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B. Claud Kern Wildenthal and Margaret D. Wildenthal, husband and wife <br />(collectively "Current Owner") are the owners of certain real property located in Hays County, <br />Texas consisting of approximately 202.567 acres and identified as Tract 11 on Exhibit A <br />attached hereto and made a part hereof (the "Tract II Property"). <br />C. Seller has proposed to acquire from Current Owner up to 51.567 acres of the Tract <br />II Property lying northeasterly of the 110.002 parcel identified as Tract I on Exhibit A (the <br />"Tract I Property"). Said + 51.567 acres is generally depicted and identified on Exhibit B <br />attached hereto and made a part hereof. Said real property, together with any and all <br />improvements, fixtures, timber, water and/or minerals not otherwise shown of record to be <br />outstanding in third parties, located thereon and any and all rights appurtenant thereto including <br />but not limited to timber rights, water rights, mineral right and access rights that do not may <br />terminate by their terms shall be referred to in this Agreement as the "Property". The exact <br />acreage and legal description of the Property will be determined in accordance with Section 1. <br />D. Buyer wishes to purchase the Property from Seller and Seller wishes to sell the <br />Property to Buyer in accordance with the terms and conditions set forth in this Agreement. <br />NOW THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, THE <br />PARTIES AGREE AS FOLLOWS: <br />1. Purchase and Sale. Seller agrees to sell to Buyer and Buyer agrees to buy from <br />Seller the Property for $632,000.00 (the "Purchase Price") pursuant to the terms and conditions <br />set forth herein. The Purchase Price shall be payable in cash, at Closing (as defined below), <br />subject to any credits, pro -rations and adjustments provided elsewhere in this Agreement. <br />The exact acreage that will be included as part of the Property will be so much of the Tract 11 <br />Property lying northeasterly of the Tract I Property with an appraised fair market value of <br />$773,632.00, but in no event more than 51.567 acres. The parties agree that the northeasterly <br />boundary line of the Property will be adjusted as necessary so that the Property reflects an <br />appraised value of $773,632.00. The final northeasterly boundary line shall be subject to final <br />approval by Seller and Buyer, such approval not to be unreasonably withheld. The appraised <br />value shall be determined by the allocation, by a letter of allocation prepared by Graham & <br />Associates, of the Appraised FMV of Tract II between the Property and the balance of the Tract <br />11 Property, which allocation will be subject to Buyer's review and approval. For purposes of this <br />Agreement, the "Appraised FMV of Tract II" will be determined by a full narrative written <br />appraisal of the Tract II Property prepared by Graham & Associates, Inc., which appraisal will be <br />subject to Buyer's review and approval. Seller will, at Seller's expense, cause the final <br />northeasterly boundary line of the Property to be located and a legal description of the Property <br />prepared by a surveyor licensed in Texas. <br />Seller intends to make a land value donation to Buyer equal to the difference between the portion <br />of the Appraised FMV of Tract to allocated to the Property and the Purchase Price. <br />Agrmt of Sale City of San Marcos—Wildenthal Phase 2 <br />(3-46-17).doc <br />2 <br />