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R-00-04-13-10B16 - 4/13/2000RESOLUTION NO. R- 00- 04- 13 -10B16 WHEREAS, the City desires to purchase a 505 square feet tract of land for additional right -of -way to facilitate street and drainage improvements on Summit Street, and WHEREAS, Eagle Investment Company, the owner of the property, has agreed to sell said property to the City, 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 Real Estate Contract with Eagle Investment Company, for the purchase of the above described property, a copy of said Real Estate Contract being attached hereto 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, and the Act. RESOLVED this 13th day of Apr A T ST: City of Round Rock, Texas A/ AA f E LAND, City Secretary K : \WPOOCS \RESOLUTI \R00 RT A. STLUKA, `TR., Mayor 1. PARTIES: ■►i_ Yu ■ Csu'a (Seller) agrees to sell and convey to THE CITY OF ROUND ROCK, TEXAS (Buyer) and Buyer agrees to buy from Seller the property described below. G:\ TEX T \ROUNOROC \LEESUM- 1 \PLAZA.WPD /bs EARNEST MONEY CONTRACT 2. PROPERTY: Approximately 505 square feet of land, being more particularly described in Exhibit "A" attached hereto. 3. CONTRACT SALES PRICE: A. Cash portion of Sales Price payable by Buyer $ 2.170.00 B. Sum of financing described below $ n/a C. Sales Price (Sum of A and B) $ 2.170.00 4. FINANCING: Not Applicable 5. EARNEST MONEY: Buyer shall deposit $100 as Earnest Money with Brown McCarroll Sheets & Crossfield, L.L.P. 6 TITLE POLICY, ABSTRACT AND SURVEY: A. TITLE POLICY: None Required B. ABSTRACT OF TITLE: None Required C. SURVEY REQUIRED: None Required NOTICE TO SELLER AND BUYER: (1) Buyer is advised to 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. If a Title Policy is furnished, the Commitment should be promptly reviewed by an attorney of Buyer's choice due to the time limitations on Buyer's right to object. (2) If the Property is situated in a utility or other statutorily created district providing water, sewer, drainage, or flood control facilities and services, Chapter 50 of the Texas Water Code requires Seller to deliver and Buyer to sign the statutory notice relating to the tax rate, bonded indebtedness, or standby fee of the district prior to final execution of this contract. EARNEST MONEY CONTRACT - PAGE 1 (3) Buyer is advised that the presence of wetlands, toxic substance including lead base paint or asbestos and waste or other environmental hazards or the presence of a threatened or endangered species or its habitat may affect Buyer's intended use of the Property. If Buyer is concerned about these matters, an addendum either promulgated by TREC or required by the parties should be used. (4) If the Property adjoins and shares a common boundary with the tidally influenced submerged lands of the state, Section 33.135, Texas Natural Resources Code, requires a notice regarding coastal area property to be included in the contract. An addendum either promulgated by TREC or required by the parties should be used. 7. PROPERTY CONDITION: Buyer accepts the Property in its present condition, subject only to as is. 8. BROKER'S REPRESENTATION AND FEES: NONE 9. CLOSING: The closing of the sale shall be on or before March 15. 2000 or within 7 days after objections to title have been cured, whichever date is later (the Closing Date); however, if financing or assumption approval has been obtained pursuant to Paragraph 4, the Closing Date shall be extended up to 15 days only if necessary to comply with lender closing requirements (for example, survey, closing documents). If either party fails to close this sale by the Closing Date, the non - defaulting party shall be entitled to exercise the remedies contained in Paragraph 14. At closing, Seller shall furnish tax statements or certificates showing no delinquent taxes and a General Warranty Deed conveying good and indefeasible title showing no additional exceptions to those permitted in Paragraph 6. 10. POSSESSION: The possession of the Property shall be delivered to Buyer at closing. 11 SPECIAL PROVISIONS: none. 12. SALES EXPENSES: The following expenses shall be paid at or prior to closing: A. Loan appraisal fees shall be paid by NLA. B. The total of loan discount and buydown fees shall not exceed N /A% of the loan of which Seller shall pay the first N /A% of the loan and Buyer shall pay the remainder. EARNEST MONEY CONTRACT - PAGE 2 6: \TEXT \ROUNDROC \LEESUH- 1 \PLAEA.WPD /bs C. Seller's Expenses: None. D. Buyer's Expenses: Application, origination and commitment fees; loan assumption costs; preparation and recording of deed of trust to secure assumption; expenses incident to new loan(s): (for example, preparation of any note, deed of trust, and other loan documents, recording fees, tax service and research fees, warehouse or underwriting fees, copies of restrictions and easements, amortization schedule, premiums for mortgagee title policies and endorsements required by lender; credit reports, photos); any required reserve deposits for ad valorem taxes and special governmental assessments; interest on all monthly installment payment notes from date of disbursements to one month prior to dates of first monthly payments; one -half of escrow fee and expenses stipulated to be paid by Buyer under other provisions of this contract. E. If any sales expense exceeds the amount stated in this contract to be paid by either party, either party may terminate this contract unless either party agrees to pay such excess. 13. PROBATIONS AND ROLLBACK TAXES: A. PRORATIONS. Interest on any assumed loan, current taxes, any rents, maintenance fees and assessments shall be prorated through the Closing Date. If ad valorem taxes for the year in which the sale is closed are not available on the Closing Date, proration of taxes shall be made on the basis of taxes assessed in the previous year. B. ROLLBACK TAXES. If this sale or Buyer's use of the Property after closing results in the assessment of additional taxes for periods prior to closing, the additional taxes shall be the obligation of the Buyer. If Seller's change in use of the Property prior to closing or denial of a special use valuation on the Property claimed by Seller results in the assessment of additional taxes for periods prior to closing, the additional taxes shall be the obligation of Seller. Obligations imposed by this paragraph shall survive closing. 14. DEFAULT: If Buyer fails to comply with this contract, Buyer shall be in default. Seller may either (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the EARNEST MONEY CONTRACT - PAGE 3 G:\ TEX T \ROUNDROC \LEESUM- 1 \PLAZA.WPD /bs Earnest Money as liquidated damages, thereby releasing both parties from this contract. If Seller is unable without fault to deliver the Commitment within the time allowed, Buyer may either terminate this contract and receive the Earnest Money as the sole remedy or extend the time for performance up to 15 days and the Closing Date shall be extended as necessary. If Seller fails to comply herewith for any other reason, Seller shall be in default and Buyer may either (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the Earnest Money, thereby releasing both parties from this contract. 15. ATTORNEY'S FEES: If Buyer, Seller or Escrow Agent is a prevailing party in any legal proceeding brought under or with relation to this contract, such party shall be entitled to recover from the non - prevailing parties all costs of such proceeding and reasonable attorney's fees. 16. ESCROW: The Earnest Money is deposited with Escrow Agent with the understanding that Escrow Agent is not (a) a party to this contract and does not have any liability for the performance or non - performance of any party to this contract (b) liable for interest on the Earnest Money or o liable for any loss of Earnest Money caused by the failure of any financial institution in which the Earnest Money has been deposited, unless the financial institution is acting as Escrow Agent. If any either party makes demand for the payment of the Earnest Money, Escrow Agent has the right to require from all parties a written release of liability of Escrow Agent for disbursement of the Earnest Money. Any refund or disbursement of Earnest Money under this contract shall be reduced by the amount of unpaid expenses incurred on behalf of the party receiving the Earnest Money, and Escrow Agent shall pay the same to the creditors entitled thereto. At closing, the Earnest Money shall be applied to any cash down payment, then to Buyer's closing costs and any excess refunded to Buyer. Demands and notices required by this paragraph shall be in writing and delivered by hand delivery or by certified mail, return receipt requested. 17. REPRESENTATIONS: Seller represents that as of the Closing Date (a) there will be no liens, assessments, Uniform Commercial Code or other security interests against any of the Property which will not be satisfied out of the Sales Price, unless securing payment of any loans assumed by Buyer and (b) assumed loans will be without default. If any representation in this contract is untrue on the Closing Date this contract may be terminated by Buyer and the Earnest Money shall be EARNEST MONEY CONTRACT - PAGE 4 c7\ TEX T \EOUNDROC \LEESOM- 1\PLAZA.WPO /b, refunded to Buyer. All representations contained in this contract and an agreement for mediation shall survive closing. 18. NOTICES: All notices shall be in writing and effective when mailed to or hand - delivered at the addresses shown below. 19. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person ", as defined by applicable law, or if Seller fails to deliver an affidavit that Seller is not a "foreign person ", then Buyer shall withhold from the sales proceeds an amount sufficient to comply with applicable tax law and deliver the same to the Internal Revenue Service together with appropriate tax forms. IRS regulations require filing written reports if cash in excess of specified amounts is received in the transaction. 20. USE AND UTILITIES: The intended use of the Property by Buyer is single family dwelling. Utilities required at the Property for such use are fN /Alwater; fN /Alsanitary sewer; fN /Algas; fN /A]electricity; fN /Altelephone• fN /AlNone; fN /AlNone. If Buyer ascertains that applicable zoning ordinances, easements, restrictions or governmental laws, rules or regulations prevent such intended use or that such required utilities are not available, or that the Property is located within the 100 year flood plain as shown on the current Federal Emergency Management Agency map, and Buyer so notifies Seller within ten (10) days after the effective date of this contract, the same shall terminate and the Earnest Money shall be refunded to Buyer. Buyer's failure to give the notice within the required time shall constitute Buyer's acceptance of the Property. 21. DISPUTE RESOLUTION: It is the policy of the State of Texas to encourage the peaceable resolution of disputes through alternative dispute resolution procedures. The parties are encouraged to use an addendum approved by TREC to submit to mediation disputes which cannot be resolved in good faith through informal discussion. 22. AGREEMENT OF PARTIES: The contract contains the entire agreement of the parties and cannot be changed except by their written agreement. Addenda which are a part of this contract are: NONE 23. CONSULT YOUR ATTORNEY: This is intended to be a legally binding contract. READ IT CAREFULLY. If you do not understand the effect of this contract, consult your attorney BEFORE signing. EARNEST MONEY CONTRACT - PAGE 5 G: \TEXT \ROUNDROC \LEESUN -1 \PLAZA. WPD /bs BUYER'S ATTORNEY AND ADDRESS: Charles Crossfield Brown McCarroll Sheets & Crossfield, L.L.P. 309 East Main Round Rock, Texas 78664 SELLER'S ATTORNEY AND ADDRESS: EXECUTED in multiple originals on (THE EFFECTIVE DATE). ADDRESS AND TELEPHONE: \ TEXT \ROUNDR«\LEESU4- 1\PLAZA. Veo /n: BUYER P. o.Rox 933 WMM84 c t"W 7 (000) 000 -0000 5ia - 9, oR pia - SY7 5`3 i3 EARNEST MONEY CONTRACT - PAGE 6 CITY OF ROUND ROCK, TEXAS SELLER AZ /A _ R TAT A. STLUKA, JR., Mayor ADDRESS AND TELEPHONE: Charles Crossfield Brown McCarroll Sheets & Crossfield, L.L.P. 309 East Main Round Rock, Texas 78664 EAGLE INVESTMENT COMPANY By• / ,�! P : cm nted ae: . Title: Ew4i4L RECEIPT Receipt of [ ] Contract and [ ] $100 Earnest Money in the form of is acknowledged. Date: , 2000. PREPARED IN THE OFFICE OF: Brown McCarroll Sheets & Crossfield L.L.P. 309 East Main Round Rock, Texas 78664 EARNEST MONEY CONTRACT - PAGE 7 G:\ TEXT \ROONORDG \LEE M,...PLAZA.wPD /b, By: PARCEL 1 DESCRIPTION FOR A 0.001 -ACRE (60.11- SQUARE FOOT) TRACT OF LAND IN WILLAAES IN THE WITEXA HARRIS BEING ABSTRACT OF LOT 2, BLOCK WILLIAMSON COUNTY, A SUBDIVISION A OF "AMENDED PLAT OF SUMMIT PLAZA ", LIDE ACCORDING TO THE PLAT THEREOF RECORDED IN CABINET OOI SL I DE 82 OF THE PLAT RECORDS OF SAID COUNTY, TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING on an iron rod set on a point in the southerly right -of -way line of Sunset Drive (60 -foot right -of -way width), same being the northerly boundary line of said Lot 2, same being the most westerly corner and POINT OF BEGINNING hereof; THENCE with the southerly right -of -way line of Sunset Drive, same being the northerly boundary line of said Lot 2, N86°06'06 "E (Bearing Basis /Directional Control Line) o for a distance of 11.34 - feet to an iron rod found on a p being the point of intersection of the southerly right - of - way line of Sunset Drive, with the westerly right - of - way line of Summit Street (right -of -way width varies), same being the most northeasterly corner of said Lot 2, also being the most northeasterly corner hereof; THENCE departing the southerly right -of -way line of Sunset Drive, with the westerly easterly boundary line e of of Summit Street, same being said Lot 2, 11.34- feet 2 point o rof distance urvatureo, of being the an most southerly corner hereof; Summit THENCE departing the easterly right -of -way line of the art Street, through the interior of said Lot 2, of a curve to the left, having a radius of 15.00 -feet, a central angle of 74 ° 10'32, an arc length of 19.42 -feet and a chord which bears 1466'48'38"W for a distance of 18.09 - feet to the POINT OF BEGINNING and containing 0.001 -acre of land. Su veyed under the direction of the und-rsigned: • it Jackson Chisholm Date istered Professional Land Surveyor No. 4295 P.O.B. PAR 0S F 0.001 ▪ IRS IRS TOTAL SQUARE FEET\ C FOR LOT 2= 305.74 LOT 2 OF • IPA Baker-Alcklen & knocustes, Mc. Con glneers SKETUH TO ACCOMPANY DESCRIPTION SUNS DRIVE .... (80r FIO.W) 11.3 ps "N (NSS'44'00'E426.46' `;F 1 ^ \ - - 8 _•0.'O6'W Ot s —I \ AMENDED P SUMMIT PLAZ CAB. G, SL. 82 LOT 3 "LOT 2= 245.63 SQUARE LOT 3 199.16 SQUARE F ET P.O.B. PARCEL 2 0.010 Ao. \ co p ▪ r w � \ \ m pr op \ w \ m t^ \ 5 10 .4 46.4 LOT 5 LEGEND P.O.B. = POINT OF BEGINNING �IRF = IRON ROD FOUND ° IRS = IRON ROD SET \ SCALE: 1 " =60' EIMIESIESESI CI-IORD BEARING N 56'49'30" N 17'35'45" W wironizawirraamom I c6.00 6300 5025.00 126.00 CHORD PROJECT BEARING BASIS/ DIRECTIONAL CONTROL LINE. Jackson Date CR J Cecil ackson Chisholm, R.P.LS. X4295 203 E. Main TK• tte6203 ' Round Rock, } TOTAL AREA= 444.79 SO, FT., 0,010 ACRE EXHIBIT "A" JOB No.: 601 - 537 -1 File: SUMEAS.DWG BY. BG DATE: April 7, 2000 SUBJECT: City Council Meeting — April 13, 2000 ITEM: 10.B.16. Consider a resolution authorizing the Mayor to execute a Real Estate Contract to acquire 505 square feet from Eagle Investment Company for $2,170 for right -of -way acquisition for street and drainage improvements on Summit Street. Staff Resource Person: Jim Nuse, Public Works Director.