Res 2021-089/approving an agreement with Amber Nichols Fowler providing for the City to purchase 7.777 acres of land located at State Highway 80 and River Road at a less than appraised value price of $102,660.00

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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 assigrunent of such lease. The Seller, otherwise, agrees not to enter into any leases of the Property or any portion thereof after the date of this agreement. 8. Taxes and Assessments: Taxes and assessments against the Property shall be prorated through the date of closing. It is understood and agreed by the Seller that, after closing, the City may forward any tax bills attributable to the Seller's ownership of the Property directly to the Seller and the Seller shall promptly pay such bill. If the City pays such bill, it may forward an invoice to the Seller for reimbursement and the seller shall promptly bay such invoice. The City may pursue any remedies available at law or in equity to enforce the Seller's obligations under this paragraph. The Seller's obligations under this paragraph shall survive closing. 9. Entire Agreement: The full agreement of the Seller and the City is set forth in the text of this instrument, and no other representations or obligations other than those set forth herein will be recognized. 10. Venue: Venue for any dispute arising under this agreement shall be in the appropriate state court in Hays County, Texas having jurisdiction or, if in federal court, the United States District Court for the Western District of Texas, Austin Division. 11. Binding on Successors: This agreement shall be binding upon the Seller and the Seller's heirs, executors, administrators, successors and assigns. 12. Appraised Value and Bargain Sale Donation. The parties agree that, based on an appraisal dated December 18, 2020 from Eckman Groll, Inc., the Property has an appraised value of $342,200.00 as of December 15, 2020 and such amount is deemed by the parties to be the fair market value of the Property as of the Closing Date. Because the appraised value of the Property as determined by such appraisal exceeds the Price as stated in paragraph 1, the parties agree that Seller may, pursuant to Section 1.170-A-13(c) of the Internal Revenue Code, declare such excess value ($239,540.00) as a Noncash Charitable Contribution using IRS Form No. 8283 (or successor or replacement form), and file such form and any supporting forms and documentation with the IRS. The City agrees to sign such forms and cooperate with Seller as reasonably necessary for Seller to properly and timely complete and submit such IRS forms and documentation. 13. Subject to Approval: The effectiveness of this agreement is subject to approval of the San Marcos City Council when the purchase price exceeds $50,000.