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Project: Wastewater Treatment Plant-2nd Site(571) <br /> Parcel: 00048.0007 <br /> PURCHASE AGREEMENT <br /> In consideration of the sum of Ten Dollars ($10.00) and other good and valuable <br /> consideration, the receipt of which is hereby acknowledged, and the mutual covenants herein, <br /> Gloria De La Rosa Garza(the"Seller,"whether one or more)hereby agrees to grant,bargain, sell <br /> and convey to the City of San Marcos, Texas (the "City"), or its assignee, and the City agrees to <br /> purchase the property as described in Exhibit"A," attached hereto and made a part hereof for all <br /> purposes (the"Property"), subject to the terms and conditions below: <br /> 1. Price: The total purchase price for the Property to be paid by the City shall be <br /> $195,000.00. Payment of the purchase price shall be made upon transfer of title to the City at <br /> closing. <br /> 2. Title Company and Title Insurance: The City will acquire at its own option and <br /> expense a policy of title insurance issued by a title company selected by the-City (the "Title <br /> Company"). The Title Company shall act as escrow agent. If the City elects not to use a title <br /> company,the City's Real Estate Manager,shall process all funds transfers and payments. <br /> 3. Closing: Closing shall occur at the Title Company, or at the office of the City's <br /> Real Estate Manager if no title company is used, on or before 90 days after the effective date of <br /> this agreement at the election of the City. Notwithstanding the foregoing, if examination of title, <br /> or any other source discloses any defects of said title which, in the opinion of the City, cannot be <br /> cured in a reasonable time,then the City, in its discretion,reserves the right to extend the date for <br /> closing for the period of time necessary to cure such defects or terminate this agreement. <br /> 4. Conveyance: Upon closing,the Seller shall convey to the City,or its assignee,by <br /> General Warranty Deed a good and marketable fee simple title to the Property and all <br /> appurtenances, free and clear of all liens, assessments and encumbrances, except as specifically <br /> agreed to by the City. <br /> 5. Closing Expenses: The General Warranty Deed shall be prepared by the City. All <br /> expenses for the recording of the deed and incidental closing expenses shall be paid by the City. <br /> 6. Damage to Property: It is further agreed and understood that the purchase price <br /> stated above is based upon the condition of the Property as of the date of this agreement, and if <br /> between said date and the date upon which title is conveyed to the City,any loss or damage occurs <br /> to the Property by any cause whatsoever, including but not limited to fire, casualty, theft, or <br /> vandalism, said loss or damage shall be at the risk of the Seller. In the event the condition of the <br /> Property should change,for any reason,prior to the date of delivery of possession to the City,the <br /> City shall have the right to terminate this agreement, pay a lesser amount consistent with any <br /> decrease in value caused by the loss or damage,or pay the purchase price and accept any proceeds <br /> under any policies of insurance if the rights to such proceeds are assigned to the City. <br /> 7. Leases: It is further agreed and understood that if the Property or any portion <br /> thereof is currently leased to any individual, family or business concern as tenant or tenants of the <br /> Seller, the Seller will terminate the lease and the closing date will be extended until the date all <br />