Res 2004-094 - Laserfiche WebLink

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182. EARNEST MONEY CONTRACT This Contract is made bet~veen the City of San Mareos, a Texas municipal corporation (the "Buyer") and Diane Sanders (fl~e "Seller"). 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 Lots 1 and 2 of Block 10 of the Conway Addition III as recorded in Volume 4, Page 186 of the Hays County Plat Records, togetl~cr with miy improvements, fixtares and appurtenances on or to the Property. SALES PRICE. The Sales Price shall be $28,000.00. The Sales Price includes the Earnest Money, and is payable in full in cash at closing. EARNEST MONEY. The Buyer will deposit with Hays County Abstract Company (the "Title Company") the amount orS 500.00 (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 Maney will be held and delivered by the Title Company in accordance with this Contract The Title Company will deposit the Earnest Money into an accotmt that bears interest, is federally insured, and has no early withdrawal penalty, at a bank or savings and loan located in Hays County, Texas. CONDITION 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. TITLE COMMITMENT. Within 60 days after the effective date of this Contract, the Seller will cause the Title Company to deliver the fbllowing to the Buyer at the Seller's expense: A title cmmnitment (the "Title Commitment") covering the Property 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 mnount of the Sales Price, subject only to the exceptions approved by the Buyer in accordance with paragraph 6; and True, correct, and legible copies of all instruments referred to in the Title Commitment as exceptions or restrictions upon the title of the Seller.