Res 2004-077 - Laserfiche WebLink

Home Browse Search

~~~ J-DCI\ /\01.. gJJ 128. EARNEST MONEY CONTRACT This Contract is made between the City of San Marcos, a Texas municipal corporation (the "Buyer") and Mosseliff, LTD., (the "SeUer"), a Texas Limited Partnership. 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 0.036 acre tract of land, being a portion of Lot 1, Lernmor ill, a Subdivision recorded in Book 97, Page 3 of the Plat Records of Hays County, Texas, as more specifically described on the attached Exhibit "A," together with any improvements, fixtures and appurtenances on or to the Property. 2. SALE§ PRICE. The Sales Price shall be $69,500.00. The Sales Price includes the Earnest Money, and is payable in full in cash at closing. 3. EARNEST MONEY. The Buyer will deposit with Sari 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 acco1Dlt 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. CONDmON OF PROPERTY. It is understood and agreed that the Property is being sold and conveyed by the Seller, and purchased and accepted by the Buyer, 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 OFt: 20435 dated effective October 29, 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 B. True, correct, and legible copies of all instruments referred to in the Title