Laserfiche WebLink
AMENDMENT TO REAL ESTATE SALES CONTRACT <br /> TO EXTEND INSPECTION PERIOD <br /> This Amendment to Real Estate Sales Contract to Extend Inspection Period is entered into <br /> by and between the City of San Marcos, Texas ("Buyer") and 111 MLK Development, LLC <br /> ("Seller"). Buyer and Seller may also be referred to herein as the"Parties." <br /> I. RECITALS <br /> 1.1. The Parties entered into a Real Estate Sales Contract(the "Contract") for the sale <br /> of an approximately 1.03-acre tract of land located at 111 East Martin Luther King Drive, San <br /> Marcos,Hays County,Texas 78666. <br /> 1.2. Under Section G of the Contract, Buyer is granted an Inspection Period. Section <br /> A.7 of the Contract provides for the Inspection Period to end on August 2,2022. <br /> 1.3. During the original Inspection Period,a Phase 1 environmental site assessment was <br /> completed. The results of the Phase 1 assessment recommend that an additional Limited <br /> Subsurface Investigation on the Property should be conducted. The further Limited Subsurface <br /> Investigation testing of the Property will require additional time beyond the end of the original <br /> Inspection Period. <br /> 1.4. For these reasons, the Parties wish to extend the duration of the Inspection Period <br /> as provided below. <br /> II. AGREEMENT <br /> 1. The Parties agree that the Contract is hereby amended as follows: The End of <br /> Inspection Period under Section A.7 of the Contract is hereby extended to September 8, 2022. <br /> 2. Closing to be on or before September 23,2022. <br /> 3. The Buyer agrees for this extension to the Inspection Period the remaining <br /> $24,900.00 balance of the Earnest Money will be non-refundable to Buyer. If Seller closes under <br /> the terms of this Real Estate Sales Contract and extension,then the Earnest Money will be credited <br /> against the purchase price. <br /> 4. All other terms and conditions set forth in the Contract shall remain in full force <br /> and effect,except as further amended by mutual agreement of the Parties in writing. <br /> EXECUTED to be effective as of the date of receipt by the Title Company. <br /> SIGNATURES ON NEXT PAGE <br />