herein referred to as the"Closing Date").
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Seller's Obligations at Closing
5.02. At the Closing Seller shall:
(1) Deliver to the City of Round Rock, Texas a duly executed and acknowledged Special
Warranty Deed conveying good and indefeasible title in fee simple to all of the Property described
in Exhibit"A", free and clear of any and all liens and restrictions,except for the following:
(a) General real estate taxes for the year of closing and subsequent years not
yet due and payable;
(b) Any exceptions approved by Purchaser pursuant to Article III hereof; and
(c) Any exceptions approved by Purchaser in writing.
(2) Deliver to Purchaser a Texas Owner's Title Policy at Purchaser's sole expense, issued
by Title Company, in Purchaser's favor in the full amount of the Purchase Price, insuring
Grantee's fee simple and/or easement interests in and to the Property subject only to those title
exceptions listed herein, such other exceptions as may be approved in writing by Purchaser, and
the standard printed exceptions contained in the usual form of Texas Owner's Title Policy,
provided, however:
(a) The boundary and survey exceptions shall be deleted;
(b) The exception as to restrictive covenants shall be endorsed "None of
Record", if applicable;and
(c) The exception as to the lien for taxes shall be limited to the year of closing
and shall be endorsed "Not Yet Due and Payable".
(3) Deliver to Purchaser possession of the Property.
Purchaser's Obligations at Closing
5.03. At the Closing, Purchaser shall:
(a) Pay the cash portion of the Purchase Price.
Prorations
5.04. General real estate taxes for the then current year relating to the Property shall be
prorated as of the Closing Date and shall be adjusted in cash at the closing. If the Closing shall
occur before the tax rate is fixed for the then current year, the apportionment of taxes shall be
upon the basis of the tax rate for the next preceding year applied to the latest assessed valuation.
Agricultural roll-back taxes, if any,shall be paid by Purchaser.
3 ''
Closing Costs
5.05. All costs and expenses of closing in consummating the sale and purchase of the
Property shall be borne and paid as follows:
(1) Owner's Title Policy and survey to be paid by Purchaser.
(2) Deed,tax certificates, and title curative matters, if any, paid by Purchaser.
(3) All other closing costs shall be paid by Purchaser.
(4) Attomey's fees paid by each respectively.
(5) Broker's real estate commission equal to 4°x'0 of the Purchase Price to Don Quick&
Associates shall be paid by Seller.
ARTICLE VI
BREACH BY SELLER.
In the event Seller shall fail to fully and timely perform any of its obligations hereunder or
shall fail to consummate the sale of the Property for any reason, except Purchaser's default,
Purchaser may: (1) enforce specific performance of this Contract; or (2) request that the Escrow
Deposit, if any, shall be forthwith returned by the title company to Purchaser.
ARTICLE VII
BREACH BY PURCHASER
In the event Purchaser should fail to consummate the purchase of the Property, the
conditions to Purchaser's obligations set forth in Article III having been satisfied and Purchaser
being in default and Seller not being in default hereunder, Seller shall have the right to receive the
Escrow Deposit from the title company, the sum being agreed on as liquidated damages for the
failure of Purchaser to perform the duties, liabilities, and obligations imposed upon it by the terms
and provisions of this Contract, and Seller agrees to accept and take this cash payment as its total
damages and relief and as Seller's sole remedy hereunder in such event.
ARTICLE VIII
MISCELLANEOUS
Notice
8.01. Any notice required or permitted to be delivered hereunder shall be deemed received
when sent by United States mail, postage prepaid, certified mail, return receipt requested,
addressed to Seller or Purchaser, as the case may be, at the address set forth opposite the signature
of the party.
4 �
Texas Law to Apply
8.02. This Contract shall be construed under and in accordance with the laws of the State
of Texas, and all obligations of the parties created hereunder are performable in Williamson
County,Texas.
Parties Bound
8.03. This Contract shall be binding upon and inure to the benefit of the parties and their
respective heirs, executors, administrators, legal representatives, successors and assigns where
permitted by this Contract.
Legal Construction
8.04. In case any one or more of the provisions contained in this Contract shall for any
reason be held to be invalid, illegal, or unenforceable in any respect, this invalidity, illegality, or
unenforceability shall not affect any other provision hereof, and this Contract shall be construed as
if the invalid, illegal, or unenforceable provision had never been contained herein.
Prior Agreements Superseded
8.05. This Contract constitutes the sole and only agreement of the parties and supersedes
any prior understandings or written or oral agreements between the parties respecting the within
subject matter.
Time of Essence
8.06. Time is of the essence in this Contract.
Gender
8.07. Words of any gender used in this Contract shall be held and construed to include any
other gender, and words in the singular number shall be held to include the plural, and vice versa,
unless the context requires otherwise.
Memorandum of Contract
8.08. Upon request of either party, the parties shall promptly execute a memorandum of
this Contract suitable for filing of record.
Compliance
8.09 In accordance with the requirements of Section 20 of the Texas Real Estate License
Act, Purchaser is hereby advised that it should be furnished with or obtain a policy of title
insurance or Purchaser should have the abstract covering the Property examined by an attorney of
Purchaser's own selection.
5 ,
Effective Date
8.10 This Contract shall be effective as of the date it is approved by the Round Rock city
council or city manager, which date is indicated beneath the Mayor's or City Manager's signature
below.
Counterparts
8.11 This Contract may be executed in any number of counterparts, which may together
constitute the Contract. Signatures transmitted by facsimile or electronic mail may be considered
effective as originals for purposes of this Contract.
Feasibility Period
8.12 Purchaser shall have a sixty (60) day feasibility period after the Effective Date to
conduct soil investigations and other due diligence matters. If for any reason, Purchaser opts to
terminate this contract during said feasibility period, Seller and Purchaser shall have no further
obligations under this contract and Seller consents to the return of the Escrow Deposit. Seller shall
permit Purchaser to occupy the Property during the feasibility period to exercise due diligence
matters with reasonable advance notice to Seller.
Bankruptcy Court Approval
8.13 Purchaser acknowledges this contract is subject to final approval of the United States
Bankruptcy Court for the Western District of Texas,Austin Division.
Seller's Disclosure
8.14 Seller has disclosed to Purchaser, pursuant to applicable disclosure requirements of
the Texas Real Estate Commission, that he is a licensed real estate agent in the State of Texas.
[signatta-e page follows]
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SELLER:
'0�4 AA 4 6
'dREG6RY S. ILS IGAN,&UIVER
Address:
P.Q. Box 90099
Austin,Texas 78709
Date: August 29,2018
PURCHASER:
CITY OF ROUND ROCK,TEXAS
By: Address:
221 East Main St.
Mt)ea�
Round Rock, Texas 78664
Printed Name:
its:
Date: e� Zel"i c�
71
E46LEEYE /
CM57RW7XWurour Eagle Eye Construction Layout
3000 Joe DiMagglo Blvd.Suite 84
Round Rock,Texas 78665
(512)464-4468
EXHIBIT"A" 1BPLS FIRM#101943.39
40.051 ACRES,(1,744,628 Sq.Ft,)
METES AND BOUNDS DESCRIPTION
A DESCRIPTION OF A 40.051 ACRE(APPROX.1,744,628 Sq.FL)TRACT OF LANA,SITUATED IN THE
ROBERT McNU"fT SURVEY,ABSTRACT No.422, LOCATED IN WILLIAMSON COUNTY,TEXAS BEING
ALL OF THOSE CERTAIN THREE(3)TRACT($)OF LAND BEING MORE PART'[CULARLY DESCRIBED AS A
CALLED 3.32 ACRE TRACT OF LAND,CONVEYED TO RONALD C.PHELPS,IN A DEED OF TRUST,DATED
MARCH 25, 2009 AND APPEARING OF RECORD UNDER DOCUMENT No. 2005020597 OF THE
OFFICIAL PUBLIC RECORDS OF WILLIAMSON COUNTY
LAND,CONVEYED IN A DEED OF TRUST TO A.RICK HIGHTOWER,DATED DEICEMB A�TRACT OF
APPEARING OF RECORD UNDER DOCUMENT No.2012105320 OF THE OFFICIAL PUBLIC RED
OF WILLIAMSON COUNTY,TEXAS AND THAT CERTAIN AND
CALLED 19,33 ASE AN OF lAND,BEING
DESCRIBED IN THAT CERTAIN DEED OF TRUST, CONVEYED TO A. RICK HIGHTOWEk DATED
DECEMBER 14,2012 AND APPEARING OF RECORD UNDER DOCUMENT No.2012105323 OF THE
OFFICIAL PUBLIC RECORDS OF WILLIAMSON COUNTY,TEXAS,SAID 40,051 ACRE TRACT OF LAND
BEING MORE PARTICULARLY DESCRIBED BY THE METES AND BOUNDS AS FOLLOWS:
BEGINNING at a found 1/2-Inch Iron rod,for the southwesterly corner of the hereon,described
40.0.51 acre tract of land being along the easterly right-of-way line of Red Bud Lane,also known
as County Road 122,having a variable right-of-way width,same being the southwesterly carrier
of the aforementioned 3.32 acre tract of land,same being the northwesterly corner of a called
5.0 acre tract of land being described In that certain Warranty Deed,conveyed to IBS of Austin,
Inc., dated April 28, 2004 and appearing of record under Document No. 2004067512 of the
Official Public Records of Williamson County,Texas and from which a calculated point bears South
02'O1'15"Easy,a distance of 158.1.3 feet for the southwesterly comer of said 5.0 acre tract of
land,same being the northwesterly corner of a called 106.6 acre tract of land,being described as
Tract 3 In that certain Warranty Deed of Gift,conveyed to Beverly Johnson Gordon,
25,1998 and appearing of record under document No.1998035986 of the Official Public Records dated June
Of Williamson County,Texas;
THENCE North 02'W 50r Wim,along the easterly right-of-way line of the aforementioned Red
Bud Lane,same being the westerly property line of the aforesaid 3.32 acre tract of land,a distance
of 49.99 feet to a found "X" c
ut/chiseled In concrete for exterior ell-comer of the hereon,
described 40.051 acre tract of land,same being the northwesterly comer of the said 3.32 acre
tract of land,same being the southwesterly comer of a called 5.220 acre tract of land being
Particularly described In that certain General Warranty Deed, conveyed to High CountyR ore
LLC.,dated July 18,2007 and appearing of record under Document No.2007061080 of the opal
Public Records of Willlamson County,Texas; Official
Page 1 of 4
'd
THENCE North 87'27'4V'East,along the northerly property line of the aforementioned 3.32 acre
tract of land,same being the southerly property line of the aforesaid 5.220 acre tract of land a
distance of 732.62 feet to a set 1/2-inch Iron rod with plastic cap,stamped "4863"for an ell-
corner of the hereon,described 40.051 acre tract of land,same being the southeasterly corner
of the said 5.220 acre tact of land,same being an Interior ell-corner of the said 3.32 acre tract of
land and from which a found 1/24nch Iron rod bears North 04.37'34"East, a distance of 4.45
feet for a possible improperly placed boundary comer,
THENCE North 02.25'21"West, along the easterly property line of the aforementioned 5.220
acre tract of land,same being the Interior westerly Property line of the aforesaid 3.32 acre tract
of land,a distance of 94.67 feet to a set 1/2-Inch Iron rod with plastic cap,stamped"4863"for an
Interior ell-corner of the hereon, described 40.051 acre tract of land, same being the Interior
northwesterly ell-corner of the said 3.32 acre tract of land,same being the southwesterly comer
of that certain remaining portion of the called 32.21 acre tract of land, being described In that
certain Deed,conveyed to Kenneth W.Burge,dated April 4,1997 and appearing of record under
Document No.1997016054 of the Official Public Rees of Williamson County,Texas;
THENCE North 83.08 04"East,along the northerly property line of the aforementioned 3.32 acre
tract of land,same being the southerly property line of the remaining portion of the aforesaid
32.21 acre tract of land, a distance of 499.67 feet to a set
stamped"4863"for an Interior ell-comer of the hereon,described i40 051 acre trait plasticnch Iron rod with land same
being the southeasterly comer of the said remainingme
land and an ell-corner of the aforementioned 19.33 acre tract of that
certain
3 '21 acre tract of
THENCE with the common dividing property line of the aforementioned 19.33 acre tract of land
and the remaining portion of the called 32.21 acre tract of land the following Four(4)courses
and distances;
1).North 00"01'OS"Easy,a distance of 339.71 fleet to a set 1/2-Inch iron rod with plastic
cap,stamped"4863":
2).South 8r 43'23"West,a distance of 216.50 feet to a set 1/2-inch iron rod with plastic
cap,stamped"4863";
3y.South 42"34'39"West,a distance of 150.00 feet to a set 1/2-Inch Iron rod with plastic
cap,stamped"4863";
4).south 87"43'22"West,a distance of 920.22 feet to a found 1/2-4nch Iron rod,along
the easterly right-of-way line of the aforementioned Red Bud Lane,same being the southwesterly
comer of the aforesaid 19.33 acre tract of land and the northwesterly comer of the said
remaining portion of the 32.21 acre tract of land;
THENCE North 024'22'12"West,along the easterly right-of-way line of the aforementioned Red
Bud Lane, passing the common westerlydividing g Property corner of the aforesaid 1933 and
17.37 acre tract(s)of land at 55.00 feet and continuing an additional 55.23 feetfor a total distance
of 110.23 feet to a found 1/2-inch iron rod for the northwesterly corner of the hereon,described
40.051 acre tract of land, same being the northwesterly comer of the said 17.37 acre tra
land,same being southwesterly corner of Lot 1A,Block B of the Final Plat of Madsen Ranch ct of
1,being a 0.3756 acre tract of land being dedicated to the ,Phase
purposes,according to the map of plat thereof,record under Document Round Rock for 9319 of-Way
Official Public Records of Williamson County,Texas; nt No.20x5093195 of the
Page 2 of 4
THENCE North 87'34'19"East,along the northerly property line of the aforementioned 17.37
acre tract of land,same being the southerly common lot line of Logs)1,3A and 17-30,Block 8
of the aforesaid Madsen Ranch,Phase 1 a distance of 797.94 feet to a set 1/2-Inch Iron rod with
plastic cap,stamped"4863"for an ell-corner of the hereon,described 40.051 acre tract of land,
same being the northwesterly Interior ell-comer of the said 17.37 acre tract of land and the
southeasterly corner of the said Lot 30,Block B,Madsen Ranch,Phase 1;
THENCE North 02'25'41"West,along the common easterly lot line(s)of Lots)30—33,Block B
of the aforementioned Madsen Ranch, Phase 1, same being the westerly property line of the
aforesaid 17.37 acre tract of land a distance of 250.00 feet to a set 1/2-Inch iron rod with plastic
cap,stamped"4863"for the northerly most corner of the hereon,described 40.051 acre tract of
land,same being the southwesterly corner of the remaining portion of that certain 46.318 acre
tract of land being described as Tract 2 in that certain Special Warranty Deed,conveyed to 72
OSP,LLC.,dated June 1,2015 and appearing of record under Document No.2015047357 of the
Official Public Records of Williamson County,Texas;
THENCE with the common dividing property line of the aforementioned 48.318 and the 17.37
acre tract(s)of land the following Three(3)courses and distances:
1).North 87'33'56-East,a distance of 1269.82 feet to a found 1/24nch Iron rod;
2).North 01'3431-West,a distance of 450.17 feet to a set 1/2-inch iron rod with plastic
cap,stamped"4563"
3).North 23'05'49"West,a distance of 65.29 feet to a set 1/2-Inch Iron rod with plastic
cap,stamped"4863•for the northern most westerly corner of the hereon,described 40.051 acre
tract of land,same being the northwesterly comer of the said 17.37 acre tract of land and the
southwesterly corner of a called 21.67 acre tact of land,being described In that certain General
Warranty Deed, conveyed to John Reed, dated May 7, 2009 and appearing of record under
Document No.2009033054 of the Official Public Records of Williamson County,Texas;
THENCE North 84'27'S(r East,along the northerly property line of the aforementioned 17.37
acre tract of land,same being the southerly property line of the aforesaid 21..67 acre tract of land,
a distance of 426.82 feet to a found Iron rod with plastic cap, stamp being illegible, for the
northeasterly comer of the hereon, described 40.051 acre tract of land, same being the
northeasterly corner of the said 17.37 acre tract of land,same being an angle point along the
southerly property line of the said 2L67 acre tract of land and the northwesterly corner of Lot
52,Block it of the Siena Section 23A,according to the map or plat thereof,appearing of record
cruder Document No.2015008675 of the Official Public Records of Williamson County,Texas;
THENCE South OS'33'12"East,along the westerly lot line of Block it of the aforementioned Siena
Section 23A, same being the easterly property line of the aforesaid 17.37 acre tract of land a
distance of 847.63 feet to the common easterly dividing corner of the said 17.37 acre tract of
land and the aforesaid 19.33 acre tract of land,thence continuing an additional 625.80 feet for a j
total distance of 1473.43 feet to a set 1/2-inch Iron rod with plastic cap,stamped"4863"for the
southeasterly comer of the hereon, described 40.051 acre tract of land, same being the
southeasterly corner of the said 19.33 acre tract of land,same being an Interior ell-comer of a
0.165 acre tract of land, being described as Tract 2 in that certain Special Warranty Deed,
conveyed to Kenneth W. Burge,dated June 18,2014 and appearing of record under Document
No.2014090982 of the Official Public Records of Williamson County,Texas;
i
Page 3 of 4
THENCE South 85.32'36"West, along the southerly property line of the aforesaid 19.33 acre
tract of land,same being the northerly property line of the aforesaid 0,165 acre tract of land,a
distance of 22.99 feet to a set 1/2-Inch Iron rod with plastic cap,stamped"4863" for an angle
point along the southerly property line of the hereon,described 40.051 acre tract of land,same
being the northwesteriy corner of the said 0.165 acre tract of land and the northeasterly corner
of the aforementioned 106.6 acre tract of land;
THENCE with the common dividing property line of the aforementioned 19.33 acre tract of land
and the aforesaid 106.6 acre tract of land the following Two(2)courses and distances:
1),South 88'2(r 24"West;a distance of 450.05 feet to a set 1/24nch Iron rod wlth pi tic
cap,stamped"4863";
2).South 87'24'06"West,a distance of 672.72 feet to a set 1/2-inch Iron rod with plastic
cap,stamped"4863"for the southerly most west corner of the hereon,described 40.051 acre
tract of land,same being the southerly most west corner of the aforesaid 9.33 acre tract of land
and the southeasterly corner of the aforementioned 5,00 acre tract of land;
THENCE North 02.W 45"West,along the common dividing property line of the aforementioned
1933 and 5.00 acre tract of land,a distance of 156.49 fleet to a set
cap, stamped "4863" for common intersecting corner of the said 3,32, 5.00 and 94nch Iron rod t33lastic
tract(s)of land; acre
THENCE South 87'33'4,r West, along the southerly property line of the aforementioned 3.32
acre tract of land,same being the northerly property line of the aforesaid 5.00 acre tract of land,
a distance of 1384.78 feet to the POINT 4F BEGINNING,containing the hereon,described 40.051
acre(Appro)c,1,744,628 Sq.Ft.)tract of land,more or less.
Survey on the ground,September 81th,1,1d'and 22M of 2017
Attachment: A separate Boundary and As-Built survey accompanies this metes and
bounds description,
Bearing are based on the Texas Coordinate System,Central Zone(FIDS 4203)
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5.••Lc3�a� '••.
..... •
i 4M ��:
Charles M.Benson •• ,'`
Registered Professional Land Su eyor .... � October 2,2017
State of Texas No.4863
Location Reference l
l
WCad Property ID#R315416
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