Res 2018-239/approving a contract with Jerry D. Fields and Linda G. Fields for the city to purchase approximately 4.21 acres of land comprised of six lots at 1401 through 1419 Old Ranch Road 12, and located adjacent to the San Marcos Cemetery, for a price

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PURCHASE AGREEMENT In consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration,the receipt of which is hereby acknowledged,and the mutual covenants herein,Jerry D. Fields and Linda 6. Fields ("Sellers")hereby agree to grant,bargain, sell and convey to the City of San Marcos,Texas(the"City'),and the City agrees to purchase,the pi.perty described as Lots 2 and 3 of an unrecorded subdivision called the Perkins Addition to the City of San Marcos, out of the T.J. Chambers Survey, Abstract No. 2, Hays County, Texas, and Lots 4 through 7, Perkins Addition,a subdivision in Hays County,Texas(the"Property),subject to the terms and conditions below: 1. Price: The total purchase price for the Property to be paid by the City shall be $2,250,000.00.Payment of the purchase price shall be made upon transfer of title to the City at closing. 2. Title Company and Title Insurance: Sellers will pay the premium for an Owner's Policy of Title Insurance for the benefit of the City to be issued by San Marcos Title Company (the"Title Company").The Title Company shall act as escrow agent for this transaction. 3. Closing: Closing shall occur at the Title Company on or before December 21, 2018. Notwithstanding the foregoing, if examination of title, or any other source discloses any defects of said title which,then the City,in its discretion,reserves the right to extend the date for closing for the period of time necessary to cure such defects or terminate This agreement. If,for any other reason,the Title Company is unable to accommodate the closing date,the closing date shall be extended to the earliest date upon which the Title Company can complete the closing. 4. Conveyance: Upon closing,Sellers shall convey to the City,by General Warranty Deed a good and marketable fee simple title to the Property and all appurtenances,free and clear of all liens,assessments and encumbrances,except as specifically agreed to by the City. 5. Closing Expenses: The General Warranty Deed shall be prepared by the Title Company. Each party will pay one-half of the escrow fee and document preparation fees charged by the Title Company.Sellers will pay the costs to obtain,deliver,and record releases of all liens to be released at closing and the costs to record all documents to cure any title defects.The City will pay the costs to record the General Warranty Deed and the costs for any deletions from the Policy of Title Insurance requested by the City.Each party will pay their own attorney's fees and expenses. 6. Damage to Property: It is further agreed and understood that the purchase price stated above is based upon the condition of the Porosity as of the date of this agreement,and if between said date and the date upon which title is conveyed to the City,any loss or damage occurs to the Property by any cause whatsoever, including but not limited to fire, casualty, theft, or vandalism,said loss or damage shall be at the risk of the Seller. In the event the condition of the Property should change,for any reason,prior to the date of delivery of possession to the City,the City shall have the right to terminate this agreement.