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<br />,..,
<br />
<br />86a
<br />
<br />EARNEST ~jONEY CO~rrRACT
<br />
<br />THE STATE OF TEXAS
<br />
<br />COUN'IY OF HAYS
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<br />9
<br />9
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<br />!<NOW ALL MEN BY THESE PRESENTS:
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<br />That the City of San Marcos (herein referred to as "Seller"), hereby sells and
<br />agrees to convey to W.R. Skipping, Trustee, or his assigns (herein referred to as
<br />"'LI' ~r"), and Buyer hereby buys and agrees to pa.y for the following descrited real
<br />es e in Hays County, Texas, to-wit: Being all of that certain 0.9502 acre tract
<br />01 md being part of lots 2, 3, 6, 7, and 8 out of Block 21 of the original town
<br />of San Marcos, Texas, as recorded in Volume 46, Page 448 of the deed records of
<br />Hays Ccunty, Texas, and comprising approx:im3.tely 41,390.71 square feet of land, as
<br />more particularly described in Exhibit "A" attached hereto and rrade a part hereof,
<br />together with all appurtenances thereto, including easements or rights-of-way for
<br />ingress or egress to the above property, such real estate, rights and appurtenances
<br />being herein referred to as the "Property", upon the following terms, conditions and
<br />provisions:
<br />
<br />I.
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<br />CONSIDERATION
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<br />A. The purchase price (subject to adjustment as hereinafter provided) to be
<br />pa.id by the Buyer to the Seller for the Property shall be the sum of $114,652.26,
<br />(herein referred to as the "Purchase Price"), pa.yable as hereinafter provided:
<br />
<br />(i) Buyer, in order to bind the sale, agrees to deposit with P.ays
<br />County Abstract (herein referred to as "Escrow Agent") a letter of
<br />credit in the sum of $5,732,61 (herein referred to as the "E'drnest
<br />Money" ) within three (3) days after the execution and retu.Y'!1 to Buyer
<br />by Seller of this Ccntract. At closing (as hereinafter defined), the
<br />I' Earnest Honey shall te returned to Buyer.
<br />
<br />, (ii) At Closing (as hereinafter defined), Buyer shall pa.y the Seller,
<br />in cash or by cashier I scheck, an dIl'Ount equal to the Purchase Price.
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<br />II.
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<br />SURVEY
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<br />A. Seller, at Seller's expense, shall furnish to Buyer a staked on-the-grcu~d
<br />survey of the Property within thirty (30) days from the date of the receipt by Ealcones
<br />Savings Association of approval of its state charter, which survey shall be prepared
<br />by a registered surveyor or professional engineer acceptable to Buyer and the Title
<br />:::Ompany; shall include permanently monumenting the comers of the Property upon the
<br />ground; shall be in a form and substance acceptable to the title company herein named
<br />,~s a res is for deleting from the Owner I s Policy of Title Insurance hereinafter pro-
<br />vided for the printed exception pertaining to discrepancies in boundaries and rratters
<br />which a correct survey would show; and shall show the location of all easements,
<br />rrajor trees, rights-of-way, improvements, and encroachments, if any. Said surveyor
<br />or engineer shall prepare ,a plat and field note description of the Property in
<br />accordance with the first sentence of this paragraph II, and certify the accuracy of
<br />said plat and field note description, including the calculation of the "Net Square
<br />Feet" within the Property, Said survey shall also indicate whethet- the Property or
<br />any portion thereof is within any flood plain or flood way or said surveyor or
<br />'2>:1'''- 'eer shall certify the Property is not within a flood plain, flood way or special
<br />fl hazard area. Such surveyor or engineer shall compute the total number of Net
<br />e4: e Feet wi thin the hereinabove described Prope..r1:y. "Net Square Teet" shall mean
<br />the cotal amount of square feet within the Property exclusive of easements, rights-
<br />Qf-way, and encroachments. It is agreed that the number of Net Square Feet found to
<br />be contain-,d in the Property free from all encroachments) easements and rights-of-
<br />way shall be conclusive. .
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