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<br />Draft 4-24-03 <br /> <br />27. <br /> <br />EARNEST MONEY CONTRACT <br />FOR PURCHASE OF EASEMENTS <br /> <br />This Contract is made between the City of San Marcos, a Texas municipal corporation (the "Buyer") <br />and Vernon Lemens (the "Seller"). <br /> <br />1. <br /> <br />PURCHASE AND SALE OF EASEMENT. Seller agrees to sell and convey, and Buyer <br />agrees to purchase, the following easements (collectively referred to as the "Easel11ents") <br />under the terms and conditions ofthis Contract: <br /> <br />A. A 1.941 acre, more or less, right-of-way, utility and drainage easement out of the J.M <br />Veramendi League No.2, in the City of San Marcos, Hays County, Texas, as described more <br />specifically in the metes and bounds description attached as Parcel 6; and <br /> <br />B. A 0.098 acre, more or less, drainage easement out of the J.M. Veramendi League No.2, <br />in the City of San Marcos, Hays County, Texas, as described more specifically in the metes <br />and bounds description attached as Parcel 7, <br /> <br />together with all improvements on, within and over the Easements. <br /> <br />2. <br /> <br />SALES PRICE. The Sales Price shall be $78,000. The Sales Price includes the Earnest <br />Money, and is payable in full in cash at closing. <br /> <br />3. <br /> <br />EARNEST MONEY. The Buyer will deposit with Hays County Abstract Company (the <br />"Title Company") the amount of $1,000 (the "Earnest Money") within five business days <br />after execution of this Contract by the Seller and the Buyer. If this transaction is <br />consummated, the Earnest Money will be credited against the Purchase Price at closing. If <br />this transaction is not consummated, the Eamest Money will be held and delivered by the <br />Title Company in accordance with this Contract. The Title Company will deposit the Earnest <br />Money into an account that bears interest, is federally insured, and has no early withdrawal <br />penalty, at a bank or savings and loan located in Hays County, Texas. <br /> <br />4. <br /> <br />CONDITION OF EASEMENTS. It is understood and agreed that the Easements are being <br />sold and conveyed by the Seller, and purchased and accepted by the Buyer, "as is, where is, <br />with all faults, in its existing form, state and condition," without recourse against the Seller, <br />except for the warranty of title contained in the Seller's deed. <br /> <br />5. <br /> <br />TITLE COMMITMENT. Within 30 days after the effective date of this Contract, the <br />Seller will cause the Title Company to deliver the following to the Buyer at the Seller's <br />expense: <br /> <br />A. <br /> <br />A title commitment (the "Title Commitment") covering the Easements binding the <br />Title Company to issue a Texas Owner's Poljcy of Title Insurance on the standard <br />form prescribed by the Texas State Board of Insurance at the closing in the full <br /> <br />1 <br />