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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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Resolutions
City Clerk - Type
Contract
Number
2018-152
Date
8/21/2018
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c. if the Property is altered because of Buyer's inspections,Buyer must,to the <br /> extent reasonably practicable, return the Property to its preinspection <br /> condition promptly after the alteration occurs; <br /> d. Buyer must deliver to Seller copies of all inspection reports that Buyer <br /> prepares or receives from third-party consultants or contractors within 15 <br /> days after their preparation or receipt; and <br /> e. Buyer must abide by any other reasonable entry rules imposed by Seller. <br /> 3. Buyer's Right to Terminate. Buyer may terminate this contract for any reason by <br /> notifying Seller before the end of the Inspection Period. If Buyer does not notify Seller of Buyer's <br /> termination of the contract before the end of the Inspection Period, Buyer waives the right to <br /> terminate this contract pursuant to this provision. <br /> H. Representations <br /> The representations stated in Exhibit B are true and correct as of the Effective Date and <br /> must be true and correct on the Closing Date. <br /> I. Condition of the Property until Closing; Cooperation; No Recording of Contract <br /> 1. Maintenance and Operation. Until closing, Seller will(a)maintain the Property as <br /> it existed on the Effective Date, except for reasonable wear and tear and casualty damage; (b) <br /> operate the Property in the same manner as it was operated on the Effective Date; and (c) comply <br /> with all contracts and governmental regulations affecting the Property. Until the end of the <br /> Inspection Period, Seller will not enter into, amend, or terminate any contract that affects the <br /> Property other than in the ordinary course of operating the Property and will promptly give notice <br /> to Buyer of each new, amended, or terminated contract, including a copy of the contract, in <br /> sufficient time so that Buyer may consider the new information before the end of the Inspection <br /> Period. If Seller's notice is given within three days before the end of the Inspection Period, the <br /> Inspection Period will be extended for three days. After the end of the Inspection Period, Buyer <br /> may terminate this contract if Seller enters into,amends,or terminates any contract that affects the <br /> Property without first obtaining Buyer's written consent. <br /> 2. Casualty Damage. Seller will notify Buyer promptly after discovery of any casualty <br /> damage to the Property. Seller will have no obligation to repair or replace the Property if it is <br /> damaged by casualty before closing. Buyer may terminate this contract if the casualty damage that <br /> occurs before closing would materially affect Buyer's intended use of the Property, by giving <br /> notice to Seller within fifteen clays after receipt of Seller's notice of the casualty (or before closing <br /> if Seller's notice of the casualty is received less than fifteen days before closing). If Buyer does <br /> not terminate this contract, Seller will (a) convey the Property to Buyer in its damaged condition, <br /> (b) assign to Buyer all of Seller's rights under any property insurance policies covering the <br /> Property, and (c) pay to Buyer the amount of the deductibles and coinsurance provisions under <br /> any insurance policies covering the Property, but not in excess of the cost to repair the casualty <br /> damage and less any amounts previously paid by Seller to repair the Property. If Seller has not <br />
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