Res 2024-229 approving a Sales Contract with Hays County for the City’s purchase of the Five Mile Dam Park property in the vicinity of Old Stagecoach Road and Five Mile Park Road,

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Balance of Purchase Price Evidence of Buyer's authority to close this transaction The documents listed in this section B are collectively known as the"Closing Documents." C. Exhibits The following are attached to and are a part of this contract: Exhibit A—Description of the Land, Improvements, and Personal Property Exhibit B—Representations; Environmental Matters Exhibit C—Seller's Records Exhibit D Notices, Statements, and Certificates D. Purchase and Sale of Property Seller agrees to sell and convey the Property to Buyer, and Buyer agrees to buy and pay Seller for the Property. The promises by Buyer and Seller stated in this contract are the consideration for the formation of this contract. F. Title and Survey 1. Review of Title. The following statutory notice is provided to Buyer on behalf of the real estate licensees, if any, involved in this transaction: Buyer is advised that it should either have the abstract covering the Property examined by an attorney of Buyer's own selection or be furnished with or obtain a policy of title insurance. 2. Title Commitment; Title Policy. "Title Commitment"means a Commitment for Issuance of an Owner Policy of Title Insurance by Title Company, as agent for Underwriter, or directly by Underwriter, stating the condition of title to the Land. The"effective date" stated in the Title Commitment must be after the Effective Date of this contract. "Title Policy"means an Owner Policy of Title Insurance issued by Title Company, as agent for Underwriter, or directly by Underwriter, in conformity with the last Title Commitment delivered to and approved by Buyer. The parties will share the costs of title insurance and any appraisals necessary for insurance. 3. Survey. "Survey"means an on-the-ground, staked plat of survey and metes-and- bounds description of the Land,prepared by Surveyor or another surveyor satisfactory to Title Company, dated after the Effective Date, and certified to Seller, Buyer, and Title Company to comply with the current standards and specifications as published by the Texas Society of Professional Surveyors for the Survey Category. The parties will share the cost of surveys.