Res 1981-071 - Laserfiche WebLink

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L] 1 J preliminary investigation. If Optionor in the enforcement of this indemnity, shall incur necessary expenses, or become obligated to pay attorneys' fees or court costs, Optionee agrees to reimburse Optionor for such expenses, fees or costs within thirty (30) days from the incurring thereof. All notices provided for herein shall be deemed to have been duly given if and when deposited in the United States mail, properly stamped and addressed to the party for whom intended as set forth below, or when delivered personally to such parties. Each party may change the address set forth below by written notice in accordance with this paragraph. Optionor: Thomas R. Holt Verna Owen Holt 510 East Creek Fredricksburg, Texas 78624 Optionee• City of San Marcos 630 East Hopkins Street San Marcos, Texas 78666 Notwithstanding anything hereinabove contained to the contrary in this agreement, in the event of the exercise of the Option by Optionee at any time within the period provided and in the manner provided under the terms of this agreement, Optionor shall have a period of 120 days in which to complete an exchange of real property under Section 1031 of the Internal Revenue Code in accordance with the following terms and conditions: (1) Optionee will, upon written request by Optionor, to be given within 90 days from the date of Optionee's exercise of the option to purchase the 103 acre tract, assist Optionor in completing the exchange under Section 1031 of the Internal Revenue Code upon the terms for the purchase of the exchange tract selected by Optionor as set out in the written request by Optionor. Optionor shall be responsible for obtaining terms agreeable to the Seller of the exchange tract to be purchased by Optionee at the request of Optionor. If Optionee fails to give the written request for the purchase of the exchange property within the 90 day period provided for in this agreement, then the sale of said Page 5 z ,