Res 2004-077 - Laserfiche WebLink

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131. EARNEST MONEY CONTRACT This Contract is made between the City of San Marcos, a Texas municipal corporation (the "Buyer") and Ray Harris and wife, Nancy Harris, (the "Seller", whether one or more). 1. PURCHASE AND SALE OF PROPERTY. Seller agrees to sell and convey, and Buyer agrees to purchase, the following real property (the "Property") under the terms and conditions of this Contract: All of that 1.293 acres ofland, more or less, a part of the J.M. Veramendi Survey No. 2, Hays County, Texas, and being the same land described in a Deed to Ray Harris and Nancy Harris, as recorded in Document No. 9919624 of the Official Public Records of Hays County, Texas. together with any improvements, fixtures and appurtenances on or to the Property. 2. SALES PRICE. The Sales Price shall be $150,000.00. The Sales Price includes the Earnest Money, and is payable in full in cash at closing. 3. EARNEST MONEY. The Buyer will deposit with San Marcos Title Company (the "Title Company") the amount of $10. 00 (the "Earnest Money") within five business days after execution of this Contract by the Seller and the Buyer. If this transaction is consummated, the Earnest Money will be credited against the Purchase Price at closing. If this transaction is not consummated, the Earnest Money will be held and delivered by the Title Company in accordance with this Contract. The Title Company will deposit the Earnest Money into an account that bears interest, is federally insured, and has no early withdrawal penalty, at a bank or savings and loan located in Hays County, Texas. 4. CONDffiON OF PROPERTY. It is understood and agreed that the Property is being sold and conveyed by the Seller, and purchased and accepted by the .I;luyer, as is, where is, with all faults, in its existing form, state and condition, without recourse against the Seller, except for the warranty of title contained in the Seller's deed. 5. TITLE COMMITMENT. Within 30 days after the effective date of this Contract, the Buyer will cause the Title Company to deliver the following to the Buyer at the Buyer's expense: A. A revised title commitment (the "Title Commitment") covering the Property and updating the Title Company's Title Commitment GF#: 20436 dated effective November 21,2003 binding the Title Company to issue a Texas Owner's Policy of Title Insurance on the standard form prescribed by the Texas State Board of Insurance at the closing in the full amount of the Sales Price, subject only to the exceptions approved by the Buyer in accordance with paragraph 6; and