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R-86-807 - 1/9/1986ATTEST: J RESOLVED this ! Ci day of 1 .A. /. /LJ/ LAND, City Secretary RESOLUTION NO. /OM WHEREAS, Ellen Lopez has presented a contract to the City of Round Rock whereby she wishes to sell certain real property to the City of Round Rock; and, ` `, WHEREAS, the property is located adjacent to the current Round Rock Public Library Building; and , i WHEREAS, it is in the best interest of the City of Round Rock to purchase said real property; Now Therefore, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS That the Mayor be and is hereby authorized to execute a certain earnest money contract, a copy which is attached hereto, for the purchase of Lot 15, Block 21, Original Plat of Round Rock; and BE IT FURTHER RESOLVED That the Mayor be and is hereby authorized to sign any and all documents necessary to complete the purchase of said real property. , 1986. MIKE ROBIONSON, Mayor City of Round Rock, Texas BARGE PROPERTIES, INC. (817) 773.9936, 2903 Thornton Lane, Temple, Texas 78501 EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED V.W. Boma 111, broker limes No. 177288 MLS • 1. PARTIES sell and convey to UNIMPROVED PROPERTY EARNEST MONEY CONTRACT This Contract is Limited To Transactions Where intended Use Is For One To Four Famtly Residences 4. FINANCING: (Check applicable boxes below) A. ALL CASH: This is an all cash sale; no financing is involved. ❑ B. ASSUMPTION: ' PROMULGATED BY TEXAS REAL ESTATE COMMISSION Ellen Lopez City of Round Rock 3. CONTRACT SALES PRICE: A. . Cash payable at closing s 68,000 B. Sum of all financing described in Paragraph 4 below s 0 C. Sales Price (Sum of A and B) s 68,000 02 -08 -85 (Seller) agrees to (Buyer) and Buyer agrees to buy from Seller the property described below. 2. PROPERTY: Lot 15 Block 21 City of Round Rock' —Addition City of Round Rock Williamson County Texas or as descnbed on attached exhibit (the Property). (I) Buyer's assumption of the unpaid principal balance of a first lien promissory note payable to in present monthly installments of S including principal, interest and any reserve deposits, with Buyer's first installment payment being payable on the first installment payment date after closing. the assumed principal balance of which at closing will be S (2) Buyer's assumption of the unpaid principal balance of a second hen promissory note payable to in present monthly installments of including principal, interest and any reserve deposits, with Buyer's first installment payment being payable on the first installment payment date after closing, the assumed pnncipal balance of which at closing will be 5 Buyer's assumption of an existing note includes all obligations imposed by the deed of trust securing the note. If the total principal balance of all assumed loans varies in an amount greater than 5350.00 at closing either party may terminate this contract and the Earnest Money shall be refunded to Buyer. If the noteholder on assumption (a) requires Buyer to pay an assumption fee in excess of 5 m B(I) above or 5 in B(2) above and Seller declines to pay such excess or (b) raises the existing interest rate above 9a in B(I) above or % in B(2) above, Buyer may terminate this contract and the Earnest Money shall be refunded to Buyer. The cash payable at closing shall be adjusted by the amount of any variance in the loan balance(s) shown above. NOTICE TO BUYER: Monthly payments, interest rates or other terms of some loans may be adjusted after closing. Before signing the contract. examine the notes and deeds of trust to determine the possibility of future adjustments. ❑ C. THIRD PARTY FINANCED: ❑ I. A third party first lien note of S due in full in year(s). payable in tmtial monthly payments of principal and interest not exceeding t for the first year(s) of the loan. ❑ 2. A third party second lien note of due in full in year(s), payable in tlitia1 monthly payments of pnncipal and interest not exceeding $ for the first year(s) of the loan. NOTICE TO PARTIES: Before signing this contract Buyer 15 advised to determine the financing options from lenders. Certain loans have variable rates of interest, some have monthly payments which may not be sufficient to pay the accruing interest, and some have interest rate ' •buydowns" which reduce the rate of interest for par or all of the loan term at the expense of one or more of the parties to the contract. ❑ D. SELLER FINANCED: A promissory note from Buyer to Seller in the amount of bearing _% interest per annum, and payable: ❑ 1. 111 one payment due ^fter the date of the note with Interest payable ❑ 2. In installments of t [ ] including interest [ 1 plus interest beginning after the date of the note and continuing at Intervals thereafter for year(s) when the enure balance of the note shall be due and payable. ❑ 3. Interest only in installments for the first year(s) and thereafter In Installments of 5 [ ] including interest [ ] plus interest beginning after the date of the note and continuing at . intervals thereafter for year(s) when the entire balance of the note is due and payable. ❑ 4. This contract is subject to Buyer famishing Seller evidence of good credit within days from the effective date of this contract. If notice of disapproval of Buyer's credit is not given within five (5) days thereafter, Seller shall be deemed to have approved Buyers credit. Buyer hereby authorizes Buyer's credit report to be fumished to Seller. Any Seller financed note may be prepaid in whole or in pan at any time, without penalty. The 'ten securing payment of such note will be infenor to any lien securing any loan assumed or given in connection with third party financing. If an Owner's Policy of Title Insurance is furnished, Buyer shall furnish Seller with a Mortgagee's Title Policy. Buyer shall apply for all third party financing or noteholder's approval of Buyer for assumption and waiver of the right to accelerate the note within days from the effective date of this contract and shall make every reasonable effort to obtain the same. Such financing or assumption shall have been approved when Buyer has satisfied all of lender's financial conditions. e.g., sale of other property, requirement of co- signer or financial venficattons If such financing or noteholder's approval and waiver is not obtained within days from the effective date hereof, this contract shall terminate and the Earnest Money shall be refunded to Buyer. 5. EARNEST MONEY: 5 500.00 is herewith tendered by Buyer and is to be deposited as Eamest Money with Williamson County Title Company at 896 Summit St. Round Rock,Tex. (Address) as Escrow Agent, upon execution of the contract by bath parties. ❑ Additional Earnest Money of S shall be deposited by Buyer with the Escrow Agent on or before 19 6. TITLE: Seller shall famish to Buyer at Seller's expense either. [f A. Owner's Policy of Title Insurance (the Title Policy) issued by Williams OD _tbnnt5c—ali re RORIPaa ( in the amount of the Sales Price and dated at or after closing: OR ❑ B. Abstracts of Title certified by an abstract company (1) from the sovereignty to the effective date of this contract (Complete Abstract) and (2) supplemented to the Closing Date (Supplemental Abstract). NOTICE TO SELLER AND BUYER: AS REQUIRED BY LAW. Broker advises Buyer that Buyer should have an Abstract covenng 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 to be obtained. Buyer should obtain a Commitment for Title Insurance (the Commitment) which should be examined by an attorney of Buyer's choice at or poor to closing. If the Property is situated in a Utility District. nn TP Frv,, 0.1 Unimproved Property Earnest Money Contract — Page 'P.m ■ U2 =08 -85 Section 50.301 Texas Water Code requires the Buyer to sign and acknowledge the statutory nonce from Seller relating to the tux rate and bonded indebtedness 01 ' the District. 7. PROPERTY CONDITION: Buyer accepts the Property in its present condition, subject only to 8. BROKER'S FEE Century 21. Barge Properties Listing Broker. and any Co-Broker represent Seller unless otherwise specified herein. Seller agrees to pay Listing Broker the fee specified by separate agreement between Listing Broker and Seller. If there is no separate agreement, Seller agrees to pay Listing Broker in Bell County, Texas. on consummation of this sale or on Seller's default a total cash fee of 6% of the Total Sales Pnce or upon Buyer's default. one half of the Earnest Money paid to Seller not to exceed the amount of cash fee. Escrow Agent is authorized and directed to pay Listing Broker said fee from the sale proceeds. 9. CLOSING. The closing of the sale shall be on or before .Tanttary 10 19 or within seven (7) days after objections to title have been cured, whichever date 18 later (the Closing Date); however, if financing or assumption approval has been obtained pursuant to Paragraph 4. the Closing Date shall be extended daily up to fifteen (15) days if necessary to complete loan requirements. If either parry fails to close this sale by the Closing Date, the non -defaulting pany shall be entitled to exercise the remedies contained in Paragraph 15 immediately and without notice. 10. POSSESSION: The possession of the Property shall be delivered to Buyer at closing. I I. SPECIAL PROVISIONS. (Insert factual statements and business details applicable to this sale.) The city of Round Rock will pay the expense of the demolition of the house which is situated on said lot. 12. SALES EXPENSES TO BE PAID IN CASH AT OR PRIOR TO CLOSING. A. Loan appraisal fees shall be paid by B. The total of the loan discount and buydown fees shall not exceed S of which Buyer shall pay the first $ snd Seller shall pay the remainder. C. Seller's Expenses: Prepayment penalties on any existing loans paid at closing, plus cost of releasing such loans and recording releases: tax statements: ih of any escrow fee: preparation of deed, preparation and recording of any deed of trust to secure assumption, other expenses stipulated to be paid by Seller under other provisions of this contract. D. Buyer's Expenses: Application. origination and commitment fees, private mortgage insurance premiums and any loan assumption fee: expenses incident to new loan(s) (e.g., prcpaation of any note, deed of trust and other loan documents. survey (unless stipulated to be paid by Seller in Paragraph 20). recording fees, copies of rcstnctions and easements, Mortgagee's Title Policies. credit reports, photos). 'h of any escrow fee: 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 (1) month pnor to dates of first monthly payments: expenses stipulated to be paid by Buyer under other provisions of this contract. E. If any sales expenses exceed the maximum amount herein stipulated to be paid by either party. either party may terminate this contract unless the other party agrees to pay such excess. 13. PRORATIONS AND TAXES: Interest on any usumed loan, current taxes. any rents and maintenance fees shall be prorated through the Closing Dam 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. If this sale or Buyer's use of the Property after closing results in the assessment of additional taxes for periods poor to closing. such additional taxes shall be the obligation of the Buyer and such obligation shall survive closing. If Seller's change in use of the Properly pnor to closing or denial of a special use valuation claimed by Seller results in the assessment of additional taxes for periods prior to closing. such additional taxes shall be the obligation of Seller. and such obligation shall survive closing. 14 TITLE APPROVAL: A. If abstract is furnished, Seller shall deliver Complete Abstract to Buyer within twenty (20) days from the effective date hereof. Buyer shall have twenty (20) days from date of receipt of Complete Abstract to deliver a copy of the examining title opinion to Seller, stating any objections to title, and only objections so stated shall be considered. B. If Title Policy is furnished. the Tide Policy shall guarantee Buyer's title to be good and indefeasible subject only to 1 I ( restrictive covenants affecting the Property (2) any discrepancies. conflicts or shortages in area or boundary lines. or any encroachments. or any overlapping of improvements (3) taxes for the current and subsequent years and subsequent assessments for prior years due to a change in land usage or ownership 14) existing building and zoning ordinances (5) rights of parties in possession (6) (tens created or assumed as security for the sale consideration (7) utility easements common to the platted subdivision of which this Property is a part and (8) reservations or other exceptions permitted by the tens of this contract Exceptions permitted in the Deed and zoning ordinances shall not be valid objections to title If the Title Policy will be subject to exceptions other than those recited above in sub - paragraphs (1) through (7) inclusive, Seller shall deliver to Buyer the Commitment and legible copies of any documents creating such exceptions that are not recited in sub - paragraphs (1) through (7) above at least five (5) days pnor to closing. If Buyer has objection to any such previously undisclosed exceptions. Buyer shall have five (5) days after receipt of such Commitment and copies to make written objections to Seller. If no Title Commitment is provided 10 Buyer at ter prior to closing. it will be conclusively presumed that Seller represented at closing that the Title Policy would not be .subject to exceptions other than those recited above in sub- paragraphs (I) through (7). C. In either instance if title objections are raised, Seller 'shall have fifteen (15) days from the date such objections are disclosed to cure the same, and the Closing Date shall be extended accordingly. If the objections are not satisfied by the extended closing date. this contract shall terminate and the Earnest Money shall be refunded to Buyer, unless Buyer elects to waive the unsatisfied objections and complete the purchase. D. Seller shall furnish tax statements showing no delinquent taxes, a Supplemental Abstract when applicable, showing no additional title exceptions and a General Warranty Deed conveying title subject only to (tens secunng payment of debt created or assumed as pan of the consideration, taxes for the current year, restrictive covenants and utility easements common to the platted subdivision of which the Property is a pan and reservations and conditions permitted by this contract or otherwise acceptable to Buyer. Each note shall be secured by vendor's and deed of trust liens. A vendor's lien and deed of trust to secure assumption shall be required, which shall automatically be released on execution and delivery of a release by noteholder. If Seller is released from liability on any assumed note, the vendor's lien and deed of trust to secure assumption shall not be required. In case of dispute as to the form of the Deed. note(s), deed of trust or deed of trust to secure assumption, foes prepared by the State Bar of Texas shall be used. 15. DEFAULT: If Buyer fails to comply herewith. Seller may either (a) enforce specific performance and seek such other relief as may be provided by law or (b) terminate this contract and receive the Earnest Money as liquidated damages If Seller is unable without fault. within the time herein required. to (a) deliser the Commitment or (b) deliver the Complete Abstract. Buyer may either terminate this contract and receive the Earnest Money as the sole remedy or extend the time for performance up to fifteen (15) days and the Closing Date shall be extended pursuant to other provisions of this contract If Seller fails to comply herewith for any other reason. Buyer may either (a) enforce specific performance hereof and seek such other relief as may be provided by law or lb) terminate this contract and receive the Earnest Money, thereby releasing Seller from this contract. 16. ATTORNEY'S FEES: Any signatory to this contract. Broker or Escrow Agent who is the prevailing party in any legal proceeding brought under or with relation to this contract or transaction shall be additionally entitled to recover court costs and reasonable attorney fees from the non - prevailing party. 17. ESCROW: The Earnest Money is deposited with Escrow Agent with the understanding that Escrow Agent (a) is not a party to this contract and does not assume or have any liability for performance or non•perfonnance of any signatory (b) has the nght ro require from all signatories a untten release of liability of the Escrow Agent which authonzes the disbursement of the Earnest Money (c) is not liable for interest or other charge on the funds held and (d) is not liable for any losses of escrow funds caused by the failure of any banking institution in which such funds have been deposited, unless such banking institution is acting as Escrow Agent. If any signatory unreasonably fails to deliver promptly the documents described in (b) above. then such signatory shall be liable to the other signatories as provided in Paragraph 16. At closing, the Earnest Money shall be applied first to any cash down payment required. then to Buyer's closing costs and any excess refunded to Buyer. Any refund or payment of the Earnest Money under this contract shall be reduced by the amount of any actual expenses incurred on behalf of the party receiving the Earnest Money. and Escrow Agent will pay the same to the creditors entitled thereto. 18. REPRESENTATIONS: Seller represents that as of the Closing Date (a) there will be no unrecorded liens. assessments or Uniform Commercial Code Secunty Interests against any of the Property which will not satisfied out of the Sales Pnce, unless secunng payment of any loans assumed by Buyer and (b) that assumed loan(s) will be without default. If any representation above is untrue on the Closing Date this contract may be terminated by Buyer and the Earnest Money shall be refunded to Buyer. All representations contained in this contract shall survive closing. 008 TREC No. 9 Ummpmved Property Earnest Money Contract concerning 211 E.. Liberty (Address of Property) 19. USE AND UTILITIES: The intended use of the Property by Buyer is [ ] single family dwelling [ ] multiple family dwelling of units [ ] mobile home. Utilities required at the Properly for such use are [ X] water [ X] sanitary sewer [X 1 gas [ X ] electricity (X ] telephone ( ] If Buyer ascertains that applicable zoning ordinances, restncttons or govemmcntal laws, rules or regula- tions prevent such intended use or that such required uulities are not available. or that the Property is located within the 100 year flood plain as designated by the appropriate governmental authonty, and Buyer so notifies Seller within 4 5 days from the effecuve date of this contract, then the same shall terminate and the Earnest Money shall be refunded to Buyer: failure on the part of Buyer to give the notice within the required time shall constitute Buyer's acceptance of the Property for Buyer's mtended use. 20. SURVEY: [X ] required [ ] not required. If required, then within 4 5 d ^ys from the effective date of this contract a current survey of the Property shall be furnished by and at the expense of [ ] Seller ( X ] Buyer by a mutually acceptable Registered Public Surveyor licensed by the State of Texas. A plat of the survey together with any appropriate field notes shall be furnished to Seller and Buyer. The survey shall locate all improvements, encroachments and overlapping of improvements on the Property, together with all easements and roadways adjoining or crossing the Property. 21. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their written agreement. Texas Real Estate Commission promulgated addenda which are a pan of this contract ate (list) 22. NOTICES: All notices shall be in wnting and effective when delivered at the addresses shown below. 23 CONSULT YOUR ATTORNEY: The Broker cannot give you legal advice. This is intended to be a legally binding contract. READ IT CAREFULLY. Federal law may impose certain duties upon Brokers or Signatories to dos contract when any of the signatories is a foreign party, or when any of the signatones receives certain amounts of U S. currency m connection with a real estate closing. If you do not understand the effect of any pan of this contract, consult your attorney BEFORE signing. EXECUTED in multiple originals eff the day of • 19 (BROKER: FILL IN THE DATE OF FINAL ACCEPTANCE.) - 211 r Buyer Seller Mayor, City of Round Rock Buyer Seller Buyer's Address Receipt of 5 Escrow Agent- Wi l l i amsnn Cr Ti tl a Co. Date. 19 5 00 00 Earnest Money is acknowledged in the form of nh e C k Page Three 02 -08 -85 SELLER'S BUYER'S ATTORNEY: ATTORNEY Phone No. Seller's Address Phone No. AGREEMENT BETWEEN BROKERS Listing Broker agrees to pay N/A Co-Broker, a fee of of the total sales pnce when the Broker's fee descnbed in Paragraph 8 is received. Escrow Agent is authonzed and directed to pay Co-Broker from Listing Broker's fee at closing. Century 21, Barge Properties Co-Broker License No. Listing Broker License No. By By Nora Gonzales 3500 So.T,nnp 363 817/773 -9936 Co-Broker's Address Phone No. Listing Broker's Address Phone No. EARNEST MONEY RECEIPT By The form of this contract has been approved by the Texas Real Estate Commission. Such approval relates to this contract form only. No representauon is made as to the legal validity or adequacy of any provision in any specific transactions. It is not suitable for complex transactions. Extensive riders or additions are not to be used. (Rev. 02 -85) TREC No. 9 -1. This fonts replaces TREC No. 9 -0. 008 DATE: January 7, 1986 SUBJECT: ' Council Agenda, January 9, 1986 ITEM: 11F - Consider a resolution authorizing the Mayor to enter into a contract for the purchase of Lot 15, Block 21 of the Original Plat of Round Rock. This lot is located directly behind the Library Building on the corner of Liberty and Sheppard. This lot is the first chance the City has had to purchase successfully adjacent property to existing city facilities. This purchase could allow for additional downtown parking, future - expansion of the City Hall or expansion of the Library either to the side or back. The attached contract was negotiated to the present $68,000 offer by the City and acceptance by the seller. The City will provide . a survey and existing structure removal. The property is a 5,625 sq. ft. commercial lot measuring 45 ft. X 125 ft. at a cost of $12.08 per sq. ft. g©r r -- �l pp Thal ��D Yw`.v -gin � /z aoP