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R-99-01-14-14B2 - 1/14/1999RESOLUTION NO. R- 99- 01- 14 -14B2 WHEREAS, the City is the owner of Lot 29, Block A, Oak Bluff Estates, acquired by the City in the transfer of the Round Rock Water Supply Corporation's assets to the City, and WHEREAS, the City desires to sell the property and has duly published notice for bids in a newspaper of general circulation in Williamson County to sell the property, and WHEREAS, Hagob Ardash Harutunian has submitted the best bid, 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 Hagob Ardash Harutunian for the sale 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 14th day of Janua AT ST: N/; AA AI_ LAND, City Secretary K:\ WPOOCS \RESOLUTT \R90119B2.WPO /scg CHARLES CULPBPPFYk, Mayor City of Round Rock, Texas State of Texas County of Williamson REAL ESTATE CONTRACT THIS CONTRACT OF SALE ( "Contract ") is made by and between the City of Round Rock, a Texas home rule city, of 221 E. Main St., Round Rock, Willi mson County, Te as referred to in this (ont act. as "Seller ") and 1I64,66 f1rdrtsl aY ¢ iii �P (�SKC�v� of ?ci k kh ,i1 4 - h61 (l I!1 41.4soi Texas (referred to in this Contract as "Purchaser "), upon the terms and conditions set forth in this Contract. WPOOOS \ FORMS \PEILL K ARTICLE I PURCHASE AND SALE By this Contract, Seller sells and agrees to convey, and Purchaser purchases and agrees to pay for, the tract of land situated in Williamson County, Texas, being more particularly described as follows: Lot Twenty -nine (29), Block "A ", OAK BLUFF ESTATES, a subdivision in Williamson County, Texas, according to the map or plat thereof recorded in Cabinet F, Slide 125, Plat Records of Williamson County, Texas; together with all and singular the rights and appurtenances pertaining to the property, (all of such real property, rights, and appurtenances being referred to in this Contract as the "Property "), together with any improvements, fixtures, and personal property situated on and attached to the Property, for the consideration and upon and subject to the terms, provisions, and conditions set forth below. ARTICLE II PURCHASE PRICE Amount of Purchase Price i ; Al Property shall be the IffC� of ) /14,g VV 1 11 /1),,4,2 Payment of Purchase Price 2.02. The Purchase Price shall be payable in cash at the 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). Preliminary Title Commitment 3.02. Attached hereto as Exhibit "A" is a copy of the preliminary title report (the "Title Commitment "). Purchaser acknowledges that the condition of title as set forth in Exhibit "A" is satisfactory. Survey 3.03. Attached hereto as Exhibit "B" is a copy of the survey. Purchaser acknowledges that the condition of the survey as set forth in Exhibit "B" is satisfactory. 3.04. Seller shall have performed, observed, and complied with all of the covenants, agreements, and conditions required by this agreement to be performed, observed, and complied with by Seller prior to or as of the closing. ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SELLER 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: (1) There are no parties in possession of any portion of the Property as lessees, tenants at sufferance, or trespassers; (2) There is no pending or threatened condemnation or similar proceeding or assessment affecting the Property, or any part thereof, nor to the best knowledge and belief of Seller is any such 2 proceeding or assessment contemplated by any governmental authority: (3) Seller has complied with all applicable laws, ordinances, regulations, statute s+' rules and restrictions relating to the Property, or any part thereof; (4) There are water, sewer, and electricity lines to the Property that are available for "tap in" by the Purchaser and that are sufficient for service on the Property; and (5) The Property has full and free access to and from public highways, streets or roads and, to the best knowledge and belief of Seller, there is no pending or threatened governmental proceeding that would impair or result in the termination of this access. ARTICLE V CLOSING The closing shall be held at the office of Alamo Title, 1717 IH 35 North, Suite 150, Round Rock, Texas, on or before thirty 'days from date hereof, or at such time, date, and place as Seller and Purchaser may agree upon (which date is herein referred to as the "closing date "). (1) At the closing Seller shall: (a) Deliver to Purchaser a duly executed and acknowledged General Warranty Deed conveying good and marketable title in fee simple to all of the Property, free and clear of any and all liens, encumbrances, conditions, easements, assessments, and restrictions, except for the following: (i) General real estate taxes for the year of closing and subsequent years not yet due and payable; (ii) Any exceptions approved by Purchaser pursuant to Article III hereof; and (iii) Any exceptions approved by Purchaser in writing. (b) Deliver to Purchaser a Texas Owner's Title Policy at Seller's sole expense, issued by Alamo Title, 1717 IH 35 North, Suite 150, Round Rock, Texas, in Purchaser's favor in the full amount of the purchase price, insuring Purchaser's fee simple title to the Property subject only to those title exceptions listed in Article V hereof, such other exceptions as may be approved in 3 writing by Purchaser, and the standard printed exceptions contained in the usual form of Texas Owner's Title Policy, provided, however: (i) The boundary and survey exceptions shall be deleted; (ii) 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." (c) Deliver to Purchaser possession of the property. (2) At the Closing, Purchaser shall pay the cash portion of the purchase price. All costs and expenses of closing in consummating the sale and purchase of the Property shall be borne and paid as follows: Owner's Title Policy paid by Seller; Mortgagee's Title Policy paid by Purchaser; Escrow fee paid by Seller and Purchaser equally; Survey paid by Seller; Filing fees paid by Purchaser; and Attorney's fees paid by each respectively ARTICLE VI REAL ESTATE COMMISSIONS If Purchaser is represented by a broker, and conditioned upon the closing of the transaction contemplated hereby, a commission in the amount of three (3) percent of the total purchase price shall be payable to the broker. This commission is to be payable in cash at the closing. If this agreement is terminated for any reason prior to closing, there will be no commission due or payable hereunder. ARTICLE VII ESCROW DEPOSIT For the purpose of securing the performance of Purchaser under the terms and provisions of this agreement, Purchaser has delivered to Alamo Title, the sum of One Thousand Dollars ($1,000)], the Escrow Deposit, which shall be paid by the title company to Seller in the event Purchaser breaches this agreement as provided in Article IX hereof. At the closing, the Escrow Deposit shall be paid over to Seller and applied to the cash portion of the purchase price, provided, however, that in the event the Purchaser shall have given written notice to the title company that one or more of 4 the conditions to its obligations set forth in Article III have not been met, or, in the opinion of Purcha's-er, cannot be satisfied, in the manner and as provided for in Article 1TI, then the Escrow Deposit shall be forthwith returned by the title company to Purchaser. ARTICLE VIII 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 agreement or (2) request that the Escrow Deposit shall be forthwith returned by the title company to Purchaser. ARTICLE IX 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 (1) bring suit for damages against Purchaser; or (2) 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 agreement, 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 X MISCELLANEOUS Assignment of Contract 10.01. (a) This Contract may not be assigned without the express written consent of Seller. Survival of Covenants (b) Any of the representations, warranties, covenants, and agreements of the parties, as well as any rights and benefits of the parties, pertaining to a period of time following the closing of the transactions contemplated hereby shall survive the closing and shall not be merged therein. 5 Notice, lc) 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. Texas Law to Apply (d) This Contract shall be construed under and in accordance with the laws of the State of Texasi and all obligations of the parties created hereunder are performable in Williamson County, Texas. Parties Bound (e) 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 (f) 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 (g) 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 (h) Time is of the essence in this Contract. Gender (i) 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. 6 Compliance (j) In accordance with the requirements of Section 20 of the Texas Real:Estate License Act, Purchaser is hereby advised :that he 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. L" 7 -day of AgIAL, 199 Dated this Date: SELLER CITY BY: 221 E. Main St. Round Rock, Texas 78664 ar / r i^ � �Q - v� /er PUR E [ADDRESS] AGENT By BY: 7 OUND ROCK, TEXAS Mayor [name] [signature] RECEIPT Receipt of [ ] Contract and [ ✓] $1,000.00 Earnest Money is acknowledged. scrow Age GJ'LtS �-�P gat ** *Alamo Title Company * ** (For lot 29, block A- Oak Sluff): Cashier's Cheek II. 79400 2949 in 1:1L30000231: et, i402649890 I EMIGTNATICCU,LvO HA$�'A R;.,€fLE' dAVIWA -ig NI LE :To +y'7E W+ H'E W owatOETvisial ENIENT, ATTEST: Secretary-T - ALAM<O 330 AUS - LiN, Commitment for Title Insurance t PANY it.. #1,00 7:3731 EXHIBIT '"A" THE FOLLOWING COMMITMENT FOR TITLE INSURANCE IS NOT VAUD UNLESS YOUR NAME AND THE POLICY AMOUNT SHOWN IN SCHEDU LE A AND OUR AUTHORIZED REPRESENTATIVE HAS COUNTERSIGNED BELOW. COMMITMENT FOR TITLE INSURANCE ISSUED BY Alamo Title Insurance We, Alamo Title Insurance, a Texas corporation, will issue our title insurance policy or policies (the Policy) to You (the proposed insured) upon payment of the premium and other charges due, and compliance with the requirements in Schedule B and Schedule C. Our Policy will be in the form approved by the Texas Department of Insurance at the date of issuance, and wit insure your interest in the land described in Schedule A. The estimated premium for our policy and applicable endorsements is shown on Schedule D. There may be additional charges such as recording fees, and expedited delivery expenses. This Commitment ends ninety (90) days from the effective date, unless the Policy is issued sooner, or failure to issue the Policy is our fault. Our liability and obligations to you are under the express terms of this Commitment and end when this Commitment expires. Alamo Title Insurance CONDITIONS AND STIPULATIONS A30191 (9/97) 1 If you have actual knowledge of any matter which may affect the title or mortgage covered by this Commitment, that is not shown in Schedule B, you must notify us in writing. If you do not notify us in writing, our liability to you is ended or reduced to the extent that your failure to notify us affects our liability. If you do notify us, or we learn of such matter, we may amend Schedule B, but we will not be relieved of liability already incurred. 2 Our liability is only to you, and others who are included in the definition of Insured in the Policy to be issued.Our liability is only for actual loss incurred in your reliance on this Commitment to comply with its requirements or to acquire the interest in the land. Our liability is limited to the amount shown in Schedule A of this Commitment and will be subject to the following terms of the Policy: Insuring Provisions, Conditions and Stipulations, and Exclusions. (THIS COMMITMENT IS INVALID UNLESS SCHEDULES A, B, C AND D ARE ATTACHED HERETO.) Effective 1/ 1/93 GF OR FILE NO...: 97124885 REFERENCE FILE #: 97103986 SCHEDU ,E A EFFECTIVE DATE OF COMMITMENT : March 5, 1998 1. POLICY OR POLICIES TO BE ISSUED: (a) OWNER POLICY OF TITLE INSURANCE (Form T -1) (Not applicable for im one -to -four family residential real estate) Policy Amount: $ PROPOSED INSURED : (b) TEXAS RESIDENTIAL - OWNER POLICY OF TITLE INSURANCE - ONE -TO -FOUR FAMILY RESIDENCES (Form T -1R) Policy Amount: $ PROPOSED INSURED : To Be Determined (c) MORTGAGEE POLICY OF TITLE INSURANCE (Form T -2) Policy Amount: $ PROPOSED INSURED : To Be Determined Proposed Borrower: To Be Determined (d) MORTGAGEE TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T -13) Binder Amount $ PROPOSED INSURED : Proposed Borrower: (e) OTHER Policy Amount $ PROPOSED INSURED : 2. THE INTEREST IN THE LAND COVERED BY THIS COMMITMENT IS: FEE SIMPLE 3. RECORD TITLE TO THE LAND ON THE EFFECTIVE DATE APPEARS TO BE VESTED IN: The City of Round Rock, Texas 4. LEGAL DESCRIPTION OF THE LAND: Lot Twenty -nine (29), Block "A ", OAK BLUFF ESTATES, a subdivision in Williamson County, Texas, according to the map or plat thereof recorded in Cabinet F, Slide 125, Plat Records of Williamson County, Texas. Alamo Title Company Commitment for Title Insurance - Schedule A Rev. January 1, 1993 Issued January 13, 1998 at 10 :52 P.M. Revieiotl: 1 PAGE: A- 1 ALAMO TITLE INSURANCE VALID ONLY IF SCHEDULES A,B,C AND COVER PAGE ARE ATTACHED GF OR FILE NO.: 97124885 Revision: 1 PAGE: B- 1 SCHEDULE B EXCEPTI ©NS FROM COVERAGE in addition to the Exclusions and Conditions and Stipulations, your policy will not cover loss, costs, attorneys' fees, and expenses resulting from: - 1. The following restrictive covenants of record itemized below (We must either insert specific recording data or delete this exception): Those recorded in Cabinet F, Slide 125, Plat Records, and in Volume 1117, Page 13, Official Records of Williamson County, Texas. 2. Any discrepancies, conflicts, or shortages in area or boundary Lines, or any encroachments, or protrusions, or any overlapping of improvements. 3. Homestead or community property or survivorship rights, if any, of any spouse of any insured. (Applies to the Owner Policy only.) 4. Any titles or rights asserted by anyone, including, but not limited to, persons, the public, corporations, governments or other entities, a. to tidelands, or Lands comprising the shores or beds of navigable or perennial rivers and streams, lakes, bays, gulfs or oceans, or b. to lands beyond the line of the harbor or bulkhead Lines as established or changed by any government,or c. to filled in lands, or artificial islands, or d. to statutory water rights, including riparian rights, or e. to the area extending from the line of mean low tide to the Line of vegetation, or the rights of access to that area or easement along and across that area. (Applies to the Owner Policy only.) 5. Standby fees, taxes and assessments by any taxing authority for the year 1998 and subsequent years, and subsequent taxes and assessments by any taxing authority for prior years due to change in Land usage or ownership, not yet due and payable. 6. The terms and conditions of the documents creating your interest in the land. 7. Materials furnished or labor performed in connection with planned construction before signing and delivering the lien instrument described in SCHEDULE A, if the land is part of the homestead of the owner. (Applies to the Mortgagee Title Policy Binder on Interim Construction Loan only, and may be deleted if satisfactory evidence is furnished to us before a Binder is issued.) 8. Liens and Leases that affect the title to the land, but that are subordinate to the lien of the insured mortgage. (Applies to Mortgagee Policy Only.) 9. The following matters and all terms of the documents creating or offering evidence of the matters (We must insert matters or delete this exception.): A. Visible and apparent easements on or across the property herein described. (Owner's Title Policy Only) B. Rights of parties in possession. (Owner's Title Policy Only) C. Any and all matters revealed by a currently dated, on- the - ground survey acceptable to this company. Alamo Title Company ALAMO TITLE INSURANCE Commitment for Title Insurance - Schedule B Rev. January 1, 1993 2F OR FILE NO..; 971(2;85 Revision: 1 PAGE: B- 2 D. Omitting from any documentation set out herein discriitlinatory provisions, if any, based on race, color, religion, sex, handicap, familial status, national origin, or any other prohibited basis of discrimination. E. 15' public utility easement along the west property line(s), as recorded in Cabinet F, Slide 125, Plat Records of Williamson County, Texas. F. 10' public utility and drainage easement along the north, south and east property line(s), as recorded in Cabinet F, Slide 125, Plat Records of Williamson County, Texas. G. Sanitary easement and water well, as recorded in Cabinet F, Slide 125, Plat Records of Williamson County, Texas. H. Building setback lines as set out on the plat recorded in Cabinet F, Slide 125, Plat Records of Williamson County, Texas, and in the restrictions recorded in Volume 1117, Page 13, Official Records of Williamson County, Texas. I. Undivided 1/2 interest in and to all oil, gas, and other minerals, in, on, under or that may be produced from the herein described property, together with all rights relating thereto, express or implied, reserved unto the grantor in Deed executed by James H. Arnold and wife, Jessamine J. Arnold, to Veterans Land Board, dated July 31, 1971, recorded in Volume 539, Page 328, Deed Records of Williamson County, Texas. Said mineral interest not traced subsequent to the date of the above cited instrument. J. Undivided one -half (1/2) interest in and to all oil, gas, and other minerals, in, on, under or that may be produced from the herein described property, together with all rights relating thereto, express or implied, reserved unto the grantor in Deed executed by James H. Arnold and wife, Jessamine J. Arnold, to Veterans Land Board, dated July 31, 1971, recorded in Volume 538, Page 638, Deed Records of Williamson County, Texas. Said mineral interest not traced subsequent to the date of the above cited instrument. K. Covenants, conditions, restrictions, assessments, charges and liens as set forth in that certain Declaration dated December 18, 1984, recorded in Volume 1117, Page 13, Official Records of Williamson County, Texas. Said lien of assessments subordinated to or shall in no manner adversely affect any mortgagee holding a valid lien upon the property, and subject further to requirement that no asssessment lien affixed upon the property shall be effective until a written notice of lien cclaim be filed in the Deed Records of Williamson County, Texas. L. Agreement for Cable Television, dated October 24, 1988, recorded in Volume 1805, Page 689, Official Records of Williamson County, Texas, by and between Killeen Savings and Loan Association, and Southwest Cablevision, Ltd. M.No vehicular access shall be allowed from County Road No. 122, as stated on plat recorded in Cabinet F, Slide 125, Plat Records of Williamson County, Texas. N. Consent Agreement dated August 19, 1987, from Oak Bluff Joint Venture to Round Rock Water Supply Corporation and recorded in Volume 2288, Page 252, Official Records of Williamson County, Texas. Alamo Title Company ALAMO TITLE INSURANCE Commitment for Title Insurance - Schedule B Rev. January 1, 1993 OF OR FILE NO.: 971, -.e85 Recision: 1 . PAGE: S- 5 O. Covenants, ,agreements and conditions for residential lots as contained in Deed dated December 3, 1985, executed by Oak Bluff Joint Venture to Round Rock Water Singly Corporation recorded in Volume 1424, Page 9, Official Records of Williamson County, Texas, and as effected by Authorization to Transfer Interest in Common Area To The City of Round Rook, Texas dated May 28, 1994, recorded in Volume 2552, Page 334, Official Records of Williamson County, Texas, and Acknowledgment of Grant of Certificate of Convenience dated June 3, 1994, recorded in Volume 2591, Page 434, Official Records of Williamson County, Texas. Alamo Title Company ALAMO TITLE INSURANCE Commitment for Title Insurance - Schedule B Rev. January 1, 1993 GF OR FILE NO.: 97124885 2. Satisfactory evidence must be provided that: Revision: 1 PAGE: C- 1 SCTlEDULE C Your Policy will not cover loss, costs, attorneys' fees, and expenses resulting from the following requirements that will appear as Exceptions in SCHEDULE B of the Policy, unless you dispose of these matters to our satisfaction before the date the policy Ts issued: 1. Documents creating your title or interest must be approved by us and must be signed, notarized and filed for record. no person occupying the land claims any interest in that land against the persons named in paragraph 3 of Schedule A, - - - - * all standby fees, taxes, assessments and charges against the property have been paid, * all improvements or repairs to the property are completed and accepted by the owner, and that all contractors, subcontractors, laborers and suppliers have been fully paid, and that no mechanic's,laborer's or materialmen's liens have attached to the property, * there is legal right of access to and from the land, * (on a Mortgagee Policy only) restrictions have not been and will not be violated that affect the validity and priority of the insured mortgage. 3. You must pay the seller or borrower the agreed amount for your property or interest. 4. Any defect,lien or other matter that may affect title to the land or interest insured, that arises or is filed after the effective date of this Commitment. 5. Ascertain that all assessments are paid current. 6. We have not been furnished the Purchaser(s) name(s). Prior to closing, the name(s) must be submitted for examination, at which time further requirements and /or exceptions may be made. 7. We must be furnished the authority and /or capacity of the party executing the conveying document. 8. In the event the current transaction involves a re- conveyance of the subject property by the purchaser(s), this file must be returned to the examination department for possible additional exceptions and /or requirements. 9. Company hereby notifies the proposed insured under a Mortgagee Policy or an Owner Policy (Form T -1 only), issued pursuant to this commitment, of the insured's right to delete the arbitration provision (Paragraph 13 of the Conditions and Stipulations of the Mortgagee Policy and Paragraph 14 of the Conditions and Stipulations of The T -1 Owner Policy) from the policy at no additional charge to the insured. This request must be made by specific written request from the proposed insured prior to the issuance of the policy. 10: Section 5.008 of the Texas Property Code requires Seller to deliver to Buyer Disclosure of Property Condition Notice on or before the effective date of an Earnest Money Contract. Company requires a copy of the executed Notice prior to closing the transaction. Section 5.008 does not apply to transfers evidenced by: foreclosures; sales by bankruptcy trustees; sales by mortgage after foreclosure; sales by an estate fiduciary; or sales of new residences not previously occupied. Alamo Title Company ALAMO TITLE INSURANCE Commitment for Title Insurance - Schedule C Rev. January 1, 1993 E NO.; 971,,x.' X85 R,BVS.sfan: 1' I�/1 / Fes:. .1„:911,v ERS IGNED: Ti Compa A7 ZED ALAMO TITLE INSURANCE Commitment for Title Insurance - Schedule C - Rev. January 1, 1993 PAGE! C- 2 0. 97124885 COMMITMENT FOR TITLE INSURANCE SCH$DDLE D Pursuant to the requirements of Rute P -21, Basic Manua( of Rules, Rates and Forms far the Writing of Title Insurance in the State of Texas, the following disclosures are made: 1. The following individuals are directors and/or officers, as indicated, of Alamo Title Insurance of Texas. Alex H. Halff, Chairmen of the Board Directors: George W. Berry Robert T. Rork Don H. Still, President Jack Siegler Don H. Still Timothy J. Redding, Secretary, Executive Vice President Alex H. Halff E. Don Walker, Jr. Alan L. Stinson, Treasurer, Senior Vice President Ruth W. McCracken James _M. Wilson Travis M. Moursund Alan L. Stinson Alamo Title Holding Company owns 99.9% of Alamo Title Insurance of Texas. ALex H. HaLff, Howard A. Halff, and Mortgage Loan 8 Agency Co. are owners of more than 10% of the stofk of Alamo Title Holding Company. Travis M. Moursund and Alfred Moursund are each an owner of more than 10% of the stock of Mortgage Loan 8 Agency Co. 2. The following disclosures are made by the Title Insurance Agent issuing this commitment. OWNERS OF 15 OR MORE OF: DIRECTORS AND OFFICERS: ALAMO TITLE OF TRAVIS COUNTY, INC. DBA Alex H. Halff, Chairman of the Board TITLE AGENCY OF AUSTIN: Robert T. Rork, Chief Executive Officer Jane Ann Benton, President and Chief Alamo Title Holding Company 100$' Operating Officer Don H. Still, Vice President Alan L. Stinson, Vice President Timothy J. Redding, Vice President and Secretary 3. You are entitled to receive advance disclosure of settlement charges in connection with the proposed transaction to which this commitment relates. Upon your request, such disclosure will be made to you. Additionally, the name of any person, firm or corporation receiving any sum from the settLement of this transaction will be disclosed on the closing or settlement statement. You are further advised that the estimated title premium is Owners Policy $ Mortgage Policy S Endorsement Charges $ Total $ Of this total amount: $ (or %) will be paid to the policy issuing Title Insurance Company: $ (or %) will be retained by the issuing Title Insurance Agent; and the remainder of the estimated premium will be paid to other parties as follows: Amount (or %) (or %) (or %) *The estimated premium is based upon information furnished to us as of the date of this Commitment for Title Insurance. Final determination of the amount of the premium will be made at closing in accordance with the Rules and Regulations adopted by the State Board of Insurance. This commitment is invalid unless the insuring provisions and Schedules A, B, and C are attached. To Whom For Services r. Alamo Title Insurance TEXAS TITLE INSURANCE INFORMATION A32157 (9/97) Title Insurance insures you against loss resulting from certain risks to your title. The Commitment for Title Insurance is the title insurance company's promise to issue the title insurance policy. The commitment is a legal document. You should review it carefully to completely understand it before your closing date. El seguro de titulo le asegura en relation a perdidas resultantes de ciertos riesgos que puaden afectar el titulo de su propiedad. El Compromiso para Seguro de Titulo es la promesa de la compania aseguradora de titutos de emitir la poliza de seguro de titulo. El compromiso es un documento legal. Usted debe teerlo cuidadosamente y entenderlo completamente antes de la fecha para finalizar su transaccion. Your Commitment for Title Insurance is a legal contract between you and us. The Commitment is not an opinion or report of your title. It is a contract to issue you a policy subject to the Commitment's terms and requirements. Before issuing a Commitment for Title Insurance (the Commitment) or a Title Insurance Policy (the Policy), the Title Insurance Company (the Company) determines whether the title is insurable. This determination has already been made. Part of that determination involves the Company's decision to insure the title except for certain risks that will not be covered by the Policy. Some of these risks are listed in Schedule B of the attached Commitment as Exceptions. Other risks are stated in the Policy as Exclusions. These risks will not be covered by the Policy. Another part of the determination involves whether the promise to insure is conditioned upon certain requirements being met. Schedule C of the Commitment lists These requirements that must be satisfied or the Company will refuse to cover them. You may want to discuss any matters shown in Schedules B and C of the Commitment with an attorney. These matters will affect your title and your use of the land. When your Policy is issued, the coverage will be limited by the Policy's Exceptions, Exclusions and Conditions, defined below. EXCEPTIONS are title risks that a Policy generally covers but does not cover in a particular instance, Exceptions are shown on Schedule B or discussed in Schedule C of the Commitment. They can also be added if you do not comply with the Conditions section of the Commitment. When the Policy is issued, all Exceptions wit be on Schedule B of the Policy. EXCLUSIONS are title risks that a Policy generally does not cover. Exclusions are contained in the Policy but not shown or discussed in the Commitment. CONDITIONS are additional provisions that qualify or limit your coverage. Conditions include your responsibilities and those of the Company. They are contained in the Policy but not shown or discussed in the Commitment. The Policy Conditions are not the same as the Commitment Conditions. You can gel a copy of the policy form approved by the State Board of Insurance by calling the Title Insurance Company at 1.800. 292.5320 or by calling the title insurance agent that issued the Commitment. The State Board of Insurance may revise the policy form from time to time. You can also get a brochure that explains the Policy from the Texas Department of Insurance by calling 1-800-252-3439. Before the Policy is issued, you may request changes in the Policy, Some of the changes to consider are: Request amendment of the area and boundary' exception (Schedule B, paragraph 2). To get this amendment, you must furnish a survey, On the Owner Policy, you must pay an additional premium for the amendment. If the survey is acceptable to the Company, your policy will insure you against loss because of discrepancies or conflicts in boundary lines, encroachments, or protrusions, or overlapping of improvements. The Company may then decide not to insure against specific boundary or survey problems by making special exceptions in the policy. Allow the Company to add an exception to "rights of parties in possession ". If you refuse this exception, the Company or the title insurance agent may inspect the property. The Company may except to and not insure you against the rights of specific persons, such as renters, adverse owners or easement holders who occupy the land. The Company may charge you for the inspection. Form • Commitment Information Effective January 1, 1993 If you want to make your own inspection, you must sign a Waiver of Inspection form and allow the Company to add this exception to your Policy. The entire premium for a Policy must be paid when. the Policy is issued. You will not owe any additional premiums unless you want to increase your coverage at a later date and the Company agrees to add an Increased Value Endorsement. IMPORTANT NOTICE FOR INFORMATION, OR TO MAKE A COMPLAINT, CALL OUR TOLL -FREE TELEPHONE NUMBER 1 -800- 292 -5320 ALSO, YOU MAY CONTACT THE TEXAS DEPARTMENT OF INSURANCE AT 1. 800 - 252.3439 to obtain information on: 1. Ring a complaint against an insurance company or agent, 2. whether an insurance company or agent is licensed, 3. complaints received against an insurance company or agent, 4. policyholder rights, and 5, a list of consumer publications and services available through the Department. YOU MAY ALSO WRITE TO: THE TEXAS DEPARTMENT OF INSURANCE P.O. BOX 149104 AUSTIN, TEXAS 78714 -9104 FAX NO. (512) 475-1771 AVISO IMPORTANTE PARA INFORMACION, 0 PARA SOMETER UNA QUEJA LLAME AL NUMERO GRATIS: 1. 800. 292.5320 TAMBIEN PUEDE COMUNICARSE CON EL DEPARTAMENTO DE SEGUROS DE TEXAS AL 1-800-252-3439 para obtener information sobre: 1 como someter una queja en contra de una compania de seguros o agente de seguros, 2. si una compania de seguros o agente de seguros tiene licencia, 3. quejas recibidas en contra de una compania de seguros o agente de seguros, 4. los derechos del asegurado, y 5. una lists de publicaciones y servicios para consumidores disponibles a traves del Departmento. TAMBIEN PUEDE ESCRIBIR AL: DEPARTMENTO DE SEGUROS DE TEXAS P.O. BOX 149104 AUSTIN, TEXAS 78714 -9104 FAX NO. (512) 475-1771 THE FOLLOWING COMMITMENT FOR TITLE INSURANCE IS NOT VALID UNLESS YOUR NAME AND THEPOLICY AMOUNT ARE SHOWN IN SCHEDULE A AND OUR AUTHORIZED REPRESENTATIVE HAS COUNTERSIGNED BELOW. 12/23/97 15:00 12218 5563 .PUBLIC WORKS DESCRIPTION FOR A 0.870 -ACRE (378,898 SQUARE FOOT) TRACT OF LAND SITUATED IN THE ROBERT MCNUTT LEAGUE, ABSTRACT NO. 422, IN WILLIAMSON COUNTY, TEXAS, BEING ALL OF LOT 29 BLOCK 5, OF "OAK BLUFF ESTATES ", A SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED IN CABINET F SLIDES 125 -127 OF THE PLAT RECORDS OF SAID COUNTY, SAID 0.870 -ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING on an iron rod found on a point in the southerly right -of- way line of Woodland Loop (50 foot right -of -way width), same being the northwest corner of Lot 28 of said Subdivision, same being the northeast corner of said Lot 29, being also the northeast corner and POINT OF BEGINNING hereof, and from which an iron rod found on the southerly right -of -way line of Woodland Loop, same being the northeast corner of said Lot 28 bears S89 ° 54'31 "E a distance of 155.27 feet; Thence departing said right -of -way line with the common boundary line of said Lot 29 and said Lot 28, S00 ° 10'30 "W for a distance of 252.06 feet to an iron rod found on a point in the northerly boundary line of Lot 1 Wildwood Country, a subdivision according to the Plat thereof recorded in Cabinet D Slides 58 -59 of said Plat Records, same being the southwest corner of said Lot 28, also being the southeast corner of said Lot 29 and the southeast hereof; Thence with the northerly boundary line of said Lot 1, same being the southerly boundary line of said Lot 29 and the southerly boundary line hereof, N89 ° 55'42 "W for a distance of 147.98 feet to an iron rod found on a point in the easterly right -of -way line of County Road No. 122 as designated by said "Oak Bluff Estates" subdivision plat "For future R.O.W. widening ", (right -of -way width varies), same being the southeast corner of said "future R.O.W. ", also being the southwest corner of said Lot 29, and southwest corner hereof; Thence departing the north boundary line of said Lot 1, with said line designated as "future R.O.W." line of County Road No. 122, same being the westerly boundary line of said Lot 29, being also the westerly boundary line hereof, N01 ° 03'31 "W (Bearing basis \Directional control line), for a distance of 231.76 feet to an iron set on a point of curvature; Thence with the arc of a transitional right -of -way curve to the right, having a radius of 20.00 feet, a central angle of 91 ° 09'00 ", an are length of 31.82 feet, and a chord which bears N44 ° 30'59 "E for a distance of 28.57 feet, to an iron rod set on a point of tangency in the southerly right - of - way line of Woodland Loop, same being a point of tangency in the northerly boundary line of said Lot 29, and point of tangency in the northerly boundary line hereof; Thence with southerly right -of -way line of Woodland Loop, same being the northerly boundary line of said Lot 29, same being the northerly boundary line hereof, 589 ° 54'31 "E for a distance of 133.00 feet to the POINT Of BEGINNING hereof, and containing 0.870 -acre (378,898 square feet) of land. Surveyed under the dirt supervision of the undersigned: illy kson Chisholm gistered Professional Land Surveyor No.4295 Jab No, ED1- 541 -11 Lot 29.Doc 444 FINANCE rd004 /004 Date 12/23/97 15:00 POINT OF BEGINNING P.O.B. POWER POLE HP-P. IRON ROD SET 01R5 IRON- ROD FOUND • iRF CHORD DIST C28,59) RADIUS 20.00 DELTA 91°09'00' ARC 31.82 TANGENT 20.41 $218 5563 IRS 0 Z Z C7o Cr) E3 �o LAND TITLE SURVEY Lot 29 Block A, Oak Bluff Estates Cab.F S1,125 -127 Plat Records of' Williamson Co. Texas. SEARING BASIS /DIRECTIONAL CONTROL LINE * ; T BREAK LINE SCALE —/ — CHORD BEARING CN 4 °3 2857' IRF WATER of WOODLANO LOOP O 50'R.O.W. v CS 89° 9'30' E) (133.07') METER FIRE HYDRANT 35'B,L, 2'x2' ROCK PILLAR 44 °30'59' E L0T29 (0,870 -ACRE) ELECTRIC CONCRETE PAD - s .f - - f OVERHEAD ELECTRIC , N - 1 15'P.U.E. 10' 0' B.L. GUY ANCHOR ig,P SIGN P Q FENCE S P,P. CHAIN LINK • RF N 89'55'42' W 147.98' (N 89 °51'05' W) (148.08') LOT .: IL.'IVC . ta! ... R FLOOD PLAIN NOTE "" ' " "' "L- By graphic plotting only, this property is shown in Zone "X" (unshaded area determined to be outside the 500-year flood plain} of the F,E,M.A. Flood insurance Rate Map for Williamson County, Texas as shown on Community Panel 335 of 400, map number 4B49ICO335C, doted September 27, 1991. No field surveying work was performed to determine this zone. SURVEYOR'S CERTIFICATION The undersigned does hereby certify that this plat correctly and occurotely depicts on actual on the - ground survey performed under his direct supervision and except as Shown hereon there are no visible: discrepancies. conflicts, shortoges In area or boundary lines, encroachments. protrusions, or overlapping of improvements: and the tract adjoins public rights -way known as Future County Road No. 122 and Woodland Loop. E' oSements and other matters depicted or addressed hereon are limited to those visiblg and those listed o ch.B of c.arnmitment for title furnished. • •PUBLIC WORKS . -. FINANCE n sY'7' / file: LOT29.DWG sail Jackson Chisholm e istered Prol siarlcF.Larif 'Sfirsr•eyar No. 4295 fret/ /z 97 IRF WASTEWATER MANHOLE 0 P.O.B. (155.48') 155.27 NOTE: (1) Per Plot note. this lot is for a community (4' woter system or common a are mntities. np e Tic s e ore permittesd. c c (2) Per Plat note, No vehicle access shall 0 o be allowed to Co. Rd. 122 • from Lot 29 depicted < hereon. 10'P ILE. 10' B.L. M N o+ CD OVERHEAD ELECTRIC A jY RI 003/004 SCALE: 1 WOOD FEN TELEPHONE PEDESTAL 601- 541 -11 Baker - Alcklen 8 Assoalates, Inc. Engineers/Surveyors DATE: January 7, 1999 SUBJECT: City Council. Meeting — January 14, 1999 ITEM: 14.B.2. Consider a resolution authorizing the Mayor to execute a real estate contract for the sale of Lot 29, Block A, Oak Bluff Estates. This lot is owned by the City, and was acquired in the transfer of the Round Rock Water Supply Corp. assets to the City. The City has removed the water supply corporation improvements to the property and made it suitable for use as a residential lot. Staff Resource Person: David Kautz, Finance Director. Three bids were received out of 14 bid packages delivered as indicated below: Hagob Ardash Harutunian $22,500 DK Partnership, LTD $22,000 Anvar Masomian $21,125 Staff recommends accepting the purchase offer from Mr. Harutunian of $22,500. 1