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Res 2018-152/approving a contract with the Texas Realty Retail Partners, Inc. for the City to purchase approximately 27.094 acres of land located on the South Side of Farris Street near its intersection with Wilson Street for a price of $475,000.00 for s
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Res 2018-152/approving a contract with the Texas Realty Retail Partners, Inc. for the City to purchase approximately 27.094 acres of land located on the South Side of Farris Street near its intersection with Wilson Street for a price of $475,000.00 for s
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9/25/2018 10:24:26 AM
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9/4/2018 11:32:48 AM
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City Clerk - Document
Resolutions
City Clerk - Type
Contract
Number
2018-152
Date
8/21/2018
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A. Deadlines and Other Dates <br /> All deadlines in this contract expire at 5:00 P.M. local time where the Property is located. <br /> If a deadline falls on a Saturday, Sunday, or national holiday, the deadline will be extended to the <br /> next day that is not a Saturday, Sunday, or national holiday. A national holiday is a holiday <br /> designated by the federal government. Time is of the essence. <br /> 1. Earnest Money Deadline: Seven days after execution of this contract by both <br /> parties. <br /> 2. Delivery of Title Commitment: 21 days after the Effective Date <br /> 3. Delivery of Survey: 14 days after the Effective Date <br /> 4. Delivery of UCC Search: 21 days after the Effective Date <br /> 5. Delivery of legible copies of instruments referenced in the Title Commitment, <br /> and UCC Search: 21 days after the Effective Date <br /> 6. Delivery of Title Objections: 30 days after delivery of the Title Commitment, <br /> Survey, and UCC Search and legible copies of the instruments referenced in them <br /> 7. Delivery of Seller's Records as specified in Exhibit C: 15 days after the <br /> Effective Date <br /> 8. End of Inspection Period: 60 days after the Effective Date or such earlier date <br /> elected by Buyer by written notice to Seller <br /> 9. Closing Date: Within 30 days after the end of the Inspection Period. <br /> B. Closing Documents <br /> I. At closing, Seller will deliver the following items: <br /> Special Warranty Deed <br /> IRS Nonforeign Person Affidavit <br /> Evidence of Seller's authority to close this transaction <br /> Customary closing items as may be requested by the Title Company <br /> 2. At closing, Buyer will deliver the following items: <br /> Evidence of Buyer's authority to consummate this transaction <br />
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