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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Customary closing items as may be requested by the Title Company The documents listed in this section B are, collectively, known as the "Closing Documents." Unless otherwise agreed by the parties before closing, the deed will be prepared by Seller's attorney using the forms contained in the current edition of the Texas Real Estate Forms Manual (State Bar of Texas). The deed to Seller, however, shall not include any provisions regarding payment of taxes contrary to the provisions in Section K.2.c. C. Exhibits The following are attached to and are a part of this contract: Exhibit A—Description of the Property Exhibit B—Representations; Environmental Matters Exhibit C— Seller's Records D. Purchase and Sale of Property Seller agrees to sell and convey the Property to Buyer, and Buyer agrees to buy and pay Seller for the Property. The promises by Buyer and Seller stated in this contract are the consideration for the formation of this contract. E. Interest on Earnest Money Buyer may direct Title Company to invest the Earnest Money in an interest-bearing account in a federally insured financial institution by giving notice to Title Company and satisfying Title Company's requirements for investing the Earnest Money in an interest-bearing account. Any interest earned on the Earnest Money will be paid to the party that becomes entitled to the Earnest Money. F. Title and Survey 1. Title Commitment; Title Policy. "Title Commitment" means a Commitment for Issuance of an Owner Policy of Title Insurance by Title Company,as agent for Underwriter, stating the condition of title to the Property.The "effective date"stated in the Title Commitment must be after the Effective Date of this contract. "Title Policy" means an Owner Policy of Title Insurance issued by Title Company, as agent for Underwriter, in conformity with the last Title Commitment delivered to and approved by Buyer. 2. Survey. "Survey" means an on-the-ground, staked plat of survey and metes-and- bounds description of the Property, prepared by Ash &Associates dated November 21, 2014. 3. UCC Search. "UCC Search" means reports prepared by the Title Company, or its agents, stating the instruments that are on file in the Texas secretary of state's UCC records, the