Res 2021-037/approving agreement with John Bugge providing for the City to purchase approximately 3.64 acres of land located at 1410 and 1412 River Road

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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, John Bugge (the "Seller," whether one or more) hereby agrees to grant, bargain, sell and convey to the City of San Marcos, Texas (the "City"), or its assignee, and the City agrees to purchase the portion of property 3.640 ac.(158,588 SQFT.) located at 1410/1412 RIVER RD. in the City of San Marcos, Hays County, Texas, as described in Exhibit "A, B & C" attached hereto and made a part hereof for al l purposes (the "Property"), subject to the terms and conditions below: 1. Price: The total purchase price for the Acquisition of Property to be paid by the City shall be $396,500.00. Payment of the purchase price shall be made upon transfer of title to the City at closing. 2. Title Company and Title Insurance: The City will acquire at its own option and expense a policy of title insurance issued by San Marcos Title Company ("The Title Company"). The Title Company shall act as escrow agent. 3. Closing: Closing shall occur at the Title Company on or before 30 days after the effective date of this agreement at the election of the City. Notwithstanding the foregoing, if examination of title, or any other source discloses any defects of said title which, in the opinion of the City, cannot be cured in a reasonable time, 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. 4. Conveyance: Upon closing, the Seller shall convey to the City, or its assignee, 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 City. All expenses for the recording of the deed and incidental closing expenses shall be paid by the City. 6. Damage to Property: It is further agreed and understood that the purchase price stated above is based upon the condition of the Property 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. 7. Leases: It is further agreed and understood that if the Property or any portion thereof is currently leased to any individual, family or business concern as tenant or tenants of the Seller, the Seller will terminate the lease and the closing date will be extended until the date all tenants have vacated the Property pursuant to such termination, unless the City agrees to an