Res 2017-153/approving a real estate contract to purchase 20.61 acres of land at 2240 Clovis Barker at a purchase price of $2.75 per square foot totaling $2,468,872 plus closing costs and rollback taxes totaling approximately an additional $132,000 for th

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FIRST AMENDMENTTO REAL ESTATE SALES CONTRACT (TO EXTEND INSPECTION PERIOD) This First Amendment to Real Estate Sales Contract (the "First Amendment") is entered into by and between James K. Wise Real Estate, Inc. ("Seller") and the City of San Marcos, Texas ("Buyer"). Seller and Buyer may also be referred to herein as the "Parties." RECITALS The Patties entered into a Real Estate Sales Contract for the sale of 20.63 acres, more or less, of land (the "Contract"). Under Section G of the Contract, Buyer is granted an Inspection Period. Section A.8 of the Contract provides for an End of Inspection Period that is 90 days after the Effective Date of the Contract, such date being May 29, 2017. To enable Buyer to complete certain investigations related to the purchase of the Property as described in the Contract, the Parties wish to allow Buyer the option of extending the Inspection Period as provided in this First Amendment. AGREEMENT 1. In consideration of the mutual benefits to the Parties herein, the Parties agree that the Contract is hereby amended as follows: a. The End of Inspection Period under Section A.8 of the Contract is hereby extended to June 28, 2017. b. Buyer may, thereafter, extend the End of Inspection Period for up to three additional 30 -day periods by providing notice in writing of each extension prior to the expiration of any preceding extension period. Buyer shall pay directly to Seller, in advance of the effective date of each additional extension period, the sum of $5,000.00 for each respective 30 -day extension period, which shall be non-refundable for Seller's failure to close in accordance with the Contract, but which shall be applied to the Purchase Price at Closing. C. At Closing, Buyer will reimburse Seller for the amount of the Survey which has been paid by Seller prior to the Closing. If Buyer terminates the Contract during the Inspection period or fails to close after expiration of the Inspection Period, then Buyer shall be required to reimburse Seller for the cost of the survey paid by Seller to Byrn and Associates, in the amount of $6,139.94. 2. All other terms and conditions set forth in the Contract not amended by this First Amendment shall remain in full force and effect. EXECUTED to be effective as of the date of the last signature below. SELLER: Nami9 rt1 l /}///' Title: 032t 1 6,vl BUYER: NL By: Name Title: Date: / 2? — Date; Sieve Parker ass ISII T C&TY MaVlager M�A`� 18.ul l