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R-94-08-25-10A - 8/25/1994FRO'k+SUMMIT REALTORS Fa simile Cover Sheet To: Bob Bennett Company: City of Round Rock Phone: 255 -3612 Fax: 255 -6676 From: Jim Boles /Teresa Walters Company: Summit Commercial Industrial Properties Phone: 244 -9707 Fax: 244 -0336 Date: 09/27/94 Page= Including this cover page: 4 Comm : nts: Copy of fully executed Amendment to Unimproved Comm: rclal Property Earnest Money Contract. 09.27.1994 09,50 P. 1 FROrl,SUMMIT RERLT0R5 • •; AMENDMENT TO UNIMPROVED COMMERCIAL PROPERTY EARNEST MONEY CONTRACT This Amendment to Unimproved Commercial Property Earnest Money Contract ( "Amendme t ") is entered into effective as of August' 1994, by and between Sunrise Joint Venture, ( "S ller ") and the City of Round Rock and the Round Rock Independent School District, (collectively eferred to as "Buyer "). RECITALS 09.27.1994 09:51 P. 2 Whereas, Buyer and Seller have entered into that one certain Unimproved Commercial Whe = Buyer and Seller desire to amend and revise the Contract to provide for use of the ( "Contract "), and, property and acquisition of properly subject to debt and to extend the closing date; Now therefore, for and in consideration of Ten and No/100 Dollars ($10.00) and other good and valuable onsideration, Buyer and Seller do hereby amend and modify the Contract as follows: A. City and School District agree that the property will be owned jointly and severely, with each having a fifty (50%) percent undivided ownership. The ownership will not be as joint tenants with right of survivorship but as tenants in common. B. The City and School District agree to divide the property in an equitable manner so that each pa has generally equal access and usability of its property. C. If the. City and School District are unable to agree to a division of the property within one hundred ighty (180) days from the date of acquisition of title, the City and School District agree AmendmentUni provedCommereis1 -1- REAL4323:REAL30D Propany Barnett Money Contrast 2951 -003 , FROIj,SUMMIT REALTORS that either p rty may institute an action in District Court in Williamson County seeking a judicial partition oft e property. The City and the School District agree to sharc all costs associated with the judicial p ition, except for attorney's fees, which shall be the separate responsibility of each party. ParagFaph 3. is hereby amended to read as follows: 3. CON CT SALES PRICE: The Sales Price shall be equal to the amount of current and delin.uent ad valorem taxes and road district assessments now due and payable on the Prop- , not to exceed $110,000.00. As additional consideration, Buyer agrees to purchase the P operty subject to the payment of f'ture road district assessments. II, • Para raph 9. is hereby amended to real as follows: 09.27.1994 09'51 P. 3 9. CLO• ING: The closing of the sale shall be at Title Agency of Austin on or before October or within seven (7) days after objections to title have been cured, whichever date is lat r (the Closing Date), Seller and Buyer agree to execute all documents necessary to cons mmate the closing of this sale and to furnish evidence of their authority and capacity. IV, Para raph 25 is hereby deleted in its entirety. V. To t extent necessary to effect the terms and provisions of this Amendment, the Contract is hereby am nded. In all other respects, the Contract is hereby ratified and confirmed. Amendment Unl proved Commereiel •2• REAL4333:RBAL3OD PropertyEameut oneyContreot • 2951.003 ,, FROM SUMMIT RERLTORS EXB 4IJTED in multiple originals effective th day of August, 1994. By: BUYERS ADDRESS: 221 E. Main Street Round Rock, Texas 78664 TELEPHONE: 255 -3612 By: Tom Norris, Sup r�nt ADDRESS: 1311 Round Rock Avenue Round Rock, Texas 78681 TELEPHONE: 255 -4431 09.27.1994 09:51 P. 4 CITY OF ROUND ROCK, TEXAS Charles Culpepper, IyC>t'or ROUND ROCK INDEPENDENT SCHOOL DISTRICT SELLERS SUNRISE JOINT VENTURE By: / E.son, Jr. By: 72,e .i r.� N. G. Whitlow Amendment Uni proved Commercial RBA 4323:REAL3OD Property Eamon Money Contract 2951.003 , SUMMIT RERLTORS AmmdmmtUnlo Proporty Email t proved Commoroial So�ov Contract By: ..m� VIZ. By By: By: ADDRESS: TELEPHONE: 09.27.1994 09:72 P. 7 Jim Boles Patricia Green Mike Stephens .d. REAIA323:REAL3OD 2951.003 ATTEST: WHEREAS, on the 14th day of July, 1994, the City of Round Rock (the "City ") and the Round Rock Independent School District (the "RRISD ") entered into an Unimproved Commercial Property Earnest Money Contract ( "Contract "), and WHEREAS, the City and the RRISD desire to amend said Contract to provide for the use of the property and acquisition of the property subject to debt and to extend the closing date, 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 an Amendment to the Unimproved Commercial Property Earnest Money Contract previously approved by the City, said Amendment being attached hereto and incorporated herein for all purposes. RESOLVED this 25th day of August, 1994. ICS /RESOLUTION RS40825A RESOLUTION NO. e l `t'D ,Y",S /0/c7 LAND, City Secretary CHARLES CULPEPPE/ Mayor City of Round Rock, Texas This Amendment to Unimproved Commercial Property Earnest Money Contract ( "Amendment") is entered into effective as of August pp 1994, by and between Sunrise Joint Venture, ( "Seller ") and the City of Round Rock and the Round Rock Independent School District, (collectively referred to as "Buyer"). Amendment Unimproved Commercial AMENDMENT TO UNIMPROVED COMMERCIAL PROPERTY EARNEST MONEY CONTRACT RECITALS Whereas, Buyer and Seller have entered into that one certain Unimproved Commercial Property Eamest Money Contract ( "Contract "), and, Whereas Buyer and Seller desire to amend and revise the Contract to provide for use of the property and acquisition of property subject to debt and to extend the dosing date; Now, therefore, for and in consideration of Ten and No /100 Dollars ($10.00) and other good and valuable consideration, Buyer and Seller do hereby amend and modify the Contract as follows: A. City and School District agree that the property will be owned jointly and severely, with each having a fifty (50%) percent undivided ownership. The ownership will not be as joint tenants with right of survivorship but as tenants in common. B. The City and School District agree to divide the property in an equitable manner so that each party has generally equal access and usability of its property. C. If the City and School District are unable to agree to a division of the property within one hundred eighty (180) days from the date of acquisition of title, the City and School District agree REAL4323:REAL3OD Property Earnest Money Contract 2951 -003 that either party may institute an action in District Court in Williamson County seeking a judicial partition of the property. The City and the School District agree to share all costs associated with the judicial partition, except for attorney's fees, which shall be the separate responsibility of each party. Paragraph 3. is hereby amended to read as follows: 3. CONTRACT SALES PRICE: The Sales Price shall be equal to the amount of current and delinquent ad valorem taxes and road district assessments now due and payable on the Property, not to exceed $110,000.00. As additional consideration, Buyer agrees to purchase the Property subject to the payment of future road district assessments. Paragraph 9. is hereby amended to real as follows: 9. CLOSING: The closing of the sale shall be at Title Agency of Austin on or before October 15. 1994, or within seven (7) days after objections to title have been cured, whichever date is later (the Closing Date). Seller and Buyer agree to execute all documents necessary to consummate the closing of this sale and to furnish evidence of their authority and capacity. IV. Paragraph 25 is hereby deleted in its entirety. V. To the extent necessary to effect the terms and provisions of this Amendment, the Contract is hereby amended. In all other respects, the Contract is hereby ratified and confirmed. Amendment Unimproved Commercial Property Earnest Money Contract II. REAIA3 23:REAL 30 D 1 2951 -003 EXECUTED in multiple originals effective thee] day of August, 1994. By: TELEPHONE: 255 -3612 By: TELEPHONE: 255 -4431 By: By: BUYERS CITY OF ROUND ROCK, TEXAS , i 4 Charles Culpepp ADDRESS: 221 E. Main Street Round Rock, Texas 78664 ROUND ROCK INDEPENDENT SCHOOL DISTRICT Tom Norris, Superintendent ADDRESS: 1311 Round Rock Avenue Round Rock, Texas 78681 SELLERS SUNRISE JOINT VENTURE Tom E. Nelson, Jr. N. G. Whitlow Amendment Unimproved Commercial REAL4323:REAL30D Property Earnest Money Contract 2951 -003 ADDRESS: TELEPHONE: By: By: By: By: Jim Boles Patricia Green James H. Mills Mike Stephens Amendment Unimproved Commercial -4- REAL4323:REAL30D Property Earnest Money Contract 2951 -003 DATE: August 23, 1994 SUBJECT: City Council Meeting, August 25, 1994 ITEM: 10.A. Consider a resolution amending the real estate contract for the purchase of property for the yard site /bus barn. STAFF RESOURCE PERSON: Steve Sheets STAFF RECOMMENDATION: The City of Round Rock and the Round Rock Independent School District have previously entered into a real estate contract for the purchase of approximately 75 acres of land off of Sunrise Road. This amendment 1) extends the closing date to October 15, 1994, 2) allows the property to be acquired subject to the Road District assessment and 3) provides for the equitable division of the property within 180 days of closing or a judicial partition if the parties are unable to agree on an equitable division.