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R-87-1005 - 5/28/1987WHEREAS, the City of Round Rock has been diligently searching for a suitable site for a new fire station; and, WHEREAS, a site has been located at the corner of Rawhide and Old West Drive; and, WHEREAS, the present owner has agreed to sell this property to the City of Round Rock for a fire station site; NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS THAT the Mayor be authorized and directed to execute any and all documents for the purchase of the new fire station site. RESOLVED this the c2d' day of May, 1987. ATTEST: nne Land, City Secretary RESOLUTION NO. /O 25 MIKE ROBINSON, Mayor City of Round Rock, Texas COMMERCIAL EARNEST MONEY CONTRACT THIS CONTRACT OF SALE is made by and between GRACE G. CHEN hereafter referred to as "Seller" and THE CITY OF ROUND ROCK, TEXAS hereafter referred to as "Buyer" upon the terms, provisions and conditions set forth herein. 1. PURCHASE AND SALE. Seller agrees to sell and convey to Buyer and Buyer agrees to buy from Seller the following property situated in WTLT,TAMSON County, Texas, known as APPROXIMATELY 22,800 SQUARE FEET OUT OF THE T.M. HARRFT,T. LEAGUE AND MORE SPECIFICALLY DESCRIBED IN ATTACHED EXHIBIT "A" (address). 2. PROPERTY. Lot , Block Addition, City of SFF ATTACHFD EXHTRTT "13" , or as described on attached Exhibit "A ", 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 hereinafter referred to as the "Property ", together with any improve- ments, fixtures, and personal property situated on and attached to the Property, including but not limited to the following 3. CONTRACT SALE PRICE. A. Cash clown payment payable at closing (including earnest money) B. Sum of all notes described in Paragraph 4 below $ —0— C. Other $ —0— D. Sales Price (Sum of A, B, and C) J 8Z"C9" FINANCING CONDITIONS. ASSUMPTION: Buyer shall assume the dated , 19 . Buyers pay the installm- • t payment due after the date of closing The assumed principal balance at closing will be $ allowing for an agreed $ variance. The cash payable at closing shall b a djusted for t amount of such varian• . Buyer shall apply for assumptio - approval, if necessary or required, within days from the effective date of this cons • and shall make every reasonable effort . obtain the same. If the variance exceeds $ or the existing interest r. is increased above % or Buyer is quired to pay an assumption fee in excess of $ , or assu on approval cannot, be obtained within da from the effective date hereof, this contract may be terminated at B er's option and the Earnest Money shall be refunded to Buye 'thous delay. B. THIRD PARTY FINANCI • This contract is subject to approval of a loan for Bu • by a third party in the amount of $ payable at intervals for not less than years th the initial interest rate not to exceed % per annum, and with each pr ipal and interest installment not to exc- d $ [ ]including interest [ ] plus interest, for the first year • f the loan. Buyer shall apply for the oan within days from the effective date of this contract and shall make every reas. • , ble effort to obtain app •val. If the loan has not been approved within days from the effective date hereof, this cont . t shall terminate a •. the Earnest Money shall be refunded to Buyer without delay. C. SELLER FINANCING: Buyer shall execute a proms •ry . • "e or notes to Seller in the principal sum of $ bearing % interest per annum, and payable: (Check ! or 3 below) [ ] I. In one payment due •fter the date of the note with interest payable [ ] 2. Installments of $ [ ] including] - r est [ ] plus interest beginning after the date of the note and continuin: in vats thereafter for years when the entire balance of the note shall be due an .ayable. [ ] 3. Interest only in installments for the first years and thereafter in installments of $ [ ] i ding interest [ ] plus interest beginning after the date of the note and continu- ing at intervals thereafter for years when the e e balance of the note is due and payable. D. OTHER FINANCING TAR/SC, gg.7 kLt) Any Se r financed note may be prepaid in whole or in part at any time without penalty. The lien securing payment of such n will be inf or to any lien securing any loan assumed pursuant to paragraph 4A above, or given in connection with third party fins ing, s'aat to p^. ^ph 5. EARNEST MONEY. A. $ 5.000.00 is herewith tendered and is to be deposited as Earnest Money with HEART OF TEXAS TITLE COMPANY , as Escrow Agent, upon execution of the contract by both parties. Addi- tional Earnest Money, if any, shall be deposited with the Escrow Agent on or before N/A 19 in the amount of $ N /A . Earnest Money is deposited with the Escrow Agent with the understanding that Escrow Agent (i) does not assume or have any liability for performance or nonperformance of any party (ii) has the right to require the receipt, release and authorization in writing of all parties before paying the deposit to any party and (iii) is not liable for interest or other charge on the funds held. If any party unreasonably fails to agree in writing to an appropriate release of Earnest Money, then such party shall be liable unpaid balance of that -promissory note payable o Page 1 of 4 , ctia , 6 , dges . 1 Yd. . j51 V gy.. 5511 TAR 029 to the other parties to the extent provided in paragraph 14. At closing, Earnest Money shall be applied to any cash down payment required, next to Buyers closing costs and any excess refunded to Buyer. Before Buyer shall be entitled to refund of Earnest Money, any actual expenses incurred or paid on Buyer's behalf shall be deducted therefrom and paid to the creditors entitled thereto. B. [ ] Yes [X ] No. The parties herein agree that the Earnest Money shall be deposited in an account at bearing interest at the highest obtainable rale and the interest shall be reedited to 6. PROPERTY CONDITION /INVESTIGATION. [ ] A. Buyer accepts the Property in "as is" condition. [X ] B. Buyer accepts the Property subject to the [X ] Property Condition and /or [ X] Investigation Addendum attached hereto. 7. SURVEY AND TITLE BINDER. A. Survey • [ ] 1. No survey is required. [ ] 2. Seller shall furnish to Buyer within ten (10) days from the effective date of this contract, Seller's existing survey of the Property dated 19 . [X ] 3. WITHIN THIRTY (30) days after the date of this contract, Seller shall, [ X] at Seller's expense [ ] at Buyer's expense, deliver or cause to be delivered to Buyer and Title Company a copy of a current -on- the - ground survey ( "Survey ") of the Property made by a duly licensed surveyer reasonably acceptable to Buyer and in a form acceptable to Buyer and the Title Company issuing the title commitment and Owner's Policy of Title Insurance required herein. If the survey exception (except as to shortages in area) is to be deleted herein, the additional expense for such deletion shall be paid by Buyer . The Survey shall show acreage or square feet, access to the property, the location of all improvements, rights of way, easements, encroachments, building set back lines, streets, roads, wafer courses, flood zones or fences on or adjacent to the Property, if any. If this contract does not close through no fault of Seller, in addition to the other rights of Seller hereunder, Buyer shall pay for the Survey. [ ] i.) If the price of the Property, pursuant to Paragraph 3, is based upon price per acre, then the Survey shall reflect the total acreage. p ] ii.) If the price of the Property, pursuant to Paragraph 3, is based upon price per square foot, then the Survey shall reflect the total square footage. B. Within FORTY —FIVE days after the date of this contract, Seller shall, at Sellers expense, deliver or cause to be delivered to Buyer. (l) A title commitment ( "Title Binder ") covering the Property binding the Title Company to issue a Texas Owner's Policy of Title Insurance on the standard form of policy prescribed by the Texas State Board of Insurance at the closing in the full amount of the purchase price; and (2) True, correct, and legible copies of any and all instruments referred to in the Title Binder as constituting exceptions or restrictions upon the title of Seller, if requested by Buyer in writing within FIFTEENdays of receipt of the title commitment. (3) A U.C.C. lien search, if applicable. 8. APPROVAL PERIOD AND TITLE. A. Buyer shall have FIFTEEN days after the receipt of both the Survey and Title Binder to review same and to deliver in writing to Seller such objections as Buyer may have to anything contained therein. Any such item to which Buyer shall not object shall be deemed to be accepted by Buyer. If there are objections by Buyer, Seller shall in good faith attempt to satisfy same prior to closing, but Seller shall not be required to incur any cost to do so. If title objections are disclosed, Seller shall have 30 days to cure same. If Seller delivers written notice to Buyer on or before closing date that Seller is unable to satisfy such objections, or if, for any reason, Seller is unable to convey title in accordance with Section S(B) below, Buyer may either waive such objections and accept such title as Seller is able to convey or terminate this contract by written notice to Seller and Earnest Money shall be refunded with no Broker's fee due. Zoning ordinances and a lien for current taxes shall not be valid objections to title. B. Seller represents and warrants to Buyer that at the closing Seller will have and will convey to Buyer good and marketable title by General Warranty Deed subject only to liens securing debt created, assumed or taken subject to as part of the consideration, taxes for the current year, and any other reservations, easements, discrepancies in boundaries, encroachments, restrictions or exceptions previously approved by Buyer in accordance with Paragraph 8.A. Delivery of the Title Policy pursuant to Section 10 below shall be deemed to fulfill all duties of Seller as to the sufficiency of title required hereunder, provided however, Seller shall not thereby be released from the warranties of Seller's Deed. 9. NOTICE TO BUYER. At the time of the execution of this contract, Broker has advised and hereby advises Buyer, by this writing, that Buyer should be furnished with or obtain a policy of title insurance or if an abstract covering the Property is provided in lieu thereof, Buyer should have said abstract examined by an attorney of Buyers own selection. 10. CLOSING. A. The closing of the sale (the Closing Date) shall be on or before Tn l y 31 , 19 117 . B. At the closing, Seller shall deliver to Buyer: (i) a General Warranty Deed (with Vendor's Lien retained if not a cash purchase) conveying the Property, subject only to liens securing debt created, assumed or existing as part of the consideration, taxes for the current year, and any other reservations or exceptions previously approved by Buyer in accordance with Paragraph B.A.; (ii) An Owner's Policy of Title Insurance (the "Title Policy ") issued by HEART OF TEXAS TITLE COMPANY in full amount of the Sales Price, dated as of closing insuring Buyer's fee simple title to the Property to be good and indefeasible subject only to those title exceptions permitted herein, or as may be approved by Buyer in writing, and the standard printed exceptions contained in the usual form of the Title Policy, provided, however. (a) the exception as to area and boundaries shall be in accordance with Paragraph 7.A.3.: (b) the exception as to restrictive covenants shall be endorsed "None of Record ", or, if of record, restrictive covenants shall be referenced by appropriate recording information; (c) the exception as to taxes shall be limited to taxes for the current year and subsequent years, and subsequent assessments for prior years due to changes in land usage or ownership; and (iii) possession of the property. C. At the closing, Buyer shall deliver to Seller (i) the cash portion of the sales price (the Earnest Money being applied thereto) and (ii) each note provided herein, if any, secured by Vendor's and Deed of Trust Liens. D. Unless otherwise provided herein, costs for the Survey, the Title Policy, preparing Deed, all inspections, tax certificates, reports and repairs required of Seller herein and 1/2 of escrow fee shall be Seller's expense. All other costs and expenses incurred in connection with this contract which are not recited herein to be the obligation of Seller, shall be the obligation of Buyer. Unless otherwise paid, before Buyer shall be entitled to refund of Earnest Money, any such costs and expenses shall be deducted therefrom and paid to the creditors entitled thereto. E. Rents and lease commissions, interest, insurance, utility charges, personal property taxes and ad valorem taxes for the then current year shall be prorated at the closing effective as of the date of closing. if for any reason utility charges cannot be accurately determined at date of closing for proration purposes, Buyer may postpone proration of utility charges until after closing and at such rAR /SC. pg.7 Page 2 of 4 TAR 029 time as a statement for utility charge is received. Charges appearing on such statement shall then' be prorated as of the date of closing, and Seller shall tender in cash the cost of all utility charges to the date of closing to Buyer upon demand. Any security deposits held by Seller shall be delivered to Buyer. If the closing shall occur before the tax rate is fixed for the then current year, the apportionment of the taxes shall be upon the basis of the tax rate for the preceding year applied to the latest assessed valuation but any difference in ad valorem taxes for the year of sale actually paid by Buyer shall be adjusted between the parties upon receipt of written evidence of the payment thereof. if Seller has claimed the benefit of laws permitting a special use valuation for the purposes of payment of ad valorem taxes on the Property, the Seller represents that he was legally entitled to claim such benefits. lf, after the purchase is closed, Buyer changes the use of the Property and the same results in the assessment of additional taxes, such additional taxes will be the obligation of the Buyer. F. If Buyer is to assume an existing loan, Buyer shall pay any transfer fee as provided in Paragraph 4. Buyer shall execute, at the option and expense of Seller, a Deed of Trust to Secure Assumption with a Trustee named by Seller. G. If the Property is situated within a utility district subject to the provisions of Section 50.301, Texas Water Code, then at or prior to the closing, Seller agrees to give Buyer the written notice required by said Section and Buyer agrees to sign and acknowledge the notice to evidence receipt thereof. 11. ESTOPPEL CERTIFICATE BY TENANTS. Seller shall deliver to Buyer an "estoppel certificate" signed by each tenant leasing space in the property as of the date of closing stating (I) that no default exists under the terms of the lease agreement by either Lessor or Lessee; (2) the amount of any rental payments made in advance, if any; (3) the amount of any security deposits made, if any; (4) the amount of any offsets against rent, if any; and (5) that the tenant has no defenses against the payment of rent accruing under the terms of his lease agreement. Seller shall, at closing, tender to Buyer the amount of any security deposits and advance rental payments received. if any tenants present claims for offsets against rent or defenses against the payment of rent which are unacceptable to Buyer, Buyer shall so notify Seller in writing. Seller shall promptly undertake to eliminate or modify such unacceptable offsets or defenses. In the event Seller is unable to do so within N/A days after receipt of written notice, Buyer may terminate this agreement and Earnest Money shall be refunded with no Broker's fee due. Seller shall deliver to Buyer all existing leases and service and /or warranty contracts applicable to the premises within N /A of this contract. Buyer shall have N/A days from receipt of those contracts to disapprove of same in writing to Seller, and Buyer may terminate this agreement and Earnest Money shall be refunded with no Broker's fee due. At closing the cost of any service and /or warranty contracts shall be prorated. 12. BROKER'S FEES: PHIL INGALLS Listing Broker ( 3 %) and DON QUICK & ASSOCIATES, INC. Co- Broker ( 3 %), as Real Estate Broker (the Broker), has negotiated this sale and Seller agrees to pay Broker in WILLIAMSON County, Texas, on consummation of this sale a total cash fee of $ or 6 % of the total Sales Price, which Escrow Agent shall pay from the sale proceeds. 13. CASUALTY LOSS. If, prior to Closing, any part of Property is damaged or destroyed by fire or other casualty loss, Seller shall restore the same to its previous condition as soon as reasonably possible, but in any event by Closing Date; and if Seller is unable to do so without fault, this contract shall terminate and Earnest Money shall be refunded with no Broker's fee due. 14. DEFAULT. If Buyer fails to comply herewith, Seller may either enforce specific performance or terminate this contract and receive the Earnest Money as liquidated damages, one -half of which (but not exceeding the Broker's fee recited in Section 12) shall be paid by Seller to Broker in full payment for Broker's services. If Seller is unable without fault to deliver Title Policy or to make any non - casualty repairs required herein within the time herein specified, Buyer may either terminate this contract and receive the Earnest Money as the sole remedy, and no Broker's fee shall be earned, or extend the time up to SIXTY days. If Seller fails to comply herewith for any other reason, Buyer may (1) terminate this contract and receive the Earnest Money, thereby releasing Seller from this contract (ii) enforce specific performance hereof and /or (iii) seek such other relief as may be provided by law. If completion of sale is prevented by Buyer's default, and Seller elects to enforce specific performance, the Broker's fee is payable only if and when Seller collects damages for such default by suit, compromise, settlement or otherwise, and after first deducting the expenses of collection, and then only in amount equal to one -half of that portion collected, but not exceeding the amount of Broker's fee. 15. CONDEMNATION. If any part of the Property is condemned prior to Closing Date, Seller shall promptly give Buyer written notice of such condemnation and Buyer shall have the option of either applying the proceeds on a pro rata basis of any condemnation award to reduce the Sales Price provided herein or declare this Contract terminated by delivering written notice of termination to Seller and Earnest Money shall be refunded to Buyer with no Broker's fee due. 16. ATTORNEY'S FEES. Any signatory to this contract who is the prevailing party in any legal proceeding against any other signatory brought under or with relation to this contract, or transaction shall be additionally entitled to recover court costs and reasonable attorney fees, and all other litigation expenses, including deposition costs, travel, and expert witness fees, from the non- prevailing party. 17. REPRESENTATIONS. In addition to other representations made herein, Seller represents that unless securing payment of the Note, there will be ne Title 1 liens, unrecorded liens or Uniform Commercial Code liens except those specified in paragraph 26 against any of the Property on Closing Date, that loan(s) will be without default, and reserve deposits will not be deficient. If any representation above is untrue this contract may be terminated by Buyer and the Earnest Money shall be refunded without delay. Representations shall survive closing. 18. NOTICES. Any notice or communication required or permitted hereunder shall be deemed to be delivered, whether actually received or not, when deposited in the United States mail, postage fully prepaid, registered or certified mail, and addressed to the intended recipient at the address on the signature page of this contract. Any address for notice may be changed by written notice delivered as provided herein. 19. INTEGRATION. This contract contains the complete agreement between the parties and cannot be varied except by the written agreement of the parties. The parties agree that there are no oral agreements, understanding, representations or warranties which are not expressly set forth herein. 20. BINDING EFFECT. This contract shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, representatives, successors and assigns where permitted by this contract. The effective date of this contract shall be the date upon which the last party signs. 21. TERMINATION OF OFFER. Unless accepted by Seller, as evidenced by Seller's signature hereto and delivered to Buyer by 5:00 p.m., the 11, �L�" -day of MAY 19 87 , this offer to purchase shall be null and void and all parties hereto shat tand reli d and released of any and all liability or obligations hereunder and all Earnest Money shall be returned to Buyer. 22. ASSIGNMENT. [ XJ A. Buyer may not assign this contract. [ J B. Buyer may assign this Contract and all rights hereunder and shall be relieved of any future liabililty under this Contract provided the assignee shall assume in writing alt the obligations of Buyer hereunder. 23. TEXAS LAW TO APPLY. This agreement 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. TAR/RC, pg.7 Page 3 of 0 TAR 029 24. LEGAL CONSTRUCTION. 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, such invalidity, illegality, or unenforceability shall not affect any other provision hereof and this contract shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein. 25. TIME. Time is of the essence. 26. SPECIAL PROVISIONS. (This section to include additional factual data relevant to the sale which may include addendums.) A. Buyer shall cooperate and aid Seller in providing a drainage easement that may be required in the development and subdivision of said 3.767 acres. B. Seller further grants to Buyer an option to purchase an additional contiguous rectangular tract of land of not more than 150 feet in width along Old West Drive and in depth from Old West Drive northerly to the northerly property line. This option shall termiante six months from the effective date of this Contract and at the same price per square foot ws hee - Te ., raccA)T,C /O ° 4o e. S %1175 %1175 ° _ ,, //��jj�� ° Cif, �� a 9r�B�*°° # # 7 etc . c.x.c, ' " 4. 5' The Contract Sales Price of $b is based on an assumed total of 22,800 square feet V i rs t *-L per square foot. If the sealed survey shows, before Closing, a lesser or greater total square footage, the Contract will be adjusted accordingly. I!) D. The Buyer shall pay any and all fees or charges that the City of Round Rock may require /^ in the process of subdividing and platting subject purchase. - 27. CONSULT YOUR ATTORNEY. This is intended to be a legally binding contract. This contract constitutes the entire agreement between the parties and their real estate agents, there being no oral agreements, representations, conditions, or warranties, express or implied, in addition to this contract. 28-- PRIN€HtAI )4SELOSUR&.. [ -} T'ite imyerof this- property^is z -licensed- real -estate- agent- and -is- acting -as-r pnneipnl- in-this -transaction. of-this isa- lieettsed-realestate-ager artd- iszeting- asaprineipalynthisiransaetiart. EXECUTED by Seller on this the BROKERS PHTT. TNa .0 LIST BROKE EXECUTED by Buyer on this the /`/ 1/96977 LICENSE NO. Receipt of $ 5 , 000.00 Earnest Money is acknowledged in the form of Escrow Agent By Title TAR/SC. pg.7 Page 4 of 4 SELLER day of GRACE G. CHEN 19c 6420 -A Westside Drive. Austin. Texas. 78731 Address day of / ` 1917 BUYER DON f]TTTCK & ASSOCTATRS. TNC. 11947889 li . CITY OF R CO - BROKE LICENSE NO. BY! ` ...���- By' - Acting City Managr Title 214 E. Main, Round Rock, Texas, 78664 F3SAR Address Telephone [Note: This form has been prepared by Babb & Hanna, P.C., attorneys for the Texas Association of REALTORS (TAR). Babb & Hanna, P.C. has approved this form for use by TAR member brokers and salespersons for the purpose of selling improved or unimproved commercial real property. This form has not been drafted for a specific transaction, therefore, the parties are advised to consult an attorney of their choice before signing.] TAR 079 TAR/Sr' PROPERTY CONDITION (CHECK "A" OR "B ") [ X] A. Buyer accepts the Property in its present condition, subject only to SELLER PROPERLY SUBDIVIDING AND PREPARING FILING AND OBTAINING FINAL PLAT APPROVAL FROM THE CITY OF ROUND ROCK, TEXAS. [ ] B. Buyer requires inspections and repairs as follows: Check Applicable Boxes: [ ] i. Termites: Seller, at Seller's expense, shall furnish to Buyer at or prior to closing a written report by a Structural Pest Control Business Licensee, dated within 30 days before Closing Date and stating that there is no visible evidence of active termites or visible damage to the improvements from the same in need of repair. Such report shall not cover fences, trees and shrubs. [ ] ii. Condition of Property. Buyer shall have the right at Buyer's expense (i) within days from the date of this contract to have any of the STRUCTURAL items indicated below, and (ii) within days from the date of this contract to have any of the EQUIPMENT AND SYSTEMS items indicated below, inspected by inspectors of Buyer's choice and to give Seller within such time periods a written report of required repairs to any of the items checked below which are not performing the function for which intended or which are in need of immediate repair. Failure to do so shall be deemed a waiver of Buyer's inspection and repair rights and Buyer agrees to accept Property in its present condition. ITEMS THAT BUYER MAY REQUIRE TO BE INSPECTED (check applicable boxes): STRUCTURAL: [ ] foundation, [ ] roof, [ ] load bearing walls, [ ] floors, j ] ceilings, [ ] basement, [ ] vaterpene- tration, and EQUIPMENT AND SYSTEMS: ( ] plumbing system (including any water heaters), [ ] central heating and air conditioning, [ ] electrical sys- tem, [ ] heating and cooling units in the walls, floors, ceilings, roof or windows, [ ] any built in appliances, [ ] swimming pools and related mechanical equipment, [ ] sprinkler systems, and Repairs required by inspections and reports shall be at Seller's expense. [ ] iii. Seller shall make the following repairs in addition to those required above: All inspections shall be by trained and qualified persons who regularly provide such service and all repairs shall be by trained and qualified persons who are, whenever possible, manufacturer - approved service persons or are licensed or bonded whenever such license or bond is required by law. For these purposes and for re- inspections after repairs have been completed, Seller shall permit access to the Property at any reasonable time. [ ] iv. Where gas supplier, regulations or ordinances require inspection on transfer of gas service, Seller consents to transfer of gas service to Buyer's name within 7 days prior to closing. Seller shall arrange and pay at closing for any repairs necessary if gas leak is discovered. Buyer's failure to request such transfer in time to complete the inspection prior to closing shall release the Seller of liability for repair of gas leaks. Upon Seller's receipt of all loan approvals and inspection reports Seller shall commence and complete prior to closing all required repairs at Seller's expense. All inspections, reports and repairs required of Seller by this contract shall not exceed $ . If Seller fails to complete such requirements, Buyer may do so and Seller shall be liable up to the amount specified and the same paid from the proceeds of the sale. If such expenditures exceed the stated amount and Seller refuses to pay such excess, Buyer may pay the additional cost or accept the Property with the limited repairs and this sale shall be closed as scheduled, or Buyer may terminate this contract and the Earnest Money shall be refunded to Buyer. Broker and sales associates have no responsibility or liabil' y r repair or replacement of any of the Property. THE CIT OF OUND ROCK, E GRACE G. CH Buyer ` Selle, BY: Seller Buyer Acting City Manager Date /J /917 PROPERTY CONDITION ADDENDUM Date /7 /7 /7P7 TAR 029 INVESTIGATION /FEASIBILITY STUDY ADDENDUM INVESTIGATION /FEASIBILITY STUDY. Buyer is granted the right to conduct an investigation and /or feasibility study of the Property as follows: [ ] market or economic feasibility study [X ] engineering study [X ] inspection of zoning, subdividing, or other use restrictions affecting the Property [ ] availability of utilities, including electricity, gas, water and wastewater treatment [X ] inspection of soil and subsoil condition [ ] other Buyer shall have FIFTEEN days from the effective date hereof to perform such investigation and /or study. Buyer or Buyer's agents shall have the right of access to the Property prior to closing for the purpose of conducting such investigation and /or study, and shall have the right to conduct tests and obtain core samples. Seller agrees to cooperate with Buyer in connection with the investigation and /or study, agrees to furnish Buyer with copies of any and all documents relating to the Property that might be necessary to complete such investigation and /or study, and agrees to execute any and all documents that might be required in order to obtain any necessary governmental authority or consent with respect to the above - described matters. If Buyer determines, in Buyer's sole judgment and discretion, that the Property is not suitable for Buyer's intended use, within the FIFTEEN1ays, Buyer shall give Seller written notice of such fact on or before the end of the period stated above with a copy to Escrow Agent. Upon receipt of such written notice, the Escrow Agent shall refund the Earnest Money to Buyer, and both parties shall be released from all further obligations under this Contract. If Buyer does not send such written notice to Seller, then it shall be presumed that the Property is suitable for Buyer's intended use, and the Contract may not be terminated by Buyer for the reasons set forth in this Section. In the event this contract does not close, through no fault of Seller, Buyer shall restore the Property to its original condition, if changed due to the investigation and /or study performed by Buyer. THE C Buyer BY: OUND ROCK Buyer Acting City Manager Date S/1., /9 TAR/SC GRACE G. C Seller Seller Date /7 /147. /9 ?7 TAR 029 EXHIBIT "A" The 22,800 square feet along the westerly property line (as shown on Exhibit "B ") of a 3.767 acre tract of land out of the J. M. Harrell League in Williamson County, Texas, and being part of those tracts conveyed to Hickerson Operating Company by deeds recorded in Volume 862, Pages 12 -13, Volume 865, Pages 852 -853, and Volume 1481, Page 681, Williamson County Deed Records, said 3.767 acres described by metes and bounds as follows: BEGINNING at the southeast corner of Rawhide Drive as shown and dedicated by the plat of Chisholm Valley South Sec. 4 Phase 2 recorded in Cab. E, Slides 185 -186, Williamson County Plat Records; THENCE with the east line of said Rawhide Drive the following 2 courses: (1) Around a curve to the right, having a radius of 833.75 ft, a chord which bears N13 °12'E 168.51 ft to end of curve; (2) N19 °00'E 91.24 ft for corner; THENCE with the south line of proposed Chisholm Valley South Sec. 11 the following 3 courses: (1) S75 °31'E 121.36 ft; (2) N81 ° 00'E 105.00 ft; (3) N75 °00'E 494.00 ft for corner; THENCE along the east line of said Hickerson Operating Company property, S20 °08'E 198.67 ft for corner; THENCE with the north line of Old West Drive the following 5 courses: (1) Around a curve to the left, having a radius of 680 ft, a chord which bears S79 °30'W 189.39 ft to end of curve; (2) S71 ° 30'W 396.68 ft to the beginning of a curve; (3) Around curve to the right, having a radius of 600 ft, a chord which bears S79 °30'W 167.00 ft to end of curve; (4) S87 ° 30'W 93.88 ft to the beginning of a curve; (5) Around curve to the right, having a radius of 15 ft, a chord which bears N42 °33'W 22.96 ft to the place of BEGINNING, containing 3.767 acres. • • ' J0eN•83. 292.4 -2 1•'#GEN2 r7 -2 F 8 S Pc � 2O LEGEND 0 — .P /N SET — P/N FOUND • • •j0 ;r • SCALE: I /00' 3. r /9 A/.9/.00• /0..00 cc i <G 1- V /67 00 S 79'j0. :N.'s,i. /..v. ! 1 .I.(Y l'TIi:/_ ;: 1 rn: P,.�stn u /.. .:'/r 6 ' :7 1 :o .1 :5 I :4 /3 ■• 73'00'E .3.767 ACRES . /64,090 . 5 7/'30r- OL D WEST DRIVE 80'R. O.W. SURVEY MAP OF A PORTION OF THE J. M HA RREL L LEAGUE, IN WILL /AMSON COUNTY, TEXAS 693.00 W to • O 0 r� I hereby certify that this survey was this day made on the ground of the property legally descrioea hereon and is correct, and that there are no discrepancies, conflicts, shortages in area, boundary line conflicts, encroachments, overlapping of improvements, visible utility lines or roads in place, except as shown hereon, and that said property has access to and from a dedicated roadway, except as shown hereon. - Dated this the 26th day of November, 1952 r.. / 9 / > H. PATTERSON REGISTERED PI'BLIC SURVEYOR ' • .. NUMBER 2517 • i DATE: May 26, 1987 SUBJECT: Council Agenda, May 28, 1987 ITEM: 13F - Consider a resolution authorizing the Mayor to execute a real estate contract. The attached resolution authorizes the Mayor to sign a contract for the purchase of a fire station site.